February is the time for breakups in the fund industry. Every year we see a slew of manager departures. Calendar-year returns are still a big deal, so managers care about their records, and fund companies assess their performance at year-end.
Of course, bonuses are another part of the story. Managers who are moving on to another job want to wait until they've collected their bonuses. Likewise, some managers read the handwriting on the wall when they get smaller bonuses than expected and decide it's time to hit the road.
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Russel Kinnel has a position in the following securities mentioned above: PRHYX, PRNHX. Find out about Morningstar’s editorial policies.