Fund Times: Openings, Closings, & Manager Changes
Turner, Artisan, IPS, PaineWebber, and American Century.
It's amazing what a year of strong relative performance will do for the popularity of a certain style of investing. At the beginning of 2000, anyone who still clung to value-investing principles, such as the belief that price and fundamentals matter, was a chump. Now, following value stocks' best run in years, financial magazines that were practically burying value investing icon Warren Buffet last year are now declaring him resurrected. And (surprise!) fund families are rolling out more value funds.
Turner Investment Partners, whose stock mutual funds mostly like to buy the shares of fast-growing companies, is adding a passel of value funds to its line-up. Like a number of other mutual-fund shops this year--most notably Janus Capital--Berwyn, Pennsylvania-based Turner has decided its time to round out its line-up with a few funds that like to buy stocks whose prices look cheap compared to fundamentals like earnings, cash-flow, or book value. In an agreement with Pittsford, N.Y.-based Clover Capital Management, Turner will take over three of the firm's value funds and one bond offering. Clover Small Cap Value (TCSVX) will become Turner Small Cap Value; Clover Equity Value (CCEVX) will become Turner Midcap Value; Clover Max Cap (M)$-behd will become Turner Large Cap Value; and the Clover Fixed Income Fund (TCFIX) will become Turner CorePlus Fixed Income. Like the new value offerings Janus has rolled out in the last year, Turner's funds will not be vultures. Clover Capital, which will continue to manage the funds, has a history of putting a more aggressive spin on value investing than other true-blue value partisans.