Veteran large cap value portfolio manager Joel Fortney has left Principal Funds.
He had been a manager on the $465.2 million Principal Large Cap Value fund alongside Christopher Ibach and Citywire + rated Jeffrey Schwarte.
‘His portfolio management responsibilities have been assumed by Ibach and Schwarte who have worked with these strategies in the past,’ a Principal spokeswoman said.
‘We are confident that this transition will have little effect on the experience of our clients.’
The Principal Large Cap Value fund is ranked 55 out of 91 Multi-Cap Value funds tracked by Citywire for three-year total returns to the end of January. Over that time it returned 35.1% compared to the average Multi-Cap Value fund, which was up 36.1%.
According to his LinkedIn, Fortney joined the firm in 2001 from Janus Capital Group, where he had been an investor services representative.
BNY boosts A-rated PM’s funds
BNY Mellon Investment Management has added two portfolio managers on three of its mutual funds.
According to a document filed with the Securities and Exchange Commission, Thomas Lee and Donald Sauber have been added as co-portfolio managers to the $633 million Dreyfus Large Cap Equity fund and the $543.9 million BNY Mellon Focused Equity Opportunities fund, where they joined Citywire A-rated Irene O’Neill on both.
Sauber was also added to the $64.7 million Dreyfus Large Cap Growth fund, where he joined O’Neill and Lee.
The Dreyfus Large Cap Equity fund is ranked 18 out of 191 Large-Cap Core funds tracked by Citywire for three-year total returns to the end of January. Over that time it returned 53.3% compared to the average Large Cap Core fund, which was up 43.5%.
In October 2017, O’Neill was left as sole manager of the BNY Mellon Focused Equity Opportunities fund when Luis Rhi left the firm, just one month after being added to the fund. Prior to that, O’Neill had been sole manager since 2009.
A BNY Mellon spokesman confirmed the contents of the filing.