The Investec American Fund is managed by US based Thornburg Asset Management and is modelled on their successful Thornburg Value Fund, which Bill Fries has managed since launch in 1995. It has recently been announced that Bill Fries is to step down as co-manager of the fund at the end of 2009.
The other co-managers, Ed Maran and Connor Browne, will continue in their existing roles. They have worked alongside Bill Fries at Thornburg for 7 years and it had been anticipated they would fully take over the fund. Additionally, whilst Bill Fries is stepping down from day to day portfolio management responsibilities, he will continue to provide input and ideas into the fund as part of the equity team at Thornburg.
We do not believe this development presents any cause for concern for investors as the team based approach at Thornburg should ensure a smooth transition. The fund therefore remains part of the Wealth 150 list of our favourite funds in each sector.
Rob Morgan
Analyst
