Manager of $3.6B Thornburg fund to step down

William Fries will step down as co-manager of the $3.6 billion Thornburg Value Fund (TVAFX), on Jan. 1, according to a statement released today by Thornburg Investment Management Inc. Edward Maran and Connor Browne will continue to co-manage the fund. Mr. Fries will stay on the Thornburg equity team as co-manager of the Thornburg International Value Fund (TGVAX). "We respect Bill's decision and look forward to his counsel in the years to come,” Brian McMahon, chief executive of Thornburg Investment Management, said in a statement. “Since Thornburg Value Fund's founding in 1995, Bill has done a great job guiding the fund. Ed and Connor have worked with Bill for the past seven years, and have developed keen eyes for value. We are confident this will stand Thornburg Value Fund in good stead." Mr. Fries is a respected value manager and his departure from the fund will be a blow, said William Rocco, a senior fund analyst with Morningstar Inc. “But I think Connor and Ed are good managers,” he said. “By the time [Mr. Fries] leaves the fund at the end of the year, they will have been there for almost four years. I have confidence in them.” Year-to-date as of Oct. 8, the fund was up 39.86%, placing it in the third percentile of its large-blend-fund category, according to data from Morningstar. For the one-year-period, it up 29.96%, placing it in the second percentile. The fund was down 2.41% for the annualized three-year period, placing it in the 14th percentile; it was up 4.74% for the annualized five-year period, placing it in the 4th percentile; and it was up 3.76% for the annualized 10-year period, placing it in the 10th percentile, according to Morningstar.