After more than six years, Meyers Capital Management has lost its advisory duties to the $15 million Citizens Value Fund. Citizens will bring the portfolio in-house and hand it to Citizens Advisors.

"Our goal is to improve the overall performance of the Citizens Value Fund," stated Sophia Collier, chair of Citizens Advisers. "I'm confident that our extensive management experience in socially responsible investments - gained over almost twenty years - will serve the Citizens Value Fund and its investors well." A spokesperson was not available for comment by press time.

The move comes after a spell of woeful relative performance by Shelly J. Meyers, the portfolio manager since the fund's inception in June of 1996. Meyers started the money management shop after leaving the Boston Company in 1995. So far this year, the fund is down 40.8 percent, according to Morningstar, it also lags its peers by 24.6 percent and ranks at the bottom of its investment category.

Citizens said it will use its full equity investment management team to manage the portfolio and that the team will continue to look for companies whose stock prices are below their intrinsic value.

"We believe our 'quality value' approach has the potential to lower the downside risk of the portfolio, while providing an improved opportunity for positive returns - characteristics investors expect from value portfolios," said Collier.  

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