Changes in two funds' holdings caught the eye of The Wall Street Journal
, which made room for the moves in its Thursday Fund Track column
. The $5.4 billion Third Avenue Value Fund
, the fourth biggest mutual-fund holder of Legg Mason
until this summer, sold all of its 2.5 million shares of the Baltimore-based asset manager. The decision to sell the Legg shares and other stocks, according to portfolio manager Martin Whitman
, was made to raise cash for redemptions.
pared its holdings of short-dated TIPS over the past couple of weeks as it anticipates the decline in consumer prices will move at a faster clip in the next months. Portfolio manger Mihir Worah
said the $12.3 billion Real Return Fund
sold a "fair amount" of one-year to two-year TIPS.
The Fund Track column also covered the Wednesday's unanimous vote by the SEC to require
fund firms to provide investors with summary prospectuses (see
November 19, 2008) and the news coming out of the Reserve
that ex-Merrill Lynch
executive Joseph Monagle
will dispense advice to the firm as it liquidates some of its portfolios (see
November 19, 2008).
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