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Rating:Marsico Loses a $976 Million Mandate Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, July 21, 2010

Marsico Loses a $976 Million Mandate

Reported by Sean Hanna, Editor in Chief

Marsico Capital Management has lost a nearly $1 billion subadvisory mandate with USAA to Wellington Management and Winslow Capital. The lost subadvisory mandate covers the USAA Aggressive Growth Fund (USAUX) and was made on Monday, according to the USAA Website. [SEC filing]

USAA officials stated that the change in fund managers was made "to better align the USAA Aggressive Growth Fund positioning within the fund line up for the Large Cap Growth Funds category."

The fund currently sports a two-star Morningstar rating.

The fund held $976 million of assets, according to Morningstar. That amount represents fewer than 3 percent of the $36 billion managed by outgoing portfolio manager Tom Marsico.

Wellington and Winslow will each advise roughly half of the fund's portfolio (roughly $485 million), according to USAA officials.

Wellington's mandate calls for it invest in 60 to 90 large-cap growth stocks that are generally broadly diversified across market sectors. Paul Marrkand oversees the equity the portion of the fund managed by Wellington Management

Winslow founder and CEO Clark J. Winslow along with Justin H. Kelly and R. Bart Wear make up the team handling that firm's portion of the fund's assets. They will invest in large-cap stocks with market capitalization in excess of $4 billion at the time of purchase.

During the reallocation of the portfolio the fund will likely see higher portfolio turnover than normal and higher related transaction costs, including brokerage commissionsm according to the filing.

The fund may realize capital gains when portfolio positions selected by Marsico are sold.

The trustees approved the switch (shareholders have not had to approve changes in the fund's subadvisors since 2002). 

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