Pimco’s head of commodity strategies, Nic Johnson, is to leave the firm at the end of the year.
He is retiring from fund management on March 31 but will remain with Pimco as an advisor through the end of the year.
As a result, he will come off the $3bn Pimco CommoditiesPLUS fund, the $7.3bn Pimco Commodity Real Return fund, and the $2.1bn Pimco Inflation Response Multi-Asset fund.
Greg Sharenow will be sole manager of the Pimco CommoditiesPLUS fund. He and Stephen Rodosky will continue to manage the Commodity Real Return fund. That duo, alongside Daniel He, will continue to run the Inflation Response Multi-Asset fund.
Johnson, who also oversees several multi-asset mandates, joined Pimco in 2004, prior to that he worked as a research fellow at NASA’s Jet Propulsion Laboratory, according to Morningstar.
The research shop has downgraded the three funds that Johnson runs as a result of his impending exit.
‘Johnson’s departure is significant, however. As such, we’re placing the Morningstar analyst ratings of all three of his strategies that we cover under review,’ wrote Morningstar senior analyst Bobby Blue.
American Funds PM to retire
Veteran Capital Group portfolio manager, Joyce Gordon, is to leave the asset manager after 40 years, stepping off three funds.
Gordon will retire from the firm on July 1, coming off the $122.1bn American Funds Investment Company of America fund on March 1. At that time, Jessica Spaly and Aline Avzaradel will be added to the fund.
Spaly and Avzaradel join existing managers James Lovelace, Donald O’Neal, Christopher Buchbinder, Barry Crosthwaite, Grant Cambridge, Martin Romo, Martin Jacobs, and James Terrile on the fund.
Gordon was also listed on the $87.8bn American Funds American Mutual fund and the $130.4bn American Funds Income fund of America, from which she will also be removed.
James Gordon, Lovelace, Terrile, William Robbins, Cheryl Frank, Bradley Vogt, Charles Ellwein, and Cambridge remain listed on the American Mutual fund, while Dina Perry, Hilda Applbaum, Andrew Suzman, David Daigle, Paul Flynn, Anirudh Samsi, Pramod Atluri, Shannon Ward, Caroline Randall, Vogt, and John Queen remain on the Income fund of America.
A spokesperson for American Funds did not return a request for comment before publication.
‘These changes do not alter the fund’s Morningstar Analyst Rating range of Silver to Neutral, depending on share class fees, but they highlight yet further change to a team that has seen a lot in recent years,’ wrote Morningstar strategist Alex Lucas.
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Fund Files: Pimco rocket scientist jets off, Cap Group vet to exit - Citywire USA
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