Michael Smith Named Co-Portfolio Manager for Wells Fargo Advantage Endeavor Select FundSM and Corresponding Separately Managed Account
Michael T. Smith, CFA
, has been named as a co-portfolio manager of the Wells Fargo Advantage Endeavor Select Fund
and the corresponding separately managed account (SMA) strategy (Fundamental Large Cap Select Growth Equity). Smith joins managers Thomas J. Pence, CFA
, and Michael C. Harris, CFA
, in managing both the Fund and the SMA. The appointment is effective immediately.
Smith has been a member of the Fundamental Growth Equity team at Wells Capital Management (Wells Cap), the subadvisor for the Fund and the SMA strategy, since 2000. He came to WellsCap from Strong Capital Management, where he worked with portfolio managers Pence and Harris, first as a research analyst specializing in health care and more recently as portfolio manager for the team's Fundamental All Cap Growth Equity Managed Account. He will continue in both of these roles.
Smith's appointment is consistent with the team's ongoing commitment to the efficient allocation of resources, helping to further balance portfolio management responsibilities on the team. In particular, Smith's role in supporting the All Cap Strategy positions him to apply his knowledge in a portfolio management capacity on the Endeavor Select Fund. Additionally, the reallocation of portfolio management duties enables Harris to allocate more time to the team's global research efforts. Smith brings a wealth of experience, including his role as portfolio manager on the team's Fundamental All Cap Growth Equity Managed Account and his background as a seasoned research analyst.
Can you tell me more about the three portfolio managers?
More detailed information about the portfolio managers follows:
Portfolio Managers Pence, Harris, and Smith have an average of 15 years of industry experience and have worked together for more than ten years as members of the Fundamental Growth Equity team at Wells Capital Management.
- Smith has served as a portfolio manager for the Fundamental Growth Equity Team at WellsCap since 2006. He also serves as a research analyst with primary responsibilities covering the health care sector. He came to WellsCap from Strong Capital Management, having joined Strong in 2000. Prior to that, Smith was responsible for assisting in the research and portfolio management effort for Conseco Capital Management equity portfolios. Prior to joining Conseco, Smith attended DePauw University, where he graduated with a bachelor's degree in economics. He has earned the right to use the CFA designation.
- Pence is managing director and senior portfolio manager for the Fundamental Growth Equity team at WellsCap. He came to WellsCap from Strong Capital Management, where he served as lead portfolio manager. Prior to joining Strong in 2000, Pence served as senior vice president and chief equity investment officer of Conseco Capital Management, where he was responsible for managing all tax-exempt and taxable growth equity portfolios as well as various mutual funds within the Conseco Fund Group. Prior to joining Conseco in 1991, he worked for the Forum Group, where he oversaw several transactions as part of the firm's development and acquisition team. Before joining the Forum Group, he was a financial consultant with Peterson & Company in Chicago. Pence holds a bachelor's degree in business from Indiana University and a master's degree in business administration with honors from the University of Notre Dame. He is a board member of the Reese Investment Fund for Indiana University and has served as a director of the Indianapolis Society of Financial Analysts. He has earned the right to use the CFA designation.
- Harris serves as a portfolio manager for the Fundamental Growth Equity team at WellsCap. He also serves as a research analyst with primary responsibilities covering the financial and energy sectors. He joined WellsCap from Strong Capital Management, where he held a similar role. Before joining Strong in 2000, Harris was responsible for assisting in the research and portfolio management effort for Conseco Capital Management equity portfolios. Prior to working for Conseco, Harris worked as an equity research assistant for the IU Foundation, assisting the portfolio managers of the $800 Million IU Foundation Endowment Fund while attending Indiana University. Harris holds a bachelor's degree in finance from Southeast Missouri State University and earned his master's degree in business administration–finance from Indiana University, where he was selected by faculty to participate in the Investment Management Academy. He has earned the right to use the CFA designation.
Will this change affect the process used to manage the Fund and SMA?
No. The Fundamental Growth Equity Team will continue to follow a co-portfolio management structure on all products, with Pence serving as team leader. In addition, Pence, Harris and Smith are part of a 19-member investment team that supports the Fund and SMA.
Will the roles of Pence or Harris change?
No. Pence will continue as team leader, and Harris will continue in his current role as co-portfolio manager. Harris will also continue as senior analyst for the financials and energy sectors.
Will Smith continue to carry out his current responsibilities?
Yes. Smith will continue in his role as co-portfolio manager with Pence on the Fundamental All Cap Growth Equity Managed Account, and he'll continue as senior research analyst covering the health care sector.
Why is Smith being added to the Endeavor Select Fund and not other funds as well?
As part of the team's strong merit-based culture, this promotion enables the firm to leverage the talent and resources of a seasoned investment analyst in a portfolio management capacity through a thoughtful reallocation of resources. We continue to explore opportunities to enhance the depth and balance of our portfolio management responsibilities but are making no additional changes at this time.
Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Active trading results in increased turnover and trading expenses and may generate higher short-term capital gains. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk, and nondiversification risk. Consult the Fund's prospectus for additional information on these and other risks.
Wells Capital Management (WellsCap) is a registered investment adviser and a wholly owned subsidiary of Wells Fargo Bank, N.A. WellsCap provides investment management services for a variety of institutions.