Fund Spy

Surprise Manager Exit Rattles Quirky Income Fund

Patricia Oey
The following is our latest Fund Analyst Report for Berwyn Income (BERIX). Morningstar Premium Members have access to full analyst reports such as this for more than 1,000 of the largest and best mutual funds. Not a Premium Member? Gain full access to our analyst reports and advanced tools immediately when you try Morningstar Premium free for 14 days.

Berwyn Income is now a different strategy after longtime lead managers George Cipolloni and Mark Saylor unexpectedly resigned in February 2019. The new investment team includes some long-tenured Chartwell managers, but none have a public track record running multi-asset strategies. As a result, this strategy's Morningstar Analyst Rating is downgraded to Neutral.

This strategy lost a well-regarded skipper in George Cipolloni, a lead manager since 2006 who had worked with his second-in-command Mark Saylor since 2007. Together, they ran a go-anywhere, contrarian, conservative allocation strategy with strong results and good downside protection, delivering returns from both asset allocation and security selection.

Patricia Oey does not own shares in any of the securities mentioned above. Find out about Morningstar's editorial policies.