These fund managers made moves deserving of Lump of Coal Awards

[unhappycamper]

http://www.thenewstribune.com/2013/12/17/2952355/these-fund-managers-made-moves.html

These fund managers made moves deserving of Lump of Coal Awards
December 17, 2013

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• Wells Fargo, for a pricing mistake it hoped no one would notice. Fund prices are supposed to reflect the value of underlying securities, but there are plenty of times when issues are mispriced, typically by fractions of a penny. When it happens, errors are corrected, affected investors are made whole and it’s business as usual.

~snip~

• Management at the Royce Funds, for a self-serving idea disguised as a good move for shareholders. Royce Value Trust (RVT) – a closed-end fund with a good track record – invited shareholders to a special stockholders’ meeting in September at which it asked them to “contribute a portion of the Value Trust’s assets to a newly organized, closed-end management company, Royce Global Value Trust.”

~snip~

• Investors in Royce Value Trust, for approving the deal. We know that no one reads the paperwork they get from funds, but shareholders must stop saying yes to nonsensical arrangements that they don’t understand.

• The Tealeaf fund, the worst-named new fund of the year. It’s too early to tell whether Tealeaf Long/Short Deep Value (LEFAX) will overcome a high expense ratio and mature into a good fund, but it’s too late to take the nascent issue seriously based on its name. Anyone who blows it when they name the firm doesn’t inspire confidence in what happens next.