Bessemer Investment Management has replaced Harding Loevner with Baillie Gifford on a $24.1bn large-cap fund.
Effective immediately, Baillie Gifford is listed on the Old Westbury Large Cap Strategies fund, the largest of Bessemer’s nine-strategy Old Westbury range, which has a combined $46bn in assets, accounting for about a quarter of Bessemer’s roughly $188bn AUM.
Baillie Gifford portfolio managers Mike Gush, Sophie Earnshaw and Roderick Snell, all of whom hold AAA ratings with Citywire, are now listed on the fund, according to a filing with the Securities and Exchange Commission. The Edinburgh-based firm joins Sands Capital Management, which will continue to serve as a subadvisor on the fund.
Harding Loevner, which had about $84bn in assets at the end of last year, and its lineup of managers have come off the fund. Craig Shaw, Scott Crawshaw, Pradipta Chakrabortty, and Richard Schmidt had managed Harding Loevner’s sleeve of the fund since at least February 2015.
Bessemer and Baillie Gifford did not immediately respond to requests for comment, and Harding Loevner declined to comment.
Baillie Gifford, which managed about $446.9bn at the end of 2020, also will continue to manage a portion of the $9.5bn Old Westbury Small & Mid Cap Strategies fund for Bessemer.
The large cap fund, which launched in 1993, has a negative quantitative rating from Morningstar and has for years underperformed both its index and other global large-stock growth funds. It has an expense ratio of 1.12%.
David Levanson, Perry Williams, Brian Christiansen, Ashraf Haque, and Neil Kansari continue to manage a portion of the fund for Virginia-based Sands.
Bessemer’s selectors for this fund are John Hall, Edward Aw, Nancy Sheft, Jeffrey Rutledge and John Patrick Coviello.
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June 26, 2021 at 12:29AM
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Bessemer drops Harding Loevner for Baillie Gifford on $24bn fund - Citywire USA
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