Portfolio managers cutting stakes in their own funds

|By:, SA News Editor

Pimco's Curtis Mewboune had more than $1M in both Pimco Floating Rate Income (MUTF:PFIAX) and Pimco Diversified Income (MUTF:PDVAX), according to Morningstar's Russ Kinnel, but now has none. He also has nothing invested in another fund he manages, Pimco Emerging Multi-Asset (MUTF:PEAAX).

Wells Fargo's Charles Rinaldi sold his entire stakes in Wells Fargo Advantage Small/Mid Cap Value (MUTF:SMMVX) and Wells Fargo Advantage Small Cap Value (MUTF:SSMVX) - two funds he's managed for many years. The company says Rinaldi did so for estate-planning purposes, leading Kinnel to wonder if the 70+ year-old is gearing up for retirement.

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