According to Morningstar, the decision was taken partly because, in addition to the departure of Mach, “another member of the four man value team, Stephen Kaszynski is also leaving the firm”.
Morningstar says it will be meeting the new manager “in due course” to assess the team changes and their impact on this fund.
Eaton Vance announced Mach’s retirement in the middle of last week, saying that he will leave the firm on June 30th and will be replaced as leader of the large cap value team by Edward Perkin.
Perkin joined the group last month as chief equity investment officer from Goldman Sachs Asset Management.
According to Eaton Vance, Mach joined the firm in 1999 and, during his tenure as manager, the Eaton Vance Large-Cap Value Fund and the Eaton Vance Tax-Managed Value Fund, ranked in the top 40% and 30%, respectively, of large-cap value funds as classified by Morningstar and During Mike's tenure.
During the period, Eaton Vance’s assets under management in value strategies grew from less than $200 million to over $10bn, it said last week.
The new team will consist of Perkin, as lead portfolio manager for diversified large-cap value strategies, John Crowley as lead manager of focused large-cap value strategies and Matthew Beaudry who will focus on client relations and portfolio implementation, Eaton Vance said.
"My goal for EVM's large-cap value strategies is to restore performance leadership by applying a disciplined process that leverages the talents of our investment team," said Mr. Perkin. "We will continue to emphasize investments in quality companies trading at below-average valuations that are identified through in-depth fundamental research."