Sept. 9, 2003 -- Stock picker Charles Albers will leave the $11.9 billion Oppenheimer Main Street Fund/A (MSIGX) this month and will retire at the end of the year.
Oppenheimer Funds said Nikolaos Monoyios will continue as co-manager of the fund, and will be joined by Marc Reinganum, the fund complex's director of quantitative research. Monoyius also will succeed Albers as head of Oppenheimer's Disciplined Strategies team, which oversees about $17 billion in assets in several Oppenheimer funds.
The Main Street fund's investment style will not change under Monoyios and Reinganum, an Oppenheimer spokesman said. He noted that Reinganum has previously worked with Albers and Monoyios as a research analyst.
The fund uses a quantitative method to pick stocks. The computer model considers factors such as valuation and price momentum.
For the ten-year period ended in July, Oppenheimer Main Street returned an average annualized 9.2%, versus 7.7% for the average large-cap growth fund, and 10.3% for the S&P 500. Ranked 3 Stars by Standard & Poor's, the portfolio was up 16.4% as of yesterday.
Albers joined Oppenheimer in April, 1998, after piloting the Guardian Park Avenue/A (GPAFX) for 26 years. Albers, who will end a nearly 40-year career as a money manager, said in a news release that he plans to spend more time with his family and to pursue "a number of personal interests."