May 13, 2002 — CDC Nvest Growth & Income Fund (NEFOX) will be taken over by Harris Associates L.P. effective July 1, according to an SEC filing.
The fund’s board approved the switch from Westpeak Global Advisors on May 10, the filing said. Harris also manages the Oakmark Funds.
CDC Nvest Growth & Income Fund, classified as a large-cap value offering by Standard & Poor’s, lost 8.1%, versus a loss 0.55% for the average large-cap value stock fund, for the three years ended in April. The fund slipped 14.1% versus a loss of 6.8% for its peers for the one year period ended April 30.
The $337-million fund will be run by Robert M. Levy, Edward S. Loeb, and Michael J. Mangan, all of Harris Associates.
CDC IXIS Asset Management could not be reached to comment on the change in subadvisor.
Harris uses a value approach in selecting stocks, which is based on the belief that, over time, a company’s stock price converges with its true business value, or estimate of the price a knowledgeable buyer would pay to acquire the entire business, according to the filing.