Aug. 20, 2002 — PBHG Funds said it replaced the manager of two funds that invest in technology and telecommunications stocks in an effort to improve their performance.

A four-member team of portfolio managers who oversee other PBHG funds, including Michael Sutton, the company’s chief investment officer, and Gary Pilgrim, took over the PBHG Technology & Communications Fund (PBTCX) and the PBHG Global Technology & Communications Fund (PBGTX) on Monday.

They succeeded Michael Ma, who has returned to his role as as an analyst with the funds, a PBHG spokesman said.

Jerome Heppelmann and Raymond McCaffrey, who are value-oriented investors, will run the two funds with the growth-oriented Sutton and Pilgrim. The four managers are each responsible for a quarter of the funds’ holdings, the spokesman said.

PBHG is putting “its best stock pickers” on the tech funds “in order to get the best possible returns,” the spokesman said.

Ma, who joins PBHG’s nine other technology stock analysts, began managing the Global Technology & Communications fund in June 2000, and took over the Technology and Communications fund in December of that year.

The PBHG Global fund lost 44.5% last year and was off 44.2% this year through July. The Technology & Telecommunications fund was down 48% as of July 31 this year. It plunged 52.4% in 2001 after falling 43.7% the year before.