Oct. 31, 2002 — Citizens Funds said Citizens Advisers Inc. replaced Meyers Capital Management as manager of the $16.6-million Citizens Funds:Value Fund/Retail (MYPVX).
The fund’s portfolio is now team managed by Jeff Schappe, Tom Coler, and Bob Barringer, Citizens said. Meyers Capital had run the fund since its inception in June, 1996.
“We made the move in an effort to improve the fund’s performance,” said Citizens spokeswoman Val Dingle. “It’s not where we would like to see it.”
For the one-year period ended Sept. 30, 2002, the fund dropped 41.2%, versus a loss of 18.8% for the average large-cap value fund. For the three years ended September 30, the fund recorded an average annualized loss of 12%, versus 6.9% for its peers.
As reported earlier this year, Citizens dropped Seneca Capital Management as the manager of the Citizens Funds:Emerging Growth Fund/Retail (WAEGX) and brought the fund in-house.