May 10 T. Rowe Price Group lost one of
its top stock fund managers on Friday, as Joseph Milano quit to
pursue other opportunities.
Milano, who ran the $4 billion New America Growth
Fund for the past decade, will be replaced by Dan
Martino, manager of the Baltimore firm's Media and
Telecommunications Fund and related accounts,
spokesman Brian Lewbart said. Milano could not be immediately
Under Milano, the New America fund has been among the better
performers in its category, according to data from Lipper, a
unit of Thomson Reuters.
The fund gained an average of 9.15 percent a year over the
past 10 years through the end of April, better than 62 percent
of similar funds. Over the past five years, the fund's average
annual return of 6.74 percent beat 79 percent of its peers.
But the fund's performance lagged this year, weighed down by
top holding Apple, whose shares have dropped 15 percent
in 2013. The fund gained 11.64 percent this year through May 9,
trailing 69 percent of similar funds, according to data from
The sudden departure follows T. Rowe's loss of another top
performer, former Health Sciences Fund manager Kris Jenner, who
quit in February to start his own hedge fund.
The two departures were not related, spokesman Lewbart said.
"We have succession plans and a deep bench of analysts and
managers that are ready to step in," he added.