tenure as a portfolio manager for Marsico Capital Management
appears to be over. According to documents filed with the SEC
, the PM of Marsico's Flexible Capital Fund
, a fund with about $530 million in AUM and a five-star rating from Morningstar, will depart the firm effective July 20.
In addition to being lead PM of the Flexible Capital Fund
, Rao serves as co-PM of the $1 billion Marsico Focus Fund
and the $722 million Marsico Growth Fund
, each of which is rated three stars by Morningstar, along with Marsico CEO Thomas Marsico
and Coralie Witter
He is being replaced as PM of the Flexible Capital Fund by Munish Malhotra
and Jordon Laycob
, both current Marsico PMs.
Rao isn't the only PM leaving Marsico. Last week, another
that Joshua Rubin
, co-PM of the $4.9
Emerging Markets Fund
, left the firm. And back in April, Charlie Wilson
, who was another co-PM of the same fund, left Marsico for Thornburg
. Munish Malhotra is now the sole PM of the Marsico Emerging Markets Fund.
Rao also managed funds for Harbor Funds and Columbia, and will no longer be managing portfolios for these funds. The news of Rao's departure was confirmed by a press release from Harbor
Marsico did not respond to MFWire's requests for comment by press time.
Stay ahead of the news ... Sign up for our email alerts now