Four decades of investing with Gordon Crawford
- Gordon Crawford
- Portfolio manager
- Based in:
- Los Angeles
- Investment experience:
WILL MCKENNA: Let’s shift gears and talk a little bit about how we’re preparing for your departure in the funds [that] you’re managing. Specifically, how does Capital’s investment system help facilitate succession planning?
GORDON CRAWFORD: It’s very simple. It’s one of the beauties of the [Multiple] Portfolio Manager SystemSM. If I was the sole portfolio manager in SMALLCAP World Fund® and I decided to retire and somebody had to step into my shoes and figure out what 600 companies did, there would be total chaos and a very, very unpleasant transition period. The fact that SMALLCAP World Fund has over a dozen portfolio managers, and something between 35 and 40% of the fund is managed by the analysts, when I take the elevator down for the last time, there’ll be nary a ripple. My little slice of the fund will be taken over by a few new people — a few old people that we want to get bigger — and the shareholder won’t even notice I’m gone.
So it’s the beauty of the Multiple Portfolio Manager System that we can just easily take a little slice out of the pie and redistribute it or put somebody else new in that slice. We always have a team of young people moving up who are ready for that increased responsibility, and you’re not going to see really any impact, I think, in any of the funds that I manage money.
And by the way, I did the same thing. I mean, when I started in each of these funds, I started by picking up somebody’s assets [who] was moving out.
- Eyewitness to the birth of an industry
- Anatomy of a winning (and losing) investment
- On playing confidant to industry movers and shakers
- Growth Fund's remarkable journey
- Enduring secular trends buoy this "tailwind investor"
- Succession planning made easy
- Capital's stability, culture promote staying power