Effective June 21, 2011, Portfolio Manager Jeffrey Peck of subadvisor Metropolitan West Capital Management, LLC (MWCM), is no longer a listed portfolio manager for the Wells Fargo Advantage Intrinsic Small Cap Value Fund.
Mr. Peck continues to serve as director of research and lead investment strategist for the Large Cap Intrinsic Value portfolios at MWCM. Additionally, he will continue to serve as portfolio manager for the Wells Fargo Advantage Intrinsic Value Fund and Wells Fargo Advantage Intrinsic World Equity Fund.
The investment strategy for the Wells Fargo Advantage Intrinsic Small Cap Value Fund will not change. Samir Sikka and Alex Alvarez, CFA, will continue to serve as portfolio managers for the fund and work as part of a team of 11 analysts dedicated to the fund. The team remains committed to maintaining the integrity of the investment philosophy and process established more than 13 years ago and applied to the fund since MWCM assumed subadvisory responsibilities on June 1, 2010.
MWCM is a registered investment advisor based in Newport Beach, California, and is a majority-owned subsidiary of Wells Fargo Bank, N.A. Since it was founded in 1997, MWCM's investment approach has been to identify the stocks of high-quality growing businesses that MWCM believes are selling at a discount to their "intrinsic," or true, values. As of March 31, 2011 MWCM managed approximately $10 billion in assets.
About the portfolio managers
Mr. Sikka joined Metropolitan West Capital Management in 2006. Previously, he served as senior vice president and senior analyst with Trust Company of the West, as associate director with UBS Investment Bank, and as senior associate with Ernst & Young, LLP. Mr. Sikka began his investment management career in 1997. He earned a bachelor's degree in business administration from California State University, Northridge, and a master's degree in business administration from Harvard Business School.
Alex Alvarez, CFA
Mr. Alvarez joined Metropolitan West Capital Management in 2008. Previously, he served as vice president with The Goldman Sachs Group, Inc., as financial analyst with Motorola, Inc., and as associate with Arthur Anderson. Mr. Alvarez began his investment management career in 1998. He earned a bachelor's degree in economics and public policy from Stanford University and a master's degree in business administration from Harvard Business School. Mr. Alvarez has earned the right to use the Chartered Financial Analyst® (CFA®) designation.
Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk. Consult the fund’s prospectus for additional information on these and other risks.