Sunnen Products Co., St, Louis, dropped mutual funds by Ariel Capital Management and Harris Associates from its $86.5 million profit-sharing plan, confirmed Liz Epps, payroll benefits managers.
The $1.5 million in the Ariel Appreciation Fund went to Third Avenue Value Fund, an equity fund. The $831,000 in Harris Oakmark Select I fund went to Dodge & Cox, which manages $5.8 million in equities. Ms. Epps was not able to confirm the amount of Third Avenues portfolio. The changes were made for performance, Ms. Epps said, and there are no plans to replace either fund.
Neither Ariel spokeswoman Merrillyn Kosier nor Harris spokesman Michael Neary was available for comment at press time.
Whitelaw Associates, the plans consultant, assisted.