MFS Loses Vote to Replace Navellier

MFS Investment Management lost its bid to manage a stock mutual fund formerly overseen by Louis Navellier, a trustee for the fund said. Shareholders voted against retaining MFS Investment as manager of the fund, formerly known as Navellier Aggressive Small Cap Portfolio. The trustees selected Boston-based MFS Investment to oversee the fund in mid-March after deciding against renewing the investment management contract with Navellier. Navellier, who built a reputation as a good stock picker while publishing the MPT Review newsletter and accumulating about $2 billion in assets under management, protested the decision, and a vote was put before shareholders. The case has been widely watched because it’s rare in the fund industry that independent directors try to take an investment management contract from the existing manager. He wasn’t available for comment. The trustees were reviewing their options, trustee Don Simon said.