Mutual fund manager AIM Investments announced Tuesday it has reshuffled the portfolio management team and investment styles on three of its growth funds in an effort to boost their sagging performance.

The Houston-based company said, beginning Nov. 30, Roger Mortimer and Glen Hilton will join Robert Leslie as co-managers of the AIM Opportunities I Fund, AIM Opportunities II Fund and AIM Opportunities III Fund. Mortimer and Hilton replace Charles Scavone and Brent DeMuth. Mortimer will serve as the lead manager. Both Scavone and DeMuth will remain with the company, but their roles were not clearly defined.

An AIM spokesperson told Reuters that the move will help generate "more reliable long-term performance." The $379 million Opportunities I fund is down 4.7% year-to-date, according to Morningstar of Chicago. Meanwhile, Opportunities III, which holds $127 million in assets, lost 3.7% this year, and Opportunities II, the mid-cap offering with $160 million in assets, eked out a 0.6% return since the beginning of the year.

Under new direction, the three funds will switch their investment style from growth to value, with Opportunities I positioned as large-cap value, Opportunities II as mid-cap value and Opportunities III as small-cap value. The portfolio managers will seek long-term growth of capital using traditional hedge techniques such as short-selling, leverage and derivatives.

Mortimer and Hilton will continue to run the $51 million AIM Global Value Fund, which boasts a three-year annualized return of 12.6% and is currently up 17.1% year-to-date.

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