California-based firm
Hayes co-managed the fund with five other managers. Reuters cites a letter from Litman/Gregory to its shareholders that says "We believe the fund is more in balance with the remaining four managers than it was with Hayes included as a fifth manager."
The firm is not expected to replace Hayes at this time. The remaining managers are David Herro, Dan Jaworski, Theodore Tyson and Mark Yockey.
The fund, with $248 million in assets under management, posted losses of more than 19% this year, Reuters reported. In 1999 the fund sky-rocketed to returns of 75%.
