If I'm going to use funds as trading vehicles - and I do so predominantly using Janus funds -  then it is unimportant for me that the manager is invested alongside me. There is a reason I trade Janus funds. I'll never own their funds again after how they have treated their shareholders in the past. And they continue to not have redemption fees on their funds, so I have no reason to believe they are not continuing to do so now.

Sorry if I didn't make it obvious that my intent was to hold HIGVX for a long time when I bought it. Problem is my expectation was that managers will put their money where their mouth is. That was my bad luck (can't say mistake because I didn't have information available to me back then that I have now) and have therefore decided to cut my losses.

EMCAX used to be Texas Capital Value, the manager owns a lot of shares, always has. QTRAX is new but has the pedigreed manager in QUAGX who also owns substantial shares of that fund. I'm expecting that will be the case with QTRAX as well. So yes, I'm making a leap of faith as well as manager ownership is concerned with QTRAX. But unlike with HIGVX, at least I have hope, while I have none in Pzena.