4. How good is the firm as a steward?
Management and stewardship are intimately related, and the intersection between the two is on full display when there's a manager change. While it's never happy news when a firm loses a successful or long-tenured manager, the best firms lay the groundwork for that possibility, which can help ease the transition.
For example, in the United States, even though all T. Rowe Price funds have individual managers, they also have small investment committees that know the funds' positioning well. That helps smooth transitions when the firm has experienced manager changes.
Firms that are good stewards also do a good job of communicating with their shareholders. They let fund holders know who's taking over and when.
If you're investing with a good steward, you have a better chance of emerging unscathed from a manager change than if the firm is less shareholder-friendly.