Fund managers change jobs just like everyone else. Still, losing the person you’ve trusted with your money can be costly, as well as traumatic. So, what should you do when your fund manager moves on?

No. 1: Don’t panic. Not all change is for the worse. That’s especially true if the new manager already works at the fund, previously supporting the efforts of the manager who just left.

For instance, in 2014 Preston Athey will retire as manager of T. Rowe Price Small-Cap Value (PRSVX) after more than 20 years at the helm. According to Morningstar, PRSVX ranks in the top 10 percent of small-cap blend funds over the past 15 years. And it finished in the top 8 percent of its peer group in 2008, when many small-cap funds suffered devastating losses.

But shareholders will be in good hands. Athey’s replacement is David Wagner, who has worked with Athey on the fund since 2005 and is expected to continue using the same investment approach. Equally important, Wagner has been at the fund during an extraordinarily challenging period for the market, helping the fund navigate some of its best and worst years, so he should be able to pick up the reins with minimal disruption.

No. 2: Look at the new manager’s track record. Does it seem he or she has the experience to do the job well? To ascertain that, ask yourself: Has the new manager run a fund using a similar strategy for at least three years? If so, was its performance in line with, or even better than the current fund?

A fund manager’s prior experience must be in similar or equivalent types of funds, otherwise it can be a major drawback. Even if a manager has spent years successfully running other mutual funds, it won’t do much good if those funds are all large-cap value and your current fund is small-cap growth.

For our latest “Fund Favorites” pick, we took a second look at Hennessy Focus (HFCSX), which was previously helmed by famed investor Charles Akre until mid-2009. Although the new management team fulfilled our first criterion, as they had worked with Akre as analysts, we still waited three years to ensure the fund’s performance would remain largely consistent with its long-term record.

No. 3: Watch out for newbies. Mutual fund investors should be concerned when a brand new manager, one who has never had the buck stop at his desk, takes over. History is littered with mutual funds that have foundered in the wake of a key manager’s departure. Learning the ropes can be a very expensive proposition. Even managers who have gone on to become star performers have tended to have pretty rough starts at their early charges.

No. 4: Watch out for strategy changes. It’s an immediate red flag if a fund’s strategy changes, along with the manager. In many cases, a new manager brings along new ideas. While that’s not always a bad thing, the odds are that you initially chose this particular fund for its specific investment approach. As a result, strategy changes are likely to mean that the fund will no longer fill the niche or purpose for which you selected it. In such cases, you’re probably better off looking for a new fund, instead of waiting to see how the new manager works out.

For example, Fidelity Magellan (FMAGX), formerly managed by legendary investor Peter Lynch, has struggled in the decades since his departure. His successors have pursued strategies ranging from cautious index hugging to aggressive growth.

So while not all change is bad, if a compelling case can’t be made for the new manager performing at least as well as the predecessor, it probably won’t pay to hang in there.