The co-managers of the best stock mutual fund of this decade work out of a small...
NEW YORK - The co-managers of the best stock mutual fund of this decade work out of a small office in Los Angeles, rarely talk with the financial media and have never appeared as guests on CNBC looking to raise their profile.
The time-consuming process has helped the $5.2 billion Virtus KAR Small-Cap Growth fund outperform every other actively managed mutual fund during the 10 years that closely corresponded with longest bull market in history, according to Morningstar data. “We’re not necessarily looking for the fastest-growing companies or those positioned in the right sectors for a macro trend, but businesses that can maintain a competitive position for a long period of time,” Beiley said. He noted that many of the companies the fund holds have few if any analyst coverage on Wall Street.
“Increasingly investors are looking at the fee a fund charges and making that a higher priority than the performance record,” said Todd Rosenbluth, head of ETF and mutual fund research at independent research firm CFRA. “There are more and cheaper options than ever before.” The fund adds an average of two to three new stocks a year to its holdings of roughly 30 companies, and Beiley and Christensen are happy to invest in seemingly “boring” industries like trucking and used car sales.
Beiley and Christensen did not know of their industry-topping performance until they were informed of it by Reuters, but said they have no plans to capitalize on it. The fund is closed to new investors and there are no plans to open a new one.
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