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Proponents of growth vs. value may debate endlessly which of these is the better long-term approach. We happen to favor value, but, in the end, prefer whatever method or mutual fund manager can get the best results.
Thanks to the latest issue of "Forbes," the reader may see just which funds have been the top performers over a nearly twelve year period (10/31/90 - 7/31/02).
Among these, I have selected the top five diversified mutual funds, based on their annualized total returns, assuming reinvestment of dividends and capital gains and deductions of fees and upper-income taxes. For more details, we heartily recommend the "Forbes" article (pp. 116-117 of the 9/16/02 issue).
Here, then, are the winners:
Fund Name | Toll Free No. | Annual Expenses per $100 | Yearly Portfolio Turnover | Annualized Total Return (after fees and taxes) | Annualized Total Return (before fees and taxes) |
Mairs & Power Growth Fund | 800-304-7404 | $0.76 | 8% | 17% | 19% |
Muhlenkamp Fund | 800-860-3863 | $1.21 | 11% | 17% | 17% |
Longleaf Partners Fund | 800-445-9469 | $0.94 | 18% | 16% | 19% |
Heartland Value Fund | 800-432-7856 | $1.29 | 56% | 16% | 18% |
Clipper Fund | 800-776-5033 | $1.08 | 23% | 16% | 19% |
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