Jim Lowell: Top 10 managers
Jan. 21, 2005
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Jim Lowell of TRS Reports will appear on our Jan. 21, 2005 program to talk about his methods of evaluating mutual funds by looking the performance of their managers. Here is his latest list of the top 10 fund managers:
| Manager | Current fund(s) | Symbol | Score | Risk-adjusted manager return * | Risk-adjusted index return * |
| Guenter Faschang | Vontobel Eastern European Equity A | VEEEX | 20.69 | 23.46 | 2.80 |
| John P. Hussman, Ph.D | Hussman Strategic Growth | HSGFX | 19.39 | 23.61 | -7.31 |
| Hussman Strategic Total Return | HSTRX | 19.39 | 23.61 | -7.31 |
| Team Managed GMO Emerging Country Debt | GMO Emerging Country Debt IV | GMDFX | 16.95 | 29.48 | 7.75 |
| John Connor, Jr. | Third Millenium Russia Fund | TMRFX | 16.81 | 17.95 | 4.61 |
| Carl Wilk | Gartmore Micro Cap Equity A | GMEAX | 16.61 | 12.79 | 1.44 |
| Team Managed DFA Pacific Rim Sm Co | DFA Pacific Rim Small Company | DFRSX | 16.11 | 11.41 | -4.10 |
| Michael J. Welsh | Oakmark Global I | OAKGX | 15.44 | 14.62 | -2.20 |
| Oakmark Global II | OARGX | 15.44 | 14.62 | -2.20 |
| Karl Brewer | William Blair Mutual Small Cap Growth N | WBSNX | 15.30 | 12.10 | -1.93 |
| Robert B. Bruce | Bruce Fund | BRUFX | 15.17 | 29.33 | 11.01 |
| Stephen Peak | Henderson European Focus A | HFEAX | 15.07 | 12.51 | -0.10 |
| Ivy European Opportunity A | IEOAX | 15.07 | 12.51 | -0.10 |
* Risk-Adjusted Index Return (RAI) and Risk-Adjusted Manager Return (RAM): Figures that permit comparisons between the total return of funds (and/or investment models or indexes) of varying levels of risk, by factoring out differences in volatility. A fund's RAR is the return one would obtain with a portfolio holding the fund and enough Cash Reserves or similar zero-volatility investment (or, for low-risk funds, enough margin) to maintain the risk level of the S&P 500. For a fund with a Relative Volatility of 1.25, a portfolio would be constructed of 80% of that fund, and 20% of a cash position, giving the hypothetical portfolio a volatility of 1.00. The returns for this hypothetical portfolio are that fund's Risk-Adjusted Return. For funds compared to an index other than the S&P 500, risk-adjusted return is also calculated for that index. (The risk-adjusted return for the S&P 500 is the same as its actual return, since its Relative Volatility is by definition exactly 1.)
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