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One reason is that the fund is fairly diversified by sector. They bought the stock at the beginning ofwhen it was trading well below its historical highs, due to disappointing earnings and the taint arising from the previous CEO’s misdeeds. For example, the fund holds industrial conglomerate Tyco TYC in part because the managers believe in the strength of its management. Bank of New York Company, Inc. Performance data current to the most recent month end may be obtained by visiting www.

The five-member team, led by English and Kellner, looks for stocks trading at discounts to what it considers their ng value based on cash-flow analysis and absolute and relative valuation. FMI’s relatively small asset base means the fund’s purchases and sales are less chcl to adversely affect the price of the underlying stocks. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

The Touchstone fund closed some sales channels to new no-load investors as of Feb.


The FMI fund also fits the Focused 10 hig in that it plies a low-turnover strategy. In fact, Breen and Coughlin have restructured the comany’s debt and returned money to investors through share repurchases and a dividend. More than anything, the shareholder letters demonstrate how thoroughly the managers know the companies in the fund. Willis Group Holdings, Ltd. Kellner and English are unfazed by the migration of ad dollars away from Time Warner’s more-traditional media outlets toward the Internet, arguing ad sales are a trickle compared with the company’s subscription revenue.


The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Apart from the tax advantages of fig trading a lot and thereby avoiding capital gains taxthe low portfolio turnover nb means the fund won’t run up big trading costs. That often means buying companies when the market takes a dim view of their prospects. It was added to the portfolio tlg Novemberwhen its stock price was weighed down by its disastrous acquisition of AOL and market fears over declining advertising revenue.

Contact Reginald Laing at reginald. The moderate volatility says something about this management team’s sensible approach, value discipline, and stock-picking acumen.

You can see the letters for yourself at the firm’s Web site: Current performance of the Fund may be lower or higher than the performance quoted. We also like the fact that the fund’s modest asset base provides plenty of maneuverability. We’re also fans of Kellner and English’s letters to shareholders, which stand out for being detailed, lucidly written, xhci candid-both about the fund’s risks and about what went right and wrong in the recent quarter.

Reformatted for Edgar Filing

Please read the prospectus carefully to consider the investment objectives, risks, charges and expenses, before investing or sending money.

What’s more, low turnover fits nicely with the managers’ opportunistic strategy.

And holding these firms, sometimes over many years, gives their respective managements time to tiig whatever adversity is weighing on their stock prices. We shine the spotlight on 10 funds from the FundInvestor that follow a focused, low-turnover strategy. For instance, in its third-quarter commentary, management explained its thesis for Sprint Nextel S, the portfolio’s worst performing stock for that tiig one that’s languished since. Performance data quoted represents past performance; past performance does not guarantee future results.

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And they like the company’s historically cheap valuation relative to the cash flow it generates. Such deep knowledge of n individual holdings is heartening, given the stock-specific risk this focused fund courts. Please read the prospectus carefully before investing.

Kellner and English are shareholder-friendly managers themselves. More than that, though, they plan to break the firm into three distrinct companies, thereby bringing a rational structure to each of the stand-alone companies and they think unlocking shareholder value. The stock has gained only modestly since it was added to the portfolio, and as of the end of it remains a top holding.

The managers point to the problems the company has faced related to integrating Sprint with Nextel. As Kellner and English are willing to wait for management teams to turn around struggling companies, they want to be certain those managers are capable of fixing whatever problems the firms face.

And despite holding only 20 stocks, this fund has been even less volatile than its typical peer in the large-blend category as measured by trailing five-year standard deviation.

chcj FMI Large Cap’s nimble size is an important consideration, because like the Touchstone fund it will delve into mid-caps, and it’s even more concentrated than the Touchstone fund-the former holds roughly 20 stocks, versus 25 to 30 for the latter.

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