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Mutual Funds

Fund Drama

Akre jumps ship, his analysts join FBR

Chuck Akre is leaving FBR Focus (symbol FBRVX) to start his own fund, to be called Akre Focus. Akre departs on a high note as FBR Focus's one-year return moves into the black, a rare development for stock funds recently. From the fund's inception in December 1996 through July 31, it returned an annualized 12.5%, about four percentage points per year better than Standard & Poor's Midcap 400-stock index.

FBR, which had hired Akre's firm to manage Focus, responded to Akre's move by hiring away three of his analysts -- Brian Macauley, David Rainey and Ira Rothberg -- and naming them co-managers of FBR Focus. Separately, Vanguard announced at press time that it had closed Primecap Core to new investors.

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