10% Or Bust
Finally, we asked Morningstar to screen for funds that consistently churn out double-digit returns.
Wasatch Micro Cap has the best batting average. It returned 10% or more in ten of its 11 full years, as well as an 11% gain in the first half of 2007, for a 92% success rate. Its only "failure" came in 2002, when it sank 14%. The fund (WMICX) is closed to new investors.
Most of the funds in the one-year-miss club specialize in small, midsize or foreign firms. Among the well-known names are Longleaf Partners International (LLINX) and Oakmark Global (OAKGX). Longleaf's managers invest only if they can buy a stock for at least 40% less than their estimate of the firm's true worth, and they hedge the fund's currency exposure. The fund lost 17% in 2002 but has gained an annualized 16% since its launch in October 1998. It rose 15% in the first half of '07. Oakmark usually doesn't hedge currency, but it takes a similar approach to stock selection. It lost only 2% in 2002 and gained 11% in the first half of '07.
Selected funds that delivered double-digit returns in at least 80% of calendar years and at least 5% in the first half of 2007:
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YRS. IN EXISTENCE/YRS. WITH DOUBLE-DIGIT GAINS | |
Wasatch Micro Cap | 12/11 |
Security Mid Cap Value | 10/9 |
Royce Select | 9/8 |
Longleaf Partners Intl | 9/8 |
Turner Emerging Growth* | 9/8 |
Janus Mid Cap Value | 9/8 |
Oakmark Global* | 8/7 |
Meridian Value | 13/11 |
Olstein All Cap Value | 12/10 |
Royce Heritage | 12/10 |
SOURCE: ©2007 Morningstar Inc.
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