Hello Again to a Top-Notch Fund

FBR Small Cap reopens to investors. But some of its holdings may surprise you.

Looking for a good small-company fund can be frustrating. The best tend to shut their doors rather than contend with more cash than they can invest easily. Chuck Akre, manager of FBR Small Cap, faced just such a situation in 2004. After a fabulous four-year run that produced annualized returns of 27%, the fund's assets had swelled to more than $1 billion. Saddled with $350 million in cash and no ready places to invest it, he put out the No Vacancy sign.

Reluctant to sell

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A Star of the '90s Rebounds
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Contributing Editor, Kiplinger's Personal Finance