I recently received several phone calls from the Altman Group, a proxy solicitation firm, pleading for me to return my proxy card to vote on changes for the Fairholme fund. I read the proxy material and discovered that the board of directors was recommending sweeping changes to this highly successful fund. Should I dump Fairholme and look for a similar offering?
Those proposed changes have already passed, but there's no need to pull the plug on Fairholme (symbol FAIRX), a member of the Kiplinger 25. The revisions are designed primarily to update legal language in Fairholme's prospectus so that it meshes with Securities and Exchange Commission regulations that have changed since the fund's inception in late 1999.
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