22
I am adding the promising
Meridian Small
Cap Growth
MISGX
. The fund is run by former Janus
managers Brian Schaub and Chad Meade. They did
a fine job at
Janus Venture
JAVTX
and
Janus Triton
JATTX
. Now they are at Arrowpoint Asset Manage-
ment, a firm teeming with ex-Janus people. The fund
is not yet in No Transaction Fee supermarkets.
I am dropping
Turner Small Cap Growth
TSCEX
. The
fund has seen an ebb in performance and recently
got a new manager in Jason Schrotberger. Meantime,
assets have declined to
$140
million.
I am also adding
Diamond Hill Small-Mid Cap
DHMAX
, which we rate Gold. Since taking over
in
2005
, Chris Welch has put up outstanding returns
of
9
.
8%
annualized compared with
8
.
4%
for the
index. Welch is also a listed but not lead manager on
Diamond Hill Large Cap
DHLAX
and
Diamond
Hill Small Cap
DHSCX
. All three are run in a patient
Graham and Dodd style that emphasizes good com-
panies trading at steep discounts.
See the facing page for more.
To make room, I am dropping Neutral-rated
Rainier
Small/Mid Cap Equity
RIMSX
. We give the fund a
Neutral on all pillars except for Price, which is a
Negative. So, one could say pretty safely that it has
failed to distinguish itself. In
2013
, Rainier stream-
lined management in an attempt to improve perform-
ance. That might help, but we’re on the sidelines
for now.
Error in 10-Year Returns
We published incorrect
10
-year returns for
16
funds in
the July issue of
FundInvestor
because of a program-
ming glitch. The corrected figures are now in our elec-
tronic edition at
. We regret the
error. Here are the correct figures for those funds.
œ
What is Morningstar
FundInvestor
500
?
The Morningstar FundInvestor
500
features the industry’s
best and most notable funds.
Use the list to get new in-
vestment ideas and track the
funds you already own.
FundInvestor
subscribers have
access to one-page monthly
reports on all 500 funds on
mfi.morningstar.com. Just
type in the name or ticker of
the fund in the search box.
New Entrants From Meridian and
Diamond Hill
Changes to the 500
|
Russel Kinnel
Summary of Changes
Add
Drop
Meridian Sm Cap Grwth
Turner Small Cap Growth
Diamond Hill Small-Mid Cap
Rainier Sm/Md Cap Equity
Rating Change (downgrades)
To
From
Calamos Market Neutral Income
‰ ´
MainStay ICAP International
´ •
Thornburg International Value
´ •
Vanguard Total Bnd Mrkt Index
• Œ
Wasatch Long/Short Investor
´ •
Rating Change
To
From
DoubleLine Total Return Bond
” ‰
Fidelity OTC Portfolio FOCPX
11.09%
Fairholme FAIRX
11.34%
American Century Heritage TWHIX
12.07%
ASTON/Fairpointe Mid Cap CHTTX
11.41%
Artisan Mid Cap Value ARTQX
11.59%
Brown Capital Management Small Company BCSIX
12.50%
Fidelity Small Cap Discovery FSCRX
12.74%
T. Rowe Price Capital Appreciation PRWCX
9.17%
T. Rowe Price Media & Telecommunications PRMTX
15.77%
Artisan International Small Cap ARTJX
12.72%
Oppenheimer Global Opportunities OPGIX
10.09%
Loomis Sayles Investment Grade Bond LIGRX
7.79%
Fidelity Capital & Income FAGIX
7.82%
Fidelity New Markets Income FNMIX
10.33%
T. Rowe Price Tax-Free High Yield PRFHX
5.33%
AMG Yacktman Focused YAFFX
10.96%
