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January 5, 2009

Fund managers stay in defensive position

  • Two managers who succeeded last year by losing less than their competition say they don't see much positive economic news yet.
    • By MARK JEWELL
    AP Personal Finance Writer

    BOSTON — Playing it safe paid off in 2008 for Tom Forester and David Ellison, two standout mutual fund managers in a year when winning meant losing less money than the competition.

    Forester's eponymous Forester Value Fund (FVALX) focused on stocks that typically do well in recessions to roughly break even for the year, declining just 0.82 percent through Tuesday — easily making it the top-performing large-cap value fund of the year, according to Morningstar Inc. data. The second-place Copley Fund was down nearly 17 percent, which was still well above the average decline in the category of 38 percent.


     
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