Jonathan Burton devotes the Tuesday edition of the Wall Street Journal Fund Track column
to funds that have a couple dozen holdings. Those quoted in the article include Charlie Bobrinskoy
, a co-manager of the Ariel Focus Fund
(which has 23 holdings); Joe Wolf
, co-manager of RS Investors Fund
(20 holdings) and Adam Strauss
, co-manager of the Appleseed Fund
(with a limit of 25 holdings).
"It's very hard to find 100 great investment opportunities, but there can often be 20," Bobrinskoy said.
Of course, being focused can also magnify ones mistakes. Oakmark Select PM Bill Nygren admits that WaMu was one of his biggest mistakes (at one point shares in the savings and loan stock accounted for 15 percent of Select). Nygren explains that he had confidence in the company and did not see the great fall in house prices coming over the horizon.
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