Jason Ronovech, manager of the $116 million Paradigm Value Fund, shares his stock picks with Dow Jones' Joseph Checkler in Tuesday's Wall Street Journal Fund Track column. The fund is up almost 21 percent this year, versus a 7.9 percent gain in the Russell 2000 Value Index.

"It's a function of not buying on hope," Ronovech said. "Everything we're trying to do is find risk and manage risk." 

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