Shareholders letters aren't the meat and potatoes of a mutual fund's quality -- they're more the garnish that a chef throws on the plate to really set his work apart.
In this week's Morningstar
"Fund Spy" column
, senior mutual fund analyst Gregg Wolper details
which shops have particularly strong letters, and why it helps establish their identity. Some of the shops with good letters are Third Avenue
] and FPA
There are other interesting methods of communicating with shareholders, Wolper writes. For instance, Longleaf Partners
] posted a conference call
with managers and analysts online.
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