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Monday, October 18, 2010|
Bloomberg Looks at the Change in Akre's Approach
Bloomberg takes a look at how Chuck Akre altered his approach after his fund saw a 34 percent decline in 2008.
"It's not clear how our economic and political situation will unfold so you have to bear more things in mind today," the 67-year-old PM said. “We need to do a better job of integrating our world view than we have in the past."
It's been a year since Akre left FBR Funds and put up his own Akre Focus Fund [see profile] . He moved on after he was asked to take in a cut in fees, Akre said. The $233 million Akre Focus Fund is up 11 percent this year through October 14.
The article, about "bottom-up" stockpickers who can no longer ignore the bigger picture, also includes quotes from Hedgers Lee Ainslie, managing partner at Maverick Capital Management LLC, and David Einhorn, the hedge-fund manager known for shorting Lehman Brothers Holdings Inc. were mentioned in the article along with Keith Goddard, president of Tulsa, Oklahoma-based Capital Advisors Inc..
Also quoted are Legg Mason Inc.'s Bill Miller, David Herro, who manages the $5.8 billion Oakmark International Fund, Robert Rodriguez, who managed the $1.1 billion FPA Capital Fund, and Thomas Russo, who helps manage $3 billion at Lancaster, Pennsylvania-based Gardner Russo & Gardner.
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