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| Managers Who Actively Enrich Shareholders |
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When Morningstar's Christine Benz announced the 2007 Fund Managers of the Year, she said that the tumultuous year provided active managers ample opportunity to distinguish themselves from the pack. Many did not, of course, but the subjects of this issue's 10 Questions certainly did--and not just last year; they have made a name for themselves over the long haul, too.
Fidelity's Will Danoff and Bill Gross of PIMCO were rewarded for their efforts by being named domestic-stock and fixed-income, respectively, managers of the year. James Moffett of UMB was named runner-up for international stock.
Another thing these managers have in common is that they just don't put up good total return numbers; they actually enrich their shareholders. "Their terrific Morningstar Investor Returns demonstrate that their shareholders have actually pocketed the lion's share of their published total returns," Benz says. These returns "attest to their ability to steer steady ships that have kept shareholders aboard in all types of weather."
What's the secret to your success?
Will Danoff: Working with my research team at Fidelity is one key to my success. They help me monitor all of the potential investment opportunities in all industries, of all sizes, everywhere in the world. I work hard to look at as many ideas as possible, and I am flexible enough to buy many different types of investments.
Bill Gross: Our longer-term approach. It takes you out of emotional mode and puts you into a more objective mood that lends itself to better investing.
James Moffett: Our long-term focus on quality and keeping a balance in the portfolio.
Any sage advice for advisors and clients out there who might be spooked by current economic events?
WD: Be the investor that you are. Learn from your mistakes, successes, and from other successful investors. I try to upgrade my investments when the broad market falls.
BG: Capitalism is a going enterprise, meaning it will survive. So don't become totally despondent. But it will be changing somewhat. Capitalism of the past 10 years was the Wild Wild West; we're returning to days of law and order.
JM: Stick to your strategy. Remember that a lot of market return comes from being in the market at its major turning points.
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