Muhlenkamp

Even so, it's encouraging that the firm showcases strong risk-adjusted performance across its open-end and exchange-traded fund lineup, with an average five-year Morningstar Rating of 5.0 stars. Longest-tenured managers’ average tenure within the firm is 10 years, bringing a wealth of knowledge through multiple market cycles and ultimately contributing positively to the rating. Fees on open-end and exchange-traded funds are a weakness of the firm, contributing negatively to the rating. On average, expenses on its funds are within the second most-expensive quintile compared with category peers. With the current market environment of fee compression, this is cause for concern, as investors may flock over time to alternate asset managers to get a better deal.