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By Ryan Leggio | 08-26-2009 06:02 AM

The Way Forward for FBR Focus

FBR Focus manager Brian Macauley on the fund's future following Chuck Akre's departure and two premier portfolio holdings.

Ryan Leggio: Hi, my name is Ryan Leggio. I'm a mutual fund analyst here at Morningstar. With me today is Brian Macauley, one of the co-portfolio managers at FBR Focus Fund. He and his team took over recently for their departing boss, Chuck Akre, and three co-portfolio managers have worked together on the fund for the past five years. Thanks for joining me today, Brian.

Brian Macauley: Thank you Ryan, glad to be here.

Leggio: Brian, my first question is on the forefront of a lot of the shareholders of your fund and that is now that you as analysts are transitioning into the management role, are there going to be any significant changes to the fund's strategy or philosophy going forward?

Macauley: Well, Ryan, I had been with Akre Capital for seven years. David Rainey had been there for 11 years and Ira Rothberg had been there for five years, so the three of us have a combined 23 years' experience working on the FBR Focus Fund. It was really a collaborative process that we used running the fund. So when we look at the fund today, it very much represents where we would like it to be in terms of its portfolio construction, in terms of the names that we own. I would tell our shareholders that the investment philosophy, the investment process, is going to be unchanged going forward.

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