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By Jason Stipp | 01-12-2010 08:50 AM

The Morningstar Managers of the Decade

In a tumultuous 10 years, these managers both protected the downside and seized opportunity to come out on top.

Jason Stipp: I'm Jason Stipp for Morningstar. On the heels of our announcement last week of the Fund Manager of the Year for 2009, Morningstar's also announcing Fund Manager of the Decade for 2000 through 2009--a very prestigious honor. Here with me to talk about the winners is Morningstar's Karen Dolan. She's director of fund analysis. Thanks for joining me, Karen.

Karen Dolan: Hi Jason. Thank you.

Stipp: So I'm going to hold everyone in suspense for just a little bit, I just want to get a sense of this last decade--it had two down markets; it was very tumultuous. How would you characterize what we saw in the last decade, and what made a fund be able to succeed in something that was so up and down and up and down?

Dolan: Well, this last decade gave investors a lot of opportunities to lose money, but not a lot of opportunities to make money. I think what these managers did, across the board, was they really were able to protect their funds on the downside well, while also participating in the up markets. It was the only way to get through this decade with positive returns, really.

Bond markets weren't as bad as equity markets--there were some more opportunities to make money there. However, just across the board there were a lot of sinkholes, a lot of ways to get a fund into trouble. And these managers steered away from all of that.

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