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By Jason Stipp | 09-23-2010 04:15 PM

The Friday Five Has Fund

Morningstar fund analyst Chris Davis answers the Friday Five on active managers' prospects, Bogle's beef on fees, bond expectations, plus two fund picks.

Jason Stipp: I'm Jason Stipp for Morningstar, and welcome to the Friday Five. This is our look at five notable themes for investors. Joining me this week on the Friday Five is Chris Davis. He is a fund analyst and we're going to have a fund related Friday Five.

Chris, thanks for joining me.

Chris Davis: Thanks for having me.

Stipp: So this week we're going to talk about some stock-picking opportunities that may be or may be aren't out there; some active fund measurements; we're going to look at fund flows as an indicator; we're going to look at Bogle's beef on fund fees; and lastly, we're going to hit Chris up for a couple of fund pick ideas.

So Chris starting off first, we've seen some trends in fund flows. This was some news that came out a couple of weeks ago. One of the big ones that we've talked about a lot is funds moving into bond funds versus stock funds, but it's not just that they are continuously leaving all types of equity funds; passive funds have actually held up pretty well.

So this seems to say to me that maybe investors don't think there's a lot of opportunity for a stock-picker out there. From the fund managers that you talk to, are they finding opportunity? Are fund managers in offensive mode or are they in defensive mode and they are not really finding opportunities as active managers, either?

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