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By Karen Dolan, CFA | 07-28-2009 02:25 AM

Positioning for an Upturn

Mainstay Large Cap Growth subadvisor Clark Winslow of Winslow Capital Management talks about the fund's moves into tech and energy earlier this year.

Karen Dolan: Hello, my name is Karen Dolan. I'm Morningstar's director of fund analysis. I'm here today with Clark Winslow.

Clark started Winslow Capital Management back in 1992. At this point one of your biggest responsibilities is subadvisor of the Mainstay Large-Cap Growth fund.

Clark Winslow: That's correct.

Dolan: Currently serving as CIO of the firm--very involved in the day-to-day operations and the direction that the firm is going. I would love to hear a little bit about your strategy today, Clark. Also how you've been navigating this market environment that has definitely been quite a roller coaster.

Winslow: It sure has. I think we had about two or three generations of experience in the last 12 or 18 months. It's been quite something.

We appreciate being here today, Karen.

I'll give you a little overview of what's happened in the portfolio. Essentially going back to January when we were looking at things apparently being very bleak. Everybody was despondent about the outlook.

We came to the conclusion that a lot of the natural forces that take place in the economy with businesses and consumers would lead to the maximum negative rate of change in the economy in the first quarter.

When you combine that with the fact that you were looking at stocks down over 50% from their high in October 2007, it looked to us that if we could get some conviction that the economy would be picking up sometime in the latter part of the year that it was a major opportunity to reposition the portfolio for an improved economy and an improved stock market.

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