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Fund Spy

Four More Intriguing Newer Funds

These less-well-known but promising funds have crossed our radar screens lately.

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In a Fund Spy column two weeks ago, I showcased five promising funds that our mutual fund analysts had begun covering in recent months. I found many such funds while conducting my research for that piece, and we've penned a few more reports on funds with some attractive features since early June, so I thought a new column was in order. Below, I've included details about another quartet of funds that I think readers will benefit from learning more about.

 Legg Mason Partners All Cap (SPAAX)
This fund's February 2007 manager change and makeover have presented investors with an opportunity. Formerly, the fund relied on six managers to execute a fairly bland approach that offered exposure to growth and value stocks across the market-cap spectrum. It delivered marketlike but, ultimately, market-lagging returns. New manager Jay Leopold should breathe some life into it. Leopold works for Legg Mason Capital Management, home of Bill Miller--which is unusual for managers of Legg Mason Partners funds--and his investing style and Miller's share many attributes. For instance, both are looking for firms with high returns on capital and prudent managers that also feature inexpensive stock prices. Although he's new here, Leopold has been running a similar strategy in the separate account world, and his five-year record is very strong. Finally, the fund is reasonably priced, which gives Leopold a decent head start on his peers.

Paul Herbert does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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