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Investing Specialists

Top 10 Buys and Sells from Our Ultimate Stock-Pickers

We're finally getting a strong sampling of purchases and sales by our top managers.

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By Greggory Warren, CFA | Senior Stock Analyst

Even with the markets on fire since the middle of March, our Ultimate Stock-Pickers have been actively buying and selling securities, with their most recent activity indicative of what we consider to be a much more normal pattern of activity. As you may recall, we were far from convinced that the transactions (particularly the selling activity) that had occurred during the fourth quarter of 2008 and the first quarter of this year were truly reflective of the long-term focus generally adhered to by our top managers.

Concerns about continued declines in the equity markets and heavier-than-normal redemptions by mutual fund investors were pressuring some managers into purchases and sales that ran contrary to the activity we've normally seen from them and, in many cases, flew in the face of the view of our own analysts (as was the case in the fourth quarter when solid, stable cash-flow generators like  Johnson & Johnson (JNJ) and  Procter & Gamble (PG) were making the list of top sales for the period). We believed that as the markets improved, however, there would be a greater level of stability in the net flows for many of these funds and we would start to see more meaningful data flow through.

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The Morningstar Ultimate Stock-Pickers Team does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.