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Fund Times

Fund Times: Five-Star Value Manager to Leave FBR Focus

Charles Akre will resign as manager of  FBR Focus (FBRVX) effective Sept. 22, 2009. FBR hasn't said who will run the fund after Akre departs.

Akre, however, will start a new fund. He filed documents with the SEC to set up his own fund, Akre Focus Fund (AKREX), which he will run using the same value strategy he employed at FBR.

Akre has managed the go-anywhere FBR Focus since 1996. During his tenure, he has posted a stellar 12.6% annualized gain through Aug. 3, 2009, which is better than 99% of funds in the mid-cap growth category and the 4.9% gain of the Russell 2000 Index during that period. The fund under Akre has been consistent, too: It never trailed the S&P 500 in any rolling five-year period while he ran it.

This is a big loss for FBR. The only other top-performing, long-tenured FBR manager after Akre's departure will be David Ellison, who has steered  FBR Small Cap Financial (FBRSX) to equally impressive returns since 1996.

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