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These Former Colleagues Are in a Value League of Their Own

Michael Price and his proteges have gone in different directions. Do great minds still think alike?

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It's been almost 10 years since famed value investor Michael Price left his chairman post at Mutual Series, five years after selling it to Franklin Templeton in late 1996. And it has been even longer since he stepped down from his day-to-day portfolio-management duties. But his influence remains strong. Since his departure, portfolio managers and analysts he trained and worked with have become prominent in their own right. They have followed different paths, albeit many along the same general investment road.

Some, such as Peter Langerman, remain at Mutual Series. Langerman runs  Mutual Shares (TESIX), among other funds. Others have launched their own mutual funds, pledging to follow the same time-tested value philosophy they learned from Price and, directly or indirectly, from his teacher, the late Max Heine. In fact, several ex-Mutual Series managers now offer mutual funds. David Winters launched  Wintergreen (WGRNX) in late 2005 after leaving Mutual Series several months earlier. David Marcus, who worked at Mutual Series until 2000 and subsequently worked with a family's personal investments and businesses, started Evermore European Value (EVEAX) and  Evermore Global Value (EVGBX) at the end of 2009. Finally, Chuck Lahr and Anne Gudefin, at Mutual Series for nearly seven years and 10 years, respectively, left in late 2009 to start up  PIMCO EqS Pathfinder (PATHX), which launched in April 2010.

With a handful of investment outfits plying the same strategy, including Price's own MFP Investors, LLC, investors can glean some insight from examining their portfolios, which are disclosed quarterly. (Although such disclosures can be made with as much as a 60-day lag, these investors are all long-term-oriented, often holding on to companies for multiyear periods.) How similar are the portfolios? Do they show the Price influence? Are there stocks or areas the managers all agree on?

Bridget B. Hughes does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.