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Fund Spy: Morningstar Medalist Edition

The Few, the Proud, the 30-Year Veterans With Good Results

A look at some Morningstar Medalists with remarkable longevity and results.

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 FPA Capital (FPPTX) marked its 30th anniversary as part of the FPA family last week by boasting it had also been the top-performing domestic-stock fund over that span. The fund, with a Morningstar Analyst Rating of Silver, gained nearly 15% annualized from July 11, 1984, when FPA bought the fund from Transamerica, through July 15, 2014. Meanwhile, the average U.S. stock fund with a record that long gained about 10.8%, the S&P 500 11.6%, and the Russell 2500 Index 12%.

It’s a remarkable achievement, but it comes with a small asterisk. The fund has stuck to the same high-conviction, concentrated, value-oriented approach for three decades, but Bob Rodriguez, the manager responsible for most of that track record, stepped back from day-to-day management of the portfolio in late 2009. So, while current managers Dennis Bryan and Arik Ahitov share Rodriguez’s philosophy and approach--albeit without his enthusiasm for delivering fire and brimstone sermons on the markets, monetary policy, and fiscal programs--they do not own the entirety of that 30-year record. Bryan, who has worked on the fund for about 20 years, has been a named manager since 2007, while Ahitov became a manager in 2013.

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