The big winner for the fund this year has been Stec (STEC) a solid-state disk-drive maker that fits Stephens' category of a stock with an earnings catalyst. Its shares are up 322% this year. The company's drives, he says, are faster, lighter and more energy-efficient than rivals' vying for notebook computer sales. The stock now trades at 19 times this year's earnings and 14 times 2010 forecast. Crane expects earnings to increase 35% next year, to $1.08 a share, from 80 cents expected this year.

Software-provider Epiq Systems (EPIQ), whose products facilitate the bankruptcy filing process, also possesses a catalyst: an uptick in business failures should fuel percentage-point earnings growth in the mid-teens over the next two years. "Filings will decrease as the economy improves, but that's not going to happen overnight," Crane says. He believes Epiq will earn 88 cents a share next year, up from 70 cents this year. The stock, down 2.7% since the beginning of the year, trades at 16.30.

There are other sorts of beneficiaries of a weak economy. For instance, Crane likes VistaPrint (VPRT), which provides low-cost software and services for printing business cards and stationery and other materials for new small and midsized enterprises. With annualized earnings growth of 20% and shares trading at 18.6 times forward earnings, the company remains attractive going forward, Crane believes. He thinks the company's per-share earnings will increase to $2.15 next year, from an expected $1.79 a share this year. The stock trades at 40, and has already gained 115% this year.

An example of a core holding that Crane bought in October 2004 is, appropriately enough, Core Laboratories (CLB) -- a Dutch company that provides evaluation services to the oil and gas industry. Because the company helps energy producers maximize their reserves and production, Core Labs is a "perfect play on the supply constraints we are seeing in the energy business," Crane says. The company has a "great track record of consistent performance and should see 10%-plus earnings growth this year. The stock trades at 17 times 2010's earnings estimate of $5.32 a share.

Another core stake that Crane believes will continue to do well is Cybersource (CYBS), a leader in online-payment processing and fraud detection. "As online transactions grow, so does Cybersource," Crane says. He sees earnings jumping 18% to 85 cents a share in 2010. The shares trade at 14.03, for a multiple of about 16.5.

As Crane says, performance counts -- whether it's cycling and or investing. He's hoping that companies like Core and Cybersource can put up the kind of numbers that Stec and Vistaprint and other holdings -- such as offshore-drilling-equipment supplier Dril-Quip (DRQ), up 90%, and online jewelry-merchandiser Blue Nile (NILE), up 82% -- have in 2009.

As Crane says, performance counts -- whether it's cycling and or investing. He's hoping that companies like Core and Cybersource can put up the kind of numbers that Stec and Vistaprint and other holdings -- such as offshore-drilling-equipment supplier Dril-Quip (DRQ), up 90%, and online jewelry-merchandiser Blue Nile (NILE), up 82% -- have in 2009.