Small sounds

small cap, good long term results

growth

growth stock allocation

Small Cap Growth fund.

Category: Small/Mid Growth (although, in truth, he invests in value and growth companies across the small cap and mid cap spectrum)

Manager: FBRVX is headed by Chuck Akre, who has managed the fund since it opened in 1996. Akre also runs a hedge fund, which is often seen as a positive (since mutual fund managers who also run hedge funds have tended to outperform those who do not also run hedge funds).

Investment Strategy (taken from Morningstar):
- "Seeks small-cap companies with sustainable ROE of 20% and higher"
- "Company executives must manage their businesses with the shareholder in mind by reinvesting capital and avoiding dilutive options packages"
- "Akre also keeps an eye on valuation, but he'll pay up for companies with higher-quality earnings and healthier balance sheets"
- "He holds fewer than 40 stocks, makes big bets on just a few sectors, and has allowed cash to build at times to about one third of assets"
- "Returns have been understandably lumpy, but the fund's longer-term record is strong"
- "Its 30-odd-stock portfolio sticks mainly to just four sectors"
- Does very well in bear markets, due to Akre's investing style

- Minimum Investment: $2,000
- Expense Ratio: 1.38%
- A no-load fund
- Total Assets: $1.294 Billion
- Amount of holdings in cash: recently has grown to about 17.7% of the overall portfolio

they opened back up and change thier fund without ask the investors, not a good way to do biz