Kenneth Heebner ranked as America’s No. 1 stock picker before losing his touch and most of his main fund’s assets. The 71-year-old manager, at the bottom of his peer group for the fourth year in five, hasn’t lost his swagger.
Imitation, the saying goes, is the sincerest form of flattery. In the financial services industry, it's often flattery that investors could do well without: A crush of similar products in a niche market is often a sign to run in the opposite direction.
Marc Pinto and Gibson Smith, co- managers of the $8.9 billion Janus Balanced Fund, gave investors the highest returns with the lowest volatility among asset- allocation mutual funds by leveraging their bond research to pick stocks.