MarketWatch's Chuck Jaffe notes every investor's hope that they will have a piece of a fund that's low cost and tops charts. However, he warns those same investors that they should second-guess the Foresight Value Fund. The fund, Jaffe reports , is sure to make it to the top of Morningstar's midcap growth category and it is only at its half-year mark.

Morningstar reports that this fund is already up 45 percent this year, beating outs its peers in its category four-fold (with returns nearly eight-times that of an average stock fund).

Jaffe worries that the short-term performance of the fund is too volatile. A quick spurt to the top will meaning a very fast fall. Jaffe tells his readers that although the allure of an unknown fund among some very well-known ones is tempting, investors should be wary.

The fund is a one-man shop run by Michael Bissell since 2004. Bissell is an acclaimed financial analyst who acts not only as a manager but as the accountant, transfer agent and administrator, Jaffe notes, but he argues that entrusting a fund to one man should worry some investors.

Jaffe also notes that Foresight Value's portfolio is comprised of 15 to 30 stocks some of which are big names, and others in financials, energy and basic materials that have been through a roller-coaster ride in the past year and a half. And its top 10 holdings, Jaffe reports, makes up two-thirds of the fund's $400,000. Jaffe claims that the numbers we see now are actually a bounce back from the fund's dismal performance in 2008. 

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