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Thursday, December 29, 2011

An Index-Focused Advisor Attacks Lists of Top Active PMs

News summary by MFWire's editors

Fundsters may not be surprised to hear that a fee-only advisor who specializes in portfolios of index funds is the latest to question backward-looking, performance-rewarding lists of top mutual fund PMs. Index Funds Advisors senior vice president Dan Solin, in his Huffington Post blog, says it is a "far more intelligent choice" to ignore lists of "best fund managers," like the five "domestic stock manager of the year" nominees unveiled by Morningstar on December 15.

Solin suggests that instead investors opt for low management fee index funds from Vanguard [profile]: like Vanguard's Total Stock Market Index Fund (VTSMX), which costs only 18 basis points. Solin would pick that fund's PM, Gerard O'Reilly, as best fund manager of the year, though as PM to a passive fund O'Reilly didn't even make Morningstar's short list.

From the list, then, Solin thinks the winner should be the PMs of the fund with the lowest expense ratio, 85 bps: Yacktman Fund

Edited by: HFD

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