Shareholders letters aren't the meat and potatoes of a mutual fund's quality -- they're more the garnish that a chef throws on the plate to really set his work apart.

In this week's Morningstar "Fund Spy" column, senior mutual fund analyst Gregg Wolper details which shops have particularly strong letters, and why it helps establish their identity. Some of the shops with good letters are Third Avenue [profile] and FPA [profile].

There are other interesting methods of communicating with shareholders, Wolper writes. For instance, Longleaf Partners [profile] posted a conference call with managers and analysts online. 

Edited by: Ben Geier


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