Quaker Funds Inc. said assets under management at its flagship fund, the Quaker Strategic Fund, have breached the $1 billion mark.

In a statement, Jeffry King, chairman and chief executive of the Malvern, Pennsylvania-based firm, said the feat "validates that financial intermediaries and their clients have a strong appetite for a well-managed mutual fund that has consistently produced solid returns."

The Quaker Strategic Growth Fund has been run by Manu Daftary of DG Capital Management since its launch in November 1996. The fund has outpaced its benchmark, the S&P 500 Index, for eight straight years, the second longest active streak next to Bill Miller's Legg Mason Value Trust.

Quaker Funds has 10 mutual funds with assets under management of over $1.2 billion. 

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