Wrestling With The Bear

Black fund managers are adjusting their strategies for the long haul

it’s a great way of preserving capital,” says Lay. “You won’t make as much money, but you won’t lose as much either.”

The Kenwood Growth & Income Fund (KNWDX), co-managed by Barbara Bowles, hasn’t had a great year. At the end of the second quarter, the fund had fallen 1.8%, and had a year-to-date return of -11.76%.

Bowles, chairman and CEO of The Kenwood Group Inc. in Chicago, says that she is prepared to sell stocks that don’t reach her fund’s measure of fair value, and says she is spending more time getting to know the corporate managers of the companies her fund invests in. She is also reading Securities and Exchange Commission statements more closely to determine whether underperforming stocks are trading on fundamentals or emotions.

B.E. Black Mutual Funds Index

Fund Name (Ticker) 1-Year Ann.
Total Return*
3-Year Ann.
Total Return*
5-Year Ann.
Total Return*
Toll-Free
Number
Minimum
Initial
Investment
Ariel (ARGFX)

2.51

8.86

10.71

800-292-7435

$1,000

Ariel Appreciation (CAAPX)

-3.95

4.95

11.15

800-292-7435

1,000

Ariel Premier Bond Inv (ABPRX)

7.05

7.77

6.5

800-292-7435

1,000

Brown Cap Bal Instl (BCEIX)

-21.61

-8.64

-0.8

800-525-3863

10,000

Brown Cap Equity Instl (BCSIX)

-28.53

-12.54

-2.66

800-525-3863

10,000

Brown Cap Sm Co Instl (DEMNX)

-30.56

2.23

7.15

800-525-3863

10,000

DEM Equity Institutional (DEMEX)

-32.46

-5.3

N/A

800-752-1013

25,000

DEM Equity Investor (LOMAX)

-32.94

-6.02

N/A

800-752-1013

25

Edgar Lomax Value (KNWDX)

-13.6

-3.57

N/A

800-576-8229

2,500

Kenwood Growth & Inc (KNWDX)

-14.61

-3.29

1.13

888-536-3863

2,000

Lou Holland Growth (LHGFX)

-17.15

-6
.65

2.61

800-295-9779

100

MDL Broad Market F/I (MBMFX)

6.62

8.11

N/A

877-635-3863

500

Profit Value (PVALX)

-25.53

-7.35

2.69

888-744-2337

2,500

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