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Last fall Dodge & Cox International made big bets in the emerging markets and in economically sensitive stocks it considered undervalued, such as financials. By the end of 2008 the portfolio had sunk 47%, making it one of the worst-performing foreign large-value funds last year.
With health care stocks cheap compared to the rest of the market, Tom Forester thinks that a bad-case scenario health care bill is already priced into the sector.
It's one of the truths of mutual fund investing: You buy the manager as much as the prospectus. So it pays to have someone you trust.
Third Ave. Value Fund: (TAVFX) Manager: Marty Whitman Return since 12/01/08: 56%
Longleaf Partners Fund: (LLPFX) Managers: Mason Hawkins and Staley Cates Return since 12/01: 70%
