Morningstar on Wednesday named portfolio managers at Artisan Partners; Tweedy, Browne; and Fidelity Investments as 2011 mutual fund managers of the year.
Scott Satterwhite, James Kieffer and George Sertl Jr. of Artisan Partners won in the domestic stock category. Their $7.1 billion Artisan Mid Cap Value fund had a one-year return of 6.42%, and their $551.4 million Artisan Value fund had a 2011 return of 5.49%.
The Russell 1000 index returned 1.5% and the S&P 500 returned 2.1% in the year ended Dec. 31.
“The managers spread their conviction broadly (although the larger-cap funds sport rather concentrated portfolios); they limit top positions to no more than 5% of assets, relying on most of their picks to do well rather than counting on a few outsized successes,” according to a statement from Morningstar. “This steady profile has worked in a variety of markets.”
Winners in the international stock category were William Browne, John Spears, Tom Shrager and Bob Wyckoff Jr. of Tweedy, Browne. Their $4.4 billion Tweedy, Browne Global Value Fund posted a 2011 return of -4.13% in a year Morningstar cited as a “brutal year for international-stock investing. The fund outperformed the MSCI EAFE index by “roughly 800 basis points,” according to Morningstar. The MSCI World index returned -4.8% in the year ended Dec. 31.
John Carlson of Fidelity won in the fixed-income category. The $4.2 billion Fidelity New Markets Income Fund had a 2011 return of 7.93%.
“Carlson's deft handling of 2011 fits the pattern of strong management established over his 16-year tenure,” the Morningstar statement said. “The fund's returns are compelling in an absolute sense and are in the top quartile of emerging-markets peers for the trailing one-, three-, five-, 10-, and 15-year periods.”
