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Photography by Brian Harkin "For it is the essence of his behavior that he should be eccentric, unconventional and rash in the eyes of average opinion," wrote John Maynard Keynes, in discussing styles of investment management in The General Theory of Money, Employment and Interest If he is successful, that will only confirm the general belief in his rashness; and if…he is unsuccessful,…he will not receive much mercy. Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally. PLANSPONSOR 's "Best Managers You Never Heard Of," the class of 2009, includes several of the unconventional sort and, contrary to what Lord Keynes might have predicted, they all have a client following. So far, their reputations are intact. Our goal in this annual feature is to identify a few managers that combine a solid track record with the high expectations of young, entrepreneurial firms. Drawn from the eVestment Alliance database, candidates are screened on the size of asset base, year of founding, and performance against a benchmark (this year's group are all equity managers). We also check their bona fides with our contacts in the consulting world. International Value Advisers BRC Investment Management River Road Asset Management Alumni News The Best Managers class of 2008 had a mixed year. Bedlam Asset Management's Global Equity strategy beat the MSCI ACWI index by 5.5% for calendar 2008. Ranger Capital had a good year with its Small Cap Select product (4.2% over the Russell 2000 Growth index) but came in well short of benchmarks on its other strategies. Security Global Investors had a success with its Global Long Only Equity account, at 3.6% over the MSCI World index, and more or less broke even with its Large Cap Growth and Value Concentrated strategies. (All results are taken from the eVestment Alliance database and are presented before fees.)
Photography by Brian Harkin "For it is the essence of his behavior that he should be eccentric, unconventional and rash in the eyes of average opinion," wrote John Maynard Keynes, in discussing styles of investment management in The General Theory of Money, Employment and Interest
If he is successful, that will only confirm the general belief in his rashness; and if…he is unsuccessful,…he will not receive much mercy. Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.
PLANSPONSOR 's "Best Managers You Never Heard Of," the class of 2009, includes several of the unconventional sort and, contrary to what Lord Keynes might have predicted, they all have a client following. So far, their reputations are intact.
Our goal in this annual feature is to identify a few managers that combine a solid track record with the high expectations of young, entrepreneurial firms. Drawn from the eVestment Alliance database, candidates are screened on the size of asset base, year of founding, and performance against a benchmark (this year's group are all equity managers). We also check their bona fides with our contacts in the consulting world.
Alumni News
The Best Managers class of 2008 had a mixed year. Bedlam Asset Management's Global Equity strategy beat the MSCI ACWI index by 5.5% for calendar 2008. Ranger Capital had a good year with its Small Cap Select product (4.2% over the Russell 2000 Growth index) but came in well short of benchmarks on its other strategies. Security Global Investors had a success with its Global Long Only Equity account, at 3.6% over the MSCI World index, and more or less broke even with its Large Cap Growth and Value Concentrated strategies. (All results are taken from the eVestment Alliance database and are presented before fees.)
John Keefeeditors@plansponsor.com
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