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Byline: PAUL KATZEFF
Add Cambiar Opportunity Fund to the elite list of S&P 500 killers: It's buried the bogey in each of the last four years. Only 57 U.S. diversified stock funds, or 1.9% of the total, have managed that feat.
True, the $32.6 million Denver-based fund is small. But including institutional accounts its parent firm runs $2.25 billion the same way. And so far, so good for the fund. It opened July 1, 1998, and has beaten the benchmark every calendar year.
Since its birth through Nov. 29 it's returned an average annual 9.97% vs. -3.23% for the index and -4.29% for its large-cap core peers tracked by Lipper Inc.
This year going into Monday, the fund's loss of 11% was ahead of the S&P 500 by 6 points and compared with -18% for its big-cap blend peers tracked by Morningstar Inc.
The fund's 36-month performance, topping 64% of all funds, has earned IBD's performance rating of C. Its modest rating reflects crowding out by the history-making returns of bond funds during the bear market's worst days.
The fund uses a relative value strategy. That helped it outperform most diversified U.S. stock funds during the bear market.