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Byline: Peter McKenna
It's no secret that mutual funds are having a miserable year.
But some managers are making money, while others with solid long-term track records have kept their losses below those of the S&P 500 and their peers.
How bad is it? On July 26, Lipper Inc. found 4,120 of the 5,208 diversified U.S. stock funds it tracks were in the red. That's 79%. Some 778 of the 971 sector funds it follows, or 80%, were underwater.
What are top managers buying to build gains?
Anton Schutz runs $31 million Burnham Financial Services Fund. It was up 28% this year going into Wednesday, the leading financial fund in the country.
"I'm pecking, just pecking, at a few stocks," Schutz said. "I'm buying large-cap financial names that may lead the recovery, if it ever comes."