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FPA Capital's Laggards Come Alive In Slump Oregon Steel, Champion Enterprises propel fund, up 27% this year.(MAKING MONEY IN MUTUALS)(FUND PROFILE)
Byline: Leo Fasciocco
FPA Capital Fund takes a contrarian approach to picking stocks and the past several months it's paid off handsomely.
"When times are tough, that's when we find more opportunities," said Rikard Ekstrand, vice president and equity analyst with the fund. "We use a bottom-up style looking for firms with hidden asset values."
This year, FPA Capital is up 27%, compared with a 7.7% decline in the S&P 500. Its small-cap value peer group, as tracked by Morningstar Inc., is up 12%.
One of the fund's winners this year is Michaels StoresStrategic Stake
Michaels' stock is a strategic position for the fund. Competitors like Wal-Mart have only 1/20 the selection of Michaels. He says he bought Michael's when it came down to 20. It's now at about 41.
Retail stocks have been important contributors to the fund's performance this year, after a tough fourth quarter, Ekstrand says. And none of the fund's ...
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