Hummer Holds Stocks For Long Term; Some Owned Since '82; Manager Tom Rowland wants growth, but only when he can buy cheap.(MUTUAL FUNDS)(MUTUAL FUND PROFILE)

Byline: KEN HOOVER

Wayne Hummer Growth Fund wants growth companies only if it can get them at bargain prices. Once it does, unlike many growth funds, it will holds its best names for years.

"It says growth in the name, but we're very sensitive to value," said manager Tom Rowland, who subscribes to the growth-at-a-reasonable-price, or GARP, philosophy.

The focus on value has allowed the $160 million fund to beat most of the competition in its mid-cap growth category.

For the year going into Tuesday, it was up 3.72% year to date vs. -2.04% for mid-cap growth funds tracked by Morningstar and 0.36% for the S&P 500.

Consistency has been its hallmark, beating the market …