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Neuberger Fund On Fine Volatility Line; Main Goal: Limit Risk; Partners Fund searches for strong companies temporarily on the skids.(MUTUAL FUNDS)(MUTUAL FUND PROFILE)
Byline: MURRAY COLEMAN
Fund analysts have criticized Basu Mullick for not worrying enough about volatility.
The manager of $1.8 billion Neuberger Berman Partners Fund strongly disagrees.
"You've got to put things into perspective," said Mullick, 46. "We won't sacrifice longer-term returns in order to simply smooth short-term volatility."
In 2004, Mullick put up a second-straight chart-topping annual performance. The fund gained 19.21%, better than 99% of its large-blend peers tracked by Morningstar Inc. The S&P 500 returned 10.71%.
In 2002, Mullick's first full year running the fund, Partners returned -24.8% vs. its peers' -21.8% and the S&P 500's -22.1%.
Mullick says he was transitioning the portfolio by limiting names to less speculative fare. He also wanted to keep bets on individual stocks to 3% to 4% of assets.
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