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Lord Abbett Fund Mixes Growth, Value; Mandate For Flexibility; Managers used process to find Select Comfort, Chemed and Ryland.(MUTUAL FUNDS)(MUTUAL FUND PROFILE)
Byline: KEN HOOVER
Lord Abbett Small-Cap Blend Fund shops for both growth and value stocks, a nice idea when an investor isn't sure which style will be in favor.
Manager Michael Smith studies a company's valuation as measured by P-E, price-to-sales and price-to-book ratios over the past 10 years, enough to cover two market cycles.
For a value stock, they buy when the stock is trading at historically low value and margins are improving.
If it's a growth stock, they buy if companies expect to grow faster than the U.S. economy.
An advantage of its flexible mandate is that Scialli and Smith can go where the action is. For the past six years, value stocks have outperformed growth.
Now growth seems to be besting value.
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