February/March
2013
Features
Morningstar Conversation
Spotlight: Active Investing
Active Has a Place
It’s possible for clients to have a winning
portfolio with skilled active managers.
36
Yes, There Are Good Active Funds
48
The Epitome of
an Active Manager
With conviction and creativity,
Oakmark’s Bill Nygren
invests in any company that
he views as a bargain—
even Apple.
Undiscovered Manager
54
Lines of
Communication
To the team at Conestoga,
a key part of investing
is openly discussing the firm’s
successes and failures.
The average active fund is a loser. So, don’t buy the average active fund.
38
The Decoupling
Why active managers of core bond funds are migrating away from the Barclays
Aggregate index.
42
Where It Could Pay to Be Active
A look at how our 2012 Fund Managers of the Year stack up against their benchmarks.
46
The Active Fund That Defies Obsolescence
Vanguard Wellington is boring and old, but it keeps producing stellar risk-adjusted
returns. Here’s how it does it.
3
Table of Contents for the Digital Edition of Morningstar Advisor - February/March 2013