(GuruFocus, February 11, 2010)
Investment Guru Robert Bruce
manages a very small fund – the Bruce Fund. The 2009 annual report discloses that the fund has $185 million total assets. The Fund manager manages money quietly. He does not grant media interview, nor does he write column articles for newspaper or magazines.
Performance of the fund, however, is nothing but small. For the past ten years, MorningStar calculates that through 02-11-2010 it had an annualized return of 17.62%, handily beat the market index, and 99% of the other funds in the same category (MorningStar designated “moderate allocation” category). However, 3 and 5-year performances are level impressive, especially during the past three years, it fell behind 59% of the fund in the same category. The Bruce Fund illustrate that 3-year is too short a period to evaluate a fund manager. Continue Reading »