If the stock market were truly efficient, Ron Muhlenkamp would be managing a lot more money, and many of his peers would be managing a lot less.
The Muhlenkamp Fund, which holds $2.7 billion in clients' assets, has generated returns averaging 16.9 percent a year over the past 10 years and 13.1 percent a year over the past five.
Compare that with Fidelity Magellan. With $55 billion in assets, it's one of the world's best-known stock funds. Its 10-year average annualized return: 7.6 percent, less than half Muhlenkamp's results.
And over the past five years, Magellan has lost 4.2 percent a year.
By Tom Petruno