Hartford Capital Appreciation Shines

The reason: the housing slump. "Clearly the last five or six years we've had an amazing tailwind -- very low interest rates, coupled with a very strong housing market," the manager says. "But those tailwinds have become headwinds. You're no longer seeing the benefits from the housing market."

Carmen says his rivals at other firms haven't really woken up to the scale of the change. "I don't think this is well perceived by other growth managers. I don't think they've made that shift."