Jensen, Auer Find Growth Amid Rubble

In previous recessions, few of Jensen's holdings have failed the test. The fund rarely sells positions entirely and has an average annual turnover of less than 10%.

Investors who want to focus on pockets of extreme growth can try Black Oak Emerging Technology(BOGSX Quote). Many stocks in the portfolio have been reporting growth of more than 20%. Portfolio manager Robert Stimson has been emphasizing technology companies that can help others cut costs. "As the economy slows, demand will remain strong for services and equipment that can help reduce payrolls," says Stimson.

A fast-growing holding is Cognizant Technology Solutions(CTSH Quote), an outsourcing firm that designs software in India. Revenue has been increasing at a 31% rate.

Funds that hold such growth stocks have been languishing lately. For 2008 through Dec. 11, the average large-growth fund lost 43.2%, about 3 percentage points behind large value, according to Morningstar. But when the economy eventually revives, funds that focus on growth could shine again.