NEW YORK ( TheStreet) -- Eric Ende, portfolio manager of FPA Perennial (FPPFX), would be considered an odd duck at most fund companies. While his typical competitors stick primarily with stocks, Ende sometimes has double-digit positions in cash. Most managers stay broadly diversified, holding stocks from a range of sectors in the S&P 500. But Ende has no interest in matching the benchmark's allocations. Recently FPA Perennial had no assets at all in financials, software, telecom and utilities.As a result of the eccentric approach, Ende does not track the benchmark closely. Some years, the fund soars past competitors and other times it lags badly. That record can unnerve shareholders who prefer more conventional approaches. But long-term investors have been richly rewarded. During the past ten years, the fund has returned 9.7% annually, outdoing 99% of mid growth competitors, according to Morningstar.
FPA Mutual Funds Not Afraid to Hold Cash
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