NEW YORK ( TheStreet) -- At first glance, the performance record of AMF Large Cap Equity (IICAX) might appear uninspiring. During the past 15 years, the actively managed mutual fund returned 4.6% annually, compared to 4.5% for the S&P 500. Why bother with the active portfolio when you might do about as well with an index fund?But the fund is worth a second look because of an important trait: During downturns, AMF outperforms the benchmark like clockwork. AMF topped the S&P by 6 percentage points in 2002, a year when Internet stocks sank and the benchmark lost 22.2%. In the turmoil of 2008, the S&P lost 37% and AMF outperformed by 8 percentage points.
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