Funds Stick With GM

If you're one of the many people worried that General Motors(GM Quote) is driving straight toward bankruptcy, then you better check to see if your mutual fund is going along for the ride.

The $8.6 billion (LLPFX Quote)Longleaf Partners fund, which specializes in deep-value stocks and often dabbles in troubled companies, tops the list of funds with the most concentrated position in GM. As of Sept. 30, Longleaf held 2.5% of GM's outstanding shares, or approximately 5% of the fund's total assets, according to fund tracker Morningstar.

For most funds, 5% would be considered a huge position, but GM doesn't even rank among Longleaf's biggest holdings, coming in just outside the top 10. Longleaf's managers run a concentrated fund of 27 stocks with a 57.3% spread across its top 10 holdings. Longleaf's largest positions are in Vivendi(V Quote), a media company recovering from troubles of its own, at 6.8% of assets; and Mexican cement company Cemex(CX Quote), at 6.7%. ...