Third-Quarter Fund Roundup: Value's Tortoise Cruises by Tech's Hare

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You know that value and financial stock comeback that asset allocators and contrarian types have been talking about for about two years? It happened in the third quarter.

In a seismic shift from the market's obsession with growth and tech stocks, the fund investors who made the most hay in the third quarter were those with their money in sleepier value sectors, like banks and utilities. Investors who loaded up on tech sector funds or tech-heavy growth funds over the last couple of years have earned fat gains, but now see the value of keeping less-sexy sectors in the fold.

The upshot: This year's third quarter will either be remembered as the start of a value-stock comeback or just a breather for go-go growth stocks. ...