Many of the fund's holdings are big growth stars, including Apple ( AAPL) and Google ( GOOG). But the fund also includes solid companies that fit in the blend box. A holding is Arcos Dorados ( ARCO), a McDonald's ( MCD) franchisee that owns restaurants throughout Latin America and the Caribbean. The franchisee has been expanding throughout its region, and Koontz says that the company can open more units. "There is room for McDonald's to grow in Latin America," he says.

Another holding is Microsoft ( MSFT). Koontz says that investors have low expectations for the software giant because much of its revenues are tied to sales of personal computers. "Everybody feels that the PC is dead, and Apple's iPad will take away market share," says Koontz. "But the PC sales numbers have been better than people expected."

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Stan Luxenberg is a freelance writer specializing in mutual funds and investing. He was executive editor of Individual Investor magazine.

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