(Editor's note: TheStreet today named 82 mutual funds and exchange traded funds, or ETFs, winners and runners-up in its second annual awards ceremony. A list of the funds and related articles can be found on the awards page.)BOSTON ( TheStreet) -- When children are asked what they want to be when they grow up, they're more likely to say "firefighter" or "doctor" before "asset manager." But even as a kid, Jason Ronovech, manager of the Paradigm Opportunity Fund ( PFOPX), enjoyed the thrill of researching and picking stocks. Ronovech, who broke into the investing business 12 years ago, says he used to participate in newspaper stock-picking contests when he was younger. Those contests rewarded those with a model portfolio and fictitious amount of money to manage, skills that have benefitted Ronovech as he now hunts for the best small-cap stocks he can buy as a professional investor.
1. To be eligible for consideration, an open-end mutual fund needed at least a three-year history on Dec. 31, 2011, and still be accepting new assets from retail investors; for exchange traded funds, a one-year history. 2. Half of the rating is based on performance metrics, including total return minus expenses, with a weighting to give long-term performance greater emphasis. 3. The other half of the rating is based upon risk metrics, including standard deviation, size of trough-to-peak (drawdown factor), semi-standard deviation and beta. The lower the risk, the better. 4. Top and runner-up funds and ETFs were selected in a variety of categories (funds and ETF were placed in categories via Lipper data). -- Written by Robert Holmes in Boston.