Three fresh faces took top mutual fund industry honors when research firm Morningstar Inc. Wednesday named stock pickers at Ruane, Cunniff and Goldfarb and Janus Capital Group as its top stock managers of 2010.
Robert Goldfarb and David Poppe, who run the $3.4 billion Sequoia Fund, were crowned as the year’s best domestic stock pickers for their long-term success in picking top companies, like Berkshire Hathaway, at reasonable prices.
Janus’s Brent Lynn, who runs the $13.5 billion Janus Overseas Fund, won as the best international stock picker. He owns names like Delta Airlines and Valero.
The awards, which have previously been won by industry legends including Bill Gross and Bill Miller, are closely watched and can often help managers attract millions in new money from retail investors. Morningstar, which has been making the awards since 1988, chooses managers who produce strong, long-term returns and adopt shareholder-friendly practices.
All winners have been managing money for years — indeed Goldfarb is coming up on his 40th anniversary — and navigated turbulent market conditions in 2010.
