WSJ: how A Fund manager Didn't Lose A Bundle

From the Wall Street Journal
an article on a terrific fund manager who has taken care of his investors money.

One of the few who didn't: Bob Rodriguez, veteran manager of the mutual fund FPA Capital. His returns through March 30: only minus-1.4%, according to preliminary data from Lipper Inc.

That's way ahead of the market averages, which fell about 10%.

It's not a blip, either. Mr. Rodriguez has a great track record going back decades. Over the past 10 years, his fund has generated three times the returns of the market averages, turning $10,000 into about $25,000.

The first thing that leaps out about Mr. Rodriguez's portfolio is how much he's been holding on the sidelines. "We're about 39% or 40% cash," he says. "One of the rarest commodities at the moment is cash. Liquidity. You never know the value of liquidity until you need it and don't have it."

I have heard of Bob Rodriquez for many years and those of you looking for a fund manager who isn't just a closet indexer should check out Mr. Rodriquez fund.

Update: The FPA link above indicates the fund is closed to new investors. I had heard, apparently mistakenly, that it had reopened. I also note it has a front end load. Personally I don't invest in load funds.