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San Jose Mercury News, Calif., Steve Kaufman Column.(Originated from San Jose Mercury News, Calif.)
Knight Ridder/Tribune Business News, May, 1995 by Kaufman, Steve
SAN JOSE, Calif.--May 17--There isn't a shortage of mutual fund managers who consider themselves value players. Yet all take a back seat to Edwin Walczak - portfolio manager of Vontobel U.S. Value Fund and the fund industry's strictest disciple of value gurus Benjamin Graham and Warren Buffett.
Adherence to their tenets keeps Walczak entirely out of major categories of stocks, such as technology and cyclical issues, even when they're dirt- cheap.
But his religious-like devotion to value investing - buying stocks at a discount, presumably because they're temporarily depressed - has paid off with handsome returns, suggesting this fund makes sense for queasy investors. The fund tends to hold up better than most in down markets, and a correction may be looming....
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