Morningstar lauds fund managers
The investment research company named the three recipients of its Fund Manager of the Year awards for 2007.
Morningstar Inc., the Chicago-based investment research company, has named the three recipients of its Fund Manager of the Year awards for 2007.
William Danoff, manager of both the Fidelity Contrafund (FCNTX) and Fidelity Advisor New Insights (FNIAX) funds at Fidelity Investments of Boston was named the Domestic-Stock fund Manager of the Year.
The Contrafund has produced an annualized return of 10.9% over the past ten years and The Advisor New Insights fund has produced an annualized return of 16.9% over the past three years.
Mr. Danoff manages about $90 billion between the two funds.
Hakan Castegren and the Northern Cross Team at Harbor Funds of Chicago, which manages the Harbor International Institutional fund (HAINX), was named the International-Stock Fund Manager of the Year.
The fund, which launched in 1987, gained more than 20% in 2007, beating most of its foreign large-value counterparts.
Bill Gross, founder and chief executive of Newport Beach, Calif.-Pacific Investment Management Co., which manages the Total Return (PTTDX) and Harbor Bond (HABDX) funds, was named the Fixed-Income Fund Manager of the Year.
Mr. Gross cut exposure to U.S. corporate bonds in the middle of 2006 band avoided the lower-rated subprime securities that hurt many funds in 2007.
Mr. Gross has also received the award in 1998 and 2000.
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