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It would be nice if Morningstar would screen these lists for funds closed to new investors. 2 of the 3 small cap funds mentioned are closed to new investors. Many people look to Morningstar to screen for funds to research further or buy.
Hennessy Focus (HFCSX) used to be FBR Focus, Mr. Akre's fund before FBR tried to squeeze more revenue out of the fund by squeezing the star manager out. Since launch, AKREX has been a bit better than Hennessy and is now twice its size.
Westwood Teton Mighty Mites AAA (WEMMX) is the no-load share class and has the same 22 point up/down spread over 10 years as the "A" class that Mr. Zoll lists.
Perkins Small Cap Value comes in ten (10!) share classes and the upside capture (also the star rating) varies by share class since the more expensive shares, by definition, capture less of the upside than the cheaper shares. The JDSNX shares, above, are (I believe) a legacy no-load share class that's not widely available. The "A" share class earns one star from Morningstar.
None of which is earth-shattering, but I thought I'd chip in.
Comments
Out of curiosity I reran the screen to see what other small cap funds that are currently open to new investors meet the criteria and here they are:
NNLEX
JDSNX
ANFVX
As you can see, it's a small group. Hope this helps.
Adam Zoll
The author gave me permission to post his response on MFO.
Westwood Teton Mighty Mites AAA (WEMMX) is the no-load share class and has the same 22 point up/down spread over 10 years as the "A" class that Mr. Zoll lists.
Perkins Small Cap Value comes in ten (10!) share classes and the upside capture (also the star rating) varies by share class since the more expensive shares, by definition, capture less of the upside than the cheaper shares. The JDSNX shares, above, are (I believe) a legacy no-load share class that's not widely available. The "A" share class earns one star from Morningstar.
None of which is earth-shattering, but I thought I'd chip in.
David