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Two New Morningstar Small-Value Picks

Fidelity Low-Priced Stock exits Fund Analyst Picks list on closing.

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We've added Third Avenue Small-Cap Value (TASCX) and FPA Capital (FPPTX) to our list of picks in the small-value category. We also dropped Fidelity Low-Priced Stock (FLPSX) because the fund is closing to new investors on May 10, 2002.

We've been fans of  Third Avenue Small-Cap Value for some time. Manager Curtis Jensen seeks out small- and micro-cap stocks that are trading for a fraction of his estimate of their fair value. The fund is fairly concentrated, so it can be more volatile than many of its peers, but its strong long-term record makes it a compelling choice in the small-value category. We like the fund so much that we've included it in Morningstar FundInvestor's Aggressive Wealth Maker Portfolio.

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Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.