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Stock Strategist

Free Advice from All-Star Managers

Mutual fund letters can offer some investment insight.

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Once again, we're turning to shareholder letters from the mutual fund world for a little free advice. Every quarter, mutual funds are required to publish reports, and many portfolio managers take the time to express their opinions about the market, pat themselves on the back, or preach patience--depending on how well they performed. We love to read letters from top investors because they give hints as to where they see investment opportunities.

This quarter, we combed through several mutual fund letters and lists of holdings to tap into recent portfolio manager thoughts and find juicy investment ideas. We looked for managers who proclaim a style similar to that of Morningstar's stocks team. In particular, we focused on managers who look for stocks that trade below their estimated intrinsic values and provide investors with a margin of safety. While we are not endorsing all of these mutual funds, these managers follow the examples set by Ben Graham and Warren Buffett, and several of these funds are in our  Fund Analyst Picks. To read the individual letters, links are included in the table below.

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