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Stock Strategist

The Most Recent All-Star Fund Manager Picks

First-quarter fund letters shed light on two key themes--and several top stocks.

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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 a list of their holdings, and many portfolio managers also take the time to express their opinions about the markets, individual stocks, or other items on their minds in shareholder letters. Often, they discuss where they see investment opportunities. We love to read the letters from managers we respect in our hunt for gems of opportunity. We've examined a variety mutual funds' first-quarter letters and portfolios to see what these portfolio managers have been thinking and if there are any juicy investment ideas.

As always, when choosing the letters for the quarter, we looked for managers who proclaim a style similar to Morningstar's: looking for stocks that trade below their estimated intrinsic values and providing investors with a margin of safety. While we are not endorsing these mutual funds, these managers follow the examples set by Ben Graham and Warren Buffett. Click on the fund's name to read the individual letters.

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