Joel Tillinghast will step down from Fidelity Low-Priced stock at year end. Since he launched the fund in 1989, it returned nearly 13% per year, on average.
There isn't a Hall of Fame for mutual fund managers. But if there was, Joel Tillinghast would be getting buzz as a first-ballot inductee.
Tillinghast picked up three co-managers in 2016 and 2017, and two of them — Morgan Peck and Sam Chamovitz — will take the helm when Tillinghast steps down at year end. They will no doubt look to continue a strategy of picking undervalued small and midsize company stocks they believe can deliver outsize long-term returns to shareholders.
Those would be small and mid-cap stocks [those with small and medium market capitalizations], domestically and globally. Anything that is sort of neglected enough that it might be undervalued.In a perfect world, what I'm looking for are companies where earnings turn into cash, which can be returned to shareholders, and looking for companies where it's not dangerous or ridiculous to think about what the earnings power will be in five years or 10 years.
Japan is a particular area of interest, and Sam Chamovitz, who's half of the team that's taking over the fund, spent several years working in Japan. And so we have the advantage of more attention to smaller [Japanese] companies that are not well followed by brokers, or anyone for that matter.I think anybody who doesn't change is missing the point.
Tillinghast bought in 2001 at about $4 per share — accounting for splits, that's more like 4 cents a share. Now it trades for $58. If they say, 'I do a little of this, a little of that' — no. Put it in the index fund or find a better manager.I would look for a fund where the manager clearly articulates that. If they say, "I do a little of this, a little of that" — no. Put it in the index fund or find a better manager.Think about your character and what works for you. My patience is an asset for me, but would be a total liability for a momentum investor.
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