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Treasure Hunt

Finding value where you might not expect it

This story appears in the January 2000 issue of Entrepreneur. Subscribe »

Nothing is simple anymore. Take value investing, for example. This strategy used to be cut-and-dried. Basically, portfolio managers bought good companies selling at low multiples--in other words, on the cheap. Today, however, not all value funds are created equally. Just look at the Thornburg Value Fund. It's got a mind all its own.

Bill Fries, portfolio manager of the Thornburg fund, cuts a broad cloth when he's shopping for companies in which to invest the fund's assets. "We look at low price-to-earnings, low price-to-cash, above-average dividend yield and that kind of thing," says Fries, who has been at the fund's helm since its inception in 1995. "But we also buy consistent growers--blue chip stocks. And we have a small portion of the portfolio in emerging companies."

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