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Smooth Sailin'

This fund navigates well, even in rough waters.

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This story appears in the March 2004 issue of Entrepreneur. Subscribe »

Look through the record books, and you won't find many funds whose portfolio managers have been at the helm since inception-or that have a record spanning a couple of decades that ranks tops in performance. The Clipper Fund, however, scores on all three counts.

James H. Gipson started the Clipper Fund in 1984 and has steered this nondiversified fund through bear and bull markets ever since. Year to date through December 8, 2003, the fund was up 14.02 percent for 2003. Since inception, its average annual total return is 15.7 percent.

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