It's not often that two fund companies want the services of the same man at the same time. Over five years, the fund is ahead of Standard and Poor's 500-stock index by an annualized 8.25 percentage points. And those results are tepid compared with a couple of other Turner funds. Buy companies that exceed brokerage analysts' estimates.
Cheap stocks are ones that beat analysts' expectations.
That's where the value folks have missed it. Turner also looks for expanding margins, growing revenues and increasing return on investment. He's not afraid to sell. If a stock reports earnings below analysts' expectations, Turner says it's unlikely to be a one-time event. Turner argues that the volatile nature of today's market gives him ample opportunity to trim positions when stocks rise, and buy them back when they fall a bit.