So, just as the buyers for Kmart and Target don't carry all the same brand names or buy all the same merchandise, value fund portfolio managers don't, either.
Competition is really what makes any industry tick.
Take value funds for instance. Today, however, things aren't that black and white. T. Rowe Price, for instance, offers investors a choice of two different value funds. One, called the T. Rowe Price Value Fund, invests in large-cap stocks. Just as the types of companies selected differ, so do the number of stocks held in each portfolio as well as their performances.