And just as one terrific year can make a previously mediocre long-term record look good, one terrible year can undermine a previously impressive record. The record was achieved under the stewardship of William Dutton, who has managed the fund since its inception in 1987. Dutton relies on the same methods he's always used to identify small, cheap stocks. School Specialty, a distributor of educational products, is a typical Dutton find. Cash flow is growing even faster, says Dutton.
Skyline has two other pluses going for it.
And Dutton has closed the fund to new investors twice in the past, suggesting that he won't let it grow to unwieldy girth. The Kiplinger Washington Editors, Inc.