Legg Mason Cap Mgmt Growth CLMGTX

Legg Mason Capital Management Growth Trust is back in 2009, but its bumpy past can't be forgotten.

For the year to date through Oct. 26, 2009, this large-growth fund has jumped 35.6%, placing it comfortably in the category's best quartile. Some of the strong performance stems from manager Robert Hagstrom's maneuverings in late 2008 and early 2009 as the market was swooning; he picked up American Express AXP, for example, in 2008's third quarter, and that stock has nearly doubled this year.  Read more 

This fund's strategy originally owed a debt to Warren Buffett, with its emphasis on growth stocks picked up at discounted prices. While manager Robert Hagstrom still runs a concentrated portfolio, doesn't trade much, and seeks stocks trading at a discount to fair value--all Buffett hallmarks--he has shifted his focus to include areas undergoing rapid change (which Buffett has traditionally avoided).  Read more 

Robert Hagstrom has run this fund since its April 1995 inception. He utilizes the research of Legg Mason Funds' other portfolio managers and analysts, including famed Legg Mason Value skipper Bill Miller. Hagstrom is the author of "The Warren Buffett Portfolio" and "The Warren Buffett Way.  Read more 

The intellectual bedrock for this portfolio is Warren Buffett's notion that a focused portfolio of good businesses bought at reasonable valuations will, over the long term, outperform the market.  Read more