Marsico 21st CenturyMXXIX

Morningstar Rating

Fund Research and Analysis

by John Coumarianos

Stick with Marsico 21st Century.

This fund hasn't given investors much reason to cheer lately, but it's proven a fine large-growth holding over the longer haul. While stumbling with bottom-quartile category performances in 2008 and again for nearly the first 10 months of 2009, manager Cory Gilchrist has delivered a 93% cumulative return from inception (Feb. Read more

Kudos

Excellent record using Marsico Funds' combination of top-down and bottom-up approach. Read more

Risks

Expense ratio is well above the no-load large-cap median.

Asset size has grown sharply in the past couple of years.

Mistiming macroeconomic trends can produce short-term volatility. Read more

Strategy

As is the case with the other Marsico funds, manager Cory Gilchrist uses macroeconomic themes to determine the portfolio's overall positioning. From there, he focuses largely on three types of companies: rapidly growing firms that are hitting on all cylinders, steadier-growth companies, and otherwise-promising companies that have suffered short-term setbacks. Read more

Management

Cory Gilchrist has been with Marsico Capital Management since May 2000, working in various capacities, including the shop's successful International Opportunities MIOFX and more recently on new offering Marsico Global MGLBX. Prior to Marsico, Gilchrist worked at Invista Capital Management, serving on a team that managed international-equity funds. Read more

Inside Scoop

Like other Marsico funds, this one factors macroeconomic analysis into its positioning and concentrates its portfolio in 35 to 50 stocks. This offering, however, invests in stocks of any market capitalization. Read more

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