In a year when the Dow and the S&P are both up more than 24% by mid-July and the Nasdaq Composite rose 31% in the second quarter alone, it’s not difficult for a US fund manager to post impressive returns.
Some, however, stand out from the crowd.
William Fleckenstein, a hedge fund manager based in Seattle, is one. His RTM (reversion to mean) fund is down 23% on the year.
Perhaps one of the more peculiar aspects of the fund is that it holds only one stock.
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