Zebras don't change their stripes, and fund managers rarely change their investment styles. If you own two funds managed by Famous Manager A, chances are you own two of the same thing. That's because managers generally have ingrained investment habits that they apply to every pool of money they run. So no matter how much you love a particular manager, don't buy more than one of his or her offerings if you are serious about diversification. Owners of Mutual Shares MUTHX, formerly run by Michael Price, wouldn't have gained much from picking up sibling Mutual Beacon BEGRX.
Do You Own Multiple Funds from One Boutique Family? >>