You can save your breath explaining the Magnificent 7 ‘s importance to Tom Marsico. With more than four decades of experience, the portfolio manager has seen everything from the 1987 crash to the dot-com bubble, from the Global Financial Crisis to the pandemic. Those years in the trenches at Janus funds and later at his namesake family firm have taught Marsico, 67, the importance of finding stocks whose valuations can be justified, rather than blindly buying into indexes or buzzy growth trends. Today, Marsico Capital manages about $3 billion, with more than half the assets in five mutual funds. Marsico and his sons Jimmy and Peter, also portfolio managers, have recently rewarded shareholders. Their flagship Marsico Focus Fund (MFOCX) has climbed 16% so far in 2024, through Thursday, outperforming both the S & P 500 and technology-heavy Nasdaq Composite . That comes after the fund jumped more than 45% in 2023, according to Morningstar. MFOCX .SPX,.IXIC mountain 2023-01-01 The fund vs. the S & P 500 and Nasdaq Composite since 2023 began Morningstar ranked the fund in the top 1% of large growth offerings by performance so far in 2024, after reaching the 22nd percentile in 2023. The Focus Fund, begun in 1997 and today concentrated in just 22 high-conviction growth names, charges a fee of 1.45% on its investor shares and requires a $2,500 minimum initial investment. The fund is rated three stars and neutral by Morningstar, largely due to the above-average fee. Marsico, who formerly ran the Janus Twenty Fund, a similarly concentrated fund made up of just 20 or 30 stocks, said his focused investment strategy has endured over time. Still, the founder of what is now a Denver-based complex of five funds confesses to change in the industry. Companies are less willing to talk about business strategies now, he noted. And the competitive environment has shifted. The University of Denver MBA said he’s always sought companies with strong growth stories, that have fundamentals…
2024-02-23 11:28:00
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