????2011年可謂跌宕起伏，對于共同基金來說平平淡淡才是真。持有銀行和新興市場公司股票的高風險基金遭遇滑鐵盧，而專注于公用事業(yè)、醫(yī)療保健和必需消費品行業(yè)的普通掉期交易保守投資組合卻大放異彩。表現(xiàn)最好的基金都持有美國國債；因為投資者們逃離了高風險的主權(quán)債券，持有美國政府發(fā)行的長期債券的基金平均都上漲了28%。

????在大型基金公司中，表現(xiàn)最好的是紐約投資管理公司First Eagle，其資產(chǎn)管理規(guī)模為560億美元。2005年左右，F(xiàn)irst Eagle曾經(jīng)歷了幾年的動蕩。傳奇的價值型投資者艾維拉德于004年退休，2007年又重出江湖，兩年后又再次離開，使他成為共同基金界的布雷特?法弗（美國傳奇橄欖球明星——譯注）。這樣的戲劇性變化通常會讓投資者緊張，但First Eagle的股東們可以安枕無憂：投資研究機構(gòu)晨星公司（Morningstar）的數(shù)據(jù)顯示，截至10月份，F(xiàn)irst Eagle的五支基金回報率領(lǐng)先于82%的同行。這個成績使得他們成為資產(chǎn)管理規(guī)模逾200億美元的投資公司中表現(xiàn)最好的基金系。

????First Eagle的策略是經(jīng)典價值投資——其投資經(jīng)理尋找股價相比基本面有折價的公司——但該公司同樣極端關(guān)注風險控制。其基金持有大量金塊，在今夏市場下跌前增加了現(xiàn)金倉位。這樣的保守策略得到了回報。前高盛董事總經(jīng)理、如今管理著多個First Eagle基金的馬修?麥克里安稱：“我們的策略是保證不虧錢，這樣從長遠來看就能客戶賺錢。”——米娜?吉姆斯

其他基金系

(同業(yè)平均排名)

????2. GMO基金公司 （前20%）

????3. Artisan基金公司（前27%）

????4. 先鋒基金公司（Vanguard，前 30%）

????5. 美國教師退休基金會（TIAA-CREF，前 34%）

預測失誤

????比爾?格羅斯

????太平洋投資管理公司

????這位太平洋投資管理公司（Pimco）的創(chuàng)始人今春大舉做空美國國債。但格羅斯預測的利率上漲理論并未成為現(xiàn)實，他這支主要基金的表現(xiàn)落后于90%的同業(yè)。

????布魯斯?伯克維茨

????費爾霍姆資本管理公司

????今年以來，投資大銀行給一度備受推崇的伯克維茨帶來了災(zāi)難性的后果。他的費爾霍姆基金年初以來已下跌近30%，資產(chǎn)已經(jīng)減半。

????比爾?米勒

????雷格梅森資本管理公司

????這位著名的價值型投資經(jīng)理已辭去雷格梅森資本管理公司（Legg Mason）的Value Trust基金經(jīng)理一職，他管理的另一個投資組合年初以來下降了34%。

????注：基金比較是基于截至2011年10月31日的表現(xiàn)數(shù)據(jù)。

????In the turbulence of 2011, boring was beautiful for mutual funds. Riskier funds that owned shares of banks and emerging-markets companies got crushed, while safe, plain-vanilla portfolios focusing on utilities, health care, and consumer staples shone. And the top performers owned Treasuries; as investors fled risky sovereign debt, funds that held long-term bonds from the U.S. government returned 28% on average.

????Among major fund companies, the top performer was First Eagle, a New York City money-management firm with $56 billion in assets. First Eagle endured a tumultuous few years during the mid-2000s. Legendary value investor Jean-Marie Eveillard retired in 2004, de-retired in 2007, and left again two years later, making him the Brett Favre of mutual funds. That kind of drama usually gives investors fits, but First Eagle shareholders can rest easy: Through October, First Eagle's five funds outperformed 82% of their peers, according to Morningstar. That makes them the top-performing fund family among firms with assets of more than $20 billion.

????First Eagle's strategy is classic value -- its managers look for companies with a disconnect between their stock price and their fundamentals -- but the firm is equally obsessed with managing risk. Its funds, which maintain large positions in gold bullion, boosted their cash holdings before this summer's market rout. That conservative approach paid off. Says Matthew McLennan, a former Goldman Sachs managing director who now oversees several First Eagle funds: "We've made money for our clients over time by not losing money." --Mina Kimes

OTHER FUND FAMILIES

(Average category ranking)

????2. GMO (top 20%)

????3. Artisan (top 27%)

????4. Vanguard (top 30%)

????5. TIAA-CREF (top 34%)

BAD CALLS

????Bill Gross

????Pimco

????The Pimco founder made a massive bet against U.S. Treasuries this past spring. But Gross's thesis of rising interest rates never panned out, and his main fund lagged behind 90% of its peers.

????Bruce Berkowitz

????Fairholme

????Investments in big banks have proved disastrous so far this year for the once-heralded Berkowitz. His Fairholme fund has dropped nearly 30% YTD, and assets have been halved.

????Bill Miller

????Legg Mason

????The famed value manager stepped down from Legg Mason's Value Trust fund (LMVTX); a second portfolio he runs is down 34% YTD.

????Note: Fund comparisons based on performance data through 10/31/2011.