The S&P 400 Mid-Cap index has surged to its best start to a year since 1991, both rewarding fund managers and forcing them to work harder to seek out bargains in a group that is now the most expensive part of the U.S. market based on their historical averages.
“The window for the big bargain bin was the fourth quarter and that was about it,” said Kevin Preloger, a portfolio manager of the $3.3-billion Janus Henderson Mid Cap Value fund. “We’re looking for companies that have good balance sheets and good cash flow, but the tough part is reasonable valuations.”
Stanley Majcher, a portfolio manager of the $1.4-billion Hotchkis & Wiley Mid-Cap Value fund, is buying into overlooked financial and energy stocks because he considers them less risky than utility companies or REITs with higher valuations.
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