) emerged relatively unscathed. It fell by only 1.2%, while the S&P 500 tumbled by 19.4% and the small-cap heavy Russell 2000 lost over a fifth of its value.finish for the mutual fund, which had ridden a 36.3% gain to a top-4% placement in the prior year, according to Morningstar.
, which leads to outstanding returns when those names double or triple, as was the case last year, but underperformance when those holdings take a hit. Sissman continued:"And it can pay off. The timing of those kinds of moves — of pulling back, reducing a position size, or increasing a position size — can be informed by that historical context with the stock."
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