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Fund vs. Fund Showdown Continued From Cover

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promised, he closed the fund when it hit $1 . 5 billion in assets.

Looking forward, the conservative style of these funds will likely have some chances to shine in the next few years. Will First Eagle be as nimble with 5 times the asset base?

At Sentinel, only one analyst was left behind, and he was promoted to manager. However, in 2012 , he and the rest of the team built around him were hired away by Eagle Asset Management and Sentinel had to start over once again. Sentinel Small Company and Champlain Small Company have 12% stock overlap. Winner: Champlain returned 10 . 1% annualized versus 8 . 9% for Sentinel. Champlain’s prospects are also much brighter with its team still intact.

Return % 10/01/08 to 05/31/14

Morningstar Analyst Rating

Prospectus Net Expense Ratio %

Inception Date

Fund

First Eagle Overseas SGOVX •

1.15 8/31/93 9.64

11.36

IVA International IVIOX

1.26 9/30/08

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Hennessy Focus HFCSX vs. Akre Focus AKREX In this case, Hennessy Focus’ analysts stayed with that fund while the manager launched a new fund and hired a small team of analysts to replace those he lost. Chuck Akre lost ground early on because he started Akre Focus in September 2009 with a huge pile of cash. That held the fund back as the market roared. The funds share 18% of their portfolios, with longtime favorites American Tower AMT and Markel MKL in both. Still, there’s a lot to like with Akre. He’s rebuilt the analyst staff and continues to run a compact portfolio of steady three-legged-stool plays. His fund even charges less than Hennessy, though both are expensive. Winner: Despite the slow start, Akre has returned 18 . 6% versus 17 . 5% for Hennessy. Both funds have acquitted themselves well, and you can’t complain with either result.

Return % 12/01/04 to 05/31/14

Morningstar Analyst Rating

Prospectus Net Expense Ratio %

Inception Date

Fund

10.08

Champlain Sm Cmp CIPSX • Sentinel Sm Cmp SAGWX ‰

1.38 11/30/04

1.21 3/1/93 8.90

First Eagle Overseas SGOVX vs. IVA International IVIOX

IVA is another shop with founders who vowed to close at a modest asset base unlike their previous firm. They were good to their word and closed this fund as well as IVA Worldwide IVWAX quickly, while the First Eagle funds grew into giants. First Eagle eventu- ally closed First Eagle Overseas in May 2014 but not First Eagle Global SGENX . Today, First Eagle Overseas is $15 billion compared with $3 . 5 billion for IVA International. First Eagle Global is still open and $50 billion large compared with IVA World- wide, which is closed and $10 billion. To the credit of both, the funds have stayed true to their conservative knitting and tried to protect against damaging losses. They have only 9% holdings overlap, though, in part because IVA can buy smaller companies. Winner: IVA did the better of the two, and IVA Inter- national is up 11 . 36% annualized since its 2008 incep- tion compared with 9 . 6% annualized for First Eagle Overseas. However, First Eagle has made up ground after the bear as evidenced by its five-year returns.

Return % 09/01/09 to 05/31/14

Morningstar Analyst Rating

Prospectus Net Expense Ratio %

Inception Date

Fund

18.62

Akre Focus Retail AKREX •

1.36 8/31/09

Hennessy Focus HFCSX

1.44 12/31/96 17.47

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Mutual Global Discovery TEDIX vs. PIMCO EqS Pathfinder PTHDX

PIMCO EqS Pathfinder marked PIMCO ’s bold move into equities. It did have some enhanced index funds, but this would be its first attempt at stock-picking. PIMCO hired Anne Gudefin and Charles Lahr away