1. “A consistent and understandable investment discipline.”
2. “An extraordinarily stable management team,” with managers Paul Hogan and Tom Putnam at the helm for the entirety of its 23-year history.
3. A high ownership stake on the part of the managers and the fund’s board of trustees. “…It’s really good when the manager’s money is invested alongside yours,” Mr. Snowball writes, “and it’s even better when his boss’s money is invested alongside yours.”
Bottom line, he writes, “There’s a lot to like here.”