Introduction to Style-Box-Specific versus Flexible Funds

Legendary fund manager Peter Lynch would take some heat today. The former head of Fidelity Magellan (FMAGX) was an opportunist. Sometimes he liked growth stocks. Other times, value investments held more allure. Large companies struck his fancy, but so did smaller firms. Today, financial advisors, investors, and the media criticize this kind of flexibility. They’d rather have managers who stick to one part of the Morningstar Style Box™. In other words, they want style-specific managers.