August 2012 Performance

  

 The Moron has already mentioned how silly and pointless it is to track short-term performance. So
if that applies to our year-to-date performance, how would one describe the practice of tracking performance for a single month? We can't even say with confidence whether 2012 will be an up or down year for our funds or the market  -- any inferences drawn from the performance in August alone are likely to be bad ones.

    Nonetheless, we just can't help ourselves. Poring over results in good months and ignoring them in bad months is one of MFM's coping strategies. So, we'll try not to make a habit of it, but here goes a look at the top and bottom quintiles for last month.

Top Quintile

1. Fairholme                                    + 8.08%
2. Ariel                                                5.38
3. Bridgeway Agressive                      4.51
4. Royce Special Equity                      4.26
5. Templeton Growth                          3.80
6. T. Rowe Price Mid-Cap Growth     3.66

Bottom Quintile

25. Yacktman                                 + 2.06%
26. Third Avenue Value                    2.00
27. Janus Contrarian                          1.86
28. Vanguard Div. Appreciation       1.82
29. FMI Large Cap                            1.54
30. Franklin Income                            .99