Most investors wouldn't give a fund described as "relatively prosaic, dull, conservative" a second glance. That, however, is exactly how John Neff described the Windsor Fund that he headed for more than three decades. And while his style may not have been flashy or eye-catching, the returns he generated for clients were dazzling--so dazzling that Neff's track record may be the greatest ever for a mutual fund manager.
By focusing on beaten-down, unloved stocks, Neff was able to find value in places that most investors overlooked. And when the rest of the market caught on to his finds, he and his clients reaped the rewards. Over his 31-year tenure (1964 to 1995), Windsor averaged a 13.7% annual return, beating the market by an average of 3.1 percentage points per year.
