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Description:

This fund has a Morningstar rating of 5 stars and is run by Charles Akre. Akre is a portfolio manager and the managing member of Akre Capital Management. He established Akre Capital Management in 1989 and for a time operated it as part of Friedman, Billings, Ramsey & Co ending in 1999. Akre has been in the securities business since 1968.

From Barron's 5-14-07:
"FBR recently reopened the fund to new capital -- for the first time in three years -- some $600 million in new assets have been allocated to the small-cap fund, which now has a total of $1.7 billion. And today nearly a third of the fund -- some $500 million -- remains uninvested."

"Says Akre: "Finding new [investment ideas] is the lifeblood of this business, but we have to stick to our discipline. It's not a simple process."

"He isn't kidding. To qualify for inclusion in Akre's portfolio -- only about 40 names make the cut at any one time -- a company must have the potential to post above-average returns on capital. Ideally, in Akre's eyes, that will come as a result of a regulatory edge, patent protection or other advantage that will keep competitors from nipping at their heels. He also insists on top-quality management teams. "We want them to be excellent at running the business and to see their public shareholders as partners," Akre says."

FBR Small Cap Fund is an open-end fund incorporated in the USA. The Fund's objective is capital appreciation. The Fund invests at least 80% of its total assets in equity securities of small-cap companies. The Small Cap Value Fund considers small-cap companies to have market capitalizations of less than $3 billion, measured at the time of purchase.

Current Returns:

1-Year: 14.68%
3-Year: 19.83%
5-Year: 20.56%

As of 9/30/07

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