When you buy a fund, don't you want to get the best-managed, most rewarding choice of its type? Spotting the best managed, most promising funds has paid off handsomely for readers of the very rewarding fund advisory service, Thurman Smith's Equity Fund Outlook.

The well-respected Hulbert Financial Digest has rated Equity Fund Outlook(EFO) an impressive #1 among newsletters covering funds for the eight years ending December, 2006. But this is not just recent luck. Hulbert also rated EFO #1 among fund advisories over the last 16 years. EFO has also beaten the market every year for the past eight years. Since 1991, EFO's Tax-Advantaged Portfolio (for IRAs) has enjoyed an average annualized return of 18.1% (compared with just 11.7% for the S&P 500).

That means a $20,000 investment in January 1991 is now worth $286,437 by the end of December, 2006. And that's through some pretty tough times in the market and without the risk of a portfolio of just a few stocks!

A former Fidelity research systems analyst, Thurman developed a revealing predictor of fund success he calls the Investment Skill Quotient. It's not just a simple performance ranking. Rather, it shows which funds deliver the most "buck for the bang." In other words, RETURN per unit of RISK.

Equity Fund Outlook works because readers don't have to assume high levels of risk to get market-beating returns. Instead, with market risk or less, they have been able to beat the market over any trailing three-year period.

But there's more to Equity Fund Outlook than numbers. In each issue Thurman analyzes the story behind the fund, with special emphasis on their managers. His probing suggests why his recommended funds are likely to do well in the period ahead. One reason is that Thurman talks with successful managers to find out how they think and what their special approach is.

The result of this research is an informative review and specific fund recommendations, especially new funds run by proven managers before the get too large.

Why you should know what Thurman Smith has to say before you buy any fund:

• In October 2003, Thurman bought Kinetics Paradigm, a fund whose managers favor firms with services and products that are in sync with new developments in the economy or have attractive turnaround potential. In thirty-eight months, this high-reward, lower-risk fund has doubled, for a return over three times that of the S&P 500%.

• Equity Fund Outlook readers have also had good returns from funds that are not well known but which hold up well in poor markets and make competitive gains in good markets. One example is an all-cap contrarian value fund out of New York that can use hedge fund strategies. It was launched at the end of April 2003 and highlighted in the next issue. From its purchase for both portfolios in August 2003, it gained at the annual rate of 29.1% vs. only 11.3% for the S&P 500.
• More recently, Thurman ignored the dire predictions about residential real estate and bought a commercial real estate fund in late July of 2005 that has retured, annaulized, 30.0% while the S&P 500 returned only 10.7%

Equity Fund Outlook gives you a wealth of fund-picking information. If you want to spend the minimum amount of time necessary to rack up your market-beating profits, then you can easily follow EFO's two model portfolios:

• Tax-advantaged Portfolio,with a risk ceiling mid way between market and aggressive, for IRAs or other qualified plans (up 28.7% over twenty-four months ending December 2006)
• The Market-risk Taxable Portfolio, a real-world, tax-sensitive portfolio (up 24.9%). (S&P 500 was up 17.3%)

Hulbert Financial Digest ranks Equity Fund Outlook in the top five two of 51 fund newsletters in risk-adjusted return over the last ten years.

  Meet our Forbes Guru: Thurman Smith

Thurman Smith, editor of Equity Fund Outlook, has been managing private accounts using diversified stock funds since 1980. Prior to starting Equity Fund Research, he was a software developer in areas of investment research and portfolio accounting at State Street Bank, Loomis Sayles, and Fidelity Investments. Using his systems experience and knowledge of the fund industry, Thurman developed software to identify the most skillful managers of diversified funds where managers are free to invest in any industry. This system and its Investment Skill Quotient are the basis of his fund rating system used for clients and in Equity Fund Outlook, which he launched in 1988. Thurman has an MBA from Babson College in investments and finance.

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