If One Manager Is Good, Are Four Better?

Last spring, James Kraska was clicking through Morningstar's Web site when he became intrigued by a review of the Masters' Select Equity Fund. After drilling down for more information, he learned that Masters' Select divvies up its cash among six managers, including superstars such as large-cap stock-picker Shelby Davis and mid-cap growth specialist Foster Friess. Quickly, the 32-year-old U.S. Navy lieutenant stationed in Alameda, Calif., invested $5,000 and has been adding $300 a month since. "It's a shortcut," he says. "You look at all the Morningstar categories, and you go: `Jeez!' If you picked one of each, pretty soon you'd have more funds than you know what to do with."

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