As of June 30, the following funds had the heaviest exposure to American International Group, Merrill Lynch, and Lehman Bros:
Notable is that the Clipper Fund—run by veteran fund managers Chris Davis and Ken Feinberg—has a combined 13.5 percent of its assets in AIG and Merrill. Not surprisingly, Davis Financial, another fund co-managed by Feinberg, also has significant exposure to AIG and Merrill. Clipper is down 34 percent so far this year, although it should also be noted that its 10-year returns of 6 percent per year, on average, are ahead of the S&P 500 by 2 percentage points.
For a list of funds with heavy exposure to other troubled financial firms—Goldman Sachs and Morgan Stanley—see Morningstar's list.