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10 Stocks Owned by the Best Fund Managers (Update2)

Written by: Frank Byrt 03/05/12 - 1:49 PM EST
Tickers in this article: DVN JNJ RIMM GILD C GSK TIF DHR ITW SCHW
(Story updated to add that Deutsche Bank reiterated its "buy" rating on Gilead Sciences, but lowered its price target to $57.)

BOSTON (TheStreet) -- Although many of the best mutual fund managers were ultra-cautious late last year, they still made major commitments to select stocks, underscoring their confidence in the companies.

Research firm Morningstar, which tracks the portfolio changes of 26 top-performing mutual funds for its "Ultimate Stock-Pickers" series, published a list of 10 stocks those managers bought, either to establish a new position or to add to an existing one.

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The stock pickers' choices were eclectic and, in one instance, surprising. The managers at the Fairfax Financial Holdings Fund(FRFHF) made a big addition to a conservative choice, the respected but underperforming health-care-products company Johnson & Johnson(JNJ) . At the same time, it added to its stake in the troubled Canadian mobile-device maker Research In Motion(RIMM) .

The Yacktman Fund(YACKX) also bought Research In Motion shares, adding to its stake by more than 60% in the fourth quarter.