…the manager is taking reckless risks: concentrating a huge percentage of the fund in one industry, or "doubling down" on stocks that have collapsed in price since the fund first bought them.

I'm wary, too, of managers who refuse to acknowledge their mistakes. If a fund manager insists that his or her analysis of a company that hurtled into bankruptcy was "fundamentally on target," I have to question whether that person is capable of basic critical thinking. Self-delusion can be fatal in this business. (Be sure to check out: "Winning With Mutual Funds.")

I recommend selling the following poorly managed funds during November. Performance is a problem for all of them, and some are guilty of other deficiencies I mentioned:

• AIM Constellation
• Fidelity Aggressive Growth
• Hotchkis & Wiley Core Value
• Janus Worldwide
• John Hancock Classic Value
• Legg Mason Value Trust
• Pioneer Value
• Putnam Voyager
• RiverSource Large Cap Equity

With these deadweight funds off your books, you can switch to the stronger candidates I gave you earlier—and start your portfolio on the road to recovery now.

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