Evidently, there's something to be said for a one-man show.

Allegiant Funds, which last year dumped its multi-manager approach and left one man in charge of each of its value funds, has found an outright star in Michael Chren, manager of its $632 million Allegiant Large Cap Value fund, according to an Aug. 16 report from Investor's Business Daily.

Since Chren, 47, took solo command of the fund last year, it has gained 23.20% against 19.97% for the S&P 500 and 19.67% for large-cap value funds tracked by Morningstar of Chicago. It now ranks in the top 20% of its peers, Investor's Business Daily notes.

"My expertise has always been in large value," said, Chren, who has 11 years of experience as a money manager between Allegiant and a stint at Invesco Capital.

Chren's focus has been on building capital a number of ways. For starters, he's trimmed the fund's portfolio from 80 names to 67, reduced turnover, and also limited downside risk to roughly one-third of the upside potential.

Patience is another key.

"A classic investment opportunity for us is mismanaged or under managed company, he said.

Take TXU Energy, for example. Chren saw a poorly run company, but one with tremendous assets spread around the world. A turnaround CEO took over last year and improved the company's cost structure just as the Texas electricity market was undergoing deregulation. In short, Chren bought at $29.40 per share and now the stock is trading anywhere around the $94 mark.

Chren's portfolio is also overweight in financial services, with names like Morgan Stanley, Citigroup and American International Group. Energy is another Chren favorite, highlighted by one of his early gems, the innovative Canadian National Resources.

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