Publicly traded mutual fund firms have delivered stellar returns over the past two years, in many case far better than the performance of their own mutual fund portfolios, The New York Times reports.

Three companies that have done particularly well since March 2003 are Legg Mason, which has risen 58%, T. Rowe Price, up 44%, and BlackRock, up 49%. Matt Snowling, an analyst at Friedman, Billings, Ramsay who follows a basket of six mutual fund companies that include Legg and T. Rowe, said the six stocks rose 22% in 2005 and 8.9% in the first quarter of this year, which is far ahead of all of the major indices.

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