Large-cap growth? Small-cap value? Where on the style grid can we put a fund? A Manager? We shouldn't put them anywhere because the traditional style grid used in the mutual fund industry to classify funds and managers is useless, according to a Colorado-based investment management firm.

"This grid is not working. I hope it's obsolete in five years," Craig Callahan, CIO of Meridian Investment Management, said to a roomful of financial advisers earlier this month at an asset management conference in San Antonio sponsored by Royal Alliance. Meridian manages the Icon funds, a series of 14 mutual funds with almost $700 million in assets under management.

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