David Rainey likes to take the long view. He's held more or less the same job since 1998, even though the firms and managements around him have changed. His longest stretch was working at the side of the longtime and highly successful manager of the FBR Focus (FBRVX) fund, Charles Akre, who left in 2009 to launch his own offering, managed in a similar style.

Rainey, then an analyst, was promoted to manager after Akre's departure--and then he followed in Akre's footsteps yet again after FBR sold the $1.1 billion FBR Focus and nine other funds to Novato, Calif.-based Hennessy Advisors last October. Rainey and co-managers Brian McCauley and Ira Rothberg formed their own investment advisory firm, Broad Run Investment Management, in Arlington, Va.-and continue to manage the fund as subadvisors.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.