When Fund Managers Sell, It's Time to Go Bargain Hunting

You may not realize it, but the annual practice of "window dressing" - a process through which fund managers dump their worst-performing stocks and replace them with high flyers - can create some real bargains for retail investors. The sleight-of-hand does actually little to improve the fund's performance, but it does keep a fund manager's biggest mistakes of the year out of the annual reports sent to investors. For that reason, most fund managers do some window dressing every December.

Fund managers