Deena Friedman manages the Fidelity Select Retailing Portfolio, which has the highest 2015 return among mutual funds. With a return of over 18%, Barron’s notes that her “stock-picking easily outperformed comparable index-driven strategies,” given the 10.4% average return of ETFs investing in consumer discretionary shares. Friedman is a classic value investor, following Graham and Buffett, among others. “I found the way to generate alpha,” she says, “by thinking very long-term.” She also says that the American consumer “is increasingly value-conscious in an economy that is slow and steady, grinding upwards” – an outlook that fits well with her value investing approach.