As the credit crisis heated up over the last year we thought it would be smart for investors to go with fund managers who have been around the block a time or two. After all, we like the idea of putting money with somebody who survived the OPEC crisis of the 1970s, junk bonds, the crash of 1987, the downward spiral of Long-Term Capital Management, the tech boom and bust and any number of the other calamities that have wreaked havoc on the stock market the last few decades. We thought that experience would come in handy.

But that thesis hasn't quite worked out as hoped. It turns out navigating the credit crisis has been difficult for both young up-and-comers and grizzled veterans. Indeed, some of the industry's most respected managers -- Legg Mason's Bill Miller and Oakmark's Bill Nygren, to name just two -- have had years they'll want to forget as quickly as possible.

Their struggles shouldn't be construed as a blanket indictment of long tenure, though. This week's fund screen looked for offerings with seasoned managers who have not only built up good long-term track records but have enjoyed relative success during this trying year. We started with a universe of 1,466 equity funds (including load funds this week, since we are focusing on tenure). We added in performance criteria unique to this screen and some on fees, too. We were left with the 24 funds listed in the table below.

Incidentally, the pool of funds we sifted through is almost 300 names shallower since the last time we ran this screen in February. Any number of factors could be at play, including fund closings, firings, retirements and defections to other fund companies or to the hedge fund world. We aren't too concerned about the decrease. That's because our list of finalists actually more than doubled in size -- although only five funds are making a repeat appearance.

Manager tenure is a hotly debated topic among financial advisors. On the one hand, investors can get a certain sense of comfort knowing they are paying for experience and that long-term managers -- at least the ones we favor -- tend to either have their names on the door or invest their own money alongside shareholders' hard earned cash (or both). Our finalists also charge 25% less in fees than our usual cutoff, average almost 14 years running the show and their average -32.7% return this year is almost five percentage points better than the typical S&P 500 index fund, according to Lipper.

On the other hand, several studies have shown conflicting information on whether manager tenure is a predictor of performance. Some studies that have looked at wide swaths of funds found experienced managers don t have an advantage over inexperienced ones during specific time periods. Anyone's capable of making terrible stock picks. Nygren, a well-respected value manager who has run Oakmark Select (OAKLX) since its inception in 1986 and has been running money for his employer for 25 years, rode beleaguered Washington Mutual down during its horrendous spiral. (It was eventually sold to JPMorgan (JPM).) The fund has decreased 40.5% this year.

Another problem with focusing on tenure is that managers who build up impressive long-term track records tend to garner attention and accolades. A fund company may try to take advantage of that by giving the manager more and more responsibility, hoping his stock-picking prowess will work for other funds as well. But a manager stretched too thin may lose his knack for making sound decisions.

And it's important to distinguish between manager tenure and manager experience. At big fund families like Fidelity a standout manager can get promoted to run other funds. While there's no guarantee the manager will be able to duplicate his record at his new vehicle, investors who focus solely on tenure might miss an opportunity to invest with a hot hand.

We have combined tenure, performance and fees to come up with what we think is a solid list of funds. We would pay particular attention to 1st Source Monogram Income Equity (FMIEX), funds from Amana and CGM and Thornburg International Value (TGVAX), one of the few load funds we don't mind recommending. And we'd be remiss not to mention a newcomer to the list: Oakmark Equity & Income (OAKBX). The fund, run by some of Nygren's colleagues, recently reopened to new investors.

The Criteria: The equity funds on our list have had the same manager (or managers) for at least 10 years. The funds feature an annual expense ratio less than 1.5% and are open to new money. Their track records during the three- and 10-year periods put them in the top 10% of their peer groups. Load funds were included this week.

Recipe

Fund Type = *
Annualized 3-Year Return (%) = Display Only
Rank in Classification (%) (3 year performance) <= 10
Annualized 10-Year Return (%) = Display Only
Rank in Classification (%) (5 year performance) <= 10
Expense Ratio <= 1.5%
Load Fund (type) = No Load and Load
Minimum Initial Investment <= 5,000
Open to New Investors = Yes
Total Net Assets ($ millions) >= 50
Year-to-Date Return (%) = Display Only
Manager Tenure >= 10

* The screen only includes equity funds