(FORTUNE Magazine) – Prefer to let someone else choose your stocks? Morningstar, a Chicago firm that rates mutual funds, considers the five below most likely to prosper in bad times and good. They don't all succeed the same way. New York's Gabelli Asset and Clipper, based in Beverly Hills, go for big capital gains by focusing on stocks that trade at less than a company's estimated value per share in a private sale. Gabelli has positions in many cable and cellular telephone stocks, while Clipper has focused on banks and brokerage firms. Generous dividends have fattened the returns of two funds in Baltimore: T. Rowe Price Equity Income and Flag Investors Telephone Income, which is run by Alex. Brown Investment Management. Minneapolis-based IDS Strategy Equity seeks both capital gains and dividend income, but it doesn't like to pay too much for a stock. Companies in its portfolio sell at average P/Es 15% below the market's.

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