Ryan Batchelor at Morningstar.com compiles a semi-regular article on the insights of a number of mutual fund shareholder letters.

Mutual fund managers are required to publish quarterly reports usually accompanied by a letter to shareholders that is written by the portfolio managers. These letters are often packed with rich content, offering professional insight into the markets and individual stocks. The letters also serve as a great fix for stock junkies who hope to glean a keen insight from investment managers and perhaps find a good pick or two along the way.

The list is peppered with value or contrarian managers, who by and large do not currently find a great deal of value in the stock market . Although they believe that higher quality stocks are the most undervalued sector of the market. Batchelor has also compiled a list of stocks that are favored by these investors. While links to the actual shareholder letters would be helpful, the article is worth a look for individual stock investors.