Robert G. Hagstrom Jr., a Philadelphia money manager, has sold 300,000 copies of "The Warren Buffett Way," his 1994 profile of America's wealthiest investor.

Hagstrom's Focus Trust ($1,000 minimum; (800) 665-2550) seeks to replicate Buffett's success by concentrating on 12 to 15 stocks that Buffett owns or would probably own through Berkshire Hathaway, his Omaha, Neb., holding company.

In addition to owning a small number of stocks, a true Buffett fund should exhibit low portfolio turnover. Hagstrom is shooting to keep Focus Trust's turnover rate below 25%, a level that would indicate each stock is held four years on average. The typical growth-stock fund hangs onto a position less than one year.