One of the flaws in popular mutual fund ratings and rankings services like Morningstar and Lipper is that the performance analysis is fund-focused rather than manager-focused. Thus, a fund will continue to maintain a favorable rating for a period of time even if the star stock picker responsible for its great performance has moved onto another firm.

For example, Driehaus Emerging Markets Growth Fund (DREGX) currently gets a four-star rating from Morningstar. However, if you check the fund's disclosures you will find out that its lead manager, Howard Schwab, only took the reins in January 2008 after its long-running star stock picker, Emery Brewer, retired. Since the beginning of the year, Driehaus Emerging Markets has underperformed relative to the other emerging-markets funds in its peer group.

James Lowell, Forbes exchange-traded funds columnist and chief investment officer of Newton, Mass.-based Adviser Investments, an investment advisory firm specializing in mutual fund allocations, believes he has devised a better way of uncovering the best funds for his clients. "Our core investment philosophy, put simply, is buy the manager, not the fund," he says.

His new data analysis system, the Ranking Service (TRS), analyzes more than 8,000 managers and more than 27,000 funds quarterly. "The system allows us to see who the best, middling and worst managers are in every asset class, every investing style and capitalization range, and any investment sector," he says. "Not only versus relevant market benchmarks but also as specifically measured against their peer group."

This allows Lowell to track portfolio managers even if they are prone to job hopping.

For example, Lynette Schroeder, portfolio manager of the $576 million Driehaus International Discovery Fund (DRIDX), earns high marks according to TRS, despite having been with her current fund since only 2005. TRS's number crunchers have dug back into Schroeder's past and determined that her risk-adjusted returns have outpaced her peers for years, including stints at previous employers like American Century Investments, and before that, when she was with Driehaus.

"Just as Peter Lynch admonishes stock investors to 'know what they own,' TRS's Advisor Pro service is designed to enable advisers to know who they own--or who they should consider owning," Lowell says.

Over the coming months, Forbes.com's Financial Adviser's Network and TRS will be profiling top managers in various asset classes and investment styles.

Listed below, you will find the top 10 mutual fund managers overall, according to TRS. These men and women are the cream of the crop among mutual fund portfolio managers and are members of Lowell's TRS 100. For more information on TRS rankings and to obtain more detailed analysis of fund managers, visit www.trsreports.com.

1. G. Kenneth Heebner

TRS Score: 14.21

Funds Managed: CGM Mutual Fund (LOMMX), CGM Realty Fund (CGMRX), CGM Focus Fund (CGMFX), Natixis CGM Advisor Targeted Equity Fund Class A (NEFGX), Natixis CGM Advisor Targeted Equity Fund Class Y (NEGYX), Natixis CGM Advisor Targeted Equity Fund Class C (NEGCX), Natixis CGM Advisor Targeted Equity Fund Class B (NEBGX)

Career: Heebner was previously a fund manager with Loomis, Sayles & Co.

Education: B.A., Amherst College, M.B.A., Harvard University

Manager Notes: Heebner has had success using a top-down style by first looking at the overall economic landscape. He then looks at various sectors and companies and performs fundamental analysis to find companies with attractive valuations. He will sell a stock if he feels it has reached its value or if there are better companies to invest in.

2. Michelle E. Stevens*

TRS Score: 14.11

Funds Managed: Transamerica Premier Institutional Small-Cap Value Fund (TPSMX), Transamerica Small/Mid Cap Value Class C (IIVLX), Transamerica Small/Mid Cap Value Class B (IIVBX), Transamerica Small/Mid Cap Value Class A (IIVAX)

Career: Prior to joining Transamerica, Stevens worked for Dean Investment Associates as vice president and director of small-, mid- and flex-cap funds. Stevens holds the chartered financial analyst (CFA) designation and has 13 years of investment experience.

Education: B.A., Wittenberg University, M.B.A., University of Cincinnati

Manager Notes: Stevens pursues a high total return by investing in equity securities issued by small- and mid-cap companies. She reviews many business characteristics, such as a company's products/services, market position, industry condition, management and financial/accounting policies.

*Stevens recently changed firms. She has joined Riazzi Asset Management, where she will head up RAM’s Small, Small/Mid and All Cap Value investment disciplines.

3. Gerald Reid Jordan

TRS Score: 12.57

Fund Managed: Jordan Opportunity (JORDX)

Career: Before joining Hellman, Jordan Management Co. in 1996, Jordan worked as a proprietary trader for Salomon Brothers from 1989 to 1992.

Education: B.A. and M.B.A., Harvard University

Manager Notes: Jordan looks for investment opportunities in companies that provide better than expected growth results. Along with extensive internal analysis of chosen ideas, he uses market sensitivity models to determine his investment decisions. His primary objective is capital appreciation.

4. Manu Daftary

TRS Score: 12.44

Funds Managed: Quaker Strategic Growth (QAGIX), Quaker Strategic Growth Fund Class C (QAGCX), Quaker Strategic Growth Fund Class B (QAGBX), Quaker Strategic Growth Fund Class A (QUAGX)

Career: Daftary holds the CFA designation.

Education: Elphinstone College-University of Mumbai, California State University at Long Beach

Manager Notes: Daftary's main focus is to look for companies that are growing their revenues and earnings at a high rate. He is a big believer in the notion that earnings are what drives stock prices. He will also look for certain qualities in a company, such as a quality management team and an attractive price-to-earnings ratio. He can be aggressive at times with frequent trading as well as short-selling.

5. Andy Wiles

TRS Score: 12.44

Fund Managed: U.S. Global Accolade Eastern Europe (EUROX)

Career: Wiles has been with Charlemagne Capital Management since 1995. Previously, he was with Buchanan Partners, a London-based global emerging markets hedge fund. He is an associate of the U.K. Society of Investment Professionals.

Education: Masters London Business School

Manager Notes: Wiles invests in companies located in emerging markets in Eastern Europe. This typically includes Russia, Poland, the Czech Republic, Hungary and Turkey. He looks for larger companies with name-brand recognition.

6. Lynette Schroeder

TRS Score: 11.45

Fund Managed: Driehaus International Discovery Fund (DRIDX)

Career: In 2000, Schroeder left Driehaus for American Century Investment Management. She rejoined Driehaus in 2005. Schroeder began her investment career as an analyst for Scudder, Stevens & Clark in 1993.

Education: A.B., University of Chicago, M.B.A., Darden Business School University of Virginia

Manager Notes: Schroeder aims to maximize capital appreciation by investing in companies that are capable of rapidly increasing sales and earnings and that have potential for long-term growth. She primarily focuses on stocks of small to mid-size foreign companies. Normally, she invests a minimum of 65% of assets in no less than three different foreign markets.

7. Markus Brueck

TRS Score: 11.33

Fund Managed: Metzler/Payden European Emerging Markets Fund (MPYMX)

Career: Brueck joined Metzler/Payden in 2002. Prior to that, he held positions at Credit Suisse Asset Management, Deka Investment Management and WestLB Capital Management. He has worked in the investment industry for 15 years.

Education: Justus Liebig University of Giessen/Germany

Manager Notes: Brueck invests in developing economies of Central and Eastern Europe. When selecting stocks, Brueck uses both a top-down and bottom-up analysis. He focuses on economic conditions as well as the valuation and momentum of individual securities. As part of his analysis, Brueck will often visit companies and meet with management.

8. Team Managed J Hancock Balanced

TRS Score: 11.27

Funds Managed: John Hancock Balanced Fund Class A (SVBAX), John Hancock Balanced Fund Class B (SVBBX), John Hancock Balanced Fund Class C (SVBCX), John Hancock Balanced Fund Class I (SVBIX)

Career: Team members include Roger Hamilton, Jeffrey Given and Timothy Malloy.

Education: Not available

Manager Notes: This team invests in a mix of debt and equity securities. In particular, team members look to invest in companies that appear to be undervalued and in debt securities that will add current income and stability to the portfolio. Normally, the fund's assets are invested in at least 25% equity securities and 25% debt securities.

9. Team-Managed JHancock Large Cap Equity

TRS Score: 10.70

Funds Managed: John Hancock Large Cap Equity Fund Class A (TAGRX), John Hancock Large Cap Equity Fund Class B (TSGWX), John Hancock Large Cap Equity Fund Class C (JHLVX), John Hancock Large Cap Value Fund Class I (JLVIX)

Career: Team members include Roger Hamilton and Timothy Malloy.

Education: N/A

Manager Notes: The team looks to obtain long-term capital appreciation by investing primarily in equity securities issued by large-cap companies. They use proprietary financial models combined with a bottom-up analysis to identify the best investment options. They generally look for companies that are currently undervalued and offer better than average potential earnings growth.

10. David B. Iben

TRS Score: 9.94

Funds Managed: ING Global Value Choice Fund Class I (NAWIX), ING Value Choice Fund Class A (PAVAX), ING Value Choice Fund Class B (PAVBX), ING Value Choice Fund Class C (PAVCX), ING Global Value Choice Fund Class Q (NAWQX), ING Global Value Choice Fund Class C (NAWCX), ING Global Value Choice Fund Class B (NAWBX), ING Global Value Choice Fund Class A (NAWGX), ING Value Choice Fund Class I (PAVIX), Nuveen Tradewinds Value Opportunities Fund Class R (NVORX), Nuveen Tradewinds Value Opportunities Fund Class C (NVOCX), Nuveen Tradewinds Value Opportunities Fund Class B (NVOBX), Nuveen Tradewinds Value Opportunities Fund Class A (NVOAX), Nuveen Tradewinds Global All-Cap Fund Class R (NWGRX), Nuveen Tradewinds Global All-Cap Fund Class C (NWGCX), Nuveen Tradewinds Global All-Cap Fund Class B (NWGBX), Nuveen Tradewinds Global All-Cap Fund Class A (NWGAX)

Career: Iben served as CEO of Palladian Capital Management before joining Nuveen Asset Management in 2000. He also managed institutional accounts at Cramblit & Carney and served as CIO at the Farmers Group. He is a CFA charter holder.

Education: B.A., University of California at Davis, M.B.A., University of Southern California

Manager Notes: Iben utilizes a value-driven investment strategy to achieve long-term total returns. He uses his expertise on market conditions to look for equity securities that may be undervalued due to investor overreaction, misperceptions and short-term focus.