Mutual Fund Report: Five-Star Managers

Don't let the summer doldrums grab hold of your portfolio. We've rounded up several five-star mutual fund managers to offer up on their latest strategies and best investment ideas.

Don Shute -- IMS Strategic Income (IMSIX)

This isn't your father's bond fund. The IMS Strategic Income has the ability to invest in a wide array of income-producing securities. At the moment, Don Shute says the fund put more than one-third of the fund's assets in high-yield bonds and about 20% in common stocks. Shute also can invest as much as 25% of its assets in foreign securities.

The strategy has produced a 6.58% return year-to-date, according to Morningstar. Over three-years, the return is 12.62%.

Shute discusses which investors should own the fund, which he sees as a complement to a more traditional bond fund. You'll also hear about: Coalcorp Mining and Argentina's Industrias Metalurgicas.

Henry Ellenbogen -- T. Rowe Price Media & Telecom Fund (PRMTX)

A series of bets in the rapidly changing media and telecommunications industries have allowed Henry Ellenbogen to nearly triple T. Rowe Price Media & Telecom Fund's assets over the past five years.

"This is a fund that really does focus on absolute returns," Ellenbogen told CNBC's "Squawk Box." "We're not concerned about any benchmark."

Ellenbogen tends to concentrate his investments in a few areas where he sees growth potential. Right now, one of his favorite segments is the providers of wireless data and voice towers such as American Tower, Crown Castle and SBA Communications.

He also discusses why he likes "all-you-can-eat" wireless providers such as Leap Wireless and Metro PCS and outdoor advertising companies.

"You can't Tivo traffic," Ellenbogen says, discussing Lamar Advertising and Clear Channel Outdoor Holdings, his top picks in the billboard space.