It will be difficult for these managers to top this year's performance, but they're going to try.
Miners are still on Barbee's radar. While he sold out of several of his positions this year, with gold prices falling by 10 percent since Trump's election, some of the stocks he had purchased look attractive again.
He also thinks companies that benefit from rising inflation will do well in 2017. That includes gold miners, but also his largest holding is in Alliance One International, a North Carolina-based company that processes and sells leaf tobacco. It lost $35 million in profits in 2015 due to a major rainfall in Brazil wiping out its crops, but with weather remaining calm this year, and hopefully next, earning should continue to rise, he said.
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Hodges is bullish on the market in general, but he does think it will sell off at some point and that the Dow hitting 20,000 could cause investors to sell. When it does pull back, he's going to buy. He's got his eye on infrastructure stocks — he thinks Trump's infrastructure plans could boost cement, steel, road-building and construction companies — and he also thinks financials will improve as rates rise next year. "You'll see them start doing a lot better," he said. "It's almost a whole new game."
These managers are no doubt thrilled with how their funds performed this year, but Hodges does say that it will be hard to repeat. However, he's still searching for opportunities, and he said that despite record-breaking markets and higher valuations on many stocks, he's still finding undervalued buys that could hit big in the future.
"There's always things going on," he said. "You might have to be patient, but buy something cheaply, at below replacement cost and you'll be rewarded."
— By Bryan Borzykowski, special to CNBC.com