This post is part of a special annual report -- Top Stock Picks '09 -- in which TheStockAdvisors.com asked 75 leading newsletter advisors to select their favorite investment for the new year.

Leading fund expert Ron Rowland looks to a conservatively managed mutual fund as his favorite investment play for 2009. In his All Star Investor, the advisor takes a look at Gateway Fund (GATEX).

"Gateway Fund is a conservative fund that has shown equity-like returns with bond-like volatility for over 20 years.

"From inception in 1988 through November 2008, GATEX had a +7.6% annual return -- slightly behind the S&P 500 but with a fraction of the volatility.

"More recently, the fund's steady returns are beating the market by a mile. Gateway pioneered the 'buy-write' strategy of owning stocks and selling call options to earn income.

"The fund is at its best in choppy, sideways markets -- which makes it an excellent choice for risk-averse investors who don't want to abandon equities entirely in this uncertain economy."

Steven Halpern's TheStockAdvisors.com offers a daily look at the latest market commentary and favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.