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.

For 25 years, Steven Halpern, editor of TheStockAdvisors.com, has surveyed the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is one of 100+ ideas in the Best Stocks for 2008 report.

"My favorite conservative fund for 2008 is Gateway Fund (NASDAQ: GATEX)," says Ron Rowland, editor of All Star Fund Trader.

"This past year, the markets struggled. The question is where 2008 is heading. Our indicators show continued challenges in US equities based upon fundamental economic weakness. Because of subprime mortgage defaults and other related issues, investors should consider a strong but conservative strategy for a portion of their holdings.

"One place to look is Gateway Fund. With over $4 billion in assets and an impressive, long-term track record, Gateway typically meets the objective of a higher total return with less risk than the S&P 500. Its five-year chart resembles a gentle upward slope -- exactly what you want when reviewing conservative funds.

"Other funds have tried a similar strategy, but none have the longevity or track record that GATEX offers. To defend
against further market irregularities, look to Gateway Fund in 2008."