Mutual fund managers who believed the slump in oil prices would be short-lived have been taking it on the chin, but some are not giving up, betting that the market will bounce back and they will have the last laugh. The FPA Capital Fund, the Towle Deep Value Fund and the Mount Lucas US Focus Equity fund are among several that are still plowing money into oil exploration and production companies, even as their performance numbers sank to the bottom 5 percent this year, according to Morningstar. (Graphic: link.reuters.com/nup45w ) Their reason for buying oil stocks even as crude prices are tanking again after a tentative second-quarter recovery? A bet that U.S. production will retreat sharply over the next 12 months, setting the stage for a rebound toward $65-70 per barrel that […]