Banks' problems not yet solved

"I think we're seeing the problem children being taken out," said Anton Schutz, whose Burnham Financial Services Fund BURKX.O has outperformed 96 percent of its peers over three years, according to Morningstar Inc.

"Nobody wants these companies to fail; nobody wants a run on them," he said. "But Fannie Mae, Freddie Mac, AIG, Lehman, Bear Stearns, Merrill Lynch, they've all been solved. It doesn't mean banks won't have continuing issues; it's just that the risk of a large institution failing is behind us."