Mutual
Fund
R
E
V
I
E
W
By The Associated Press and Lipper, Inc.
Associated Press
Funds rally in 2nd quarter as war's end lifts confidence
NEW YORK (AP) Ð The end of
major hostilities in Iraq applied a
healing salve to bruised world
markets, helping most major
mutual fund categories post
healthy double-digit gains over
the past three months.
The market surge, which began
in mid-March, picked up momentum in the second quarter, leaving
many investors and fund managers pondering whether there
was an end in sight to the 3-yearold bear market.
Standout fund categories included international funds and science
Gregory Roth Associated Press Writer
posted strong gains despite the
blow to many Asian economies
and technology funds, but even
U.S. large cap funds posted average gains of at least 13 percent,
according to Lipper Inc., a New
York-based firm that tracks the
mutual fund industry. That was
comparable to the performance of
the Standard and PoorÕs 500
index, a broad measure of the
U.S. equities market and a prominent fund benchmark.
Diversified international funds
and region-specific funds bounced
back strongly, wiping out firstquarter losses and posting solid
gains for the year thus far.
The best performing international funds included those
focused on Europe and emerging
markets.
Investors in European funds
were doubly blessed, as rallies in
many European stock markets
were boosted by the newfound
strength of the euro.
Emerging markets funds also
Newfound gains in long-battered technology stocks boosted
science and technology mutual
funds by more than 20 percent for
the quarter, mirroring the rise of
the tech-heavy Nasdaq composite
index.
Gregory
Roth
is
deputy
director/content & marketing of
Markets Information for The
Associated Press.
Mutual fund performance, by asset size
Top performers in popular categories
Period
Fund
% Rtn Cnst.
Fund Name
Legg Mason Focus;Prm
Legg Mason Focus;Prm
Legg Mason Focus;Prm
Legg Mason Focus;Prm
Sequoia Fund
30.92
34.89
51.77
21.23
289.16
√
√
√
√
√
√
Mid-Cap Growth
Quarter
Year to Date
1 Year
5 Years
10 Years
Nevis Fund
Nevis Fund
Nevis Fund
Bridgeway:Aggr Inv 1
Calamos:Growth;A
Small-Cap Growth
Quarter
Kopp Emerg Growth Fd;A
Year to Date Oberweis:Micro-Cap
1 Year
FBR:Sm Cap Value;A
5 Years
Turner Micro Cap Gro;I
10 Years
Wasatch:Sm Cap Gr
31.67
32.69
19.56
145.21
464.78
43.80
45.74
32.11
288.56
299.16
√
√
√
√
√
AMIDEX:35 Mutual Fd;NL
AMIDEX:35 Mutual Fd;NL
AMIDEX:35 Mutual Fd;NL
BlackRock:Intl Op;Inst
Morg Stan Inst:Intl;A
Green Century:Balanced
Green Century:Balanced
Green Century:Balanced
Oakmark Eqty & Inc;I
FPA Crescent
39.46
45.39
46.17
81.91
188.65
34.15
34.69
14.36
70.04
237.52
√
√
-5
√
Total Net
Assets ($ mlns.)
Firsthand Glb Tech;Inv
Amerindo:Technology;D
Jacob Internet Fund
Kinetics:Internet;NL
Fidelity Sel Elctronic
51.71
64.99
75.71
122.92
405.01
Utilities
Quarter
Year to Date
1 Year
5 Years
10 Years
Fidelity Sel Util Gro
MFS Utilities;B
MFS Utilities;B
Eaton Vance Utils;A
MFS Utilities;A
23.50
20.77
15.20
28.26
141.17
742637.4
344291.0
299739.9
276999.5
235926.9
199293.2
145737.2
58161.3
66174.8
66433.7
56937.4
51766.1
31094.3
23139.2
20820.1
12010.6
9685.5
6774.6
736.2
322439.8
√
√
Health & Biotechnology
Quarter
Year to Date
1 Year
5 Years
10 Years
GenomicsFund.Com
GenomicsFund.Com
PIMCO:RCM Biotech;D
PIMCO:RCM Biotech;D
Vanguard Hlth Care;Inv
35.17
49.56
33.08
163.97
540.86
√
Equity Income
Quarter
Year to Date
1 Year
5 Years
10 Years
AXP:Dvsd Equity Inc;A
Heritage Gro & Inc;A
Parnassus:Equity Income
Parnassus:Equity Income
Scudder Drem Hi Rtn;A
22.66
18.11
9.39
62.93
225.72
√
√
√
√
√
√
Number
of Funds
623
407
541
312
287
202
131
145
217
91
295
179
90
65
60
78
42
28
9
307
Capitalization:
Read up and
down to find
funds that
invest in
Large
Companies,
Mid-size
Companies
or Small
Companies
Core $$$
1-Yr.
0.23
-0.23
0.86
-2.23
11.21
5.55
-0.22
-2.04
5
10
American Funds Inc;A
Vanguard Instl Indx;Ins
American Funds NPer;A
American Funds EuPc;A
Vanguard GNMA;Inv
Vanguard Wellington;Inv
Fidelity Equity-Inc
Vanguard Windsor II;Inv
Fidelity Puritan
Large-Cap Core Funds
Large-Cap Growth Funds
International
Multi-Cap Value Funds
Multi-Cap Core Funds
Global Funds
Equity Income
Small-Cap Value Funds
Science & Technology
Health & Biotechnology
Small-Cap Growth Funds
Sector
Emerging Markets
European Region
Utility
Pacific Region
Natural Resources
Gold
Latin America
Balanced
Growth $$$$$
LV
LC
LG
Large-Cap Value
Large-Cap Core
Large-Cap Growth
XV
XC
XG
Multi-Cap Value
Multi-Cap Core
Multi-Cap Growth
MV
MC
MG
Mid-Cap Value
Mid-Cap Core
Mid-Cap Growth
SV
SC
SG
Small-Cap Value
Small-Cap Core
Small-Cap Growth
Value:
Core:
Growth:
Cheap, slower growth stocks
Medium growth stocks
Expensive, high-growth stocks
AB-Long-Term Bond: Funds that
invest in corporate and government
debt issues in the top grades.
AU-Gold Oriented: Funds that invest
in gold mines, gold-oriented mining
finance houses, gold coins, or
bullion.
BL-Balanced: Primary objective is to
conserve principal, by maintaining a
balanced portfolio of both stocks and
bonds.
EI-Equity Income: Funds that seek
high current income and growth of
income through investment in
equities.
EM-Emerging Markets: Funds that
invest in emerging market equity
securities, where the "emerging market" is defined by a country’s GNP
per capita and other economic
measures.
EU-European Region: Funds that
invest in markets or operations concentrated in the European region.
GL-Global Stock: Funds that invest
in securities traded outside of the
U.S. May own U.S. securities as
well.
Objective
Return
15
11.37
15.41
19.99
17.98
0.99
12.55
17.91
18.80
12.31
20
5.83
0.37
-0.67
-5.25
6.90
2.75
-2.19
-0.42
3.79
25
13.20
-0.30
Dodge & Cox Stock
16.59
0.42
Vanguard Tot Stk Idx;Inv
16.46
1.14
Fidelity Growth Company 19.31
5.67
Vanguard Tot Bd;Inv
2.56
9.33
Amer Cent:Ultra;Inv
13.86
-1.56
Fidelity Lw-Prcd Stk
21.31
0.25
2.75
10.92
10-year
% Return
5-year
% Return
122.50
98.41
58.74
163.69
141.69
104.23
130.40
200.14
173.17
258.46
123.44
185.41
11.63
108.84
71.64
-12.10
117.86
-2.47
27.42
112.58
-12.02
-18.87
-12.11
11.37
1.66
-6.47
4.08
36.72
-9.71
49.13
6.54
26.44
14.19
-13.86
-5.55
29.32
28.78
72.80
-2.08
8.23
1-year
% Return
-1.92
-1.18
-7.40
-0.34
-0.27
-4.05
-1.96
-2.98
7.05
9.85
-1.60
2.71
5.84
-6.99
1.54
-7.67
0.23
8.87
8.26
3.17
GM-General Muni: Invest in muni
debt issues in the top four credit
ratings.
GT-General U.S. Taxable: Funds
that invest in General Bonds.
HB-Health/Biotech: Funds that
invest in companies related to health
care, medicine, and biotechnology.
HC-High Yield Taxable: Funds that
aim for high current yields from fixed
income securities. Tend to invest in
lower grade debt.
HM-High Yield Municipal: Funds that
invest in lower rated muni debt
issues.
IB-Intermediate Bond: Funds that
invest their assets in investment
grade debt issues (rated in the top
four grades) with dollar-weighted
average maturities of five to ten
years.
IG-Intermediate U.S.: Intermediate
U.S. Government; Intermediate U.S.
Treasury.
IL-International Stock:(non-U.S.):
Canadian; International; International
Small Cap.
IM-Intermediate Muni: Intermediateterm Muni Debt including single
states.
LT-Latin American: Funds that invest
their assets in markets or operations
concentrated in the Latin American
region.
LU-Long-Term U.S.: General U.S.
Government; General U.S. Treasury;
Target Maturity.
MP-Stock/Bond Blend: Multi-purpose
funds such as Balanced Target
Maturity; Convertible Securities;
Flexible Income; Flexible Portfolio;
Global Flexible and Income funds,
that invest in both stocks and bonds.
MT-Mortgage: Adjustable Rate
Mortgage; GNMA; U.S. Mortgage.
NM-Insured Muni: California Insured
Muni Debt; Florida Insured Muni
Debt; Insured Muni Debt; New York
Insured Muni Debt.
NR-Natural Resources: Funds that
invest their assets in natural
resource stocks.
PR-Pacific Region: China Region;
Japanese; Pacific Ex-Japan; Pacific
Region.
SB-Short-Term Bond: Ultra Short
Obligation; Short Investment Grade
Debt; Short-Intermediate Investment
Grade Debt.
SE-Sector: Financial Services; Real
Estate; Sector/ Miscellaneous.
SM-Short-Term Muni: California
Short-Intermediate Muni Debt; Other
States Short-Intermediate Muni
Debt; Short-Intermediate Muni Debt;
Short Muni Debt.
SP-S&P 500 Index: Funds that are
passively managed, and designed to
replicate the performance of the
Standard & Poor’s 500 Index on a
reinvested basis.
SQ-Specialty Equity: Funds that
invest in all market capitalization
ranges, with no restrictions for any
one range. May have strategies that
are distinctly different from other
stock funds.
SS-Single-State Municipal: Funds
that invest in debt of individual
states.
SU-Short-Term U.S.: Short U.S.
Treasury; Short U.S. Government;
Short-Intermediate U.S. Government.
Firsthand Glb Tech;Inv
ProFunds:UltraSm-Cap;Inv
Jacob Internet Fund
Hodges Fund
Fidelity Lvrgd Co Stk
Kopp Emerg Growth Fd;A
Fifth:Technology;Inst
Firsthand Tch Inn;Inv
Dreyfus Sm Co Val
AMIDEX:35 Mutual Fd;NL
SunAm:Foc Tech;A
Federated Kauf SC;A
Firsthand Tch Val;Inv
Tocqueville:Sm Cap
WellsFargo:Spec Tech;B
Legg Mason Inv:Oppty;Prm
ING:MidCap Value;A
Oberweis:Emerg Growth
Wireless:Wireless Fund
PIMCO:RCM Gl Tech;D
Oberweis:Micro-Cap
RS Inv:Internet Age
Munder:NetNet;B
Undsc Mgr:Beh Val;Inst
Matthews Asian:Korea
TK
SC
TK
XC
MC
SG
TK
TK
SV
IL
TK
SG
TK
SV
TK
MV
MV
SG
TK
TK
SG
TK
TK
SC
PR
51.71
48.14
46.43
45.08
44.06
43.80
41.08
40.91
39.67
39.46
39.16
39.07
38.98
38.90
38.75
38.29
37.54
37.44
37.12
36.91
36.86
36.75
36.71
36.17
36.14
TK
TK
MC
HB
TK
TK
TK
SG
TK
IL
64.99
53.75
50.40
49.56
47.02
46.79
46.69
45.74
45.64
45.39
Fidelity Lvrgd Co Stk
Jacob Internet Fund
Amerindo:Technology;D
Legg Mason Focus;Prm
ING Russia;A
AMIDEX:35 Mutual Fd;NL
AllianBer Em Mkt Dbt;A
Jundt Opportunity;B
Fidelity Capital & Inc
Fidelity Adv HI Advt;T
MC
TK
TK
LG
EM
IL
WB
XG
HC
HC
84.99
75.71
64.57
51.77
46.61
46.17
45.32
44.70
42.80
40.80
5 years
Matthews Asian:Korea
Turner Micro Cap Gro;I
Morg Stan Inst:SC Gr;I
ING Russia;A
Wasatch:Micro Cap
Fidelity Adv Korea;A
PIMCO:RCM Biotech;D
Bjurman Barry:Mi-Cp Gr
Tocqueville:Gold Fund
Bridgeway:Aggr Inv 1
PR
SG
SG
EM
SG
PR
HB
SG
AU
MG
308.30
288.56
201.42
193.29
181.86
173.99
163.97
162.64
159.40
145.21
Vanguard Hlth Care;Inv
HB
Calamos:Growth;A
MG
Eaton Vance Ww H&S;A
HB
Fidelity Sel Elctronic
TK
Fidelity New Millennium
XG
FPA Capital
MV
Legg Mason Value Tr;Prm XV
Wasatch:Core Growth
MC
Janus Sm Cap Val;Inst
SV
Fidelity Sel Home Fin
SE
540.86
464.78
423.48
405.01
388.36
360.53
358.98
353.86
347.37
346.44
5 years
Fidelity Blue Chip Grow
PIMCO:Total Return;Admn
Quarter
Amerindo:Technology;D
Jacob Internet Fund
Fidelity Lvrgd Co Stk
GenomicsFund.Com
RS Inv:Info Age
RS Inv:Internet Age
Firsthand Glb Tech;Inv
Oberweis:Micro-Cap
Munder:NetNet;B
AMIDEX:35 Mutual Fd;NL
10 years
YTD
% Return
10.47
12.33
9.48
12.35
12.03
10.12
9.65
14.54
23.34
18.05
17.25
13.14
15.96
9.98
12.30
8.61
10.48
0.53
20.47
8.74
Quarter
% Return
14.14
13.56
19.07
18.10
16.00
17.69
15.43
21.93
24.01
16.82
22.03
15.62
23.38
21.25
17.10
16.26
12.04
14.05
21.87
10.66
Other Fund Objectives and footnotes
Read across to find funds that invest in different strategies.
Value $
0
Qtr.
15.39
14.25
14.47
15.94
2.82
17.21
11.81
10.43
Type of Funds
U.S. Diversified Equity Objectives
Fund
By period
Year to date
Mutual fund performance, by fund objective
√
Science & Technology
Quarter
Year to Date
1 Year
5 Years
10 Years
Net assets
63188
61169.6
49430.9
46286.4
42409.1
36573.9
29611.6
27705.8
24448.6
23792.6
23272.7
23128.2
22337.2
21083
19524.8
19509.4
19211.2
18920.8
18455.2
18210.7
17897.9
17814.1
17537.1
17148.7
17079.5
Fund Name
Vanguard 500 Index;Inv
Fidelity Magellan Fund
American Funds ICA;A
American Funds Wsh;A
PIMCO:Total Return;Inst
American Funds Gro;A
Fidelity Contrafund
Fidelity Gro & Inc
International
Quarter
Year to Date
1 Year
5 Years
10 Years
Balanced
Quarter
Year to Date
1 Year
5 Years
10 Years
1 Year
(millions)
Large-Cap
Quarter
Year to Date
1 Year
5 Years
10 Years
Quarter
Vanguard 500 Index;Inv
Fidelity Magellan Fund
American Funds ICA;A
American Funds Wsh;A
PIMCO:Total Return;Inst
American Funds Gro;A
Fidelity Contrafund
Fidelity Gro & Inc
American Funds Inc;A
Vanguard Instl Indx;Ins
American Funds NPer;A
American Funds EuPc;A
Vanguard GNMA;Inv
Vanguard Wellington;Inv
Fidelity Equity-Inc
Vanguard Windsor II;Inv
Fidelity Puritan
Fidelity Blue Chip Grow
Dodge & Cox Stock
Vanguard Tot Stk Idx;Inv
Fidelity Growth Company
Vanguard Tot Bd;Inv
Amer Cent:Ultra;Inv
Fidelity Lw-Prcd Stk
PIMCO:Total Return;Admn
Prsv.
Top performers
from the SARS epidemic.
2nd Quarter 2003
Funds that receive checkmarks in these fields provided
consistent returns (Cnst.) from year to year or
displayed a superior ability to preserve capital in a
variety of markets (Prsv.) when compared with similar funds
over a three year time horizon. For more information, see
www.lipperleaders.com
EQUITY FUNDS*
TK-Science & Technology: Funds
that invest in science and
Technology stocks.
Includes
Telecommunication funds.
UT-Utility: Funds that invest in utility
stocks.
WB-World Bond: Emerging Markets
Debt; Global Income; International
Income; Short World Multi-Market
Income.
FOOTNOTES:
S - A significant event affected performance.
* For funds with multiple classes,
only one fund (the biggest by total
assets) is shown.
Total return performance and ranking
figures based on data received by
Lipper, Inc. by 7 p.m. 6/30/03.
Bottom performers By period
Fund
Objective
Return
Quarter
ProFunds:UltSht OTC;Inv
Rydex Dynamic:Vn 100;H
ProFunds:UltraBear;Inv
Rydex Dynamic:Tm 500;H
Comstock Cap Val;A
ProFunds:Sh OTC;Inv
Rydex:Arktos;Inv
ProFunds:Bear;Inv
Potomac:US/Short;Inv
Rydex:Ursa Fund;Inv
SQ
SQ
SQ
SQ
SQ
SQ
SQ
SQ
SQ
SQ
-31.15
-31.02
-26.41
-26.32
-16.63
-16.57
-16.20
-13.99
-13.84
-13.78
Rydex Dynamic:Vn 100;H
ProFunds:UltSht OTC;Inv
ProFunds:UltraBear;Inv
Rydex Dynamic:Tm 500;H
ProFunds:Sh OTC;Inv
SQ
SQ
SQ
SQ
SQ
-40.79
-40.39
-24.33
-24.23
-21.25
1 years
Rydex Dynamic:Vn 100;H
ProFunds:UltSht OTC;Inv
ProFunds:Sh OTC;Inv
Rydex:Arktos;Inv
Liberty:Nwp Jpn Opp;B
SQ
SQ
SQ
SQ
PR
-50.95
-50.94
-24.32
-24.04
-23.47
SQ
XG
SG
LG
TK
-92.71
-80.86
-66.75
-63.90
-61.50
AU
PR
AU
PR
SQ
-75.97
-56.98
-53.13
-51.45
-44.98
Year to date
5 years
ProFunds:UltSht OTC;Inv
ProFunds:UltraOTC;Inv
Van Wagoner:Post-Vent
American Growth;D
AIM Inv:Gl Sci&Tech;A
10 years
US Glbl:Gold Shares
DFA Japan Small Company
Midas Fund
Commonwealth Japan
Comstock Cap Val;A