2012 Mutual Fund Rankings

Transcription

September 10, 2012
TIMELY, TRUSTED PERSONAL FINANCE ADVICE & BUSINESS FORECASTS
CASH IN HAND
Amazing
Income
FromRankings
Closed-End
2012Tax-Free
Mutual
Fund
Muni Bond Funds
We list which funds did best and which are worth owning now. Funds that focus on dividends and
These investments are the secret to earning yields as high as 7% for your
Quality. Defaults are rare, and bond ratings have their shortcomings. But you’ll
stability
should
in arisk.
tough environment.
portfolio.
But CEFsthrive
are not without
get an extra measure of protection if you stick with funds that own mostly bonds
By Jeffrey R. Kosnett
By the Editors of Kiplinger’s Personal Finance magazine
Can you imagine an investment that pays 10% nowadays and doesn’t own
garbage? Believe it or not, such a thing exists. You can buy it through your brokerage aaccount,
paying year
regularfor
commissions;
can sell
it anytime
youU.S.–
please; and
It was
mediocre
the U.S.you
stock
market
and
you don’t have to be a rocket scientist to understand what you own.
orientedWe’re
stocktalking
funds.
But
it
could
have
been
worse.
In
fact,
about closed-end funds that invest in tax-free municipal it
bonds.
Many
of them sport current yields
of 6%
to 7%. If you’re
in theabout
top, 35%the
federal
was a lot
worse—overseas.
With
concerns
growing
tax bracket, a tax-free yield of 6.5% is equivalent to 10% from a taxable security.
health of the global economy, investors concluded that the U.S.
was the
best
block in a bad neighborhood and nudged Standard
The
Risks
course, closed-end
CEFs,total
are notreturn
without over
risk. The
& Poor’sOf500-stock
indexfunds,
to aor5.5%
thebonds in the
portfolios typically come with interest coupons of 3% to 5%, and nearly all of the
12-month
thatyields
ended
Juneleverage.
29 (that
figure
a 9.5%
fundsperiod
inflate those
by using
They
borrow,reflects
at short-term
interest
centssix
to 50
cents for of
each
dollar of
theiras
assets
use the extra
cash to
gain inrates,
the30first
months
2012).
But
theand
European
debt
buy more bonds.
crisis and
possible
breakup
of theholdings
euro zone
took
center
Thethe
strategy
works as
long as a fund’s
yield more
than
its borrowing
Butgrowth
it bombs when
interest
spike,and
raising
a fund’s
financing costs
stage, costs.
and as
slowed
inrates
China
other
emerging
na- and
smashing theabandoned
value of the bonds
it owns.stocks
As longin
as short-term
interestMSCI
rates are
tions, investors
foreign
droves.
The
near zero and tax-free bond yields remain high relative to yields on Treasury bonds,
EAFEhowever,
index,investors
which have
tracks
perform
a
nce
in
developed
overseas
little reason to worry.
markets, plunged 13.4%, and the MSCI Emerging Markets inOutstanding Returns
dex sankFor15.7%.
muni CEFs, 2011 has been a rousing year. On average, the group gained
October
7, according
to Morningstar
(the figures are
returns
The12.8%
past through
year also
marked
the growing
prominence
of for
what
on a fund’s assets). By comparison, the average national open-end muni fund
has become
known
as
the
risk-on/risk-off
trade—that
is,
the
earned 7.2%.
tendencyWhat’s
of allbehind
sortsthese
of markets
moveIt starts
in lock
depending
outstandingto
returns?
with step
generous
tax-free disare generally
to 7% when
divide
a fund’s share price by
on the tributions,
mood ofwhich
investors
on a6%given
day.you
The
phenomenon
the annualized cash-payout rate. Most CEFs pay a few cents monthly and revise
made ittheexcruciatingly
difficult
for traditional stock pickers to
figure as market conditions
dictate.
But the
of this
gains came
a bull
in tax-free
excel. Over
thelion’s
pastshare
year,
foryear’s
example,
onlyfrom
11%
of market
actively
bonds. And that, in turn, represents a rebound from a sell-off that started late last
managed
stock funds
on large
companies
beat
year because
of a panicthat
aboutfocus
the solvency
of stateU.S.
and local
governments.
Holders
of regular
the S&P
500. (or open-end) tax-exempt funds redeemed shares in waves, forcing manto dump billions of dollars worth of bonds to raise cash.
Theagers
stock-fund
groups that performed best over the past
Interestingly, many buyers of those depressed bonds were CEF managers, inyear underscored
two
themes:
desireof for
safety
and
stabilcluding some who
bought
debt thatthe
managers
open-end
funds
inside
the same
rated single-A or better. Those funds are likely to be loaded with general-obligation
and essential-service bonds (for water, sewer, highway projects and the like). A
fund filled with “community development” or entertainment-related debt will
probably
lag higher-quality
funds in a bear
market
municipals.
ity,
and the
quest for income.
With
theforU.S.
economy in a rut, a
Discounts and premiums. It is an oversimplification to say you should buy a
number
of
European
countries
in
recession
and
rock-bottom
muni CEF (or any closed-end fund) only when its shares trade at a discount to net
interest
rates
that
showSome
no signs
of rising
soon,and
look
forevent,
these
asset value
(NAV)
per share.
always trade
at a premium,
in any
discounts
premiumsover
tend tothe
be narrower
for year.
muni CEFs than they are for, say,
trends
toand
continue
coming
closed-end stock funds. Just don’t buy any muni CEF selling at a double-digit preWe to
present
the dare
topstretch
performers
over the
one, three,
five,
mium
NAV. If you
for extra income
withpast
a high-yield
(junk) taxfreeand
CEF,20
waityears
for the in
fund
trade at a discount. stock-fund groups and
ten
11tocategories—ten
Reserves. Assets listed as “undistributed net investment income,” or UNII, proone
forshould
alternative
our suggesvidegroup
a backstop
the fund’s investments—along
investments earn less than it iswith
committed
to pay
in dividends.
want afunds
fund’s UNII
cover at least
two months’
payouts.
Three
tions
aboutYou
which
youtoshould
consider
buying
now.
The
is better. You can find this data on a fund’s Web site or in its shareholder reports.
lists include only funds that require modest amounts to get
started
andMuni
thatCEFs
are available to all customers.
5 Attractive
Listed alphabetically below, all of the muni CEFs have good cash reserves, and
all but one use leverage. All of the funds invest in states and localities across the
LARGE-COMPANY
STOCK
FUNDS
best from
of aamong
sorry
nation. If you live in a state with
a high income
tax, youThe
can choose
dozens of single-state muni CEFs. Total returns are based on performance of a
fund’s assets. All data is as of October 7.
lot
This was the best-performing category over the past year, but it
basically
by default.
Named
a NewMUE)
Testament parable
BlackRockwon
MuniHoldings
Quality
Fund for
II (symbol
2011 Return:
15.2%Matthew 25 is a concentrated fund managed by
about
investing,
Current Distribution Rate: 6.7%
Mark
holding,
results.
ApThisMulholland.
CEF combines aHis
hightop
distribution
rate Apple,
(without aboosted
junky portfolio)
and an
above-average
performance
Annualalso
expenses
of 1.07%
aresuccess
about average.
ple’s
75% rise
over thehistory.
past year
explains
the
of the
funds
that trackIncome
the Nasdaq
100; it accounts for nearly one-fifth
DWS Municipal
Trust (KTF)
of2011
theReturn:
index.14.8%
Donald Yacktman, a seasoned bargain hunter whose
eponymous
funds rank at or near the top of the list of winners for
Run by veteran manager Phil Condon, this CEF has one of the best long-term
the
fiveand
ten-year
periods,
he has
never
seen50such
highrecords in the field.
It’s 50%
leveragedsays
(meaning
the fund
borrows
cents for
every dollar
of its net assets),
which
to risk. Fidelity
But the duration
of its bonds
is dequality
businesses
selling
so adds
cheaply.
Contrafund
has
shorter than in competing funds, which cuts risk.
livered superior returns since the estimable Will Danoff took
Invesco
Insured Municipal
Bond
(IMC) looks for growth wherever he
over
as manager
in 1990.
Danoff
2011 Return: 13.4%
can
find
it
and
isn’t
particularly
concerned about a stock’s price.
organizations dumped. The CEF managers, who had no need to sell bonds because
of the way closed-ends work, loved it. “We bought a broad range of excellent stuff
Don’t expect any surprises from this fund. It holds a high-quality portfolio that’s
— including some hospital bonds and other high-quality bonds that got cheap,”
big on general-obligation and public-service revenue bonds, and it hardly ever
says Cynthia Clemson,
who runs
or co-manages
a number of Eaton Vance CEFs.
trades them. Annual fees are a modest
0.50%.
Large-Company
Stock
Funds
- 1 year
Data
through October 31, 2012
This kind of opportunistic buying suggests that CEFs should outpace their openend brethren until the tax-free bond market heads south. But with investors
Nuveen Municipal Value (NUV)
5-YR you’re 10-YR
VOL
REDEMPTION
EXPENSE
fretting far more over Greece and1-YR
Italy than about 3-YR
California and Illinois,
2011 Return:20-YR
8.5%
FUNDnot
NAME
RATIO
SYMBOL
RETURN
RETURN
RETURN
RETURN
RETURN Rate: 5.0%
Rank
FEE
likely to see
that for some time.
Current Distribution
The yield is light because this fund does not use leverage. But that also makes
matthew
Identifying Winners
it the best choice for the safety-minded. In the third quarter of 2008, when lever1.22
28.84 Eaton Vance,
27.91Nuveen and7.85
—
2.00r
25 FundSeveral fundMXXVX
firms, led by BlackRock,
Pimco, offer 8.76
aged funds got battered,
NUV lost7just 1%.
scads of muni CEFs. Nuveen sponsors 29 long-term national muni CEFs with
meaningless names, such as Quality Income and Municipal High Income OpporWestern Asset Managed Municipals (MMU)
Direxion
tunity. But no single fund has must-have, go-to stature. The distribution rate and
2011 Return: 12.8%
S&P
Monthly
duration (a measure of sensitivity to interest-rate movements) of the funds tend to
2.11
500 Bull
2x Often,
27.44
-15.94
— Strong reserves
—make this CEF10
DXSLX
be similar.
the same managers
and analysts 21.61
staff multiple funds,
so sibling
a strong contender.none
At last report, it had enough
may own identical or nearly identical bonds. But there are subtle differences
undistributed income to cover five months’ worth of payouts at the current rate.
Fundfunds
Investor
Yet its distribution yield, asset quality and 2011 performance are all good.
Classamong CEFs that can make some more attractive than others.
PRINTED COPY FOR PERSONAL READING ONLY.
NOT FOR DISTRIBUTION.
Rydex Series
Trust Dynamic RYTNX
S&P 500 H
26.06
(#71242) Reprinted with permission from the November 28, 2011 issue of Kiplinger.com.
© 2011 The Kiplinger Washington Editors Inc. All rights reserved.
20.14
-9.19
4.71
—
10
none
1.89
Large-Company Stock Funds - 1 year
Data through October 31, 2012
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
PTOAX
25.97
19.78
4.18
9.26
—
5
3.75
1.04
PIXAX
25.95
22.12
7.29
—
—
5
3.75
1.19
ULPIX
25.7
19.69
-9.28
4.73
—
10
none
1.7
Direxion
Monthly
NASDAQ-100 DXQLX
Bull 2X Fund
Investor Class
22.66
31.08
-9.18
—
—
10
none
1.9
ProFunds
UltraNASDAQ- UOPIX
100 Investor
22.4
30.48
-1.87
12.11
—
10
none
1.73
John Hancock II
Fundamental
Large Cap
JFVAX
Value Fund
Class A
22.36
—
—
—
—
3
5.00
1.3
Rydex
Dynamic
NASDAQ100(R) 2x
Strategy H
22.33
30.6
-1.86
11.98
—
10
none
1.92
FUND NAME
PIMCO
StocksPLUS
Total Return
A+
Pinco
Fundamental
IndexPlus TR
A+
ProFunds
UltraBull
Investor
RYVYX
r Maximum redemption fee charged when you sell shares. — Fund has not existed for the specified time. Source: Morningstar, Inc.
Large-Company Stock Funds - 3 yearS
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
Direxion
Monthly
NASDAQ-100 DXQLX
Bull 2X Fund
Investor Class
22.66
31.08
-9.18
—
—
10
none
1.9
Rydex
Dynamic
NASDAQ100(R) 2x
Strategy H
22.33
30.6
-1.86
11.98
—
10
none
1.92
FUND NAME
SYMBOL
RYVYX
10
none
1.73
—
12.11
-1.87
22.4
30.48
ProFunds
UltraNASDAQ- UOPIX
100 Investor
matthew
25 Fund
MXXVX
28.84
27.91
7.85
8.76
—
7
2.00r
1.22
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
PIXAX
25.95
22.12
7.29
—
—
5
3.75
1.19
Direxion
Monthly
S&P 500
DXSLX
Bull 2X Fund
Investor Class
27.44
21.61
-15.94
—
—
10
none
2.11
ProFunds
Ultra Dow 30
Investor
UDPIX
20.99
21.49
-6.25
5.5
—
10
none
1.73
Rydex Series
Trust Dynamic RYcvX
DOW H
20.34
20.99
-6.4
—
—
10
none
1.92
SGROX
10.31
20.19
5.4
11.19
—
7
none
1.26
Rydex Series
Trust Dynamic RYTNX
S&P 500 H
26.06
20.14
-9.19
4.71
—
10
none
1.89
FUND NAME
Pinco
Fundamental
IndexPlus TR
A+
Wells Fargo
Advantage
Growth
Investor**
** Closed to new investors.
FUND NAME
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
Reynolds
Blue Chip
Growth
RBCGX
7.83
13
11.34
9.91
7.19
9
none
1.55
Yacktman
Focused
YAFFX
10.83
11.85
9.69
11.21
—
2
2.00r
1.25
Yacktman
Fund
YACKX
11.32
12.38
8.77
10.87
10.17
3
2.00r
0.8
Monetta
Young
Investor
MYIFX
12.99
15.84
8.12
—
—
4
none
1
Marsico
Flexible
Capital
MFCFX
18.26
19.95
7.88
—
—
4
2.00r
1.27
matthew
MXXVX
28.84
27.91
8.76
—
7
2.00r
PRINTED
COPY
FOR7.85PERSONAL
READING
ONLY.1.22
PincoNOT FOR DISTRIBUTION.
Fundamental
25 Fund
IndexPlus TR
A
PIXAX
25.95
22.12
7.29
—
—
5
3.75
1.19
FUND NAME
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
Parnassus
Workplace
PARWX
18.21
12.82
6.67
—
—
7
none
1.16
BBTEX
17.86
14.65
5.81
8.96
—
3
2.00r
1
SGROX
10.31
20.19
5.4
11.19
—
7
none
1.26
BBH Core
Select
Fund/N
Wells Fargo
Advantage
Growth
Investor**
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
ProFunds
UltraNASDAQ- UOPIX
100 Investor
22.4
30.48
-1.87
12.11
—
10
none
1.73
Rydex
Dynamic
NASDAQ100(R) 2x
Strategy H
RYVYX
22.33
30.6
-1.86
11.98
—
10
none
1.92
MNNAX
8.8
12.04
2.38
11.61
—
4
5.50
1.68
Amana
Growth
AMAGX
8.16
9.97
1.75
11.57
—
4
none
1.13
Alger
Spectra A
SPECX
13.99
14.86
3.25
11.45
11.83
6
5.25s
1.4
ICON
Materials S
ICBMX
3.59
9.77
-3.3
11.37
—
10
none
1.33
Yacktman
Focused
YAFFX
10.83
11.85
9.69
11.21
—
2
2.00r
1.25
SGROX
10.31
20.19
5.4
11.19
—
7
none
1.26
AMANX
8.47
9.41
2.3
11.1
8.59
3
none
1.2
FUND NAME
Munder
Growth
Opportunities
Fund A
Wells Fargo
Advantage
Growth
Investor**
Amana
Income
SYMBOL
1.24
0.12
11.22
0.3
11.09
—
8
5.25
Morgan
Stanley
Capital
CPOAX
Opportunities A
FUND NAME
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
Calamos
Growth A
CVGRX
2.26
8.75
-3.39
7.01
12.32
8
4.75
1.26
Mairs & Power
MPGFX
Growth
20.06
14.55
3.26
8.32
11.99
4
none
0.72
Alger
Spectra A
SPECX
13.99
14.86
3.25
11.45
11.83
6
5.25s
1.4
VPMCX
10.32
11.14
1.52
9.63
11.83
5
none
0.45
Sequoia
Fund**
SEQUX
16.66
15.96
4.21
6.85
11.44
2
none
1
Gabelli
Value A
GABVX
14.04
16.59
1.37
8.48
11.38
6
5.75s
1.43
FKCGX
3.76
9.68
-0.52
7.77
11.2
7
5.75
0.98
SHRAX
13.7
17.53
1.32
7.37
11.19
8
5.75
1.27
Fidelity
Contrafund
FCNTX
11.91
13.04
1.06
9.33
10.88
4
none
0.81
Gabelli
Asset AAA
GABAX
12.96
14.12
1.62
9.64
10.85
5
2.00r
1.37
Vanguard
PRIMECAP
Investor**
Franklin
Flex-Cap
Growth A
Legg Mason
ClearBridge
Aggressive
Growth A
HYBRID FUNDS These funds often mix stocks and bonds, and
occasionally throw in other stuff
When it comes to balanced funds, which typically hold a mix of
stocks and bonds, much hangs on a fund’s asset allocation. So it’s
no surprise that Vanguard Wellesley Income, with its hefty 62%
stake in Treasuries, corporate bonds and other debt, posted good
results over the past year. This group also includes more-exotic
fare. For example, FPA Crescent, a member of the Kiplinger 25,
has built a winning long-term record by buying anything that offers the best value at the moment. The fund may invest in stocks
and bonds, engage in short selling, hold real assets, or sit on its
cash if manager Steven Romick sees few opportunities. Contrast
that flexibility with Permanent Portfolio, which holds fixed allocations to gold, silver, Treasuries, the Swiss franc, and shares of
natural resources and other companies.
HYBRID Stock Funds - 1 year
FUND NAME
SYMBOL
Mairs & Power
Balanced
mapox
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
16.93
12.45
4.97
8.36
9.41
2
none
0.79
15.26
13.05
—
—
—
1
3.75
1.16
Global
Diversified
Income Fund
Class A
PGBAX
HYBRID Stock Funds - 1 year
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
15.22
12.44
2.39
6.66
7.71
2
4.25
1.08
DODBX
14.96
10.41
0.96
6.99
9.45
3
none
0.53
MainStay
Income Builder MTRAX
A
14.16
12.3
3.05
6.37
6.92
2
5.50
1.08
14.02
—
—
—
—
1
5.75
1.1
VILLX
13.35
17.94
6.7
9.74
—
4
none
1.11
GSBFX
13.3
11.79
4.08
6.88
—
1
5.50
1.05
T. Rowe Price
Capital
PRWCX
Appreciation
13.29
11.83
4.44
9.36
10.56
2
none
0.71
13.19
9.24
2.23
7.75
9.54
3
5.50
0.81
FUND NAME
SYMBOL
AllianceBernstein
Balanced Shares cabnx
A
Dodge & Cox
Balanced
Columbia
Flexible
Capital Income CFIAX
Fund Class A
Villere
Balanced
Goldman
Sachs
Balanced A
Invesco Van
Kampen
Equity and
Income A
ACEIX
HYBRID Stock Funds - 3 yearS
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
Villere
Balanced
VILLX
13.35
17.94
6.7
9.74
—
4
none
1.11
Transamerica
Balanced A
IBALX
11.27
14.73
3.51
6.94
—
2
5.50
1.46
IIDPX
11.85
13.76
5.81
—
—
1
4.50
1.13
BRUFX
6.82
13.32
4.38
16.87
13.99
1
none
0.78
PGBAX
15.26
13.05
—
—
—
1
3.75
1.16
FUND NAME
Natixiss Trust
I Income
Diversified A
Bruce Fund
Global
Diversified
Income Fund
Class A
8
FOBAX
4.78
12.74
8.67
1.25
none
—
2
Tributary
Balanced
Institutional
Mairs & Power
MAPOX
Balanced
16.93
12.45
4.97
8.36
9.41
2
none
0.79
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
AllianceBernstein
Balanced Shares cabnx
A
15.22
12.44
2.39
6.66
7.71
2
4.25
1.08
MainStay
Income
Builder A
MTRAX
14.16
12.3
3.05
6.37
6.92
2
5.50
1.08
MFS
Diversified
Income A
DIFAX
12.19
11.93
5.97
—
—
1
4.75
1.1
FUND NAME
SYMBOL
FUND NAME
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
Intrepid
Capital Fund
ICMBX
9.43
10.78
7.42
—
—
2
2.00r
1.4
Berwyn
Income
BERIX
6.8
7.81
7.22
8.09
8.33
1
1.00r
0.65
Permanent
Portfolio
PRPFX
2.31
10.47
7.07
10.68
8.29
2
none
0.71
Villere
Balanced
VILLX
13.35
17.94
6.7
9.74
—
4
none
1.11
VWINX
11.72
11.09
6.66
7.48
8.72
1
none
0.25
MFS Diversified
Income A
DIFAX
12.19
11.93
5.97
—
—
1
4.75
1.1
Vanguard
Wellesley
Income
Investor
Natixiss
Trust I Income
Diversified A
IIDPX
11.85
13.76
5.81
—
—
1
4.50
1.13
MFS Lifetime
Retirement
Income A
MLLAX
7.18
7.8
5.76
—
—
1
5.75
0.25
Hussman
Strategic
Total Return
HSTRX
1.33
4.19
5.49
6.96
—
1
1.50r
0.63
1.1
5.75
5.21
—
1
none
5.66
—
NOTAANPX
FOR DISTRIBUTION.
American
Beacon
Retirement
Income and
Appreciation
Investor
FUND NAME
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
Bruce Fund
BRUFX
6.82
13.32
4.38
16.87
13.99
1
none
0.78
Permanent
Portfolio
PRPFX
2.31
10.47
7.07
10.68
8.29
2
none
0.71
Villere
Balanced
VILLX
13.35
17.94
6.7
9.74
—
4
none
1.11
Buffalo
Balanced
BUFBX
12.68
11.61
4.25
9.53
—
1
2.00r
1.01
T. Rowe Price
Capital
PRWCX
Appreciation
13.29
11.83
4.44
9.36
10.56
2
none
0.71
FPACX
8.24
8.83
4.57
9.35
—
2
2.00r
1.18
Franklin
Income
Series A
FKINX
12.35
11.24
3.52
9.31
8.38
2
4.25
0.63
FBR
Balanced
Investor
HEIFX
9.11
11.68
3.86
9.29
—
1
none
1.24
Franklin
Convertible
Securities A
FISCX
7.66
10.71
2.48
9.18
8.99
3
5.75
0.88
VCVSX
10.04
10.27
3.39
9.06
8.22
3
none
0.59
FPA Crescent
Fund
Vanguard
Convertible
Securities
Investor
FUND NAME
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
Bruce Fund
BRUFX
6.82
13.32
4.38
16.87
13.99
1
none
0.78
T. Rowe Price
Capital
PRWCX
Appreciation
13.29
11.83
4.44
9.36
10.56
2
none
0.71
Fidelity
Convertible
Securities
FCVSX
6.93
9.98
0.29
8.27
9.7
4
none
0.61
ACEIX
13.19
9.24
2.23
7.75
9.54
3
5.50
0.81
DODBX
14.96
10.41
0.96
6.99
9.45
3
none
0.53
Invesco Van
Kampen
Equity and
Income A
0.83
none
11.21
8.48
4.6
7.54
9.47
2
NOTJABAX
FOR DISTRIBUTION.
Janus
Balanced T
Dodge & Cox
Balanced
FUND NAME
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
Vanguard
Wellington
Investor
VWELX
12.64
10.46
3.67
8.38
9.45
2
none
0.27
Mairs & Power
Balanced
mapox
16.93
12.45
4.97
8.36
9.41
2
none
0.79
Calamos
Convertible
A**
CCVIX
0.51
4.67
1.43
6.51
9.02
2
4.75
1.07
Franklin
Convertible
Securities A
FISCX
7.66
10.71
2.48
9.18
8.99
3
5.75
0.88
INTERNATIONAL DIVERSIFIED LARGE-COMPANY
FUNDS Troubles in Europe drag down returns
Shares of large companies from developed nations have royally
disappointed investors in recent years. But if you smell opportunity in those stinker returns, you can choose from several excellent selections among value-focused funds. Harbor International,
a member of the Kiplinger 25, seeks undervalued firms with
strong earnings potential and recently had 70% of its assets in
Europe. The nine managers who run Dodge & Cox International,
another Kip 25 pick, follow a disciplined, stock-by-stock approach to identifying companies that sell at discount prices.
Tweedy, Browne Global Value’s approach to value investing à la
Benjamin Graham has led it to food giant Nestlé and liquor producer Diageo. Among more growth-oriented funds, Artisan International, run since 1995 by Mark Yockey, is a solid choice.
International Diversified Large-Company Funds - 1 year
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
PIPAX
17.71
8.99
-0.16
—
—
3
3.75
1.15
Virtus Foreign
Opportunities A JVIAX
14.49
11.43
-1.92
10.94
8.27
4
5.75
1.47
ARTIX
14.35
7.64
-3.97
8.55
—
9
2.00r
1.22
Quantitative
Group Foreign QFVOX
Value Ordinary
13.9
9.1
-3.69
10.65
—
9
none
1.64
13.71
10.36
0.12
9.21
—
2
2.00r
1.38
FUND NAME
PIMCO
International
StocksPLUS
Total Return
Strategy A
Artisan
International
Investor
Tweedy, Browne
Global Value TBGVX
TIAA-CREF
International
Equity Retail+
TIERX
12.93
6.2
-6.76
8.25
—
10
2.00r
0.79
ARTKX
12.61
9.96
2.09
14.29
—
6
2.00r
1.18
Artisan
International
Value Fund
Investor
Shares**
International Diversified Large-Company Funds - 1 year
FUND NAME
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
12.59
7.68
-3.07
9.52
—
10
2.00r
1.23
FFINX
12.45
9.15
-6.8
7.97
—
7
none
1.49
TSWIX
11.58
7.2
-3.19
8.5
—
7
1.00r
1.16
SYMBOL
Causeway
International
CIVVX
Value Investor
Forward
International
Dividend
Investor
TS&W
International
Equity
Portfolio
International Diversified Large-Company Funds - 3 yearS
FUND NAME
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
Thornburg
International
Growth A
TIGAX
10.04
16.17
1.13
—
—
5
4.50s
1.5
Virtus Foreign
14.49
11.43
-1.92
10.94
8.27
4
5.75
1.47
TICFX
5.79
11.1
-3.3
—
—
9
none
1.35
CIGRX
5.82
10.96
-1.27
—
—
6
4.75
1.49
Tweedy, Browne
Global Value TBGVX
13.71
10.36
0.12
9.21
—
2
2.00r
1.38
Turner
International
Core Growth
Investor+
Calamos
Intl Growth A
Artisan
International
Value Fund
Investor
Shares**
ARTKX
12.61
9.96
2.09
14.29
—
6
2.00r
1.18
Fidelity
International
Growth
FIGFX
11.41
9.54
—
—
—
7
1.00r
1.18
10.05
9.32
-2.67
11.06
—
8
2.00r
1.59
FIAGX
11.1
9.24
—
—
—
7
5.75s
1.43
FFINX
12.45
9.15
-6.8
7.97
—
7
none
1.49
Laudus
International SWOIX
MarketMasters
Investor
Fidelity
Advisor
International
Growth A
Forward
International
Dividend
Investor
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
Artisan
International
Value Fund
Investor
Shares**
ARTKX
12.61
9.96
2.09
14.29
—
6
2.00r
1.18
Thornburg
International
Growth A
TIGAX
10.04
16.17
1.13
—
—
5
4.50s
1.5
Dreyfus
International
Stock A
DISAX
9.09
6.87
0.56
—
—
5
5.75
1.27
Tweedy, Browne
Global Value TBGVX
13.71
10.36
0.12
9.21
—
2
2.00r
1.38
FIGFX
11.41
9.54
—
—
—
7
1.00r
1.18
FIAGX
11.1
9.24
—
—
—
7
5.75s
1.43
FTIEX
11.03
6.07
—
—
—
8
1.00r
1.17
FTAEX
10.88
5.81
—
—
—
8
5.75s
1.42
Fidelity Series
International
FINVX
Value**
9.56
—
—
—
—
4
none
0.93
9.04
—
—
—
—
6
2.00r
1.35
FUND NAME
Fidelity
International
Growth
Fidelity
Advisor
International
Growth A
Fidelity Total
International
Equity
Fidelity
Advisor Total
International
Equity A
Advisory
Research
International All ADVEX
Cap Value Fund
FUND NAME
Artisan
International
Value Fund
Investor
Shares**
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
ARTKX
12.61
9.96
2.09
14.29
—
6
2.00r
1.18
1.50r
0.82
4.36
8.19
-3.11
13.57
9.93
6
NOT FICDX
FOR DISTRIBUTION.
Fidelity
Canada
Fidelity
Advisor
Canada A+
FACNX
4.04
7.86
-3.39
13.26
9.64
6
5.75s
1.12
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
6.3
4.27
-5.56
12.18
—
9
5.25
1.53
OIGAX
10.31
8.64
-1.93
11.52
—
8
5.75
1.32
Aberdeen
International
Equity A
GIGAX
6.84
8.34
-4.21
11.52
—
7
5.75s
1.57
Dodge & Cox
International
Stock
DODFX
6.33
4.33
-4.12
11.35
—
9
none
0.64
Harbor
International
Investor+
HIINX
7.54
6.04
-3.61
11.21
10.5
9
2.00r
1.16
10.05
9.32
-2.67
11.06
—
8
2.00r
1.59
14.49
11.43
-1.92
10.94
8.27
4
5.75
1.47
FUND NAME
SYMBOL
BlackRock
International
Opportunities BREAX
Portfolio
Investor A
Oppenheimer
Intl Growth A
Laudus
International SWOIX
MarketMasters
Investor
Virtus Foreign
SYMBOL
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
HIINX
7.54
6.04
-3.61
11.21
10.5
9
2.00r
1.16
Oakmark
International 1
OAKIX
10.52
6.98
-0.01
10.56
10.02
8
none
1.06
Fidelity
Canada
FICDX
4.36
8.19
-3.11
13.57
9.93
6
1.50r
0.82
Fidelity
Advisor
Canada A+
FACNX
4.04
7.86
-3.39
13.26
9.64
6
5.75s
1.12
Fidelity
Diversified
Intl
FDIVX
7.72
4.36
-5.99
8.49
9.58
8
1.00r
0.87
FUND NAME
Harbor
International
Investor+
PRINTED
COPY
FOR-5.75PERSONAL
READING
ONLY.1.45
7
2.00r
WBIGX
10.86
8.48
9.25
9.57
William Blair
International
Growth N
Americans
EuroPacific
Growth A
AEPGX
7.44
4.07
-3.35
9.67
9.15
8
5.75
0.84
1-YR
RETURN
3-YR
RETURN
5-YR
RETURN
10-YR
RETURN
20-YR
RETURN
VOL
Rank
REDEMPTION
FEE
EXPENSE
RATIO
Virtus Foreign
Opportunities JVIAX
A
14.49
11.43
-1.92
10.94
8.27
4
5.75
1.47
American
Beacon
International
Equity Plan
Ahead
AAIPX
8.84
4.06
-4.65
8.41
8.2
9
none
1.07
Putnam
International
Equity A
POVSX
9.08
3.95
-7.38
5.74
8.01
10
5.75
1.36
FUND NAME
SYMBOL
(#74614) Reprinted with permission from the online edition of Kiplinger.com. © 2012 The Kiplinger Washington Editors Inc.
For more information about reprints, visit PARS International Corp. at www.kiplingerreprints.com.
The following information is provided by Calamos Investments:
Information contained herein is for informational purposes only. Nothing presented herein is or is intended to constitute investment advice, and no investment decision should be made based
on any information provided herein. The information contained herein, while not guaranteed as to the accuracy or completeness, has been obtained from sources we believe to be reliable.
The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass.
PERFORMANCE as of September 30, 2012
Average Annual Total Returns
1-Year
3-Year
5-Year
10-Year
Growth Fund – I Shares at NAV (Inception 9/18/97)
Growth Fund – A Shares at NAV (Inception 9/4/90)
Growth Fund – A Shares with a maximum 4.75% sales charge
Russell Midcap Growth Index
S&P 500 Index
Russell 3000 Growth Index
International Growth Fund – I Shares at NAV (Inception 3/16/05)
International Growth Fund – A Shares at NAV (Inception 3/16/05)
International Growth – A Shares with a maximum 4.75% sales charge
MSCI EAFE Growth Index
Convertible Fund – I Shares at NAV (Inception 6/25/97)
Convertible Fund – A Shares at NAV (Inception 6/25/97)
Convertible Fund – A Shares with a maximum 4.75% sales charge
Value Line Convertible Index
21.39%
21.09
15.35
26.69
30.20
29.35
17.96
17.72
12.13
15.22
9.41
9.12
3.92
20.28
10.34%
10.06
8.29
14.73
13.20
14.69
10.99
10.72
8.95
4.68
5.17
4.89
3.20
12.08
-0.80%
-1.05
-2.00
2.54
1.05
3.22
0.92
0.67
-0.31
-3.88
2.62
2.35
1.37
6.71
8.02%
7.75
7.23
11.11
8.01
8.57
7.14
6.86
6.34
9.81
Since I
Share
Inception
10.75%
N/A
N/A
5.79
4.69
3.74
8.68
N/A
N/A
3.65
7.55
N/A
N/A
6.16
Since A
Share
Inception
N/A
13.26%
13.01
10.18
9.27
8.53
N/A
8.41
7.71
3.65
N/A
9.28
9.08
8.41
Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value
will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or
higher than the performance quoted. For performance current to the most recent month end, visit www.calamos.com.
Calamos Growth Fund
Calamos International Growth Fund
Calamos Convertible Fund
Gross Expense Ratio
A Shares
1.26
I Shares
1.02
A Shares
1.58
I Shares
1.34
A Shares
1.07
I Shares
0.82
Net Expense Ratio
1.26
1.02
1.41*
1.16*
1.07
0.82
*The Fund’s investment adviser has contractually agreed to reimburse Fund expenses through June 30, 2013 to the extent necessary so that Total Annual Fund Operating Expenses
(excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A and Class I are
limited to 1.40% and 1.15% of average net assets respectively for the Calamos International Growth Fund.
Important Risk Information: An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund will
achieve its investment objective. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The Fund also has specific principal risks, which are
described below. More detailed information regarding these risks can be found in the Fund’s prospectus.
The principal risks of investing in the Calamos Convertible Fund include: convertible securities risk, synthetic convertible instruments risk, foreign securities risk, equity securities risk, interest
rate risk, credit risk, high yield risk, portfolio selection risk and liquidity risk.
The principal risks of investing in the Calamos Growth Fund include: equity securities risk, growth stock risk, mid-sized company risk, foreign securities risk and portfolio selection risk.
The principal risks of investing in the Calamos International Growth Fund include: equity securities risk, growth stock risk, foreign securities risk, emerging markets risk, small and mid-sized
company risk and portfolio selection risk.
As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates,
increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less
developed countries.
Before investing, carefully consider the Fund’s investment objective, risks, charges and expenses. Contact 800.582.6959 for a prospectus containing this and other information. Read it
carefully.
MSCI EAFE Growth Index measures developed market growth equity performance (excluding the U.S. and Canada).
Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index
are also members of either the Russell 1000 Growth or the Russell 2000 Growth indexes.
Russell Midcap Growth Index measures the performance of the midcap growth segment of the U.S. equity universe and includes companies with higher price-to-book ratios and higher
forecasted growth values.
S&P 500 Index is generally considered representative of the U.S. stock market.
Value Line Convertible Index is an equally weighted index of the largest convertibles.
Calamos Financial Services LLC, Distributor | 2020 Calamos Court | Naperville, IL 60563-2787 | 800.582.6959| calamos.com | © 2012 Calamos Investments LLC. All
Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC. KIPREP 1765 1112M R

2012 Mutual Fund Rankings

Transcription

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