FundInvestor PMS 185 U

Transcription

R1_0908.qxp
9/4/08
5:17 PM
Page 1
FundInvestor
September 2008
Volume
Number
17
1
Research and recommendations for the serious fund investor
Clip and Save: 20 Common
Investing Mistakes
I talk with investors almost every day, and over time
the same themes emerge. Although investors cover
the gamut of sophistication levels, I hear the same
mistakes over and over again. So, in order to help
save you from repeating the same mistakes and losing
a lot of money to learn the lessons, I’ve jotted down
20 of the most common investing mistakes.
Most come down to two basic types of errors. One
error is to let emotions get the better of you. I’m
amazed at the logical reasons people build to justify
making the investments that make them feel better
even if in the long-run they’ll be poorer for having done
it. The second error is to not build a plan and think
things through. As one planner told me, “People don’t
know what they bought or why they bought it.”
Mistake 1 | Reacting to short-term returns. Every day
people go to their online 401(k) accounts and sell the
fund with the worst one-year returns and buy the one
with the best one-year returns. It makes them feel
better, and they will tell you that new fund is ahead of
the curve and run by a smart manager and the old
one has lost its touch. What they won’t say is that they
are buying high and selling low. Nor will they say
that short-term returns are just noise. As I pointed out
in the July issue, among Morningstar 500 funds, you
are better off buying funds with lagging short-term
performance than those with top-quartile returns.
Mistake 2 | Basing sell decision on cost basis. You
bought fund A at $10 and now its NAV is at $5 and
fund B at $10 and now it’s at $20. Which should you
hold, and which should you sell? I have no idea. The
amount you paid is relevant only to tax planning. What
matters is which will have better returns over your
investment horizon. If the answer is fund B, then sell
fund A (you’ll have a tax benefit if it’s in a taxable
account) and put the proceeds in fund B. The problem
is that people have an emotional attachment to
the price. Some are afraid to book losses, and others
are too anxious to sell a winner for fear that they’ll
miss out on gains. What matters is whether the funds
have strong fundamentals.
Mistake 3 | Selling after the market falls. The shortterm direction of the stock market is unpredictable;
yet selling in reaction to market moves implies that you
can predict short-term moves. What we fail to account
for is that the markets price in the same news that
we are hearing—often before we hear it. The markets
are not perfectly efficient from minute to minute
but they quickly reflect a best guess based on new
information. Fear is one of the greatest enemies of
successful investing. When you’re worried about your
money, you want to make it safe. However, you risk
missing out on the next rally, and you might not even
keep pace with inflation. From a long-term perspective,
cash is very risky and stocks are low-risk. Put another
way, this is another example of selling low and
buying high. Savvy investors get excited when the
market is oversold; you should, too.
Mistake 4 | Accumulating too many niche funds.
We get mailings all the time telling us about hot new
investments. Last year, commodity funds and BRIC
(Brazil, Russia, India, and China) funds were the rage.
Next year it will be something else. These specialist
funds are exciting and fun to buy but they will
mess up your portfolio if you let them. Most niche
Continued on Page 2
Russel Kinnel,
Director of Fund Research and Editor
Fund Analyst Picks
4
T. Rowe Price Emerging Markets
Allianz RCM Technology
Morningstar Research
Is Growth Forcing Conformity
at American Funds?
8
The Contrarian
Two Big Funds Deserve the
Heave-Ho
10
Red Flags
Managers Betting the Ranch
on Energy
11
Market Overview
12
Leaders and Laggards
13
Manager Changes and News
14
FundInvestor Focused 10
16
Tracking Fund Analyst Picks
18
Income Strategist
20
FundInvestor 500
22
FundInvestor 500 Spotlight
23
Ask Russ
48
R1_0908.qxp
2
9/4/08
5:17 PM
Page 2
20 Common Investing Mistakes
Continued From Cover
funds charge more than more-diversified funds, and
they typically have third-tier managers and less
analyst support. Yet you can get the same exposure to
sectors and regions through more-diversified funds.
Niche funds drive up your costs, add extra volatility, and
make managing your portfolio more difficult.
vanilla stocks and bonds—with perhaps a dash of
a “diversifier” such as commodities or real estate—is
more than adequate to help us reach our goals.
That’s also the kind of portfolio that you can easily
manage yourself. By building a sturdy, streamlined
portfolio, you’ll have fewer moving parts to monitor.
Mistake 5 | Failing to build an overall plan. This is a
biggie. Spend a little time to spell out your goals,
how you’ll meet them, and the role of each investment.
This is an enormous help in figuring out how to get
to your goals and how to adapt along the way. Make a
little plan, and your day-to-day investment decisions
will become easier and less stressful.
Mistake 9 | Not understanding the risks. Narrowly
focusing on recent returns can blind investors to
risks. If a fund has a long track record, you can easily
get a handle on risk by looking at annual returns.
In a bad year, the stock market can lose 30%. In a bad
three-year period, it can lose 60%. It’s reasonable
to assume that nearly any stock fund can do at least
that badly. This is why stocks are for 10- or 20-year
time horizons or longer. If you know that going in, you
stand a much better chance of earning a healthy
return. Most bond funds can lose 5% or 10% in a year.
If they have long maturity or own mostly junk-quality
bonds, you can double those losses or more.
Mistake 6 | Failing to write down your reasons for
buying and selling. Once you’ve got your plan, spell out
why you own each investment and what would
lead you to sell. For example, you could say that you
own Fairholme FAIRX as a long-term 20-year investment for its manager and its low costs. You’d sell
if the manager left, costs were raised, or asset bloat
forced a change in strategy. When you have your
doubts about the fund, you can turn to that document
in four years when you may well have forgotten
what the draw was in the first place.
Mistake 7 | Ignoring costs. Expense ratios matter
across the board. Most of the best managers work for
low-cost funds. So, don’t listen to the siren song of
a high-cost mutual fund or hedge fund. Results won’t
live up to expectations. Expense ratios are the best
predictor of future performance.
Mistake 8 | Making things needlessly complex. This
one comes courtesy of Christine Benz, editor of
Morningstar PersonalFinance: Wall Street works overtime to sell the message that investing is complicated, messy stuff that you couldn’t possibly undertake
on your own. Is it any wonder that so many investors
are paralyzed with fear and indecision?
True enough, there are a handful of investors who have
delivered tremendous returns by using swashbuckling
investment strategies and zooming in and out of
arcane investments. For the rest of us mortals, though,
buying and holding a portfolio composed of plain-
Mistake 10 | Not diversifying properly. This year’s
harsh market has punished financials the most while
energy has done best. Large growth got crushed
in 2000–02, and small-value stocks as well as bonds
held up like champs. Every down period is different,
so be sure to diversify between stocks and bonds,
between foreign and domestic, and among sectors.
The key to that is to have meaningful exposure to a lot
of areas and to build up your core.
Mistake 11 | Not saving enough. I’d encourage you
to preach the benefits of early saving to relatives and
friends in their 20s or 30s. If they make regular
contributions to their 401(k) and IRA accounts, reaching
their goals will be quite manageable. If they don’t,
they better make a killing or they’ll be behind the 8 ball.
Mistake 12 | Failing to rebalance. My 401(k) plan has
a tool that automatically rebalances my investments for me. When the markets really move, your
portfolio can go off-kilter and mess up your nicely
laid plan. Rebalance yearly so that you’ll be buying
low and selling high.
Mistake 13 | Failing to factor taxes into portfolio
decisions. Like expenses, taxes play a huge role in
R1_0908.qxp
9/4/08
5:17 PM
Page 3
Morningstar FundInvestor
your long-term success, but they’re no fun. So, a lot of
people ignore them in the hopes that their funds will
make such big returns that taxes won’t matter. There’s
a better way to think about it. Simply putting lessefficient investments in tax-sheltered accounts and
more-efficient ones in taxable accounts will pay
off in a big way. In addition, when you’re shopping for
a new fund for a taxable account be sure to look
for those that should be efficient, such as tax-managed
funds, index funds, low-turnover actively managed
funds, and, of course, municipal-bond funds.
Mistake 14 | Not building up a sufficient money
market position. Christine Benz recommends that you
have six to 12 months’ worth of living expenses in
a money market account. As the messes in short-term
bond funds and auction-rate securities show, there’s
no substitute for money market funds. This emergency
stash is vital in case you lose your job or have another
emergency, such as unexpected home repairs. In
addition, it will make market downturns less stressful.
Mistake 15 | Ignoring costs in money market funds.
Many fund companies and brokerages charge high
expenses on money market funds because investors
don’t pay attention. So, go with Vanguard or Fidelity
or someone else who charges less than 40 basis
points to manage your cash.
Mistake 16 | Failing to look at the big picture across
accounts. Roger Ibbotson argues: Investors tend to
view each investment and each account—401(k), IRA,
college-savings account, etc.—in isolation rather
than in aggregate. Trying to make every investment a
winner can throw off the overarching asset allocation. It can also lead an investor to chase hot stocks,
trade excessively, and sell at the wrong time. If all
of an investor’s accounts and individual investments
are up at the same time, they should be alarmed
rather than proud. It’s a sign that they may be underdiversified and taking on too much risk.
Mistake 17 | Misreading your own abilities. People
who treat gambling addicts say that it’s the big winning
bet that hooks gamblers. They get high and want
to repeat that high. Fund investors can be a little like
that. They remember that one time they accurately
September 2008
3
called the direction of the market or picked a sector
fund and forget all the times their calls were off. Go
back over your past investments and see what you do
well and figure out a solution to the areas where
you didn’t do well. Maybe your individual stock picks
aren’t that great overseas, so you should buy a
foreign fund. Maybe your bond fund blew up, so you
should change the way you pick bond funds and
tone down the risk.
Mistake 18 | Focusing on the fund instead of the
manager. I exchanged e-mails with a reader recently
who didn’t understand why Clipper was a pick
despite its bad five-year returns. I explained that the
current managers have been there for only two
years and their long-term record is outstanding. The
fact that previous managers did well or poorly is
rarely relevant unless it reflects institutional strength
or weakness. Fidelity Independence has a great
record, but so what? The current manager started
in 2007.
Mistake 19 | Ignoring the fund company behind the
fund. You may like a fund, but if the fund company
has mostly lousy investors, a bad record of sticking
it to fundholders, or both, you may pay the price in the
end. Over a long time horizon bad things happen to
good funds at bad fund companies. Hancock Regional
Bank was once a diamond among dross, but the parent
company pushed it down the tubes. John Hancock’s
penny-pinching deprived the fund of sufficient support.
Mistake 20 | Worrying about daily ups and downs.
Don’t get stressed watching business TV or tracking
the market online. It’s exciting and often informative but not always helpful for long-term investors.
Reporting on the markets whether in print or on
TV requires putting a lot of experts on to make predictions. If they were honest and said they didn’t know
what would happen the next week but that you should
buy and hold, no one would watch. All those ups
and downs have no bearing on your long-term goals.
Warren Buffett advocates buying stocks that you
feel so strongly about you wouldn’t care if the stock
market took a two-year holiday. The same goes
for funds. Buy them and tune out the noise. œ
Contact Russel Kinnel at russel_kinnel@morningstar.com
FAP1_0908.qxp
9/4/08
5:19 PM
Page 4
4
T. Rowe Price Emerging Markets Stock
avoids huge geographic or sector bets. And he keeps
the size of individual holdings fairly modest.
Fund Analyst Pick | Bill Rocco
Costs
This fund’s 1.21% expense ratio ranks in the secondcheapest quintile for no-load emerging-markets funds.
What is an
Analyst Pick?
The Morningstar
FundInvestor 500 includes
150 Analyst Picks, which
are the favorite funds of the
Morningstar analysts who
specialize in each particular
category. Analysts make
their selections based on a
fund’s historical risk and
return, costs, and knowledge
of the managers and
their strategies.
◊
This fund makes it easy to invest in emerging markets.
Management
This fund boasts one of the strongest emerging-markets
teams around. Lead manager Chris Alderson has been
at the helm of this successful fund the mid-1990s e;
he posted good results during the seven years he was
in charge of T. Rowe Emerging Europe & Mediterranean TREMX; and he has gotten off to a nice start
as the skipper of T. Rowe Price Africa & Middle
East TRAMX. Thus, he has a longer, broader, and better
resume than most of his rivals.
Meanwhile, Alderson works with an exceptional crew.
He has three comanagers, and each has considerable regional expertise and management experience.
Frances Dydasco runs Fund Analyst Pick T. Rowe Price
New Asia PRASX, in fact, while Gonzalo Pangaro
oversees Fund Analyst Pick T. Rowe Price Latin
America PRLAX. And the managers are supported by
17 emerging-markets sector specialists.
Strategy
Alderson uses the same moderate-growth strategy here
as he does at T. Rowe Price Africa & Middle East
and as Dydasco and Pangaro do on their own regional
emerging-markets offerings. Thus, Alderson favors
companies that enjoy strong earnings growth r and
leadership positions, but he pays ample attention to
valuations. And as this fund’s modest annual turnover
rate indicates, he moves at a measured pace.
The end result is a portfolio that definitely has a growth
bias but isn’t extremely bold. This fund tends to
have higher growth rates than the diversified emergingmarkets norms, but its forward-looking valuations t
tend to be reasonably close to the category averages.
While Alderson will certainly load up on names
from individual countries or industries where he finds
lots of stocks that meet his standards, he normally
Performance
Alderson has demonstrated a knack for avoiding big
losses as well as an ability to deliver good returns.
True, this fund is mired in its category’s cellar thus far
in tough 2008, stung by its relatively sizable stakes
in the especially hard-hit India and China markets and
a variety of individual picks from other markets.
But it has never finished a calendar year in its category’s worst quartile since opening in 1995. And it has
finished in its group’s best quartile frequently, as
Alderson has executed his moderate-growth strategy
skillfully in tough times as well as good ones. As a
result, the fund boasts strong long-term returns. u
Stewardship
T. Rowe Price looks good from a stewardship perspective. For starters, it has a terrific corporate culture
and excels at attracting and retaining top talent. What’s
more, the firm hasn’t had any regulatory problems,
its fund board is good, and its compensation structure
for fund managers has the right incentives. All that,
plus the fact that Alderson has between $100,000 and
$500,000 invested in this specialized fund and more
than $1 million invested across the family lineup, means
that investors can be confident their interests are
being served here.
Conclusion
This fund is a great option for investors who are
seeking dedicated emerging-markets exposure. But it,
like all emerging-markets funds, is prone to sharp
sell-offs, and this year’s big decline certainly won’t be
its last one. And it and its peers are unlikely to
reproduce the huge gains they posted between early
2003 and late 2007 any time soon. Thus, interested
investors should be sure they have long time horizons
and realistic expectations. œ
Contact Bill Rocco at bill.rocco@morningstar.com
MFB1_0908.qxp
9/4/08
8:14 AM
Page 5
T. Rowe Price Emg Mkt St
Governance and Management
Ticker
PRMSX
Analyst
Pick
Load
None
NAV
$34.80
Yield
0.8%
September 2008
Total Assets
$4,818 mil
Mstar Category
Diversified Emerging Mkts
Investment Style
Equity
Stock %
Historical Profile
Return Average
Risk
Above Avg
Rating
Neutral
Stewardship Grade: B
Portfolio Manager(s)
92%
89%
94%
88%
94%
90%
94%
95%
96%
47.8
This fund is run by a deep and experienced team of managers
based in London and various emerging markets. Lead manager
Chris Alderson has been in charge since the fund’s 1995 inception
and has the final say on buys and sells. Comanagers Mark
Edwards, Frances Dydasco, and Gonzalo Pangaro contribute ideas
based on the regional emerging-markets portfolios they also run.
The managers are supported by 17 analysts.
5
33.8
Manager Change
Partial Manager Change
24.0 Growth of $10,000
17.0
10.0
Investment Values of
Fund
MSCI EAFE
e
Performance Quartile
(within Category)
Strategy
Chris Alderson and his comanagers hunt for companies that have
strong earnings growth and are leaders in their industries. They’re
not averse to accumulating substantial stakes in growth
industries, but they tend to build them slowly and avoid the
raciest issues. Management will typically not hedge currency risk.
Occasionally top-down ideas help shape the portfolio, and the
managers have something of an opportunistic streak. They are
also sensitive to valuations.
Performance 07-31-08
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2004
2005
2006
2007
2008
9.63
1.70
11.53
1.36
-12.19
-8.96
6.08
-7.75
16.13
-2.15
6.80
20.63
7.15
14.65
—
19.13
6.63
19.75
5.90
—
26.98
38.77
32.01
42.92
—
Trailing
Total +/- MSCI
Return%
EAFE
+/- MSCI
EmrMkt
%Rank
Cat
Growth of
$10,000
-2.08
-2.78
1.76
1.88
3.90
3.31
—
87
71
42
39
23
28
—
8,536
9,292
9,539
18,114
34,481
41,129
—
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
-14.64
-7.08
-4.61
21.90
28.09
15.19
—
-4.38
-2.04
7.58
11.40
12.73
9.81
—
Tax Analysis Tax-Adj Rtn%
3 Yr (estimated) 20.43
%Rank Cat Tax-Cost Rat %Rank Cat
24
11
20
1.21
0.81
0.43
27
25
22
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
07-08
History
11.68
1.23
-0.55
14.68
0.00
1.23
31
0.00
0.15
1.75
0.21
84
124
8.28
-28.75
-48.68
-1.08
0.34
-29.09
65
0.04
0.00
1.75
0.46
54
72
15.52
87.44
60.41
23.35
0.00
87.44
18
0.00
0.00
1.75
-0.14
59
162
11.43
-26.35
-12.18
5.55
0.00
-26.35
22
0.00
0.00
1.50
-0.12
56
152
10.77
-5.69
15.75
-1.01
0.09
-5.78
69
0.01
0.00
—
—
70
155
10.22
-4.92
11.02
3.05
0.19
-5.11
40
0.02
0.00
1.51
0.41
70
170
15.47
52.30
13.71
0.71
0.88
51.42
60
0.09
0.00
1.43
1.12
66
439
19.41
26.98
6.73
4.53
0.26
26.72
21
0.04
0.18
1.33
1.08
70
753
25.68
38.77
25.23
8.46
0.93
37.84
14
0.18
1.05
1.27
1.23
53
1,554
32.41
32.01
5.67
2.83
0.93
31.08
51
0.24
1.20
1.25
0.87
49
2,627
42.92
42.92
31.75
6.44
0.93
41.99
15
0.30
2.95
1.20
1.13
44
4,761
34.80
-18.92
-5.10
-2.56
0.00
-18.92
85
0.00
0.00
—
—
—
4,818
NAV
Total Return %
+/-MSCI EAFE
+/-MSCI EmrMkt
Income Return %
Capital Return %
Total Rtn % Rank Cat
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Portfolio Analysis 06-30-08
Rating and Risk
Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
-4.61
21.90
28.09
15.19
11.78
Avg
+Avg
Avg
+Avg
+Avg
+Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
Morningstar
Risk-Adj Rating
Standard Index
MSCI EAFE
Best Fit Index
MSCI Emg Mkt
7.5
1.63
79
-1.3
1.05
97
22.77
21.90
0.81
Potential Capital Gain Exposure: 15% of assets
Morningstar’s Take by William Samuel Rocco 06-20-08
the Middle East and elsewhere as well as a timely
move away from China stocks late in the year.
Thus, the fund boasts superior three-year, five-year,
10-year, and since-inception gains.
This fund has a strong management team and
an attractive strategy to go along with its long-term
success. Alderson has been in charge of this fund
since it opened, so he’s more seasoned than most
of his rivals. He works with three talented
comanagers who have had significant success
running regional funds. And the managers are
supported by 17 analysts. The team follows a
moderate-growth strategy that is inherently sound
and that has produced good long-term results on
other T. Rowe Price emerging-markets offerings.
This fund remains a terrific emerging-markets
vehicle. But interested investors should be certain
they have long time horizons and understand that
the big gains this fund and its peers have earned in
recent years are unsustainable.
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Expense Projections:
Income Distrib:
Web Address:
Inception:
Advisor:
Subadvisor:
NTF Plans:
EQ
100 East Pratt Street
Baltimore, MD 21202
800-638-5660
www.troweprice.com
03-31-95
Price Rowe T Services Inc /ta
None
$2500
Add: $100
$0
Add: $50
No-load, 2.00%R
1.06%
Mgt:1.05%
Dist: —
3Yr:$384
5Yr:$665
IRA: $1000
Petroleo Brasileiro SA
America Mobile ADR
Uralkali Jsc 144A
Brazilian Petroleum Corp
Companhia Vale Do Rio Do
Gazprom OAO (EDR)
Banco Itau Holding Finan
Bk Muscat S A O G Oman
The Commercial Bank of Q
Vale (ADR)
X5 Retail Grp NV (EDR)
Sberbank Rossii OAO
PIK GROUP (GDR)
Banco Bradesco
Orascom Construction Ind
EFG-Hermes
Noril’skiy nikel’ GMK OA
Anhui Conch Cement
Hon Hai Precision Indust
LG Household & Health Ca
Current Investment Style
Market Cap
Energy
Telecom
—
Energy
Ind Mtrls
Energy
Financial
Financial
Financial
Ind Mtrls
Consumer
Financial
Financial
Financial
Ind Mtrls
Financial
Ind Mtrls
Ind Mtrls
Hardware
Goods
Sector
% Weightings
Country
Brazil
Mexico
Russia
Brazil
Brazil
U.K.
Brazil
Oman
Qatar
Brazil
U.K.
Russia
U.K.
Brazil
Egypt
Egypt
Russia
China
Taiwan
Korea
% Assets
3.11
2.96
2.93
2.88
2.39
2.19
1.89
1.87
1.79
1.65
1.49
1.48
1.36
1.35
1.30
1.26
1.22
1.20
1.17
1.13
% of Rel MSCI
3 Year
Stocks
EAFE High Low
Value Blnd Growth
Giant
32.4 h Info
14.14 1.21
Large
41.0
Software 0.02 0.03 2 0
Mid
24.9
Hardware 4.59 1.21 9 4
Small
1.6
Media
2.46 1.88 5 2
Micro
0.1
Telecom 7.07 1.18 13 6
Avg $mil:
j Service 49.71 1.17
15,506
Health
0.01 0.00 1 0
Value Measures
Rel Category
Consumer 9.25 2.13 12 8
Price/Earnings
14.17
1.15
Business 6.83 1.41 9 5
Price/Book
1.46
0.77
Financial 33.62 1.30 36 20
Price/Sales
1.12
0.91 k Mfg
36.15 0.79
Price/Cash Flow
8.42
1.30
Goods
5.98 0.47 14 6
Dividend Yield % 2.14
0.72
Ind Mtrls 18.64 0.99 20 8
Energy 10.85 1.31 16 8
Growth Measures
% Rel Category
Utilities 0.68 0.11 2 0
Long-Term Erngs 24.26
1.34
Book Value
28.97
1.71
% Stock
Sales
22.77
1.32 Regional Exposure
Cash Flow
13.02
0.78 UK/W. Europe 8 N. America
1
Historical Erngs 26.70
1.23 Japan
0 Latn America 25
Asia X Japan 38 Other
28
Composition
10Yr:$1466
N/A
© 2008 Morningstar, Inc. All rights reserved. The information herein is not represented or warranted to be accurate, correct, complete or
timely. Past performance is no guarantee of future results. Access updated reports at mfb.morningstar.com. To order reprints, call 312-696-6100.
u
Large Mid Small
Don’t make too much of T. Rowe Price Emerging
Markets Stock’s recent woes.
There’s no denying that this fund has had a tough
go of it this year. It has been rough sailing for all
diversified emerging-markets funds: China and India
have plummeted; most of the other big emerging
markets—except for Brazil, Russia, and
Mexico—have dropped significantly; and many of the
smaller ones have struggled. This fund has lost more
than 75% of its peers for the year to date, partly
because manager Chris Alderson didn’t reduce its
oversized India stake early or aggressively enough
and partly because it has relatively limited exposure
to energy and other commodity stocks that have
thrived.
But such poor results are definitely an anomaly
here. This fund, in fact, has avoided the bottom
quartile of its category in every calendar year since
it opened in 1995. And it has placed among its
group’s top quartile in several calendar years,
including 2007 when Alderson made good picks in
Share change since 03-08 Total Stocks:137 Sector
Cash
Stocks
3.6
96.0
Foreign (% of Stock)
Bonds
Other
% Stock
0.0 Country Exposure
18 Taiwan
9
0.4 Brazil
Russia
11 South Korea 8
98.8 China
10
Mutual Funds
t
r
FAP2_0908.qxp
9/4/08
5:20 PM
Page 6
6
Allianz RCM Technology
Fund Analyst Pick | Hilary Fazzone
What is an
Analyst Pick?
The Morningstar
FundInvestor 500 includes
160 Analyst Picks, which
are the favorite funds of the
Morningstar analysts who
specialize in each particular
category. Analysts make
their selections based on a
fund’s historical risk and
return, costs, and knowledge
of the managers and
their strategies.
◊
This fund’s seasoned managers have proved their
ability to maneuver within the often unruly technology sector.
Management
This fund boasts some of the longest-tenured managers
in the technology category. Walter Price and Huachen
Chen have run this fund together since its late-1995
inception e, and their time spent working together on
the technology sector at RCM dates back to the mid80s. Price and Chen have followed tech stocks through
several market cycles and have seen how they
behave in a variety of market conditions. As a result,
they’re better equipped than most to navigate this
fast-paced sector.
annual turnover, which is low compared with its
historic levels, means that the typical stock stays in
the portfolio for less than six months.
Price and Chen take steps to offset this companyspecific risk. In 2006, they began using options
to hedge their bets and reduce volatility, and they’re
willing to hold cash when opportunities are hard
to come by. As a result, the fund’s long-term volatility
u (as measured by 10-year standard deviation)
is on par with that of its typical tech category peer.
Costs
This fund’s institutional shares charge a cheap 1.26%,
but you need a $100,000 minimum investment and
must pay a $75 fee at Fidelity. Or for a $5,000 minimum
investment and no fee, you can buy the D shares
DGTNX which have a 1.60% expense ratio.
Strategy
The managers look across the globe to unearth
emerging, durable trends within the tech sector and
attempt to identify the leading companies within
those themes. For example, solar cell manufacturer
r First Solar FSLR is currently a top holding because
the managers believe its global plant growth puts
it at the forefront of the alternative energy movement.
Performance
The fund’s recent performance demonstrates its i
tendency to outperform its peers considerably when
tech stocks are doing well and lag them marginally
when tech stocks are doing poorly. The tech category’s
16% gain in 2007 and this fund’s 29% gain bested
94% of its peers’ last year. The category has seen a
performance reversal in 2008, however, and this
fund’s loss is about 5 percentage points greater than
the average tech fund’s 16% drop through August
2008. Its 10-year annualized return through August
2008 trumps that of 93% of its rivals.
Price and Chen’s picks fall into three camps. The bulk
of assets are devoted to up-and-coming stocks, or
those that the managers feel have competitive advantages over their peers in high-growth industries.
The remaining assets are divided between core bluechip tech stocks, such as Intel INTC or Cisco CSCO,
and value plays, such as McAffee MFE, whose
new management and low stock price make it a prime
candidate for takeover.
Stewardship
Both Price and Chen have more than $1,000,000
invested in the fund, which serves to align their own
interests with those of shareholders. On the negative
side, we were disappointed when the fund’s board
failed to pass meaningful economies of scale down to
shareholders by lowering the expense ratio when
another fund merged into this one and doubled its
asset base several years ago.
Price and Chen are willing to make big bets on their
favorite stocks. In fact, although the fund holds
roughly 70 stocks, over 50% of its assets are currently
devoted to the top 10 holdings. Nor do they have
qualms about trading frequently: The fund’s 209% t
Conclusion
Owing to topnotch managers running a proven
strategy with skin in the game, Allianz RCM Technology
is everything you’d want from a tech fund. œ
Contact Hilary Fazzone at hilary_fazzone@morningstar.com
MFB2_0908.qxp
9/4/08
12:50 PM
Page 7
Allianz RCM Tech Ins
Ticker
DRGTX
Analyst
Pick
Load
None
NAV
$42.13
Yield
0.0%
September 2008
Total Assets
$1,227 mil
Mstar Category
Specialty-Technology
Investment Style
Equity
Stock %
Historical Profile
Return High
Risk
Above Avg
Rating
Above Avg
Stewardship Grade:
82%
95%
88%
96%
96%
97%
92%
83%
69%
Manager Change
Partial Manager Change
71.6
50.6
Huachen Chen and Walter Price are seasoned managers who
have been running institutional tech money together for more than
10 years. They have managed this fund since its late-1995
inception. Chen left Allianz, apparently frustrated by internal
politics, early in 2003 but continued to work on the fund as an
independent contractor. He returned as a comanager in early
2004, however, having reconciled whatever differences he had
with Allianz.
7
35.2 Growth of $10,000
Fund
S&P 500
24.0
17.0
e
10.0
(within Category)
Strategy
This fund cuts a broad swath across the technology sector. It is
typically well diversified across subsectors and market-cap
ranges. Management splits the fund into three categories:
emerging stocks (includes more-speculative issues), core blue
chips, and opportunistic value plays. The fund is required to own
securities in at least three countries, but despite a global name, it
has typically invested the bulk of assets in U.S. companies.
Management will hold cash and use options and shorts to give
the fund a defensive cast at times. It will also use ETFs to manage
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2004
2005
2006
2007
2008
3.09
-9.61
7.08
-0.67
-18.55
3.37
3.69
-13.13
12.13
2.40
-8.93
11.14
3.05
12.31
—
21.52
4.55
9.53
3.35
—
17.93
8.90
4.98
29.26
—
Trailing
Total
Return%
+/S&P 500
+/- PSE
Tech 100
%Rank
Cat
Growth of
$10,000
-6.94
-4.73
-7.53
7.69
10.71
10.34
—
1.08
2.35
3.56
4.84
3.68
7.43
—
-7.02
-7.71
-1.62
4.65
2.47
0.50
—
63
78
34
15
10
7
—
9,306
9,527
9,247
12,489
16,632
26,750
—
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
13
9
3
0.18
0.10
0.24
20
19
20
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
07-08
History
13.69
27.08
-6.28
7.11
0.00
27.08
6
0.00
2.21
1.75
-1.15
189
7
21.47 59.21
61.06 182.95
32.48 161.91
6.46 66.55
0.00
0.00
61.06 182.95
33
12
0.00
0.00
0.57
1.38
1.75
1.50
-0.99
-1.02
266
119
18
197
50.32
-14.33
-5.23
1.89
0.00
-14.33
10
0.00
0.43
1.21
-0.26
451
366
30.54
-39.31
-27.42
-23.72
0.00
-39.31
53
0.00
0.00
1.56
-0.15
386
200
18.21
-40.37
-18.27
-7.04
0.00
-40.37
34
0.00
0.00
1.29
-0.85
343
81
30.79
69.08
40.40
16.94
0.00
69.08
15
0.00
0.00
1.36
-0.92
237
194
36.31
17.93
7.05
6.20
0.00
17.93
5
0.00
0.00
1.36
-1.16
206
245
39.54
8.90
3.99
1.54
0.00
8.90
29
0.00
0.00
1.32
-0.87
238
337
41.51
4.98
-10.81
0.30
0.00
4.98
65
0.00
0.00
1.24
-0.75
272
334
51.75
29.26
23.77
22.00
0.00
29.26
6
0.00
1.89
1.26
-0.50
209
495
42.13
-18.59
-5.94
-12.49
0.00
-18.59
73
0.00
0.00
—
—
—
390
NAV
Total Return %
+/-S&P 500
+/-PSE Tech 100
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
-7.53
7.69
10.71
10.34
14.44
+Avg
High
High
+Avg
+Avg
Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
Morningstar
Risk-Adj Rating
Standard Index
S&P 500
Best Fit Index
M* U.S. Grwth TR
6.2
1.43
59
4.6
1.36
79
18.56
7.69
0.27
Potential Capital Gain Exposure: 0% of assets
Morningstar’s Take by Hilary Fazzone 05-15-08
above-average volatility over time (as measured by
10-year standard deviation). To offset this risk,
Price and Chen use defensive measures. For
example, in 2006 they began using options to
hedge their bets and reduce volatility, and they’ve
long been willing to hold cash when opportunities
are scant. Currently, more than 25% of the portfolio
is in cash because the managers believe that the
fund’s high-growth stocks may not perform well
during a period when investors are concerned
about slowing economic growth.
Such a bold strategy might cause concern if it
weren't for Price and Chen’s level of experience.
Having run the fund since its 1995 inception, they
are among the longest-tenured managers in the
category. Over their tenure, the fund's annualized
gain is more than double that of the average tech
fund. Investors looking for technology exposure
would be hard-pressed to do better than this.
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Income Distrib:
Web Address:
Inception:
Advisor:
Subadvisor:
NTF Plans:
EQ
$5000000
Add: $0
$0
Add: —
No-load, 2.00%R
0.90%, 0.30%A
Mgt:0.90%
Dist: —
3Yr:$400
5Yr:$692
IRA: $0
Hewlett-Packard Company
Salesforce.com, Inc.
Google, Inc.
Apple, Inc.
First Solar, Inc.
Tencent Hldgs Ltd
Amazon.com, Inc.
Oracle Corporation
Monsanto Company
Baidu.com, Inc. ADR
Nintendo
Riverbed Technology, Inc
Data Domain, Inc.
Taiwan Semiconductor Man
Activision Blizzard, Inc
ON Semiconductor Corpora
McAfee, Inc.
ABB Ltd
Cognizant Technology Sol
Infosys Technologies, Lt
Value Blnd Growth
Market Cap
Large Mid Small
Allianz RCM Technology navigates the fast-paced
technology sector better than most.
This fund’s success doesn’t hinge on
management’s ability to ride the coattails of the
latest go-go technology stock. Rather, it must
identify industry-leading companies within
fast-growing subsets of the sector. Managers
Walter Price and Huachen Chen scour the globe for
emerging, durable trends and try to find companies
that are better than the competition in translating
these trends into growth. For example, Price and
Chen believe that top holding Salesforce.com is
leading the software-as-a-service movement.
Instead of providing static applications, users can
customize this company’s sales-management
software.
Price and Chen’s approach packs plenty of punch.
They load up on their favorite stocks (over half the
fund’s assets are devoted to its top 10 holdings),
and they trade stocks more than their typical
tech-fund peer. This has resulted in slightly
2187 Atlantic Street
Stamford, CT 06902
800-498-5413
www.allianzinvestors.com
12-27-95
Allianz Global Inv Fund Mgmt LLC
NFJ Investment Group LP
t
Rating and Risk
Time
Period
i
Value Measures
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
Growth Measures
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
Profitability
10Yr:$1523
Giant
Large
Mid
Small
Micro
%
Industry
Weightings
40.4
19.5
33.4
6.7
0.0
Software
Hardware
Networking Eq
Semis
Semi Equip
Comp/Data Sv
Avg $mil:
Telecom
20,267
Health Care
Rel Category Other
22.83
1.19
4.14
1.29 Composition
2.66
0.76
6.67
0.65
0.72
1.18
% Rel Category
19.76
15.98
17.21
22.18
33.14
1.18
1.86
1.68
1.80
1.31
% Rel Category
Return on Equity 20.92
Return on Assets 12.96
Net Margin
17.13
1.12
1.23
1.20
N/A
PE Tot Ret% % Assets
Hardware 14.5
Software
—
Business
33.3
Hardware 31.1
Hardware 112.4
Telecom
—
Consumer 63.7
Software
20.3
Ind Mtrls
35.0
Media
119.1
Goods
—
Hardware 99.0
Hardware
—
Hardware 11.9
Software
32.7
Hardware 13.6
Software
35.2
Ind Mtrls
—
Software
22.6
Software
19.5
Mutual Funds
-10.95
1.75
-31.49
-19.75
6.70
—
-17.59
-4.65
7.18
-10.94
—
-40.65
-18.15
-0.31
21.14
5.74
-12.67
—
-17.30
-11.89
4.08
4.07
3.12
3.11
2.83
2.73
2.69
2.58
2.51
2.43
2.40
2.13
2.10
2.02
1.93
1.91
1.91
1.88
1.78
1.57
% of
Stocks
Rel
Cat
36.1
9.9
0.6
15.3
0.0
11.1
2.3
0.0
24.7
1.5
1.0
0.1
0.8
0.0
1.3
0.9
0.0
1.3
Cash
Stocks
Bonds
Other
Foreign
27.4
69.1
0.0
3.5
31.1
(% of Stock)
r
u
R2_0908.qxp
9/4/08
5:21 PM
Page 8
8
Does Growth Mean Conformity
at American?
Morningstar Research | Greg Carlson
The past 10 years have seen enormous growth in
assets at American Funds. In general, performance
has remained strong, but is there greater overlap?
If you plan to own more than one American fund, it’s a
good thing to know how similar portfolios and returns
are so that you can build a sound portfolio.
I examined the correlation of returns between two
investments, which is measured using a figure known
as R-squared. I also compared those changes in
correlation to changes for broad Morningstar fund
categories. Finally, I looked at the rise in foreign
stakes at some of American’s domestic-equity funds
and how that has affected the way that they act
relative to the firm’s foreign- and world-stock funds.
More of the Same
First, let’s tackle holdings overlap. I examined the
overlap between each of American’s three largevalue funds (American Mutual AMRMX, Investment
Company of America AIVSX, and Washington
Mutual AWSHX) and each of its large-growth funds
(Amcap AMCPX, Growth Fund of America AGTHX,
and New Economy ANEFX) as of December 1997 and
December 2007. In all but one case, overlap between
each of American’s large-value and large-growth
funds increased by a double-digit percentage of assets
(an average of 20% of assets).
The biggest increase was between Washington Mutual
and Growth Fund of America, from 3% of assets
to 31%. Given the difference between the two funds’
objectives—Washington Mutual focuses on
companies that pay a healthy dividend, while Growth
Fund favors firms that churn out steady earnings
growth or that are in the midst of a turnaround—that
increase in overlap is a surprise. There are two explanations for the two funds’ rising overlap, as well as
the generally increasing overlap between American’s
large-value and large-growth funds. First, valuation
disparities between value and growth stocks have
shrunk. Thus, there are fewer definitive bargains out
there, so funds with different objectives—supported,
to some degree, by the same analyst staff—are more
likely to find the same stocks attractive.
Another factor to consider is the influx of managers
at these funds. Almost all of American’s funds in
these categories (as well as across the shop’s lineup)
have more portfolio managers at the helm than
they did 10 years ago because of the dramatic increase
in assets at most of the funds. Thus, nearly every
fund owns a greater number of stocks. Washington
Mutual is an exception to this trend: It’s currently
run by seven managers, the same number it had a
decade ago, and it owns slightly fewer stocks than
before despite a far larger asset base.
Growth Fund of America now has 11 managers
(compared with six in 1997) and holds 280 stocks—
double the number that it held a decade ago.
Thus, the overlap between these two funds is partially
driven by Growth Fund’s rapidly expanding asset
base (close to $200 billion at 2007’s end). However, its
managers have also often found more compelling
buys in traditional value sectors such as energy.
Returns Have Recently Converged
This increased overlap appears to have had an effect
on the correlation between the funds’ returns.
I compared the correlations of the three-year returns of
the three large-value and large-growth funds with
each other for the periods ended December 1997 and
December 2007. Although most of the American
Funds didn’t see the correlation between their returns
increase significantly over this period, they were
more closely correlated over the past three years than
were their typical large-value and large-growth rivals.
One of American’s funds that bucks this trend
is Washington Mutual—its correlations with each of
American’s large-growth funds is below average
relative to the correlations of the broader categories.
That distinctiveness is another reason why this
Fund Analyst Pick is my favorite of the shop’s largevalue mutual funds.
R2_0908.qxp
9/4/08
5:21 PM
Page 9
AmCap
4.42 | December 1997
24.42 | December 2007
bigger stakes in foreign stocks at 2007’s end than they
did in December 1997. For example, New Economy’s
non-U.S. weighting has jumped from 23% of assets to
35%, and its prospectus language has been amended
to allow for this increase. Meanwhile, the other
four funds—Amcap, American Mutual, Investment
Company of America, and Washington Mutual—
have seen little change to their foreign weightings.
Globe-Trotting’s Pluses and Minuses
During this 10-year period, American has allowed its
more-opportunistic funds freer rein to buy into overseas markets. Fundamental Investors ANCFX, Growth
Fund of America, and New Economy all had much
While each of American’s seven domestic-stock funds
boasts solid long-term records, the five-year relative
returns of the adventurous funds beat those of each
of the four more-staid funds, and their 10-year relative
returns beat those of three of the four U.S.-heavy
funds. It should come as no surprise that the returns
of the three opportunistic funds correlate more strongly
with those of American’s world-stock and foreignstock funds for the three years ended December 2007
than they did for the three years ended December
1997. On average, however, these correlations didn’t
increase to a greater degree than did the returns
of the typical domestic large-cap fund to the returns
of the typical world-stock or foreign large-cap fund.
Investment Co. of America vs:
AmCap
24.21 | December 1997
32.20 | December 2007
Washington Mutual vs:
AmCap
26.32 | December 2007
Growth Fund of America
22.46 | December 1997
26.74 | December 2007
41.61 | December 2007
30.86 | December 2007
New Economy
14.58 | December 2007
9
As for Growth Fund of America, the changes in its size
and its managers’ preferences are again the main
factors behind its recently higher return correlations.
While the fund’s recently higher R-squareds with
its large-value siblings may not continue in the future,
the fund’s more-sprawling portfolio means it’s likely
to continue to significantly overlap with those funds—
which can, in turn, lead to higher correlations.
Value and Growth Converging
American Mutual vs:
September 2008
New Economy
19.83 | December 1997
23.44 | December 2007
New Economy
16.73 | December 2007
Meanwhile, each of American’s domestic-stock funds
has seen its returns correlate much more highly
with those of Smallcap World SMCWX over the past
three years than from 1995–97. I’d chalk that up to
the latter fund’s bigger stake in mid-cap and large-cap
firms these days. The reasons are that Smallcap
World’s large asset base has forced it to buy more large
caps and more attractive valuations of bigger companies have drawn managers’ attention.
So, the U.S.-international pairings to avoid are Growth
Fund of America and New Perspective ANWPX,
Fundamental Investors with New Perspective and
Capital World Growth & Income CWGIX.
Look for the more distinctive American funds because
they ought to prove more beneficial to the riskadjusted returns of their portfolios. And those funds
that are most vulnerable to asset bloat, and thus
ought to be closed—Growth Fund of America and
Smallcap World—have had the most difficulty
remaining distinctive. œ
Contact Greg Carlson at greg_carlson@morningstar.com
CN RF_0908.qxp
9/5/08
9:40 AM
Page 10
10
Don’t Believe the Hype
funds.) The underlying funds from GMO loaded up on
asset-backeds to the tune of 23%. As a result, returns
are bottom-quartile 8.64% annualized for the trailing
five years, and the average investor only earned 5.6%
because most got in just as the fund was slumping.
The Contrarian | Russel Kinnel
Our Contrarian Approach
I go against the grain to find
overlooked funds that may be
ready to rally.
In general, there is a sort of wisdom to the crowds.
Most big funds are pretty good because you have
to be pretty good to draw a lot of money and grow that
money. However, the crowds aren’t Einstein either.
I can think of a couple of billion-dollar dogs.
To get a billion-dollar dog, you need hot performance
or a hot spot of the market and an army of wholesalers taking brokers to ballgames so that they’ll put
their clients in said hot fund.
Consider Evergreen Asset Allocation EAAFX. Born
GMO Global Balanced Asset Allocation, the fund built
up a strong record thanks to savvy asset calls, low
costs, and some successful quantitative programs for
selecting stocks. In 2002, the fund had 5 stars, and
Evergreen swooped in and paid GMO a fee to make it
an Evergreen fund—but run by GMO just as before.
Although Evergreen didn’t have anything to do with the
management of the fund, it added 55 basis points in
management fees and 12b-1 fees to expenses so that
the fund’s expense ratio advantage turned into a
handicap. In fact, the fund’s C shares were the hottestselling share class, and they cost 130 basis points
more than the original share class. Then they sold the
heck out of it. In just a few years a $100 million fund
became an $11 billion fund.
Just as money was coming in, performance tailed off.
The quantitative models didn’t work as well, and,
more recently, a big bet on asset-backed securities and
weak stock selection has hurt performance. (In fact,
Vanguard recently fired GMO from two of its stock
Their strategy is to wait for the asset-backed securities to mature and reinvest the money in Treasuries.
That may work, but with Treasuries producing low
yields, it’s not a promising development for the fund.
It makes me wonder: If the fund were run by a third
party not tied to GMO, would they dump the assetbacked heavy funds? Either way, I’d avoid the fund.
Meanwhile, a new fund from a venerable name
is having a tough go of it. BRICs (Brazil, Russia, India,
and China) have been trendy. Although they had little
to do with each other, all four were red-hot markets,
and BRICs was a catchy acronym with which to market
them. Launched in the middle of 2006, Templeton
BRIC TABRX quickly topped $1 billion in assets.
Besides the trendiness and lack of justification for
gluing four markets together, there are other problems
with the fund. At 2.09%, it costs way, way too
much. The fund’s portfolio and returns actually match
those of BRIC ETFs pretty closely, and those ETFs
charge about one third the price. Templeton hasn’t been
a strong performer of late, so it’s tough to see why
you should buy this fund over the cheaper BRIC ETFs.
Want some better ideas? For world-allocation, consider
American Funds Capital Income Builder CAIBX,
which has low costs and experienced managers.
For emerging markets, I like T. Rowe Price Emerging
Markets Stock PRMSX, which charges 89 basis
points less than Templeton BRIC. These funds have
low costs, low hype, and high-quality management. œ
Contact Russel Kinnel at russel_kinnel@morningstar.com
Contrarian Picks at a Glance
Name
Manager Name
Prospectus
Net Expense
Ratio
Evergreen Asset Allocation A
Ben Inker
Mark Mobius et al
1.27
2.09
Templeton BRIC A
Data through Aug. 31, 2008.
Total Ret
YTD
Total Ret %
Rank Cat
YTD
Total Ret
Annlzd 3 Yr
Total Ret %
Rank Cat
3 Yr
Total Ret
Annlzd 5 Yr
Total Ret %
Rank Cat
5 Yr
Total Ret
Annlzd 10 Yr
Total Ret %
Rank Cat
10 Yr
-7.84
-26.34
36
87
4.32
—
69
—
8.13
—
77
—
8.68
—
42
—
CN RF_0908.qxp
9/5/08
9:40 AM
Page 11
Cooling Energy Prices Could Be Hard
on These Funds
Red Flags | Marta Norton
What is Red Flags?
Red Flags is designed to alert
you to funds’ hidden risks.
Such risks can take many forms,
including asset bloat, the
departure of a solid manager,
or a focus on an overhyped asset
class. Not every fund featured
in Red Flags is a sell, and in
fact, some are good long-term
holdings. But investors
should be prepared for a potentially bumpier ride in the
near future.
The energy sector has had a long run, but it might
be a little long in the tooth. The collision of low supply
and spiking emerging-markets demand has made
it one of the top-performing sleeves of the market for
the past several years. Any fund with either the
foresight or the mandate to invest in the sector has
reaped market-topping gains. In five of the last
eight years, for example, natural-resources funds have
landed in the top three of their diversified-fund and
specialty-fund category peers.
The question now is: Is it over? In July and August, oil
and other commodities sold in response to slackening demand. Some managers had already started
paring back. Bob Baker and team at Van Kampen
Comstock ACSTX sold the fund’s last energy stock in
2007 and have resolutely said that the sector is
extremely overvalued ever since. Meanwhile, Bruce
Berkowitz and company at Fairholme FAIRX sliced
that fund’s outsized stake in the sector early this
summer, citing increased commodity prices, which
would slow demand and increase supply.
A bout of volatility and a handful of good managers
taking money off the table aren’t reasons on their own
to say that the rally is over: Stocks often fluctuate
for reasons other than fundamental concerns, and
plenty of talented managers claim that the sector has
more room to climb. They do serve as reminders
that the sector doesn’t just go up, however. If the party
is over, here are a few funds that will have a hangover.
Fidelity Independence FDFFX
This large-growth fund’s 37% energy stake stems
from manager Bob Bertelson’s belief that constrained
supplies and demand from emerging markets will
continue to push energy prices higher. The energy play
isn’t a new bet for Bertelson, who has steadily
increased the fund’s weighting in the sector since his
late-2006 arrival, but he isn’t early to the game,
September 2008
11
either, having still added to the fund’s exposure there
in recent months. Add the fund’s slug of energy
stocks to its 42% industrial-materials stake, and this
fund has significant commodity price risk. At his
previous charge, Fidelity Aggressive Growth FDEGX,
Bertelson posted poor relative and absolute returns
during his 2000–02 tenure.
Legg Mason Partners Aggressive Growth SHRAX
Richie Freeman has managed the large-growth fund
since its 1983 inception and has made plenty of
good calls over the years. Freeman sticks with fastgrowing stocks for the long haul, which tends to
prevent the fund from chasing current trends. Nevertheless, with nearly 30% of the fund’s assets in
energy—half of which he added since the start of
2007—Freeman is in the thick of the market’s
current craze. It has cost the fund recently and will
certainly be a thorn in its side if the energy sector
continues to slow. A limited stake in industrial-materials stocks, which are also linked to commodities,
eases some of our concern, however. Avoiding most
of that sector limits the damage from commodity prices.
FPA Capital FPPTX
We’re big fans of manager Bob Rodriguez, who
has made a number of savvy calls here over the years.
However, we’d be remiss not to point out that the
closed fund’s mostly cash and energy portfolio (it
has 41% of its assets in cash and 30% of its assets in
energy stocks) carries its own set of risks. If the
energy bet goes against the fund, its cash stake will
cushion its losses. However, if the rest of the market
rallies, possibly due to a significant energy correction, the fund’s cash stake will hold it back and its
energy stake will drag it down. œ
Contact Marta Norton at marta.norton@morningstar.com
News_0908.qxp
9/4/08
5:23 PM
Page 12
12
Stocks Move Higher as Oil Eases
Benchmark Performance
Market Overview | Russel Kinnel
Total Return % through
08-31-08
1Mo
YTD
Large Growth
Large Blend
Large Value
0.4
0.9
1.3
-12.1
-11.7
-12.9
3.6
3.3
2.3
5.8
6.5
6.9
3.7
4.1
5.6
Mid-Cap Growth
Mid-Cap Blend
Mid-Cap Value
0.4
1.9
2.4
-11.5
-8.0
-7.7
5.1
4.0
3.5
8.3
9.1
9.3
8.0
9.4
9.8
Small Growth
Small Blend
Small Value
2.1
2.8
3.5
-10.6
-5.4
-3.1
3.1
3.1
2.3
7.1
9.1
9.2
9.5
10.8
11.3
Conservative Allocation
Moderate Allocation
0.2
0.3
-4.7
-8.2
2.9
3.4
4.3
6.0
4.3
4.9
Specialty-Precious Metals -11.8
Specialty-Natural Resources -4.0
Specialty-Technology
1.7
Specialty-Utilities
-1.8
Specialty-Health
0.5
Specialty-Financials
0.2
Specialty-Real Estate
2.0
Specialty-Communications 0.6
Global Real Estate
-3.3
-15.8
-3.2
-13.8
-12.3
-2.5
-20.2
-4.1
-18.7
-17.5
22.1
14.9
4.4
9.1
4.5
-3.9
4.2
3.7
3.5
16.1
24.4
5.2
15.8
7.7
2.6
12.9
10.0
13.4
19.4
18.9
5.3
7.5
10.7
5.7
12.7
3.0
12.5
S&P 500
S&P MidCap 400
Russell 2000
1.5
1.7
3.6
-11.4
-4.1
-2.6
3.7
6.0
4.8
6.9
10.8
9.6
4.7
12.6
9.5
Diversified Asia/Pac. Stock
Diversified Emerg. Mkts.
Europe Stock
Foreign Large Blend
Foreign Large Growth
Foreign Large Value
Foreign Small/Mid Growth
Foreign Small/Mid Value
Latin American Stock
World Stock
-5.9
-7.7
-5.1
-4.7
-4.5
-3.5
-4.9
-4.0
-9.0
-1.9
-21.5
-22.6
-19.8
-18.4
-18.3
-17.7
-20.1
-18.1
-11.9
-15.8
9.9
17.4
8.0
7.6
8.6
6.5
8.5
5.5
31.5
6.0
13.1
22.1
15.0
12.8
12.9
12.9
16.4
13.4
37.6
10.5
10.5
16.1
7.6
5.9
5.5
8.1
11.0
11.0
21.9
6.6
On the flip side, precious metals and natural resources
took it on the chin. American Century Global Gold
BGEIX and PIMCO Commodity Real Return Strategy
PCRDX lost 13% and 7%, respectively.
MSCI EAFE
MSCI World
MSCI Emerging Markets
MSCI Europe
MSCI Latin America
MSCI Pacific
-4.1
-1.4
-8.2
-3.9
-8.5
-4.3
-17.3
-14.0
-23.2
-18.3
-9.9
-15.1
8.1
6.0
16.4
9.1
29.8
5.9
13.9
10.2
20.6
15.1
35.4
11.1
6.3
5.3
14.8
6.1
20.4
7.3
Meantime, the strong dollar and weakening economies
in Europe and Asia led to losses in most foreign
funds. William Blair International Growth WBIGX
and Harbor International HAINX lost about 6%.
High-Yield Bond
Intermediate-Term Bond
Muni National Long
World Bond
0.2
0.3
0.9
-1.9
-3.5
-1.3
0.1
0.6
2.5
2.2
1.9
3.7
5.6
3.2
3.4
5.5
4.2
4.4
3.7
5.5
Lehman Bros Aggregate 1.0
CS First Boston High Yield 0.3
Lehman Bros Municipal 1.2
2.0
-2.2
1.6
4.3
3.8
3.3
4.6
6.9
4.4
5.6
6.1
4.9
Falling oil prices lifted most U.S. stocks in August.
Hopes that falling oil prices would boost the economy
and lead to rising interest rates helped stocks and the
dollar alike.
Small-value funds were the stars, with gains of about
3.5% on average. Robeco Boston Partners Small
Cap Value II BPSCX and Royce Special Equity RYSEX
led the way with gains of about 6%. Elsewhere,
Vanguard Selected Value VASVX and Aston/Tamro
Small Cap ATASX posted decent gains as well.
We also saw strength at some of the year’s hardest-hit
funds, with Ariel ARGFX and Baron Fifth Avenue
Growth BFTHX posting gains of more than 4%.
Most remarkable, though, was Fairholme Fund FAIRX,
where manager Bruce Berkowitz appears to have
timed the energy market perfectly. At our conference
in late June, Berkowitz said he was starting to sell
his energy companies, and that was right about the
peak of the market. Thus, the fund gained 5% in
August, whereas Ken Heebner’s CGM Focus CGMFX
lost 6% because Heebner remained an energy bull.
Most bond funds were flat for the month, but foreign
bond funds were hurt by the rising dollar in August.
The muni market, though, gained a little over 1%. œ
A N N U A L I Z E D
3Yr
5Yr
10Yr
News_0908.qxp
9/4/08
5:23 PM
Page 13
Three Funds Hold Up Well in Sell-Off
Leaders & Laggards | Wenli Tan
3
Ten Best-Performing Funds
Fund Name
YTD Cat Rank %
FMI Large Cap
FPA Capital
FPA Crescent
Fairholme
Fidelity Sh-Int Muni Inc
Fidelity Strategic RRet
Matthews Asia Pac Eq Inc
Oakmark Equity & Inc I
Sound Shore
Vanguard Prec Mtls Mining
1
1
1
1
1
1
1
1
1
1
33
Ten Worst-Performing Funds
Fund Name
YTD Cat Rank %
100
Fidelity Pacific Basin
Legg Mason Value Prim
99
Longleaf Partners Sm-Cap 99
Bjurman, Barry MicroCp Gr 98
Janus Venture
98
Masters' Sel Focused Opp 98
Masters' Select Value
98
98
Schneider Small Cap Val
Third Avenue RealEst Val
98
Thompson Plumb Growth
98
Leaders
Royce Value RYVFX
This fund’s ability to weather the storm is nearly unrivaled in the small-blend category. While its typical
peer has lost 5.6% for the year to date through Aug.
31, the fund has gained 5.5%. Similar to other Royce
teams, this fund’s managers, Whitney George and Jay
Kaplan, avoid firms with shaky finances—a bias
that has helped the fund sidestep a lot of the problems
in today’s financial markets. Energy picks, such as
Oil States International OIS and Unit Corporation UNT, have fueled recent gains. But there’s no
performance-chasing here. The team got into the
energy sector earlier than a lot of small-cap investors
and hung on through the boom and bust that occurred
from 2003 to 2006. Shareholders should tame their
expectations, though. If oil prices continue to fall, the
fund—with its above-average 20% energy stake—
will suffer. Still, we like its long-term prospects.
T. Rowe Price Tax-Free Short-Intermediate PRFSX
Thanks to manager Charlie Hill’s shrewd issue selection, this fund has gained 3.0%, besting roughly
90% of its muni-national short-term category peers.
Hill shied away from insured municipal bonds,
which paid off as subprime-mortgage woes weighed
on the primary muni insurance providers. The manager
has also taken advantage of the market’s recent
volatility by scooping up A rated bonds, which have
suffered along with the market’s riskier fare. With
a proven manager at the helm and a built-in cost advantage (at 0.51%, the fund ranks cheap among its noload peers), we think this fund’s future shines bright.
Lazard Emerging Markets Equity LZEMX
This fund’s 11.1% loss this year sounds awful,
but it still beats all of its peers in the often-volatile
diversified emerging-markets category. Manager
James Donald’s willingness to say no to hot-performing
areas has helped cushion the fall. Because he has
September 2008
13
been skeptical of the valuations and profitability
of Chinese companies, he has kept a minimal stake in
China. That avoidance has paid off as Chinese
stocks tumbled in August. The fund will close to new
investors Sept 30.
Laggards
Clipper CFIMX
It’s easy to see why this fund, which has lost 24.3%
for the year to date, lags nearly all of its large-blend
peers. Its short roster of stocks includes American
International Group AIG, Merrill Lynch MER,
UnitedHealth Group UNH, and News Corp. NWS.A,
all of which have sustained losses in excess of 30%.
We don’t think the fund’s recent struggles reveal any
flaws in its process, though. Managers Chris Davis
and Ken Feinberg still look for and bet on well-managed
companies with defensible market positions and
earning streams that look undervalued.
William Blair International Growth WBIGX
As investors’ appetite for risk dramatically decreased
amid today’s market turmoil, this closed foreign
large-growth fund’s hefty stake in smaller-cap and
emerging-markets stocks has caused it to sink
22.1% for the year to date. Despite its recent tumble,
the fund still holds appeal. Manager George Greig is
a skillful stock-picker who has delivered strong results
over the trailing five- and 10-year periods. This fund
isn’t suitable for conservative shareholders, but many
others will likely be happy here.
Loomis Sayles Bond LSBRX
As a result of its propensity to take on credit risk,
this fund has fallen 4.0%, underperforming the bulk of
its multisector-bond peers. The fund’s management
team, led by bond guru Dan Fuss, has been adding
investment-grade (currently 44% of assets) and highyield bonds (24%) as these securities traded down.
The team doesn’t scoop up bargains indiscriminately,
though. The managers and the analysts supporting
them thoroughly analyze each company’s balance
sheets and competitive position. Short-term volatility
comes with the territory here, but we think that longterm investors will be rewarded for their patience. œ
News_0908.qxp
9/4/08
5:23 PM
Page 14
14
Fund Manager Changes
Fidelity Small Cap Stock FSLCX
Fund News
Impact: Negative
07-01-08
Paul Antico retired after 17 years with Fidelity. Andrew Sassine of Fidelity International Small Cap Opportunities FSCOX took over. | Our Take: Antico did a fine job over the years and was one of Fidelity’s best and
most experienced small-cap managers. It’s a real blow.
Oppenheimer Main Street MSIGX
Impact: Negative
06-30-08
Nikolaos Monoyios, head of Oppenheimer’s Main Street team, retired. Monoyios comanaged the team’s three
quant-driven funds: Oppenheimer Main Street, Main Street Small Cap OPMSX, and Main Street Opportunity
OMSOX. Comanagers Mark Zavanelli and Mark Reinganum have been an integral part of the team since 1998
and 2002, respectively, and are deeply familiar with the funds’ quantitative approach. Both will now be listed
as comanagers on all three funds. Alex Zhou, who has been involved with the team’s quantitative models since
joining Oppenheimer in 1999, will also comanage the Main Street fund. | Our Take: We don’t expect big
changes, but you never want to lose an experienced leader.
TCW Value Opportunities TGVOX
Impact: Negative
07-01-08
Comanager Nick Galluccio left the firm July 1 to become CEO of GAMCO Investors subsidiary Teton Advisors. |
Our Take: This is a loss for TCW. Galluccio had been with the firm for 26 years and served
as group managing director, U.S. equities. On the plus side, Susan Suvall will remain at the fund and has as
much experience as Galluccio.
T. Rowe Price Science & Tech PRSCX and Global Technology PRGTX
Impact: Negative
01-01-09
T. Rowe Price announced plans to promote two analysts to the position of manager at its technology funds.
On Jan. 1, Kennard W. Allen will replace Michael F. Sola as manager of Science & Technology. Allen joined
T. Rowe Price in 2000, and his investment experience dates from 1999. On Oct. 1, David J. Eiswert will replace
Jeffrey Rottinghaus as manager of Global Tech. He joined T. Rowe Price in 2003, and his investment experience dates from 2001. | Our Take: The funds have been rather middling performers, so it’s unclear if the change
reflects T. Rowe’s dissatisfaction with the funds or something else. We don’t know much about the new
managers, though T. Rowe’s manager handoffs are usually pretty smooth and don’t result in big strategy shifts.
Vanguard Capital Value VCVLX and Vanguard Windsor VWNDX
Impact: Positive
06-25-08
Vanguard has replaced manager Dave Fassnacht of Vanguard Windsor and Vanguard Capital Value. James N.
Mordy, who, like Fassnacht, works for subadvisor Wellington Management, will take over Windsor. (AllianceBernstein remains the other subadvisor.) Peter I. Higgins, also of Wellington, will take over Capital Value. You
may recall that Higgins had formerly run Dreyfus Mid-Cap Value and Dreyfus Small-Cap Value. Higgins’ style
of buying fallen growth stocks worked wonderfully in the 1990s, but big tech weightings hurt when the bubble
burst. | Our Take: Past manager changes at Wellington have improved results when it appeared that the
manager was removed because of performance issues. So, we’ll give Vanguard and Wellington the benefit of
the doubt, but we’ll keep a close eye on Higgins, who produced volatile results with an unusual value
approach at Dreyfus.
Vanguard Explorer VEXPX
Impact: Positive
06-01-08
Four months after Vanguard terminated its relationship with Grantham, Mayo, Van Otterloo & Co. and gave its
own Quantitative Equity Group a bigger slice of the pie, the firm has added Century Capital as a new subadvisor. The Boston-based investment-management firm, which currently manages $1.4 billion in assets, uses a
concentrated, bottom-up investment approach and looks for profitable companies that use their own cash
to fuel their growth. Lanny Thorndike, CIO of Century Capital and manager of Century Shares Trust CENSX and
Century Small Cap Select CSMVX, will join the team. | Our Take: Century Small Cap Select is a Fund Analyst
Pick, so we’re pleased to see a strong addition to the team.
Harbor to Launch Commodity Fund
A new fund from Harbor could be the best commodities
fund around. Harbor Commodity RealReturn Strategy
Fund, a clone of the PIMCO’s commodities fund, will
charge a reasonable 0.94% expense ratio, whereas
the PIMCO fund PCRDX charges 1.24% on its D shares.
The fund will be managed by Mihir Worah.
Vanguard Reopens Two Standouts
Vanguard has reopened Vanguard Explorer VEXPX and
Vanguard Health Care VGHCX, which are Analyst
Picks. When the $10 billion Explorer first closed in
February 2006, its assets weighed in at $12 billion.
Health Care has been closed since March 2005, when
its assets approached $23 billion, and the fund is
roughly $600 million larger today. Both funds, however,
have seen steady outflows over the past two
years or so. Explorer has a $3,000 minimum investment
requirement and Health Care requires $25,000.
Vanguard Tweaks Total International Stock
Vanguard said it plans to allow Total International
Stock Index VGTSX to own individual stocks directly
in addition to mutual funds. Until now, the fund
had been structured as a fund of funds, investing in a
combination of three other international index funds:
Vanguard European Stock Index VEURX, Vanguard
Pacific Stock Index VPACX, and Vanguard Emerging
Markets Stock Index VEIEX. The firm is initially
transitioning roughly 50% of the fund’s mutual fund
shares to direct equities.
This change won’t alter the fund’s objective of tracking
a customized benchmark based on the MSCI Europe
Index, MSCI Pacific Index, and MSCI Emerging Markets
Index. And the fund’s 0.27% price tag won’t change.
Vanguard said that the fund’s added flexibility will
improve its ability to track the markets, as the fund
will now be able to invest cash flows as they’re
received rather than waiting until the end of the day.
Other benefits include the potential for increased
tax efficiency, according to the firm.
News_0908.qxp
9/4/08
5:23 PM
Page 15
PIMCO Makes Small Fee Changes
PIMCO is hiking fees for the institutional share classes
of PIMCO Total Return PTTRX, as well as PIMCO
Low Duration PTLDX, PIMCO Moderate Duration
PMDRX, and Analyst Pick PIMCO High Yield
PHIYX on Oct. 1, 2008. The administration and supervisory fee for two of the Bill Gross-run funds, Total
Return and Low Duration, will rise by 3 basis points
(0.03%) apiece, while the levy on the third, Moderate
Duration, will inch up by 1 basis point (0.01%). The
same charge on High Yield will climb by 5 basis points
(0.05%). These alterations affect the funds’ Institutional, Administrative, and P shares.
The good news is that PIMCO is cutting expenses
elsewhere. The same line-item fees on the no-load D
share classes of several funds will be dropping,
substantially in some cases, on the same date. The
deepest cuts of the lot send the costs of the shop’s
All Asset PASDX and All Asset All Authority PAUDX
down by 20 basis points (0.20%) each. The administrative and supervisory fees for four funds, Analyst
Picks PIMCO Foreign Bond (Unhedged) PFBDX and
PIMCO Foreign Bond (USD-Hedged) PFODX,
and inflation-beating offerings Real Return PRRDX
and RealEstateRealReturn Strategy PETDX, will
shrink by 5 basis points (0.05%). Lastly, the advisory
fee on Real Return Asset Institutional’s PRAIX
shares will drop by 5 basis points (0.05%).
Matthews Reopens Asian Funds
Matthews reopened a pair of funds Sept. 2, 2008:
Matthews Pacific Tiger MAPTX and Matthews
Asian Growth & Income MACSX. An Analyst Pick in
the Pacific/Asia ex-Japan Stock category, the allcap Pacific Tiger originally closed to investors in June
2006, and Asian Growth & Income closed back in
November 2003. Matthews hopes to put new money
to work in investment opportunities that it is spotting
among firms with strong growth prospects and
attractive valuations. Pacific Tiger and Asian Growth
& Income have roughly $2.7 billion and $1.9 billion
in assets, respectively.
September 2008
15
Lazard Emerging Markets to Close
Lazard Emerging Markets LZEMX will close its doors
to new investors Sept. 30, 2008. A strong track
record coupled with the rise in popularity of emergingmarkets strategies has helped drive up the fund’s
assets under management from approximately $354.9
million at year-end 2002 to $7.6 billion as of July
2008. In particular, management’s wariness of Chinese
stocks has paid off nicely in 2008.
SEC Makes Distribution to Putnam,
Janus Investors
Nearly five years after the market-timing scandal
rocked the fund industry, the SEC has announced that
it will make the first batch of distributions to Putnam
and Janus investors who were harmed by the firms’
misconduct. More than 600,000 Putnam investors
will receive nearly $40 million, and more than 325,000
Janus investors will receive more than $18 million.
The SEC will ultimately distribute $150 million to
Putnam investors and $100 million to Janus investors,
which will be funded by the two fund shops.
Two Changes to WealthKeeper Portfolio
We took Northeast Investors NTHEX off our Fund
Analyst Picks list due to concerns about a thin staff
and recent credit blowups. That’s why we’re replacing
that fund with T. Rowe Price High-Yield PRHYX.
Manager Mark Vaselkiv is one of our favorite highyield managers. Vaselkiv has produced top-decile
returns without taking on big risks. The fund typically
does much better than its peers in tough years like
this one and 2002. Vaselkiv is more conservative on
credit risk, but he is also just better than most at
researching junk bonds. Moreover, he’s supported by
a 15-person team of analysts and traders. That gives
us confidence about the depth of research.
In addition, we’re swapping Fidelity Short-Term
Bond FSHBX for T. Rowe Price Short-Term Bond
PRWBX. The Fidelity fund has been a disappointment,
whereas the T. Rowe fund’s conservatism gives us
confidence in the current environment. The fund’s gain
of 2.5% for the year to date isn’t exciting, but it
beats the losses we’ve seen many funds suffer due
to problems in mortgages. œ
R3_0908.qxp
9/4/08
5:24 PM
Page 16
16
Jensen Is Quietly Effective
out as expected—annual portfolio turnover hardly
ever rises above the low teens.
The FundInvestor Focused 10 | Greg Carlson
An Oddball in Its Category
Jensen Fund’s JENSX highly disciplined approach
leads to streaky relative performance but dependable
long-term returns.
Based in Portland, Ore., the Jensen team won’t
consider a company unless it has generated returns on
equity of at least 15% for each of the past 10 years.
If a holding falls short, it’s sold and the clock starts over
again. This happened in 2001 with Intel INTC, although
issues at the firm that caused it to drop below
Jensen’s ROE hurdle would have prompted the fund’s
managers to sell the stock even if it had maintained
its ROE streak.
The ROE screen helps narrow down the universe of U.S.
stocks (the fund doesn’t own foreign names) to
the type of firms that management prefers: those with
lasting competitive advantages within their industries,
management teams that make smart capital-allocation decisions, and healthy balance sheets. The team,
composed of five portfolio managers and two
analysts, then sets to work identifying those remaining
companies with solid growth prospects that trade
at significant discounts to the team’s estimate of their
future values. The team uses various measures to
determine valuation—it will discount estimated future
cash flows into the future—but also considers P/E
and price/book ratios, among others.
Given the team’s strict criteria, it shouldn’t come
as a surprise that the fund’s portfolio is compact—it
currently has just 28 holdings. The team used to
limit the fund to 25 stocks, but because of an increased
number of opportunities as a result of stocks’ recent
decline as well as a desire to modestly reduce the
potential damage done by blowups, that number has
crept up a bit. Nevertheless, the managers invest
with a lot of conviction: Half the fund’s assets are
stuffed into its top 10 holdings. What’s more, the team
will hang on to its picks for many years if they work
Because companies that meet all of management’s
requirements tend to be big, fairly fast-growing,
and sometimes more expensive than the average
valuations of the broad market, this fund falls into the
large-growth category. However, unlike its typical
category rival, this fund rarely owns many firms in
those traditional “growth” areas with short product
cycles or boom-or-bust profiles, such as tech and
biotech. (It also rarely owns firms with strong connections to commodities.) Instead, the portfolio is
tilted toward steadier fare such as health care (especially makers of medical devices such as top holding
Stryker SYK), consumer-goods firms like Procter
& Gamble PG, and diversified industrial companies
that are less economically sensitive than most in
that sector, including 3M Company MMM.
Stryker is a fine example of a long-term holding
that cleared management’s hurdles and has since benefited the fund’s shareholders as a result. First
purchased in mid-1999, the company makes orthopedic
implants as well as equipment for orthopedic
surgeons—areas that have grown steadily as the
baby boom generation has aged. The company
has been able to plow revenues back into research
and development in order to maintain its competitive
edge yet still pay off the debt from acquisitions.
And although it might face pricing pressure as healthcare costs rise, management believes that the firm
faces far less pricing risk than drugmakers, in part
because it also makes a bone protein that reduces the
need for surgery. Since the stock was added to
the portfolio nine years ago, it has roughly doubled the
return of the fund’s benchmark, the S&P 500 Index.
One recent purchase that demonstrates management’s
preferences is Adobe Systems ADBE. Added to
the portfolio in 2008’s first quarter, the software-maker
stands to benefit from the growth of digital media
thanks to products with dominant market share, such
as its Acrobat PDF format as well as Photoshop
and Illustrator. Its acquisition of Macromedia (which
makes Flash) in 2005 allows Adobe to offer a more
R3_0908.qxp
9/4/08
5:24 PM
Page 17
September 2008
17
The FundInvestor Focused 10
Fund Name
Category
Manager Name
(Tenure Years)
Ariel Appreciation CAAPX
Brown Capital Mgmt BCSIX
Clipper CFIMX
Fairholme FAIRX
FMI Large Cap FMIHX
Jensen JENSX
Mairs & Power Growth MPGFX
Matrix Advisors Value MAVFX
Oakmark Select I OAKLX
Torray TORYX
Mid-Cap Blend
Small Growth
Large Blend
Large Blend
Large Blend
Large Growth
Large Blend
Large Blend
Large Blend
Large Blend
Rogers Jr./Sauer (3.9)
Management Team (11.6)
Davis/Feinberg (2.7)
Kellner/English (6.8)
Frels/Henneman (5.7)
David A. Katz (12.2)
Nygren/Berghoef (10.2)
5-Yr Total
Return%
5.1
9.5
0.1
16.1
10.3
5.8
8.1
5.3
2.3
3.66
5-Yr Cat
Rank%
# of
Holdings
Turnover%
33
47
26
36
27
28
46
39
23
40
29
20
25
14
19
8
4
52
10
50
95
24
99
1
6
57
20
78
98
94
Expense
Ratio
Top Three Holdings
1.12
1.22
0.69
1.01
1.00
0.85
0.68
1.11
0.97
1.09
Accenture, IMS Health, Baxter International
FLIR Systems, DTS, Ansys
Costco, AIG, American Express
Berkshire Hathaway, Cndn Nat Res, Sears Hold
Accenture, Canon, Wal-Mart
Stryker, Abbott Laboratories, Johnson & Johnson
Medtronic, Emerson Electric, 3M
Dell, Wal-Mart, Covidien
H&R Block, Yum Brands, Discovery Holding Co.
Johnson & Johnson, LaBranche, Kraft
Data through Aug. 31, 2008.
We shine the spotlight on 10 funds from the FundInvestor 500 that follow a focused, low-turnover strategy.
integrated suite of products, according to the fund’s
management team. What’s more, the company boasts
a very passionate user base of creative professionals that is highly unlikely to switch to another
company’s products. Thus, Jensen’s managers believe
that the volatility of Adobe’s earnings is likely to
temper—making it much less economically sensitive
than most tech firms. Finally, thanks in part to its
solid business franchises, Adobe’s balance sheet is
quite healthy.
Not Just a Port in a Storm
As a result of the fund’s sector biases, it lags when
racy fare or commodity plays are in favor. The fund
struggled mightily in 1999 and 2003, for example. But
it holds up extremely well in tough times—it posted
a superb showing in the 2000–02 bear market and
has done a fine job of preserving capital thus far in
2008’s carnage, as leveraged fare has struggled
mightily amid the seizing up of credit markets. For the
year to date through Aug. 18, 2008, the fund has lost
4.5%, which betters 95% of its category rivals. (That’s
due in part to the team’s avoidance of banks, which
have struggled mightily over the past year, in favor of
financial firms with steadier, fee-based revenue.)
Furthermore, the fund puts up fine absolute returns in
most strong markets. All told, the fund’s long-term
record is strong, and it’s been one of the least-volatile
large-growth funds around as well.
The fund’s fundamentally appealing strategy and
attractive risk/reward profile aren’t the only things it
has going for it. Shareholders have generally been
treated quite well over time. They certainly don’t
have to pay a lot of costs here: The fund’s 0.85%
expense ratio makes it one of the cheaper no-load
large-cap funds around. What’s more, the team’s
slow-moving approach means the fund pays out a very
small amount of money in brokerage commissions
each year—less than 0.05% of its average net assets
each year. Thus, the fund has a nice head start on
its typical large-growth rival, which trades far more
frequently. We’re also very impressed with other
elements of Jensen’s corporate culture: Management
is clearly focused on performance rather than
marketing, portfolio-manager transitions (a couple of
the team’s older members have retired) have been
handled with plenty of advance planning, and the team
has rigorous hiring practices in place for its investment professionals. We like the fact that the entire
team is focused on one single strategy and that it
has plenty of flexibility to reach down the market-cap
ladder when smaller companies meet its criteria:
At last count, the team managed roughly $2.5 billion.
To be sure, investors need to be able to look past
short-term relative performance to have a good experience here. The fund will go through extended dry
spells, given its atypical look. But from an absolutereturn perspective, the fund is fairly easy to handle:
Its worst loss in a calendar year was 11% in 2002
(less than half that of its typical rival). Those looking
for a tame equity fund that should still beat its
rivals over the long haul ought to be happy here. œ
Contact Greg Carlson at greg_carlson@morningstar.com
FAPTrack_0908.qxp
9/4/08
5:25 PM
Page 18
18
The Best of Europe, Latin America, Asia,
and Emerging Markets
Tracking Fund Analyst Picks | Hilary Fazzone
What are Morningstar
Fund Analyst Picks?
Our picks are chosen for longterm success. We focus on
proven fundamentals such as
management, strategy, costs,
stewardship, and long-term
performance.
Using regionally focused foreign funds can be a good
way to diversify a portfolio and to gain extra exposure to specific markets. Or you can use them to hurt
your portfolio by making crazy bets with high-cost
funds. Our top choices tend to have proven managers
who apply judicious strategies to these sometimes
unruly asset classes.
Mutual European TEMIX
Manager changes have caused us to revoke and reinstate this fund’s Analyst Pick status, but we’re
confident that it’s a winner now. The 2005 departure
of lead manager and Mutual Series CIO David Winters
raised concerns regarding not only the void left at this
fund but also the firm’s ability to retain talent, and
the fund was removed from our short list. However,
we got to know Winters’ replacement, Philippe
Brugere-Trelat, who had two decades of experience
investing in Europe, and we made the fund a pick
again. Since we first made it a pick in 2002, the fund’s
12.1% annualized return has trumped the Europe-stock
fund category average of 11.5%.
Matthews Pacific Tiger MAPTX
This fund has stuck to its judicious strategy since we
made it a pick in 1999. Management looks for
companies with strong long-term earnings prospects
and managers who are smart about allocating
their capital. It prefers smaller-cap companies where
it can gain a research edge, and it isn’t afraid to
let its top picks soak up assets. During its tenure as a
pick, the fund has posted a 12.4% annualized gain
versus the category’s 11.1% return.
T. Rowe Price New Asia PRASX
Longtime manager Frances Dydasco subscribes
to T. Rowe’s measured pursuit of reasonably valued
growth stocks, but she isn’t wedded to an index
and allows her stock selection to dictate the fund’s
country allocation. This can lead to big bets on
individual markets and has sometimes resulted in sharp
drops. This year, the fund’s heavy stakes in China and
India (two of the hardest-hit markets in 2008) have
driven the fund’s 37% loss through August. Ultimately,
the fund has been a strong long-term performer,
although its 7.8% annualized gain since we made it a
pick in 2000 lags the category’s 9.0% result.
American Funds New World NEWFX
Index, which means it courts a bias toward the
largest companies and markets in the region, while its
rock-bottom 0.22% annual fee gives it a distinct cost
advantage over its Europe-stock peers.
This fund invests a little under half of assets directly
in emerging markets and the remainder in companies
that earn most of their revenue in those markets,
subjecting shareholders to less of the volatility that
characterizes this asset class. That means that it
loses less when the category struggles. For example,
this year it’s running more than 600 basis points
ahead of its average peer. Since this fund was made a
pick in 2002, its still-impressive 21% annualized gain
over that time has lagged the 24% category average.
T. Rowe Price Latin America PRLAX
T. Rowe Price Emerging Markets Stock PRMSX
The caution with which this fund approaches the
volatile Latin American market makes it our top choice
in this wild category. Manager Gonzalo Pangaro
applies T. Rowe Price’s taste for strong and consistent
growers selling at reasonable prices, and we think
Pangaro’s measured skepticism benefits investors over
the long term. Indeed, the fund’s 29.5% annualized
return since we made it a pick in 2002 trumps all but
one of its peers’ in this small category.
This fund’s strength lies with the experienced and
skilled management behind it. (See Page 4 for details.)
The fund’s 21.9% annualized gain since the fund
was chosen to be a pick in 2002 trumps the category’s
20.0% average. œ
Vanguard European Stock Index VEURX
This fund tracks the market-cap-weighted MSCI Europe
Contact Hilary Fazzone at hilary_fazzone@morningstar.com
FAPTrack_0908.qxp
9/4/08
5:25 PM
Page 19
September 2008
19
Tracking Our Picks
Trailing 5 Years
Trailing 3 years
% Picks in Top Quartile
Trailing 3 months
Asset Group
Batting Average
Batting Average
Balanced
76.30
57.13
70.79
44.36
Batting Average
53.93
21.48
Domestic Stock
59.69
39.10
55.12
41.50
19.78
9.89
International Equity
98.90
90.75
99.41
89.88
67.86
32.14
Municipal Bond
74.60
45.78
80.32
53.49
57.58
30.30
Taxable Bond
58.00
40.01
58.08
34.67
51.61
23.96
Data through July 31, 2008.
Category Spotlight: Mid-Cap Blend
Vanguard European Stock Index VEURX
|
QQQ
p Fund Return (%)
Growth of $10,000 (07-1999 to 08-2008)
12,000
6,000
01
02
03
04
07
06
05
Matthews Pacific Tiger MAPTX
08
Stewardship Grade Overall
X
Corporate Culture
Z
Regulatory Issues
Z
Board Quality
X
Manager Incentive
C
Fees
Z
p Fund Return (%)
179.95
p Category Return (%)
20,000
10,000
01
02
03
04
05
06
American Funds New World NEWFX
07
|
08
147.26
—
Corporate Culture
—
Regulatory Issues
—
Board Quality
—
Manager Incentive
—
Fees
—
QQ
p Fund Return (%)
Growth of $10,000 (09-2002 to 08-2008)
210.06
36,000
24,000
12,000
04
05
Return data through Aug. 31 2008.
06
07
08
241.61
X
Corporate Culture
X
Regulatory Issues
Z
Board Quality
X
Manager Incentive
Z
Fees
Z
|
QQQQ
p Fund Return (%)
Growth of $10,000 (03-2002 to 08-2008)
60,000
40,000
20,000
02
03
04
05
08
07
06
|
X
Corporate Culture
Z
Regulatory Issues
Z
Board Quality
X
Manager Incentive
X
Fees
X
p Fund Return (%)
83.75
27,000
18,000
9,000
01
02
03
04
05
06
07
08
99.57
X
Corporate Culture
Z
Regulatory Issues
Z
Board Quality
X
Manager Incentive
C
Fees
Z
QQQ
T. Rowe Price Emerging Markets Stock PRMSX
|
Growth of $10,000 (03-2002 to 08-2008)
p Fund Return (%)
-7.10
42,000
28,000
14,000
02
392.14
QQQ
Growth of $10,000 (01-2000 to 08-2008)
00
436.85
T. Rowe Price New Asia PRASX
30,000
03
82.86
QQQQ
|
Growth of $10,000 (07-1999 to 08-2008)
00
62.08
18,000
00
T. Rowe Price Latin America PRLAX
03
04
05
06
07
08
22.95
X
Corporate Culture
Z
Regulatory Issues
Z
Board Quality
X
Manager Incentive
X
Fees
X
IS_0908.qxp
9/4/08
5:26 PM
Page 20
20
Our Favorite Managers’ Picks for Value
Income Strategist | Paul Herbert
Welcome to Income Strategist
Income Strategist is a new
feature in which we identify
investing opportunities for
investors who want to boost
income without taking big
risks. In addition to stating a
case for a certain asset
class, category, or type of mutual fund, we will also explain
the ins and outs of various
income strategies. To help tell
the story, we’ll provide market
data that will help you get
a sense of where things stand.
It has been nearly a year and a quarter since the
subprime mess started and the bottom dropped out
for non-Treasury bonds and the funds that invest
in them. We thought it made sense to take a look at
where, if anywhere, some of the top managers
who fared well during the credit crisis see value as they
look out across the fixed-income landscape today.
Being a contrarian hasn’t worked out well lately, as
the housing market has sunk, the economy in general
has sputtered, and investors have been loathe to
take on risk. Nonetheless, there’s ample compensation out there for those willing to buck that trend,
especially if they’re willing to hold on for a while.
Bob Rodriguez and Tom Atteberry, FPA New
Income FPNIX
Rodriguez and Atteberry have been holding on to
higher-quality short-term fare for a long time. They
continue to be worried about the risks of higher
inflation and slower economic growth. Higher tax rates
are another concern because of increased government intervention in recent months, so in all they aren’t
picking up new high-yield bond positions or buying
longer-term bonds. But they have been buying agency
mortgage bonds (that is, those sponsored by Fannie
Mae, Freddie Mac, and Ginnie Mae) that have sold off
during the past year. They’re focusing on issues
originated before 2006, with short maturities and lower
loan balances. These moves should allow them
to increase the fund’s yield without taking on much
interest-rate or default risk.
Dan Fuss, Kathleen Gaffney, and team, Loomis
Sayles Bond LSBRX
Fuss and Gaffney have stepped on the accelerator in
recent months. Their MO is to buy long-term corporate bonds at deeply discounted prices and hold on to
them for ages. They beefed up the fund’s stake in
high-yield fare late in 2007 and early in 2008, adding
names that don’t appear likely to go back to the
bond market for financing. More recently, they’ve
turned their attention to the investment-grade area,
picking up financials, media, and other beatendown names. This positioning has weighed on results,
as corporates, particularly at the longer end of
the spectrum, have stumbled, but this move isn’t about
this year or next, but rather about income and totalreturn potential for years to come.
Bill Gross, PIMCO Total Return PTTRX
Gross has seen value in a lot of areas throughout the
market weakness, from muni bonds to mortgages
to certain corporate issues to non-U.S. fare. One interesting move for PIMCO’s managers has been to add to
their stakes in large money center banks that they
perceive as “too big to fail.” This move has allowed
Gross to boost the fund’s yield, but it has also
looked like he and his peers may have picked these
names up too early. He has also changed up the
fund’s interest-rate positioning, moving from a long
leaning that helped during the Fed’s rate-slashing
campaign to an emphasis on shorter maturities, which
has been helpful at the margins. On the whole, the
fund still appears to be in tip-top shape.
Jeff Gundlach and Philip Barach, TCW Total
Return TGLMX
Gundlach is nearly as gloomy as Rodriguez and
Atteberry when he writes about the risks in the financial system. However, he and his team at TCW
have some hope that recent mortgage-market losses
can be recovered. They started scooping up nonagency mortgage bonds when these bonds had reached
“unusually attractive risk-adjusted values” in March
2008, taking care to stick with the highest-rated issues
and to stress-test them under various outcomes.
The fund’s 45% stake in these bonds is rather high for
the fund, and it has weighed on performance during
July and August. On the whole, though, the fund has
been holding up rather well lately, and we have
as much confidence in TCW’s ability to analyze these
securities as we do in anybody’s. œ
IS_0908.qxp
9/5/08
4:48 PM
Page 21
September 2008
21
Bond-Market Snapshot
Treasury Yield Curve (%)
Yield to maturity of current bills, notes, and bonds
Interest-Rate Review
7.00
Municipal bonds continue to look attractively valued relative to
Treasuries. At the long end of the yield curve, munis’ yields are near
112% of Treasuries, making this market still appear very attractively valued. Spreads have continued to widen between Treasuries
and high-yield bonds, as the high-yield sector has seen price
declines in anticipation of increasing default rates. Additionally, Fed
Funds futures markets indicate traders think the Fed will hold
rates steady in the fall.
6.00
5.00
4.00
One Year Ago (8-31-07)
3.00
2.00
Maturity
Current (8-31-08)
1 mo 3
6
1 yr
2
3
5
7
10
20
30
Treasury and Municipal-Bond Yields
Vanguard Intermediate-Term Tax-Exempt Inv and Intermediate-Term U.S. Treasury Inv.
Municipal-Bond Spread Snapshot
7.00
Aug. 31, 2008
Unattractive 1.73
6.00
-0.40
High
1.73
5.00
Low
-1.01
4.00
Average
0.69
Last Month (07-31-08)
-0.26
A Year Ago (08-31-07)
0.33
3.00
2.00
08-31-08
-0.40
Attractive
-1.01
3
p Vanguard Interm-Term Tax-Exempt p Vanguard Interm-Term U.S. Treasury
98
99
00
01
02
03
04
05
06
07
08
High-Yield and Treasury Bond Yields
Vanguard High-Yield Corporate and Intermediate-Term U.S. Treasury Inv.
High-Yield Bond Spread Snapshot
12.00
Attractive
08-31-08
6.32
5.79
10.00
Aug. 31, 2008
3
5.79
High
6.32
8.00
Low
2.01
6.00
Average
3.54
Last Month (07-31-08)
5.36
A Year Ago (08-31-07)
3.76
4.00
2.00
p Vanguard High-Yield Corporate p Vanguard Interm-Term U.S. Treasury
98
99
00
01
02
03
04
05
06
07
08
Unattractive 2.01
Data as of Aug. 31, 2008. Yield Spread: The difference between yields on differing debt instruments, calculated by deducting the yield of one instrument from another. The higher the yield spread, the greater the
difference between the yields offered by each instrument. For municipal bonds, a smaller spread is attractive because munis typically pay smaller yields than Treasuries. For high-yield bonds, a wider spread is more
attractive because junk bonds typically pay higher yields than Treasuries.
500_0908.qxp
9/4/08
5:27 PM
Page 22
22
Allianz NFJ and Diamond Hill Large Cap
Join the 500
Changes to the 500 | Dan Culloton
What is Morningstar
FundInvestor 500?
The Morningstar FundInvestor
500 features the industry’s
best and most notable funds.
Use the list to get new
investment ideas and track
the funds you already own.
Our 160 Analyst Picks are
chosen by the Morningstar
fund analysts who specialize
in each category. Analysts
make their selections based
on a fund’s historical risk
and return, costs, and their
knowledge of the funds’ managers and strategies.
There are a couple of additions and deletions to the
FundInvestor 500 this month. We also removed
two funds from our Fund Analyst Picks list, although
they remain in the 500.
In with the New
Welcome Allianz NFJ Dividend Value PNEAX to the
500. The fund, which reopened to new investors
in May, has produced consistently strong results this
decade with a unique dividend-focused strategy.
Senior mutual fund analyst Marta Norton has been
a fan for a couple of years and returned from a
visit to NFJ’s Dallas headquarters earlier this year still
impressed. That visit gave us confidence in the
personnel backing up lead manager Ben Fischer, who
is the “F” in NFJ and has worked on the fund since
its 2001 inception. We made the fund an analyst pick.
Say hello also to Diamond Hill Large Cap DHLAX,
managed by veteran, value-oriented contrarian
Chuck Bath. He runs this load fund in a compact, highconviction style that can lead to rough periods. But
his stringent valuation standards have helped the fund
turn in great long-term returns. The fund’s 1.18%
expense ratio is not exorbitant, either. You can buy the
fund without paying a load at Charles Schwab.
Check out the profile on the opposing page for more
on this fund.
Out with the Old
Say goodbye to Oppenheimer Main Street MSIGX,
whose manager Nikos Monoyios has retired.
He was the most experienced member of the management team, having joined former lead manager
Chuck Albers in 1979 at Guardian Park Avenue and
moved to Oppenheimer with Albers in 1998.
We’re also cutting loose Fidelity Asset Manager
70% FASGX. The fund switched to a sector-neutral
approach in which analysts will attempt to beat their
benchmarks through stock selection. As Fidelity still
has a ways to go in upgrading its analyst staff, the
management setup isn’t compelling.
Northeast Investors Comes Off Picks List
We’re taking Northeast Investors NTHEX off our picks
list. The junk-bond fund tends to have a lot riding
on each bond in the portfolio. Recent blowups among
big holdings and a very thin management team
give us pause. We still think it’s a good fund and like
the experience of managers Ernest and Bruce Monrad,
but we don’t believe the fund is a true standout.
Wasatch Heritage Growth Leaves Picks List
Back in May we made Wasatch Small Cap Growth
WAAEX a pick. This year we’re removing another fund
from the family: Wasatch Heritage Growth WAHGX.
We made this fund a pick in the mid-cap growth
category shortly after its inception in June 2004. The
idea behind picking the fund was simple: It was
a natural evolution of Wasatch’s process. The firm is
renowned for its small-cap expertise, so we thought
surely there were some stocks Wasatch still liked that
grew up into mid-caps.
We also thought the firm could make its emphasis on
profitability and high, sustainable earnings growth
work with mid-caps, too. Although the fund has lost
less than its peers in the year to date through Aug.
15, 2008, its record since inception has been desultory.
We’d like to see better evidence that Wasatch can
pick mid-cap stocks as effectively as it has selected
small caps. The fund could still become a pick again,
but it needs to establish itself on its own terms. œ
Summary of Changes
Additions
Deletions
Diamond Hill Large Cap A
Allianz NFJ Small Cap Value D
Oppenheimer Main Street A
Fidelity Asset Manager 70%
Fund Analyst Picks Additions
Fund Analyst Picks Deletions
Allianz NFJ Small Cap Value
Northeast Investors
Fidelity Dividend Growth
500_0908.qxp
9/4/08
5:28 PM
Page 23
Ticker
DHLAX
Diamond Hill Large Cap A
Load
5.00%
NAV
$14.57
Yield
1.2%
September 2008
Total Assets
$495 mil
Return High
Risk
Average
Rating
Highest
87%
93%
88%
88%
86%
96%
Strategy
Manager Charles Bath buys stocks of profitable large- and
mid-cap companies that have high barriers to entry, grow at
above-average rates, and are trading at discounts to his estimate
of fair value. Once he buys a stock, it generally stays in the
portfolio for years: Turnover here is well below average. Bath will
concentrate in a given sector if that is where he finds opportunity,
passing over unattractive areas of the market entirely. He's also
willing to hold cash if he can't find stocks that meet his exacting
standards.
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
3.77
3.12
4.02
0.37
-6.46
4.29
1.32
0.93
5.18
-2.30
2.50
9.03
1.32
1.91
—
9.19
2.00
8.17
-2.01
—
21.12
16.19
15.06
5.42
—
Total
Return%
+/S&P 500
+/- Russ
1000 Vl
%Rank
Cat
Growth of
$10,000
-9.22
-6.30
-7.35
4.71
12.32
—
—
-1.20
0.78
3.74
1.86
5.29
—
—
0.82
3.99
7.80
2.29
3.80
—
—
54
18
7
13
2
—
—
9,078
9,370
9,265
11,481
17,877
—
—
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
10 Yr (estimated)
—
Manager Change
17.5 Partial Manager Change
15.0
12.5 Growth of $10,000
18
3
—
0.65
0.43
—
15
14
—
10.0
(within Category)
1997
1998
1999
2000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2002
2003
2004
2005
2006
2007
07-08
History
10.06
7.87
0.69* -20.74
—
1.36
—
-5.22
—
0.40
— -21.14
—
83
0.01
0.04
0.00
0.06
1.40
1.40
0.38
0.62
—
71
3
3
10.34
31.92
3.24
1.89
0.54
31.38
56
0.04
0.00
1.39
0.62
32
6
12.51
21.12
10.24
4.63
0.14
20.98
2
0.01
0.00
1.40
0.26
13
17
14.44
16.19
11.28
9.14
0.46
15.73
1
0.06
0.04
1.27
1.08
15
96
16.36
15.06
-0.73
-7.19
0.97
14.09
87
0.14
0.12
1.21
1.32
32
335
16.25
5.42
-0.07
5.59
1.23
4.19
23
0.19
0.82
1.18
1.15
44
310
14.57
-10.34
2.31
3.54
0.00
-10.34
13
0.00
0.00
—
—
—
314
NAV
Total Return %
+/-S&P 500
+/-Russ 1000 Vl
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
2001
Rating and Risk
Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
1 Yr
3 Yr
5 Yr
10 Yr
Incept
-11.98
2.93
11.17
—
6.19
+Avg
High
—
-Avg
+Avg
—
Other Measures
Morningstar
Risk-Adj Rating
—
Standard Index
S&P 500
Best Fit Index
DJ Mod
Alpha
Beta
R-Squared
1.7
0.88
80
-1.2
1.38
88
Standard Deviation
Mean
Sharpe Ratio
9.89
4.71
0.10
Morningstar's Take by Michael Herbst 06-10-08
beginning in 2003, and has caused it to largely
steer clear of the technology sector over most of
the past year. Both of those moves have paid off in
spades. Yet more importantly, we believe Bath's
insistence on bargains could help shield the fund
when the markets head south.
That's not to say the fund won't hit bumps from
time to time. Bath admits, for instance, that he
underestimated the impact the subprime mortgage
debacle has had on financial holdings such as
Washington Mutual. In addition, management's
tendency to back its picks with plenty of conviction
can weigh on the fund when those picks stumble
(top holdings tend to soak up 5% of assets apiece).
Even so, the fund's top-quartile risk-adjusted
performance on Bath's watch bolsters our
confidence that he and his team can make more
right calls than wrong ones over the longer haul.
That track record, in addition to management's
straightforward and defensive style, has us keen on
the fund.
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Income Distrib:
NTF Plans:
EQ
$10000
Add: $100 IRA: $0
$0
Add: —
5.00%L,
0.60%, 0.32%A
Mgt:0.60%
Dist:0.25%
3Yr:$853
5Yr:$1111 10Yr:$1849
Devon Energy Corporation
Apache Corporation
Occidental Petroleum Cor
Anadarko Petroleum Corp.
McDonald's Corporation
XTO Energy, Inc.
Wells Fargo Company
American International G
Medtronic, Inc.
Abbott Laboratories
Johnson & Johnson
Freeport-McMoRan Copper
Dover Corporation
Schering-Plough Corporat
United Technologies
Microsoft Corporation
General Mills, Inc.
Illinois Tool Works, Inc
Cardinal Health, Inc.
Kimberly-Clark Corporati
Value Blnd Growth
Market Cap
Large Mid Small
Diamond Hill Large Cap is demonstrating that a
strong defense is one its many merits.
This fund has held up relatively well during the
market's recent turmoil. Its 3.2% loss over the past
12 months through June 9, 2008 looks especially
rosy alongside the 13% loss of its average peer.
That showing has been fueled in part by the
portfolio's hefty slug of rallying energy stocks such
as top holdings Apache Corporation and Devon
Energy, both of which have gained more than 30%
thus far in 2008.
We think the fund's recent showing is no fluke.
For instance, during the category's down months
since skipper Chuck Bath took the helm in October
2002 through May 2008, the fund has lost less
money than its typical rival roughly 80% of the time.
We'd attribute part of that downside protection to
management's approach. Rather than hewing to the
fund's Russell 1000 Index benchmark,
management's valuation process solely drives its
picks. That stance led it to bulk up on energy stocks
325 John H. Mcconnell Boulevard
Columbus, OH 43215
888-226-5595
www.diamond-hill.com
06-29-01*
Diamond Hill Capital Management Inc
None
Fund
S&P 500
6.0
Potential Capital Gain Exposure: -1% of assets
Web Address:
Inception:
Advisor:
Subadvisor:
Investment Style
Equity
Stock %
91%
Charles Bath ran Gartmore Nationwide for 15 largely successful
years. But a bad 1999 campaign prompted Gartmore to add a
comanager and various strictures (including a requirement that
management keep the fund's tech and telecom weightings near
market levels) to the process in mid-2000. Bath stuck around at
the fund for two more years before moving here, where he can
practice his contrarian brand of investing with more autonomy.
Since joining this fund in 2002, he's produced impressive
long-term results.
2004
2005
2006
2007
2008
Mstar Category
Large Value
Historical Profile
Stewardship Grade: A
23
Giant
Large
Mid
Small
Micro
Energy
Energy
Energy
Energy
Consumer
Energy
Financial
Financial
Health
Health
Health
Ind Mtrls
Ind Mtrls
Health
Ind Mtrls
Software
Goods
Ind Mtrls
Health
Goods
%
Sector
Weightings
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
Growth Measures
12.16
1.76
1.18
8.26
2.79
%
Long-Term Erngs 10.00
Book Value
10.74
Sales
9.67
Cash Flow
13.34
Historical Erngs
7.29
Profitability
%
Return on Equity 17.34
Return on Assets 7.54
Net Margin
14.87
5.25
5.14
4.39
4.34
4.18
3.54
2.77
2.77
2.61
2.46
2.45
2.43
2.20
2.17
2.03
2.02
1.94
1.94
1.93
1.92
0.21
0.57
0.20
0.00
0.00
2
5
3
1
0
0
0
0
j Service 43.56 1.10
Health 14.96 1.18 15 7
Rel Category
Consumer 9.88 1.41 11 0
0.99
Business 2.84 0.59 16 2
0.96
Financial 15.88 1.05 23 14
0.02
Mfg
52.25 1.29
k
0.83
Goods
7.74 0.80 10 6
0.93
Ind Mtrls 18.43 1.41 22 13
Rel Category
Energy 26.08 1.84 26 19
0.98
Utilities 0.00 0.00 4 0
2.01
1.97 Composition
Cash
8.8
2.04
Stocks 91.2
1.02
Bonds
0.0
Other
0.0
Rel Category
0.94
Foreign 1.2
(% of Stock)
1.11
1.31
DATALynx NTF, Fidelity Instl-NTF
7.04
4.82
2.73
-11.62
2.85
-7.70
2.35
-54.87
6.01
2.21
4.05
-4.34
8.59
-19.49
-15.69
-27.20
15.29
-11.46
-6.75
-15.08
% of
Rel
3 Year
Stocks S&P 500 High Low
46.4 h Info
4.19
37.9
Software 2.21
15.0
Hardware 1.98
0.8
Media
0.00
0.0
Telecom 0.00
Avg $mil:
34,101
Value Measures
PE Tot Ret% % Assets
13.3
11.3
11.5
11.8
28.3
13.0
13.1
—
27.1
22.9
17.1
12.0
14.4
—
13.8
14.9
17.4
14.8
16.2
13.9
Mutual Funds
M500_0908.qxp
9/4/08
5:28 PM
24
Morningstar 500
Page 24
Domestic Equity
Morningstar
Rating
vs. Category
55Best
Large Growth
—
AmCent Growth Inv TWCGX
AmCent Ultra Inv TWCUX
Amer Funds Amcap A AMCPX
Amer Funds Grth Fund A AGTHX
Amer Funds New Econ A ANEFX
LAston/Montag Growth N MCGFX
Baron FifthAveGr BFTHX
LBrandywine Blue BLUEX
Bridgeway Large-Cap Gr N BRLGX
Calamos Growth A CVGRX
Historical Risk
Historical Performance
QQQQ
] QQQ
QQQ
QQQQ
QQQ
QQQQ
QQ
QQQQQ
QQQ
QQQQ
Total Return %
08-31-08
A N N U A L I Z E D
YTD
1 Yr
-12.1
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
YTD 1 Yr 3 Yr 5 Yr 10 Yr
Return
ConsiStewardstency Yield ship
Rating %
Grade
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
-8.0
3.6
5.8
3.7
—
— — — —
—
0.3
—
—
12.2
1.06 (77)
—
-9.6 -2.0
-15.6 -6.2
-12.5 -13.2
-10.0 -8.2
-16.7 -14.9
6.4
1.1
1.9
5.5
5.1
7.7
3.8
5.1
9.1
8.0
4.1
3.3
7.5
10.8
6.1
25
85
57
28
91
10
34
87
55
91
15
86
77
24
30
23
88
70
11
20
52
64
13
4
23
High
+Avg
Avg
+Avg
+Avg
0.1
0.0
1.1
1.1
0.9
C
C
X
X
X
-22
-23
-15
-21
-25
11.02
12.35
9.70
10.41
12.55
1.00 (83)
1.03 (70)
0.92 (90)
0.93 (81)
1.17 (88)
-Avg
Avg
Low
-Avg
Avg
-6.4
-12.3
-15.5
-12.1
-15.4
2.5
-9.9
-9.5
-6.7
-7.8
6.9
1.9
4.8
4.2
4.5
7.5
—
10.0
—
8.3
4.6
—
10.2
—
17.1
8
55
85
52
84
2
71
67
39
50
11
78
34
45
39
24 45
— —
7 4
— —
17 1
High
Low
High
Low
+Avg
0.2
0.0
0.0
0.3
0.0
C
-16
-12
-23
-12
-21
11.33
11.26
12.85
12.26
16.06
0.94 (69)
1.05 (87)
0.95 (55)
1.05 (74)
1.36 (72)
Avg
-Avg
+Avg
Avg
High
-8.9 -1.0
-14.0 -8.2
-10.1 -6.6
-14.6 -15.5
-12.6 -4.9
4.8
2.6
3.1
2.4
7.6
9.5
5.9
4.9
6.8
11.5
8.1
9.2
3.0
8.0
9.2
19
74
29
78
59
6
55
38
93
24
33 8 9
68 55 6
62 73 71
72 35 10
8 5 6
+Avg
+Avg
Avg
+Avg
High
0.2
0.0
0.7
0.5
0.7
C
C
C
-12
-22
-18
-24
-13
9.76
12.32
10.66
12.12
11.58
0.80 (68)
1.09 (79)
1.00 (87)
1.01 (70)
0.96 (69)
Low
Avg
-Avg
Avg
Avg
Chase Growth CHASX
Chesapeake Core Growth CHCGX
Fidelity Blue Chip Grth FBGRX
Fidelity Capital Apprec FDCAX
Fidelity Contrafund FCNTX
QQQQQ
QQQQ
QQQ
[ QQQ
QQQQQ
Fidelity Exp & Multinatl FEXPX
Fidelity Growth Company FDGRX
Fidelity Growth Discovery FDSVX
Fidelity Independence FDFFX
Fidelity Magellan FMAGX
QQQQ
QQQQQ
QQQQQ
QQQQQ
QQQ
-14.9
-11.0
-16.3
-8.6
-15.4
-9.3 4.8
-4.0 8.5
-7.9 8.1
4.1 12.2
-8.6 4.1
9.4
10.1
8.2
12.1
6.1
11.0
8.9
8.2
9.5
4.7
80
37
89
17
84
65 34 9 3
19 6 7 7
51 7 17 9
2 1 4 5
60 47 48 44
+Avg
High
High
High
+Avg
0.1
0.0
0.5
0.0
0.4
C
C
X
C
X
-18
-26
-17
-25
-16
13.88
13.45
12.30
15.89
12.67
1.15 (69)
1.11 (68)
0.96 (61)
0.98 (38)
1.13 (80)
+Avg
+Avg
Avg
High
Avg
LHarbor Capital App Instl HACAX
Janus JANSX
Janus Growth & Income JAGIX
Janus Research JAMRX
Janus Twenty JAVLX
QQQ
QQQ
QQQ
QQQQ
QQQQQ
-11.0 -5.1 3.3
-11.5 -6.4 5.2
-15.1 -14.6 1.5
-12.4 -6.2 7.9
-6.9 11.4 14.1
6.6
6.1
6.6
9.1
16.1
4.7
4.1
6.2
7.4
7.6
37
43
82
55
9
25 59 39 43
37 28 49 52
90 82 39 21
34 8 11 13
1 1 1 12
Avg
High
Avg
High
High
0.4
0.6
3.2
0.1
0.2
V
C
V
C
-25
-26
-17
-24
-27
11.45
11.12
13.13
12.56
13.96
0.98 (74)
1.04 (88)
1.13 (74)
1.14 (83)
1.03 (54)
Avg
-Avg
+Avg
Avg
+Avg
Jensen J JENSX
Legg Mason P Aggr Grow A SHRAX
Marsico 21st Century MXXIX
Marsico Focus MFOCX
Marsico Growth MGRIX
QQQQ
QQQ
QQQQQ
QQQQ
QQQQ
-5.8 -2.2
-11.7 -10.4
-17.2 -10.1
-12.9 -5.5
-14.9 -9.0
5.2
0.5
9.1
4.7
3.1
5.8
5.7
11.6
7.2
6.6
8.0
12.2
—
6.6
6.6
5
45
93
61
81
11
75
72
27
63
29
90
4
35
61
57
59
5
28
37
10
2
—
18
19
+Avg
Avg
High
+Avg
+Avg
1.0
0.0
0.0
0.0
0.0
-13
-26
-25
-22
-20
8.68
11.36
14.38
13.21
12.47
0.74 (73)
1.01 (79)
1.26 (78)
1.14 (75)
1.11 (79)
Low
-Avg
+Avg
+Avg
Avg
X
X
X
Z
X
-13
-10
-17
-16
-22
10.14
9.41
11.38
11.38
11.57
0.91 (81)
0.84 (81)
1.08 (91)
1.07 (88)
1.03 (79)
-Avg
Low
Avg
Avg
Avg
13.98
12.79
12.34
15.78
12.57
1.11 (63)
1.15 (82)
1.10 (79)
1.36 (75)
1.07 (73)
+Avg
+Avg
Avg
High
Avg
X
LPRIMECAP Odyssey Growth POGRX
PRIMECAP Odyssey Stock POSKX
T. Rowe Price BlChpGr TRBCX
T. Rowe Price Gr Stk PRGFX
LT. Rowe Price New Amer PRWAX
QQQQ
QQQQ
QQQQ
QQQQ
] QQQQ
-8.1
-5.3
-11.7
-12.4
-5.1
-9.9
-7.3
-8.3
-9.4
-2.1
5.5
5.5
4.7
5.0
6.2
—
—
6.9
7.5
7.9
—
—
5.1
6.6
4.3
13
4
46
55
4
70
46
56
67
10
25
23
35
31
17
—
—
33
25
21
—
—
36
19
48
Avg
Avg
+Avg
+Avg
High
0.3
0.5
0.4
0.7
0.0
Touchstn Snds Cp Sel Gr Z PTSGX
Transam Prem Equity Inv TEQUX
USAA Aggressive Growth USAUX
Van Kampen Cap Gr A ACPAX
LVanguard Cap Opp VHCOX
[ QQ
QQQ
] QQQ
QQQ
QQQQQ
-14.1
-14.8
-15.2
-15.2
-7.5
-7.7
-8.6
-9.2
-6.5
-7.4
0.3
4.2
2.7
5.9
7.6
5.8
9.2
6.0
7.3
12.2
—
6.1
5.8
2.5
17.4
74
80
82
83
11
49
60
65
37
47
91
46
67
20
9
57
10
52
27
4
—
23
27
77
1
Avg
+Avg
+Avg
High
High
0.0
0.0
0.3
0.0
0.7
C
Z
-24
-20
-37
-18
-24
Vanguard Gr Idx VIGRX
Vanguard Growth Equity VGEQX
Vanguard Morgan Gr VMRGX
LVanguard PRIMECAP VPMCX
LVanguard PRIMECAP Core VPCCX
QQQ
QQQ
QQQQ
QQQQQ
] QQQQQ
-8.5 -4.7
-18.9 -10.3
-11.1 -8.9
-3.5 -0.4
-4.2 -4.0
5.1
3.8
5.0
8.5
6.6
6.5
5.5
7.8
11.2
—
3.5
3.2
6.2
10.8
—
16
95
38
2
3
23
74
62
4
19
31
52
32
6
13
39
63
22
6
—
61
67
22
3
—
High
+Avg
+Avg
+Avg
Avg
0.9
0.1
0.9
0.8
1.1
X
Z
X
Z
Z
-22
-33
-21
-22
-9
10.53
13.81
11.48
9.63
9.32
0.98 (88)
1.16 (71)
1.05 (84)
0.87 (82)
0.86 (86)
-Avg
+Avg
Avg
Low
Low
-7.4
2.6
5.4
-1.5
30
47 69 64 98
Avg
0.7
Z
-31
11.54
1.02 (79)
Avg
-9.8 -6.8
-11.4 -11.1
4.4
3.7
6.1
6.9
2.6
4.7
Vanguard U.S. Gr VWUSX
Russell 1000 Growth Index
S&P 500 Index
E New this month
LAnalyst Pick
LClosed Analyst Pick
Red numbers 5 Lowest return in group
Grey numbers 5 Highest return in group
QQ
-10.2
][ Increase/decrease in rating
NR 5 No Morningstar Rating;
fund less than three years old.
M500_0908.qxp
9/4/08
5:28 PM
Page 25
Current Portfolio Style
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Average
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
16.9
3.1
33,185
t 15
i 15 d 14
7
7
7
7
7
14.1
14.1
14.8
15.4
15.4
3.1
3.4
2.0
2.4
2.0
27,449
44,571
28,974
42,666
19,139
d
d
o
f
a
18
20
16
21
17
t
t
i
d
p
18
18
16
15
15
i
f
a
t
t
7
7
7
7
7
17.9
16.1
19.0
16.3
17.7
3.5
2.6
3.0
4.2
4.1
55,085
33,972
21,908
33,726
15,319
t
a
f
d
t
18
19
28
22
21
i
o
d
i
d
17
18
15
18
16
7
7
7
7
7
15.6
16.3
16.6
16.5
16.9
3.6
2.5
2.9
2.3
3.0
48,363
36,627
36,463
16,546
40,015
d
i
t
d
d
17
22
17
23
17
o
t
i
i
f
7
7
7
7
7
17.7
18.6
17.3
14.9
15.7
2.8
3.4
2.5
2.6
2.1
36,063
21,502
25,219
27,087
22,450
f
i
t
d
t
21
25
19
39
20
7
7
7
7
7
19.3
14.9
11.5
14.6
19.0
3.8
2.5
2.6
2.4
2.8
51,301
42,792
38,979
18,445
55,328
i
t
f
t
d
7
7
7
7
7
15.9
16.1
20.5
18.4
18.6
3.7
1.9
2.5
3.1
3.5
37,539
19,184
20,056
66,976
56,216
7
7
7
7
7
18.0
15.7
17.4
16.2
18.4
2.4
2.3
3.1
3.2
3.0
7
7
7
7
7
25.4
18.1
17.3
24.1
17.0
7
7
7
7
7
7
Total
# of
Holdings
Turnover
%
Recent
Composition (% of Assets)
NAV($)
Total
Assets
($Mil)
—
98
3
95
0
0
9
—
1.36
—
1,687
16
13
13
13
12
88
83
200
542
213
112
93
29
26
40
1
0
11
8
11
99
98
85
88
87
0
2
3
4
1
0
0
0
0
1
6
7
6
20
37
NL
NL
5.75
5.75
5.75
1.00
0.99
0.65
0.62
0.76
23.84
21.06
16.95
30.61
22.66
4,149
7,540
22,466
178,413
8,095
s
f
t
f
p
16
16
13
17
14
33
46
46
84
172
69
29
184
39
76
1
1
0
2
2
99
97
94
98
98
0
0
6
0
0
0
2
0
0
0
3
5
7
5
11
NL
NL
NL
NL
4.75
1.07
1.36
1.12
0.78
1.20
25.05
11.15
29.81
13.17
49.65
1,803
68
4,055
182
13,225
Ronald Canakaris (13.8)
Randall Haase (2.3)
Management Team
Management Team
Management Team
15
13
14
14
16
f
f
s
p
i
14
12
13
14
14
35
50
181
89
362
137
70
87
135
56
3 97
0 100
3 97
16 84
9 91
0
0
0
0
0
0
0
0
0
0
12
8
10
16
21
NL
NL
NL
NL
Clsd
1.17
1.34
0.59
0.82
0.89
18.95
17.29
39.62
22.85
63.23
594
857
13,544
7,053
69,597
Management Team
Gardner/Lewis IV (10.9/10.9)
Jennifer S. Uhrig (1.8)
J. Fergus Shiel (2.8)
William Danoff (18.0)
t
t
a
f
d
18
18
16
31
18
a
f
d
t
f
14
12
16
9
16
58
303
133
122
258
47
49
199
175
57
3 94
1 99
2 98
0 100
1 98
0
0
0
0
0
2
0
0
0
1
19
14
24
18
22
NL
Clsd
NL
NL
NL
0.81
0.93
0.80
0.89
0.72
21.91
73.87
13.55
25.27
76.86
3,914
34,447
1,637
6,760
35,177
Victor Y. Thay (2.8)
Steven S. Wymer (11.7)
Jason Weiner (1.6)
Robert C. Bertelson (1.8)
Harry Lange (2.8)
25
18
17
20
24
t
d
s
d
i
20
14
16
14
17
f
s
o
i
t
10
11
14
13
16
58
82
98
104
31
69
32
54
72
20
3
4
4
2
6
97
96
92
98
94
0
1
2
0
0
0
0
2
0
0
11
24
31
22
32
NL
NL
NL
NL
Clsd
0.66
0.87
0.86
1.00
0.86
33.21
28.55
30.77
27.20
68.99
8,474
10,517
4,952
3,895
12,143
Spiros Segalas (18.4)
Coleman/Riff (0.8/0.8)
Marc Pinto (0.8)
James P. Goff (2.6)
Ron Sachs (0.7)
i
i
o
o
o
27
33
21
21
18
d
f
p
p
d
23
30
20
20
18
s
t
d
d
f
16
12
19
15
18
28
68
50
30
48
8
0
105
69
53
0 100
0 100
8 92
7 93
4 96
0
0
0
0
0
0
0
0
0
1
0
2
13
12
16
NL
5.75
NL
NL
NL
0.85
1.15
1.31
1.23
1.24
26.66
103.41
14.44
17.42
18.93
2,112
7,057
2,200
3,922
2,468
13,189
27,686
38,789
37,793
16,597
i
i
i
i
i
28
29
18
18
23
t
t
t
f
p
22
12
13
13
16
r
f
f
d
t
12
11
12
11
13
107
105
132
108
95
5
6
32
51
60
6 94
5 95
0 100
5 95
5 94
0
0
0
0
0
0
0
0
0
1
12
18
6
16
3
NL
NL
NL
NL
NL
0.75
0.81
0.77
0.67
0.85
13.33
13.34
35.52
29.50
30.24
540
212
11,650
23,176
829
3.9
3.0
3.1
4.0
2.5
30,321
33,630
62,046
25,435
15,330
i
d
o
d
t
22
30
20
17
26
f
t
d
o
i
18
17
17
17
25
p
p
p
a
f
14
16
14
15
10
28
36
51
49
120
24
40
35
52
14
2 98
0 100
7 92
4 96
4 96
0
0
0
0
0
0
0
1
0
0
4
8
16
24
13
NL
NL
NL
5.75
Clsd
1.29
1.15
1.05
0.94
0.45
7.91
21.81
32.10
11.31
34.06
585
996
1,130
4,276
8,902
16.4
18.8
15.7
15.9
16.0
3.3
3.4
3.1
2.7
2.6
37,004
25,840
24,368
34,923
33,014
t
t
t
i
i
17
17
17
23
23
d
d
d
d
d
15
16
16
15
15
f
f
f
r
t
14
15
14
13
14
402
121
351
126
135
23
131
79
11
10
0 100
4 96
5 95
7 93
8 92
0
1
0
0
0
0
0
0
0
0
0
7
6
14
19
NL
NL
NL
Clsd
NL
0.22
0.68
0.37
0.43
0.55
30.28
10.98
17.37
69.55
12.60
16,598
864
9,062
32,138
3,563
20.5
3.8
38,025
i 24
t 18 d 14
73
51
95
0
0
8
NL
0.49
17.89
4,753
15.1
2.4 47,394.2
Cash Stock Bond Other Foreign
5
Sectors
Val Blnd Grth
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Equity Style Box
Software
Hardware
Media
Telecom
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Industrial Materials
Energy
Utilities
Sales
Charge Expense
%
Ratio%
25
Operations
Portfolio Manager (Tenure Years)
—
LeGard/Woodhams (9.4/10.9)
Lurito/Telford (1.1/2.2)
Management Team
Management Team
Management Team
Management Team
Richard A. Freeman (24.9)
Corydon Gilchrist (5.6)
Thomas F. Marsico (10.7)
Management Team
Management Team
Larry Puglia (15.2)
P. Bartolo (0.8)
Joseph Milano (6.1)
Management Team
Management Team
Management Team
Management Team
Gerard O'Reilly (13.7)
Management Team
Management Team
Management Team
Management Team
Management Team
M500_0908.qxp
9/4/08
5:29 PM
26
Morningstar 500
Page 26
Domestic Equity
Morningstar
Rating
vs. Category
55Best
Large Blend
—
Amer Funds Fundamen A ANCFX
Bridgeway Blue-Chip 35 BRLIX
CGM Focus CGMFX
LClipper CFIMX
LDavis NY Venture A NYVTX
Domini Social Equity DSEFX
Dreyfus Appreciation DGAGX
Eaton Vance Div Bldr A EVTMX
LFairholme FAIRX
Fidelity FFIDX
Fidelity Disciplined Eq FDEQX
LFidelity Dividend Growth FDGFX
Fidelity Growth & Income FGRIX
LFidelity Spar 500 Inv FSMKX
LFidelity Spar Tot Mkt Inv FSTMX
Fidelity Value Discovery FVDFX
FMI Large Cap FMIHX
Janus Contrarian JSVAX
Legg Mason Value Prim LMVTX
LKCM Equity LKEQX
Total Return %
08-31-08
A N N U A L I Z E D
YTD
1 Yr
5 Yr
10 Yr
Beta (R 2)
Risk
Relative
to
Category
6.5
4.1
—
— — — —
—
1.3
—
—
10.5
0.99 (90)
—
9.1
4.8
27.0
6.3
7.7
31
70
43
98
70
17 4 3 8
81 50 87 45
1 1 1 1
98 99 99 23
64 37 15 15
High
High
High
Avg
+Avg
2.4
1.5
0.1
1.2
1.2
X
Z
Z
-18
-15
-29
-18
-16
10.97
9.76
25.74
11.89
10.33
0.98 (81)
0.91 (88)
0.82 (10)
1.04 (78)
0.99 (92)
+Avg
-Avg
High
+Avg
Avg
QQ
QQQ
QQQQQ
QQQQQ
QQQQ
-10.7 -11.1 1.5
-9.4 -7.4 4.3
-13.0 -3.0 11.5
-0.1
2.7 10.6
-13.3 -5.5 6.6
4.6
6.4
18.7
16.1
8.1
3.3
4.5
12.8
—
5.3
30
17
73
1
79
48 84 87 84
17 27 55 51
4 1 1 2
1 1 1 —
9 9 20 35
Avg
High
High
High
High
0.7
1.5
2.8
0.7
1.1
C
-17
-14
-16
-8
-18
10.88
8.65
12.91
12.24
11.19
1.05 (93)
0.80 (86)
0.96 (56)
0.94 (59)
1.02 (83)
+Avg
Low
High
High
+Avg
-10.3 4.2
-14.7 2.3
-20.1 -2.1
-11.2 3.6
-10.1 4.2
8.4
4.3
2.3
6.8
7.8
6.0
5.4
2.4
4.6
5.6
87
36
97
43
24
40
88
97
50
37
26
34
93
49
31
High
+Avg
-Avg
+Avg
+Avg
0.9
1.6
1.3
2.1
1.7
C
X
X
C
C
-15
-16
-14
-17
-17
11.20
9.88
11.56
10.06
10.28
1.04 (88) +Avg
0.94 (92)
-Avg
1.08 (88) +Avg
1.00 (100) Avg
1.02 (99)
Avg
-14.5 -13.7 4.8
-3.9 -4.7 7.1
-16.7 -10.7 11.0
-28.3 -32.4 -8.8
-7.6 -6.0 5.6
10.5
10.3
15.1
-1.3
7.4
—
—
—
4.2
6.6
88
1
95
99
8
83 22 5 —
6 6 6 —
45 1 1 —
99 100 100 64
11 14 31 20
High
High
High
Avg
High
0.7
0.9
0.5
0.0
1.1
-11
-14
-22
-20
-14
12.29
7.69
13.68
15.45
9.43
1.15 (88)
0.69 (83)
1.08 (63)
1.42 (85)
0.91 (93)
High
Low
High
High
-Avg
2.9
2.7
4.8
4.1
5.6
5.9
4.8
9.5
8.1
10.3
8.6
6.2
10.2
10.8
—
64
4
21
2
6
95
11
32
16
33
62 66 10
65 85 25
21 9 6
32 20 4
14 6 —
+Avg
Avg
High
+Avg
+Avg
0.2
1.1
0.9
1.4
0.4
-18
-17
-16
-18
-11
12.28
9.59
10.19
9.87
11.31
1.04 (72)
0.86 (80)
0.99 (95)
0.83 (70)
0.98 (76)
+Avg
-Avg
Avg
-Avg
+Avg
-16.0 —
-12.8 1.7
-23.9 -1.7
-12.1 4.3
-6.2 4.3
—
5.4
4.3
5.3
11.2
—
7.2
—
10.0
7.3
98
80
98
9
58
92
76
98
68
12
—
82
97
27
27
—
77
89
78
4
—
18
—
6
17
Avg
Avg
+Avg
+Avg
+Avg
0.0
0.0
0.0
0.9
0.4
C
-16
-19
-17
-22
-21
—
13.23
13.44
11.56
15.24
— (—)
1.20 (83)
1.24 (86)
1.07 (86)
1.21 (63)
—
High
High
+Avg
High
-7.5 -9.0 1.2
-9.1 -11.4 2.7
-5.7 -10.4 2.3
-9.0 -20.2 -3.1
-7.9 -8.6 5.3
5.8
4.9
5.4
2.3
8.0
3.1
5.0
5.8
10.7
5.9
8
15
3
15
9
28
55
40
97
24
85
66
74
98
16
69
83
77
98
21
87
41
29
5
28
Avg
+Avg
+Avg
Avg
+Avg
0.4
0.0
1.3
1.2
0.9
X
X
C
-17
-19
-19
-19
-18
10.79
10.60
10.87
14.20
9.39
0.98 (83)
0.97 (85)
0.97 (80)
1.19 (71)
0.91 (95)
+Avg
Avg
+Avg
High
-Avg
4.3
6.3
5.6
4.2
5.3
—
5.8
8.0
7.1
9.7
—
7.2
5.2
4.8
7.7
61
5
9
17
57
47
12
14
24
40
27
10
14
30
16
—
68
21
36
8
—
18
37
44
15
Avg
+Avg
High
High
High
1.5
0.3
1.5
1.2
1.2
X
X
X
-11
-16
-16
-18
-18
10.25
10.08
8.98
9.82
11.08
0.97 (91)
0.70 (49)
0.88 (97)
0.96 (96)
1.07 (94)
Avg
Avg
-Avg
-Avg
+Avg
-26.5 -5.3
-17.1 4.4
-12.7 1.3
-11.2 3.6
-15.3 0.2
-0.6
6.9
3.7
6.8
3.8
6.6
8.2
5.9
4.6
—
98
94
29
43
67
98
95
75
50
90
99
26
85
43
92
99
40
94
44
92
20
12
28
48
—
Avg
+Avg
Avg
+Avg
Avg
1.1
0.5
0.7
2.1
1.8
X
X
-20
-18
-21
-17
-18
11.82
11.15
10.82
10.06
11.57
1.10 (88)
1.04 (89)
0.98 (83)
1.00 (100)
1.11 (93)
+Avg
+Avg
+Avg
Avg
+Avg
32
28
24
31
71
29
37
40
67
20
32
35
47
16
26
28
43
26
31
26
+Avg
High
+Avg
High
1.9
2.6
2.0
1.7
X
X
X
X
-16
-15
-17
-19
10.31
9.22
10.28
10.31
1.01 (97)
0.90 (97)
1.02 (99)
1.02 (99)
Avg
-Avg
Avg
Avg
QQQQQ
QQQQQ
QQQQQ
Q
QQQQ
-14.3
-11.1
-18.2
-11.4
-10.3
Masters' Sel Focused Opp MSFOX
LMasters' Select Equity MSEFX
Masters' Select Value MSVFX
Matrix Advisors Value MAVFX
Neuberger Ber Part Inv NPRTX
NR
QQQ
[Q
] QQQQ
QQQQ
-19.5
-13.5
-19.4
-7.7
-11.9
Nicholas NICSX
Oak Value OAKVX
LOakmark I OAKMX
LOakmark Select I OAKLX
Pioneer A PIODX
QQ
] QQQ
QQ
QQQ
QQQ
QQQQ
QQQQ
QQQQ
QQQ
QQQQ
-12.1 -11.0
-6.6 -6.2
-7.8 -6.7
-9.4 -8.5
-11.9 -10.3
Thompson Plumb Growth THPGX
Thornburg Value A TVAFX
Torray TORYX
Vanguard 500 Index VFINX
Vanguard FTSE Soc Idx Inv VFTSX
QQ
[ QQQ
QQ
QQQ
Q
-21.2
-16.0
-10.6
-11.4
-12.4
Vanguard Gr & Inc VQNPX
Vanguard LifeSt Growth VASGX
Vanguard Tot Stk VTSMX
LVanguard Tx-Mgd App VMCAX
QQQ
QQQQ
] QQQQ
QQQ
-10.8 -12.3
-10.6 -9.2
-10.2 -10.1
-10.7 -10.3
2.6
4.9
4.1
3.9
6.7
8.4
7.7
7.6
4.9
6.1
5.6
6.0
-12.4 -14.7
-11.4 -11.1
3.2
3.7
8.6
6.9
7.0
4.7
Standard
Deviation
12.0
4.6
25.6
0.1
8.6
-12.2 -17.4
-6.3 -5.9
-9.9 -9.5
-5.0 -7.1
-7.0 -9.7
E New this month
LAnalyst Pick
Worst
3-Mo
Return
%
3.3
[ QQQ
QQQ
QQQQQ
QQQQ
QQQQQ
Russell 1000 Value Index
S&P 500 Index
Return
Rating %
Grade
-10.8 -7.5 8.0
-12.7 -13.5 3.3
-11.4 15.1 22.3
-24.3 -23.5 -3.9
-12.7 -11.8 3.8
QQQQ
] QQQ
QQ
QQQ
] QQQQ
-11.7 -10.9
3 Yr
Total Return %
Category Rank
1=Best, 100=Worst
QQQQQ
QQQ
QQQQQ
QQ
] QQQQ
LLongleaf Partners LLPFX
Madison Mosaic Investors MINVX
MainStay MAP I MUBFX
Mairs & Power Growth MPGFX
Manning & Napier Equity EXEYX
LSelected American D SLADX
LSequoia SEQUX
T. Rowe Price Div Growth PRDGX
T. Rowe Price Grth & Inc PRGIX
T. Rowe Price Spect Grth PRSGX
Historical Risk
30
72
97
42
30
17
89
98
42
25
V
X
Z
Z
M500_0908.qxp
9/4/08
5:29 PM
Page 27
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Average
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
13.8
2.2
a 16
d 14 f 13
4
4
7
1
4
13.8
13.1
15.6
13.6
13.9
2.2 38,366
2.0 107,965
3.4 39,248
1.5 39,405
2.1 40,686
d
t
f
a
a
25
18
58
49
31
f
a
d
f
f
19
15
38
14
17
i
i
s
o
s
4
4
7
5
7
12.4
12.7
13.0
13.8
14.6
2.0
2.6
2.1
1.6
2.4
28,865
96,869
37,353
8,612
42,275
a
f
g
i
d
16
28
30
31
17
f
s
f
a
f
14
25
17
19
16
4
1
4
4
4
12.2
12.4
13.8
13.3
13.8
1.9
1.6
1.3
2.1
2.0
39,263
42,485
28,295
47,394
26,340
f
i
a
a
a
16
21
29
15
16
d
a
i
f
f
1
4
4
4
4
12.7
14.7
16.5
15.4
14.1
1.4
2.4
2.0
1.6
2.4
14,176
33,432
12,223
33,892
23,981
a
p
a
a
d
28
25
21
20
18
4
7
4
4
7
16.4
15.3
12.7
13.7
16.5
2.0
2.6
1.9
2.5
2.1
18,409
43,598
37,672
13,284
22,116
y
i
a
d
p
7
7
4
4
4
14.8
14.9
14.3
12.6
12.0
1.9
1.8
1.4
1.8
1.9
32,199
19,134
19,673
44,267
18,141
5
7
4
4
4
15.1
14.7
14.6
14.2
12.7
1.9
2.8
1.7
1.2
2.5
4
7
4
4
7
13.5
16.2
13.8
15.3
14.1
4
4
4
4
7
Total
# of
Holdings
Recent
NAV($)
Total
Assets
($Mil)
—
70
4
81
2
1
9
—
1.23
—
1,614
10
14
3
13
12
315
38
32
26
105
27
11
384
25
5
8
1
1
2
4
90
99
99
98
95
2
0
0
0
0
0
0
0
0
0
29
0
29
15
14
5.75
NL
NL
NL
4.75
0.57
0.15
1.27
0.69
0.84
37.29
7.37
46.49
61.30
34.94
49,493
253
8,099
1,727
43,100
t
d
u
f
a
12
11
12
12
14
157
65
92
36
150
126
7
60
14
50
1
1
2
17
3
99
99
98
82
96
0
0
0
1
0
0
0
0
0
1
5
14
37
22
10
NL
NL
5.75
NL
NL
1.08
0.95
1.04
1.00
0.56
28.43
40.46
12.51
31.83
33.34
815
3,776
2,077
9,601
6,860
Mammen Chally (1.8)
Fayez Sarofim (24.6)
Gaffney/Saryan (1.1/9.5)
Management Team
John D. Avery (6.6)
15
18
12
14
14
a
t
t
d
d
14
85
12 108
11 112
13 503
13 3,311
152
36
52
6
4
2
5
0
1
2
98
95
99
99
98
0
0
0
0
0
0
0
1
0
0
1
1
15
1
2
NL
NL
NL
NL
NL
0.90
0.60
0.67
0.10
0.10
25.31
26.14
22.14
89.22
36.60
12,547
9,465
12,509
15,723
8,470
Keith Quinton (1.9)
Charles Mangum (11.7)
Timothy J. Cohen (2.8)
Management Team
Management Team
i
s
d
o
s
11
14
20
18
13
t
o
f
i
f
10
13
18
13
12
304
27
62
33
69
146
19
28
20
26
0 100
11 89
0 100
1 99
5 95
0
0
0
0
0
0
0
0
0
0
5
17
38
0
5
NL
NL
NL
NL
NL
0.87
1.00
0.96
1.68
0.80
15.34
14.67
16.20
41.54
14.21
1,033
1,024
6,421
9,179
50
21
22
19
35
22
f
a
d
i
o
15
19
16
21
14
t
o
f
a
i
14
15
14
14
14
24
33
231
46
55
15
51
76
4
44
1
3
3
2
13
99
97
97
98
87
0
0
0
0
0
0
0
0
0
0
17
6
5
0
0
NL
NL
NL
NL
NL
0.89
0.94
0.92
0.68
1.05
29.11
17.27
31.53
72.04
17.87
12,096
43
1,604
2,324
573
a
a
a
t
f
28
23
18
19
23
f
f
o
a
a
21
17
17
18
15
t
d
y
o
d
9
12
16
13
14
23
93
50
39
71
46
35
24
52
47
4
4
6
1
1
96
96
94
99
99
0
0
0
0
0
0
0
0
0
0
25
10
21
0
22
NL
NL
NL
NL
NL
1.26
1.20
1.21
0.99
0.80
9.24
13.13
12.17
45.07
28.90
98
549
210
121
3,931
Management Team
Management Team
Management Team
David A. Katz (12.2)
S. Basu Mullick (9.7)
7,403
34,024
30,289
19,645
35,048
a
a
o
o
d
18
21
25
35
23
o
d
a
a
i
17
19
17
22
13
i
s
s
y
s
17
16
16
21
13
56
25
50
23
108
31
52
12
10
10
9 91
1 99
5 95
7 93
0 100
0
0
0
0
0
0
0
0
0
0
1
5
6
0
11
NL
NL
NL
NL
5.75
0.75
1.37
1.01
0.97
1.08
41.32
20.00
38.07
23.16
42.48
1,613
95
3,919
3,010
6,643
Nicholas/Nicholas (39.2/11.9)
Carr Jr./Coats Jr. (15.6/5.1)
Grant/Nygren (8.5/8.5)
Berghoef/Nygren (8.5/11.8)
Carey/Hunnewell (22.2/7.1)
1.8
1.9
2.3
2.3
2.1
37,213
20,125
33,409
35,252
21,650
a
a
a
f
a
27
32
17
18
15
f
o
d
a
i
21
22
14
14
13
s
p
i
i
d
13
16
13
13
13
102
27
112
106
10
8
13
16
31
5
3
9
3
1
4
97
91
96
99
95
0
0
0
0
0
0
0
0
0
1
14
9
9
8
24
NL
NL
NL
NL
NL
0.57
1.00
0.69
0.70
0.78
42.01
126.93
23.04
20.00
18.54
11,086
3,813
837
1,247
3,363
12.9
12.5
14.0
13.4
14.9
1.6
1.8
1.6
2.1
1.8
38,060
36,891
20,840
47,536
21,901
a
i
d
f
a
16
16
22
16
27
o
a
a
a
i
15
16
21
14
16
t
f
t
d
t
15
13
15
13
14
57
55
40
512
395
29
79
50
5
20
0 99
1 97
0 100
0 100
0 100
0
1
0
0
0
0
0
0
0
0
3
13
0
0
0
NL
4.50
NL
NL
NL
1.13
1.27
1.09
0.15
0.24
30.61
31.45
31.10
118.54
7.76
237
4,394
573
107,081
534
4
12.7
2.1
47,961
f 17
d 15 a 13
113
100
99
0
0
0
NL
0.32
28.32
6,437
4
4
4
13.3
13.8
13.9
2.1
2.0
2.1
31,872
26,896
31,945
a 18
f 15
f 16
d 14 f 13
5
a 15 d 13 3,547
a 14 d 13 651
4
4
5
6 83
1 99
0 100
10
0
0
1
0
0
15
0
0
NL
NL
NL
0.23
0.15
0.15
22.20
31.47
31.35
8,505
107,780
4,029
15.1
2.4 47,394.2
36,642
Turnover
%
1
Sectors
Val Blnd Grth
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Equity Style Box
Software
Hardware
Media
Telecom
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Energy
Utilities
Sales
Charge Expense
%
Ratio%
27
Operations
—
Management Team
Management Team
G. Kenneth Heebner (11.0)
Davis/Feinberg (2.7/2.7)
Scott Offen (5.7)
English/Kellner (6.7/6.7)
David C. Decker (8.5)
Gay/Miller (2.4/17.7)
Greenwell/King Jr. (3.4/12.7)
Cates/Hawkins (14.4/21.4)
Management Team
Management Team
Frels/Henneman (8.8/2.7)
Management Team
Goldfarb/Poppe (10.2/2.8)
Thomas J. Huber (8.4)
Thomas J. Huber (1.5)
Edmund Notzon III (9.8)
Thompson/Thompson (14.7/16.6)
Management Team
Management Team
Michael H. Buek (3.4)
Michael Perre (8.3)
Oliver Buckley (0.6)
Management Team
M500_0908.qxp
9/4/08
5:29 PM
28
Morningstar 500
Page 28
Historical Risk
Domestic Equity
Morningstar
Rating
vs. Category
55Best
Large Blend (cont'd)
—
-11.7 -10.9
3.3
6.5
4.1
—
— — — —
—
1.3
—
—
10.5
0.99 (90)
—
LVanguard Tx-Mgd Gr VTGIX
QQQ
-11.4 -11.2
3.6
6.9
4.7
43
50 42 41 46
+Avg
2.2
X
-17
10.06
1.00 (100)
Avg
Large Value
—
-12.9 -14.8
2.3
6.9
5.6
—
— — — —
—
1.4
—
—
10.7
0.99 (87)
—
1st Source Income Equity FMIEX
AmCent Capital Val Inv ACTIX
AmCent Equity Income Inv TWEIX
AmCent Inc & Growth Inv BIGRX
AmCent Value Inv TWVLX
QQQQQ
QQQ
QQQQ
QQQ
QQQ
-6.7 -3.6
-13.8 -16.9
-6.2 -8.2
-11.5 -14.3
-8.5 -15.1
9.0
1.2
4.8
1.7
2.1
12.8
6.3
7.9
6.7
6.8
11.5
—
9.7
4.8
8.1
5
67
5
36
10
3
73
9
51
60
1
73
16
66
59
1 1
66 —
35 3
58 73
57 17
High
Avg
+Avg
+Avg
+Avg
1.5
1.9
3.0
1.3
2.0
V
C
C
C
-19
-18
-12
-17
-17
9.10
10.43
8.15
10.65
10.42
0.84 (87)
0.98 (90)
0.76 (88)
1.02 (93)
0.91 (77)
Low
Avg
Low
Avg
Avg
-8.5
-11.6
-10.8
-14.7
-11.2
-11.0
-12.9
-13.1
-16.5
-14.5
3.9
3.8
3.6
2.5
1.7
7.1
7.3
6.8
9.4
3.6
6.6
7.2
6.2
7.0
5.7
10
37
26
76
31
24
38
39
71
53
25
26
29
52
65
50
46
57
13
93
37
27
46
32
57
+Avg
+Avg
High
High
Avg
2.4
2.2
2.3
1.8
1.3
-16
-15
-18
-19
-18
8.50
8.76
9.45
10.81
10.01
0.82 (96)
0.84 (95)
0.92 (96)
1.03 (93)
0.94 (89)
Low
Low
-Avg
Avg
-Avg
-9
-21
-18
-18
-19
—
13.79
9.94
10.96
11.11
— (—)
1.09 (62)
0.89 (80)
1.02 (87)
1.07 (95)
—
High
-Avg
Avg
+Avg
-16
-17
-20
-20
-19
10.67
10.85
10.16
10.58
10.87
1.04 (96)
1.01 (87)
0.96 (91)
1.01 (93)
1.02 (90)
Avg
Avg
-Avg
Avg
Avg
-25
-18
-17
-21
-19
13.64
10.31
10.05
15.78
9.01
1.21 (79)
0.92 (81)
0.91 (84)
1.28 (66)
0.81 (81)
High
Avg
-Avg
High
Low
9.98
10.21
11.67
9.18
10.52
0.96 (94)
0.97 (91)
1.11 (91)
0.80 (78)
0.92 (77)
-Avg
Avg
+Avg
Low
Avg
Amer Funds Amer Mut A AMRMX
Amer Funds Inv Co Am A AIVSX
LAmer Funds WashingtonA AWSHX
American Beacon LgCVl Pln AAGPX
Ameristock AMSTX
[ QQQ
QQQ
QQQ
QQQ
QQ
Total Return %
08-31-08
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
Return
Rating %
Grade
X
X
X
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
Artisan Opportunistic Inv ARTLX
LColumbia Val & Restruct Z UMBIX
EDiamond Hill Large Cap A DHLAX
LDodge & Cox Stock DODGX
Fidelity Equity-Inc FEQIX
NR
QQQQQ
QQQQQ
QQQQ
QQQ
-5.8 -10.3
-7.6 -4.9
-8.4 -6.7
-14.5 -16.8
-15.2 -18.3
—
6.4
5.4
1.8
2.3
—
12.9
12.4
8.3
6.5
—
12.1
—
11.0
5.9
4
7
9
75
80
20
4
7
73
81
— — —
6 1 1
12 2 —
63 27 1
55 61 53
Low
+Avg
+Avg
Avg
+Avg
1.3
1.2
1.2
1.6
2.1
Fidelity Equity-Inc II FEQTX
Homestead Value HOVLX
Lord Abbett Affiliated A LAFFX
MainStay ICAP Equity I ICAEX
LMainStay ICAP Sel Eq I ICSLX
QQQ
QQQQ
QQQ
QQQQ
QQQQQ
-14.5
-10.0
-16.0
-13.2
-13.2
-15.3
-13.0
-15.2
-12.7
-13.8
1.5
3.9
2.0
4.4
4.6
5.3
9.5
5.7
8.9
11.0
5.5
7.3
6.8
7.2
9.9
75
20
85
60
61
62
39
61
36
45
67
24
61
21
18
83
13
77
19
4
60
25
34
26
3
+Avg
+Avg
+Avg
High
High
1.8
1.8
1.6
1.7
1.6
QQ
QQQQ
QQQ
QQ
[ QQQQ
-16.8
-13.3
-13.0
-23.7
-3.7
-21.4 -7.4
-14.8 3.3
-13.7 3.3
-25.1 -1.5
-4.6 5.9
4.2
8.4
8.0
7.9
9.6
8.1
8.9
8.6
—
8.5
88
61
59
98
1
88
56
45
94
3
99
34
34
90
9
91
25
33
34
12
16
8
11
—
12
Avg
+Avg
+Avg
+Avg
+Avg
0.7
3.3
2.8
0.8
0.6
LT. Rowe Price Eq Inc PRFDX
T. Rowe Price Value TRVLX
TCW Dividend Focused N TGIGX
Tweedy, Browne Val TWEBX
Van Kampen Comstock A ACSTX
QQQQ
QQQQ
QQQQ
QQQ
QQQ
-11.3
-7.9
-16.4
-7.6
-12.0
-11.8
-11.0
-19.6
-12.0
-16.2
3.5
4.7
0.5
2.1
1.3
7.9
8.9
6.8
5.3
6.5
7.2
8.6
9.3
5.2
8.0
32
8
86
7
43
29
24
86
30
69
31
17
79
59
70
34
18
56
84
61
27
12
5
70
18
High
High
+Avg
+Avg
Avg
2.3
1.8
2.4
0.8
2.2
Z
X
C
-17
-19
-18
-17
-19
Van Kampen Growth & IncA ACGIX
Vanguard Capital Value VCVLX
Vanguard Dividend Growth VDIGX
Vanguard Equity-Inc VEIPX
Vanguard U.S. Value VUVLX
QQQ
Q
QQQQ
QQQQ
QQQ
-11.4
-19.0
-4.7
-11.7
-9.7
-12.2 2.9
-29.2 -2.9
-3.0 7.8
-12.0 4.4
-12.1 1.5
8.1
4.3
9.6
8.4
7.2
8.1
—
4.5
6.5
—
33
94
3
39
17
32
97
2
30
31
42
94
2
21
68
31
91
11
25
48
16
—
79
39
—
+Avg
+Avg
High
High
Avg
2.1
1.6
1.9
3.5
2.7
C
Z
X
X
X
-18
-19
-19
-18
-18
9.80
13.99
8.40
9.41
10.03
0.92 (89)
1.18 (72)
0.81 (93)
0.89 (90)
0.96 (93)
-Avg
High
Low
-Avg
-Avg
Vanguard Val Idx VIVAX
Vanguard Windsor VWNDX
Vanguard Windsor II VWNFX
Weitz Partners Value WPVLX
LWeitz Value WVALX
QQQ
QQQ
QQQ
QQ
QQ
-13.5
-16.5
-13.2
-17.1
-17.4
-16.1 2.9
-21.6 -0.3
-16.2 2.2
-22.9 -2.2
-23.1 -3.1
8.2
5.6
8.6
2.6
2.2
6.0
7.3
6.4
6.3
6.0
64
87
61
89
90
69
88
70
91
91
42
84
58
92
95
30
79
23
97
98
50
25
41
42
50
+Avg
+Avg
+Avg
+Avg
Avg
3.2
1.9
2.7
0.4
1.0
X
X
X
X
X
-20
-25
-17
-17
-17
10.64
11.90
10.78
12.03
11.91
1.01 (91)
1.11 (89)
1.01 (89)
0.99 (68)
0.97 (67)
Avg
+Avg
Avg
+Avg
+Avg
LWHG LargeCap Value Instl WHGLX
NR
-10.2
-6.6
—
—
—
22
6 — — —
Avg
0.8
-10
—
— (—)
—
Mid-Cap Growth
—
-11.5
-8.5
5.1
8.3
8.0
—
— — — —
—
0.1
—
—
14.0
1.14 (68)
—
-15.9 -6.2 10.0
-10.5 -6.2 8.0
-10.5 -7.1 6.0
-12.3 -11.0 7.9
12.3
10.1
11.9
17.0
12.8
15.2
8.7
—
86
44
44
58
37 8 8 10
37 21 31 6
43 41 11 49
70 21 1 —
+Avg
High
Avg
Low
0.0
0.0
0.0
0.0
C
-28
-22
-24
-15
16.78
13.88
12.18
15.45
1.21 (52)
1.24 (80)
1.08 (80)
1.34 (76)
High
Avg
-Avg
+Avg
8.6
9.7
7.0
8.1
Muhlenkamp MUHLX
Mutual Beacon A TEBIX
Mutual Shares A TESIX
LSchneider Value SCMLX
LSound Shore SSHFX
AmCent Vista Inv TWCVX
Artisan Mid Cap Inv ARTMX
Baron Asset BARAX
Baron Partners BPTRX
Russell MidCap Growth Index
E New this month
LAnalyst Pick
QQQQ
QQQQ
] QQQQ
] QQQQQ
-12.4 -14.7
-9.5 -7.6
3.2
5.3
Z
Z
X
C
X
C
C
M500_0908.qxp
9/4/08
5:29 PM
Page 29
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Average
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
13.8
2.2
36,642
a 16
d 14 f 13
—
Total
# of
Holdings
Turnover
%
70
Recent
4
Sales
Charge Expense
%
Ratio%
81
2
1
9
—
29
Operations
NAV($)
Total
Assets
($Mil)
1.23
—
1,614
—
4
13.4
2.1
47,516
f 16
a 14 d 13
509
5
0 100
0
0
0
NL
0.15
28.04
2,902
Michael Perre (2.2)
—
12.3
1.8
38,900
a 21
f 15 d 14
—
59
3
95
1
1
7
—
1.26
—
1,733
—
1
1
1
1
1
12.3
11.3
12.3
11.3
12.0
1.8
1.6
1.7
1.9
1.6
28,240
63,174
42,107
37,423
29,816
d
a
f
f
s
19
20
19
19
27
i
f
a
d
a
15
18
18
14
17
a
d
s
a
d
13
15
16
14
13
81
95
81
205
95
36
15
165
27
152
15
0
3
2
0
84
99
80
97
97
0 0
0 1
3 13
0 1
2 1
8
4
8
4
8
NL
NL
NL
NL
NL
1.13
1.10
0.97
0.67
1.00
14.16
6.69
7.21
25.45
5.61
767
291
5,037
2,908
1,896
Ralph Shive (12.0)
Healy/Ritter (4.6/9.4)
Management Team
Management Team
Management Team
1
4
1
1
1
13.1
13.5
12.8
11.6
13.0
2.0
1.9
2.1
1.6
2.5
37,008
62,635
62,926
39,716
60,604
d
f
d
a
a
17
13
16
20
22
f
s
f
d
s
12
13
15
16
19
t
i
i
i
t
12
12
13
11
17
201
302
175
142
35
19
22
19
20
16
8
11
2
8
2
87
85
97
92
98
3
3
1
0
0
2
1
0
0
0
3
11
2
6
2
5.75
5.75
5.75
NL
NL
0.56
0.54
0.58
0.83
0.80
25.57
28.79
29.65
19.11
37.31
17,525
75,475
68,659
8,623
297
Management Team
Management Team
Management Team
Management Team
Gerber/Ngim (13.0/8.7)
4
4
1
1
1
11.0
11.6
11.6
12.6
11.7
1.5
1.8
1.7
1.2
1.5
20,425
15,399
34,037
41,000
43,628
a
f
f
i
a
24
29
22
22
24
t
d
d
a
f
20
24
18
17
19
p
a
a
t
d
13
14
18
11
14
34
92
48
86
275
51
11
44
27
23
1
3
7
1
2
99
95
93
98
94
0
0
0
0
1
0
2
0
0
3
11
18
1
20
6
NL
NL
5.00
NL
NL
1.24
1.02
1.18
0.52
0.66
9.79
52.27
14.89
113.15
45.49
254
10,143
519
52,991
25,898
Management Team
Evnin/Williams (15.7/15.7)
Bath/Dierker (6.0/1.4)
Management Team
Stephen R. Petersen (15.1)
4
1
4
1
4
12.7
11.7
15.0
11.8
12.1
1.9
1.8
2.0
1.8
1.9
43,405
21,658
46,240
54,672
58,054
a
d
a
a
a
28
20
28
24
18
f
i
d
f
d
15
20
18
15
15
d
a
f
d
f
12
19
11
14
14
116
52
87
41
30
47
4
86
71
123
0 99
1 99
0 99
0 100
0 100
0
0
0
0
0
1
0
1
0
0
0
2
4
8
8
NL
NL
5.75
NL
NL
0.65
0.66
0.81
0.80
0.80
19.30
31.66
11.62
35.72
33.38
8,140
635
14,968
1,003
1,962
C. Robert Chow (1.8)
Management Team
Eli Salzmann (9.7)
Senser/Wenzel (13.7/13.7)
4
4
1
2
4
11.2
11.9
11.2
12.2
13.8
2.0
1.4
1.5
1.0
1.9
28,250
19,540
23,896
8,522
22,140
d
a
s
a
i
34
23
22
39
19
f
s
a
f
a
19
22
19
15
16
t
d
d
o
f
13
10
11
11
14
44
221
303
60
40
22
50
41
132
84
97
84
85
92
97
0
3
5
0
0
1
3
3
2
0
8
32
32
3
16
NL
5.75
5.75
NL
NL
1.15
1.13
1.06
0.85
0.92
54.06
13.55
21.87
16.37
34.22
969
6,334
20,743
225
2,506
Ronald H. Muhlenkamp (19.8)
Correa/Embler (1.6/3.3)
Management Team
Arnold Schneider III (5.9)
Management Team
1
1
1
1
1
12.6
14.2
12.0
11.1
12.8
1.6
1.7
1.6
1.6
1.5
31,443
28,808
23,099
19,546
44,817
a
a
s
a
a
20
18
19
31
26
f
f
d
s
i
15
17
17
27
17
d
i
a
o
s
14
11
17
13
13
129
133
53
51
83
26
19
26
11
22
5 94
2 96
0 100
10 90
4 96
1
1
0
0
0
1
1
0
1
0
5
8
2
36
4
NL
NL
NL
NL
5.75
0.67
0.84
1.14
1.37
0.78
23.96
23.83
10.55
20.29
15.07
20,156
8,222
1,180
403
12,819
Management Team
John Linehan (5.4)
Diane Jaffee (6.8)
Management Team
Management Team
1
4
4
1
1
13.3
13.7
13.1
11.9
10.9
1.6
1.3
3.0
1.6
1.5
50,118
20,795
57,674
45,128
28,091
a
i
s
a
f
22
19
16
21
25
i
a
i
s
a
13
19
15
15
19
f
d
f
d
d
11
12
14
15
14
90
94
55
195
517
26
56
36
51
114
94
92
96
97
97
0
0
0
0
0
1
1
0
0
0
19
24
8
7
0
5.75
NL
NL
NL
NL
0.77
0.53
0.32
0.29
0.33
18.65
8.22
14.35
21.19
11.50
8,500
436
1,695
4,585
797
Management Team
Peter I. Higgins (0.2)
Donald Kilbride (2.6)
Management Team
Ricks/Stetler (1.2/0.5)
1
1
1
4
4
11.6
11.9
11.9
14.0
14.0
1.5
1.5
1.6
1.4
1.4
43,891
35,914
41,977
13,535
19,317
a
a
a
a
a
23
18
16
27
29
f
f
f
y
y
19
16
14
24
24
i
i
i
i
i
12
16
13
15
12
420
167
305
29
37
20
40
51
24
22
0 100
6 93
4 96
0 90
0 91
0
0
0
11
9
0
1
0
0
0
0
19
7
12
9
NL
NL
NL
NL
NL
0.20
0.30
0.32
1.15
1.15
22.13
12.97
26.75
16.48
25.98
11,066
16,659
41,394
1,041
1,432
Management Team
Management Team
Hinton/Weitz (2.1/25.3)
Hinton/Weitz (2.1/22.3)
4
12.7
2.3
50,906
a 23
f 17 d 10
48
50
2
97
0
1
0
NL
1.00
10.87
57
3
94
0
0
7
—
1.48
—
728
2 98
4 96
6 92
-17 115
0
0
0
0
0
0
1
2
9
2
4
6
NL
Clsd
NL
NL
1.00
1.22
1.34
1.31
18.15
27.70
57.08
20.84
3,331
4,231
3,741
2,683
—
17.7
2.9
6,297
d 16
i 14 f 13
—
114
8
8
8
8
21.2
19.1
17.3
19.3
4.0
2.9
2.7
2.4
9,196
8,308
5,334
5,499
d
i
a
a
f
d
p
p
98
87
79
52
121
71
13
33
26
20
25
22
17
19
22
21
t
t
o
o
12
16
16
18
3
10
7
5
3
4
7
4
3
3
Sectors
Val Blnd Grth
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Equity Style Box
Software
Hardware
Media
Telecom
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Energy
Utilities
Management Team
—
Eixmann/Fogle (1.6/15.5)
Management Team
Andrew Peck (5.1)
Ronald Baron (5.4)
M500_0908.qxp
9/4/08
5:29 PM
30
Morningstar 500
Page 30
Historical Risk
Domestic Equity
Morningstar
Rating
vs. Category
55Best
Mid-Cap Growth (cont'd)
LBrandywine BRWIX
Bridgeway Aggr Inv 2 BRAIX
LBuffalo Mid Cap BUFMX
Columbia Acorn Select Z ACTWX
Columbia Acorn Z ACRNX
Total Return %
08-31-08
A N N U A L I Z E D
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
Return
Rating %
Grade
—
-11.5
-8.5
5.1
8.3
8.0
—
— — — —
—
0.1
—
—
14.0
1.14 (68)
—
QQQQ
QQQQ
QQQ
QQQQ
QQQQ
-11.6 -6.0
-14.5 -5.2
-11.1 -13.8
-8.5 -9.8
-8.8 -8.8
6.9
7.2
3.1
9.2
5.6
11.1
12.8
8.5
10.1
11.8
10.3
—
—
—
14.1
53
77
49
25
28
35
28
88
61
53
30
28
73
12
47
17
7
53
31
11
28
—
—
—
7
High
+Avg
Avg
+Avg
Avg
0.0
0.0
0.0
0.0
0.4
X
Z
-22
-22
-20
-14
-21
13.73
18.04
13.80
13.19
12.41
1.09 (63)
1.18 (43)
1.21 (77)
1.12 (72)
1.14 (84)
Avg
High
Avg
Avg
-Avg
25
49
60
60
5
X
C
Z
C
-24
-25
-28
-29
-40
15.46
14.51
14.61
11.64
12.95
1.22 (63)
1.12 (59)
1.26 (74)
0.97 (69)
1.16 (80)
+Avg
Avg
+Avg
Low
Avg
-35
-21
-19
-26
-27
14.54
11.79
12.97
15.32
14.98
1.18 (66)
1.05 (79)
1.08 (70)
1.29 (71)
1.20 (65)
+Avg
Low
-Avg
+Avg
+Avg
-24
-19
-33
-34
-30
11.69
12.30
15.16
16.32
13.38
1.09 (86)
1.08 (78)
1.18 (61)
1.29 (62)
1.19 (79)
Low
-Avg
+Avg
+Avg
Avg
-11
-28
12.44
12.97
1.12 (82)
1.17 (82)
-Avg
-Avg
-14.2 -16.0 3.9
-11.0 -12.9 5.5
-13.8 -8.5 6.6
-5.8 -6.4 3.3
-6.4
0.7 10.7
10.4
8.8
7.9
8.0
13.5
15.0
10.9
13.0
6.3
8.7
75
48
71
9
12
92
82
50
39
5
65
48
33
71
5
6
23
10
72
47
+Avg
Avg
+Avg
Avg
High
0.3
0.0
0.1
0.1
0.0
Janus Orion JORNX
Meridian Growth MERDX
LPRIMECAP Odyssey Agg Gr POAGX
Rainier Sm/Mid Cap RIMSX
RS MidCap Opport A RSMOX
QQQQQ
QQQQ
QQQ
QQQQ
[ QQ
-9.3 -0.4 15.7
-5.0 -4.6 6.2
-10.8 -15.7 5.0
-11.6 -9.2 9.4
-21.0 -18.4 2.1
17.4
8.4
—
13.7
7.0
—
12.6
—
12.0
8.3
32
6
47
53
95
8
25
91
56
95
1 1 —
39 54 12
54 — —
12 4 15
81 71 55
High
+Avg
Avg
High
+Avg
0.4
0.1
0.0
0.0
0.0
28
29
40
76
32
C
X
Sextant Growth SSGFX
T. Rowe Price Mid Gr RPMGX
LTurner Midcap Gr Inv TMGFX
Undiscovered Mg BehGrInv UBRRX
Vanguard Mid Cap Growth VMGRX
QQQQ
QQQQ
QQQ
QQQ
QQQ
-6.6 -2.9
-8.4 -6.1
-15.4 -8.3
-12.2 -12.6
-10.5 -9.8
7.1
7.0
6.1
2.7
6.7
10.2
11.2
8.8
6.1
8.4
11.4
11.7
11.2
8.2
11.5
14
24
82
57
45
17
36
49
80
61
20
18
20
57
18
Avg
+Avg
+Avg
+Avg
+Avg
0.1
0.1
0.0
0.0
0.4
Wasatch Heritage Growth WAHGX
Westcore Midco Growth WTMGX
QQ
QQQ
-7.9 -8.1
-15.1 -13.3
0.7
3.3
—
5.9
—
8.7
20
80
48 90 — —
86 71 82 48
Avg
+Avg
0.0
0.0
Mid-Cap Blend
—
4.0
9.1
9.4
—
— — — —
—
0.5
Ariel ARGFX
LAriel Appreciation CAAPX
FAM Value FAMVX
Fidelity Leverage Co Stk FLVCX
Fidelity Low-Priced Stk FLPSX
QQ
QQQ
QQ
QQQQQ
QQQQ
-15.7 -22.4 -3.9
-8.8 -13.2 0.3
-7.0 -10.3 0.8
-5.8 -3.0 10.3
-8.7 -8.9 4.4
4.1
5.1
6.2
18.6
10.8
8.9
8.8
8.5
—
13.6
93
64
48
36
62
97
73
59
11
52
99
89
85
3
49
97
93
85
1
22
67
68
73
—
7
Avg
Avg
-Avg
High
+Avg
0.3
0.5
0.6
1.2
1.4
LFidelity Spar Ext Mkt Inv FSEMX
First Eagle Fund of Am Y FEAFX
Gabelli Asset AAA GABAX
Meridian Value MVALX
LOsterweis OSTFX
QQQ
QQQQQ
QQQQ
QQQQ
QQQQ
-6.6
0.2
-10.4
-4.4
-4.3
-6.9 5.5
1.8 10.0
-9.0 6.8
-1.9 7.2
-4.8 3.9
10.6
12.2
10.6
10.2
10.2
8.8
10.8
9.9
16.3
13.4
42
5
78
23
22
40
5
52
7
26
32
5
20
15
53
26
12
25
34
32
69
44
55
1
10
+Avg
High
High
High
+Avg
1.3
0.2
0.3
1.0
1.2
X
X
Royce Premier Invt RYPRX
RS Value A RSVAX
LSelected Special D SLSDX
LTCW Value Opportunities I TGVOX
Vanguard ExtMktIdx VEXMX
QQQQQ
QQQQQ
QQ
QQQQ
QQQ
3.5
4.9 11.4
-6.8 -6.2 4.4
-17.6 -21.6 -0.3
-3.8 -8.5 3.0
-5.8 -7.0 5.2
15.1
13.6
—
7.3
10.5
14.7
15.3
—
15.7
9.0
2
45
96
16
36
1
35
96
50
41
2 3 4
48 6 3
93 — —
62 72 3
40 26 67
+Avg
+Avg
Avg
Avg
+Avg
1.4
0.4
0.5
0.3
1.2
X
LVanguard Mid Cap Idx VIMSX
Vanguard Strategic Eq VSEQX
LWeitz Hickory WEHIX
Westport R WPFRX
Westport Select Cap R WPSRX
QQQQ
QQQ
Q
QQQQQ
QQQQ
-10.2 -10.8 4.2
-8.7 -13.3 1.3
-15.7 -22.6 -3.3
1.7 8.7
-2.1
-3.3 -6.8 5.3
10.7
8.8
4.9
12.1
8.9
12.5
11.1
3.1
13.6
13.5
75
62
93
8
14
63
74
98
6
40
51
81
98
8
37
24 17
58 36
93 94
12 6
56 9
High
Avg
+Avg
High
High
1.4
1.1
1.0
0.2
0.5
WF Adv Opportunity Inv SOPFX
QQQ
-4.8
-5.7
4.4
9.1
9.4
29
32 49 54 61
+Avg
Mid-Cap Value
—
-7.7 -10.4
3.5
9.3
9.8
—
— — — —
—
Artisan Mid Cap Value ARTQX
Delafield DEFIX
QQQQQ
QQQQ
2.2
-0.8
-2.5
-4.7
6.2
9.1
14.4
12.1
—
14.4
2
6
5 11 2 —
7 2 14 10
High
High
0.4
0.6
-9.5 -7.6
-4.1 -4.2
-7.1 -10.4
5.3
6.0
4.2
9.7
10.8
11.9
8.1
12.6
10.9
Beta (R 2)
Risk
Relative
to
Category
1 Yr
QQQQ
QQQ
QQQ
] QQQ
QQQQ
E New this month
LAnalyst Pick
Standard
Deviation
YTD
FBR Focus FBRVX
Fidelity Mid-Cap Stock FMCSX
Fidelity New Millennium FMILX
LFPA Paramount FPRAX
Janus Enterprise JAENX
Russell MidCap Growth Index
S&P MidCap 400 Index
Russell MidCap Value Index
Worst
3-Mo
Return
%
-8.0
-9.4
27
15
49
80
54
Z
X
—
—
12.4
1.05 (73)
—
X
X
-16
-16
-17
-25
-20
12.28
10.62
10.48
15.91
11.72
1.04 (72)
0.96 (83)
0.87 (69)
1.06 (45)
1.05 (81)
Avg
Low
Low
High
Avg
-26
-15
-17
-21
-17
11.97
10.51
10.47
9.99
8.46
1.07 (81)
0.94 (79)
0.96 (86)
0.89 (80)
0.72 (73)
Avg
-Avg
-Avg
Low
Low
-17
-36
-15
-29
-27
12.11
12.92
12.37
12.30
12.20
0.92 (57)
1.04 (64)
1.12 (82)
1.06 (73)
1.09 (80)
+Avg
+Avg
Avg
Avg
Avg
X
X
X
-21
-24
-29
-20
-21
12.06
12.94
13.32
10.57
11.78
1.09 (82)
1.13 (76)
1.05 (62)
0.84 (63)
1.00 (72)
Avg
+Avg
+Avg
-Avg
-Avg
1.1
V
-22
11.48
1.04 (82)
-Avg
0.8
—
—
11.7
1.03 (78)
—
-18
-28
10.92
11.90
0.88 (64)
0.98 (67)
Avg
+Avg
X
Z
X
M500_0908.qxp
9/4/08
5:29 PM
Page 31
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Average
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
17.7
2.9
6,297
d 16
i 14 f 13
8
7
8
8
8
18.0
16.2
17.2
16.2
16.7
2.9
4.0
2.2
1.8
2.1
8,605
13,248
3,495
3,667
2,506
f
d
o
o
d
22
45
23
25
15
i
f
i
d
p
19
18
20
19
15
d
i
p
p
a
8
8
8
8
8
21.1
16.3
18.0
14.9
17.6
1.8
2.6
2.3
2.0
2.5
2,538
6,757
8,431
2,580
6,641
o
t
d
d
p
41
20
14
22
16
u
f
a
i
d
18
20
14
18
13
7
8
8
8
8
13.4
17.3
21.5
14.5
17.8
2.1
2.7
2.2
2.3
4.0
16,885
3,477
3,061
3,452
5,655
d
i
i
d
d
20
19
27
19
18
t
a
t
i
p
7
8
8
8
8
15.4
18.4
20.6
20.9
19.8
2.4
2.8
3.5
3.2
3.4
16,505
5,811
7,388
2,439
5,122
t
d
d
i
f
20
17
17
30
17
i
i
f
o
d
7
8
15.5
17.0
2.7
3.0
10,876
4,743
Total
# of
Holdings
Turnover
%
Recent
NAV($)
Total
Assets
($Mil)
—
114
3
94
0
0
7
—
1.48
—
728
14
14
12
16
14
102
70
52
55
375
162
124
34
14
20
0 96
0 100
0 100
0 99
3 97
4
0
0
0
0
0
0
0
1
0
4
14
5
26
9
NL
NL
NL
NL
NL
1.08
1.22
1.01
0.91
0.74
32.33
18.63
13.42
25.32
26.48
4,167
792
338
2,653
17,080
Management Team
Management Team
Management Team
Ben Andrews (4.5)
McQuaid/Mohn (13.4/5.4)
a
d
i
t
a
17
16
14
17
13
34
127
274
32
89
5
45
87
17
32
1
1
1
5
5
98
99
99
95
95
0
0
0
0
0
0
0
0
0
0
7
16
21
3
13
NL
Clsd
NL
5.25
NL
1.40
0.94
0.93
0.90
0.93
46.73
25.81
25.60
16.18
54.11
958
11,757
1,860
422
2,099
Charles T. Akre, Jr. (11.7)
Shep Perkins (3.6)
John D. Roth (2.2)
Ende/Geist (8.4/8.4)
Brian Demain (0.8)
19
18
23
13
16
a
p
r
f
f
14
17
15
13
15
50
45
80
133
62
24
39
6
108
262
6
4
5
0
10
94
96
95
99
90
0
0
0
0
0
0
0
0
1
0
45
2
8
7
5
NL
NL
NL
Clsd
4.75
0.92
0.84
0.78
1.16
1.34
11.80
35.83
12.68
34.79
11.19
4,922
1,563
296
4,956
210
16
17
15
20
16
d
p
t
t
p
15
12
12
14
15
52
152
104
44
121
3
35
155
98
70
16
4
4
2
7
84
96
95
98
93
0
0
0
0
0
0
0
1
0
0
0
6
3
0
2
NL
Clsd
NL
NL
NL
1.30
0.77
1.18
1.62
0.53
18.69
52.81
30.74
24.57
16.52
15
15,270
1,336
93
1,247
t 18
i 19
a 16 p 13
f 14 p 13
56
75
56
116
4
3
96
97
0
0
0
0
15
3
NL
NL
0.95
1.03
10.19
5.89
111
150
Bowen/Snow (4.2/4.2)
Management Team
—
92
4
—
Sales
Charge Expense
%
Ratio%
31
Operations
—
John Eisinger (0.7)
Aster Jr./Tao (24.1/0.8)
Management Team
Management Team
Management Team
Nicholas Kaiser (18.7)
Brian W.H. Berghuis (16.2)
Management Team
Fuller/Stanske (10.7/10.7)
Management Team
—
14.4
2.0
5,410
d 18
a 15 f 11
95
0
0
7
—
1.34
—
877
2
5
5
5
2
12.0
13.2
15.3
14.4
11.5
1.5
1.9
2.0
2.0
1.5
2,971
7,548
5,128
5,507
4,193
a
a
a
f
o
24
25
39
37
19
d
p
d
d
d
21
21
17
20
15
s
s
o
p
f
21
13
10
13
13
29
33
40
215
735
25
29
9
20
11
0 100
0 100
11 89
3 95
10 89
0
0
0
0
0
0
0
0
2
0
0
0
0
8
29
NL
NL
NL
NL
Clsd
1.03
1.12
1.18
0.83
0.96
39.11
39.27
42.24
30.46
37.57
2,044
1,610
719
7,860
29,275
8
8
4
5
5
15.8
15.8
14.7
15.8
11.9
1.7
2.4
1.8
2.2
2.5
2,875
5,289
12,265
5,492
9,948
a
d
d
i
f
22
29
26
21
21
d
i
s
s
i
15
17
19
17
18
f
f
y
d
s
11 3,357
16
58
16 505
58
15
16
38
17
50
9
61
56
5
14
3
5
7
95
86
96
95
90
0
0
0
0
3
0
0
0
0
0
5
9
17
8
7
NL
Clsd
NL
NL
NL
0.09
1.40
1.36
1.08
1.18
35.28
26.31
44.62
30.52
25.70
3,305
947
2,685
1,351
356
8
5
7
5
8
15.7
14.9
13.9
15.2
16.2
2.2
1.6
2.0
1.6
1.8
2,291
6,096
15,219
4,238
2,465
d
f
a
d
a
34
24
16
23
18
f
a
y
a
d
14
16
13
20
16
a
d
t
t
f
59
13
14
42
73
13
15
56
12 3,177
21
59
36
38
14
11 88
10 90
4 95
4 96
0 100
0
0
1
0
0
1
0
0
0
0
18
16
19
5
0
Clsd
4.75
NL
NL
NL
1.10
1.32
0.81
0.96
0.24
17.96
24.48
10.13
18.33
37.56
5,271
2,258
101
386
13,252
Management Team
Management Team
Management Team
Management Team
Donald Butler (10.7)
5
5
5
8
8
15.0
12.3
13.7
15.2
16.3
1.9
1.8
1.4
2.4
2.3
6,161
3,427
8,732
9,464
3,455
f
d
a
f
o
17
17
29
29
27
d
a
y
d
i
15
16
19
21
16
a
f
i
i
f
14
15
15
13
15
453
542
40
43
50
19
75
31
9
6
0 100
1 99
0 91
13 87
9 91
0
0
8
0
0
0
0
0
0
0
1
1
10
0
3
NL
NL
NL
NL
NL
0.21
0.30
1.21
1.49
1.33
18.59
18.70
28.94
20.66
22.55
19,407
5,561
218
133
993
Donald Butler (10.3)
James Troyer (2.6)
Wallace R. Weitz (5.7)
Edmund H. Nicklin Jr. (10.7)
Knuth/Nicklin Jr. (10.7/10.7)
5
14.0
2.0
9,535
t 14
i 13 d 13
79
56
6
94
0
0
6
NL
1.35
34.79
1,532
—
13.0
1.6
6,032
a 21
d 17 f 11
—
78
4
95
1
1
4
—
1.35
—
771
2
3
12.1
11.9
1.7
1.3
4,066
1,611
p 23
d 57
a 20 d 16
t 15 p 9
51
59
54
61
7
21
93
79
0
0
0
0
0
5
Clsd
NL
1.20
1.23
18.49
24.13
3,255
699
Sectors
Val Blnd Grth
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Equity Style Box
Software
Hardware
Media
Telecom
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Energy
Utilities
Rogers Jr./Miller (21.8/1.8)
Rogers Jr./Sauer (5.9/1.8)
Fox/Putnam (8.4/21.7)
Thomas T. Soviero (5.2)
Joel C. Tillinghast (18.7)
Management Team
Harold J. Levy (21.4)
Mario J. Gabelli (22.5)
Management Team
Management Team
Ann M. Miletti (6.9)
—
Management Team
Delafield/Sellecchia (14.8/14.8)
M500_0908.qxp
9/4/08
5:29 PM
32
Morningstar 500
Page 32
Historical Risk
Domestic Equity
Morningstar
Rating
vs. Category
55Best
Mid-Cap Value (cont'd)
—
Total Return %
08-31-08
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
Return
Rating %
Grade
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
-7.7 -10.4
3.5
9.3
9.8
—
— — — —
—
0.8
—
—
11.7
1.03 (78)
—
Fidelity Mid Cap Value FSMVX
Fidelity Value FDVLX
LFPA Capital FPPTX
Franklin Bal Sh Invmt A FRBSX
LJanus Mid Cap Val Inv JMCVX
QQQ
QQQ
[ QQ
QQQ
QQQQQ
-10.5 -11.5
-9.8 -13.9
2.4 -4.9
-8.2 -11.9
-1.1 -0.4
3.2
3.6
3.2
2.2
8.1
10.4
10.5
8.6
9.9
12.6
—
10.6
12.9
10.2
16.5
80
74
1
54
7
59
81
8
63
3
—
53
14
62
4
+Avg
+Avg
+Avg
+Avg
High
0.3
0.8
1.3
1.1
4.1
C
X
Z
C
-19
-22
-24
-16
-18
11.16
11.98
9.71
11.86
9.13
0.99 (79)
1.12 (89)
0.55 (32)
1.05 (79)
0.82 (82)
Avg
+Avg
Low
Avg
Low
LT. Rowe Price Mid Val TRMCX
LVanguard Selected Value VASVX
QQQQ
] QQQ
-6.4 -8.5
-11.8 -14.6
5.6
2.0
11.1
10.1
12.5
10.3
32
84
25 15 24 18
84 68 36 59
High
+Avg
2.4
2.0
Z
X
-19
-31
10.08
10.73
0.92 (84)
0.94 (78)
-Avg
-Avg
-10.6 -10.7
—
Small Growth
32
31
66
40
7
3.1
7.1
9.5
—
— — — —
—
0.1
—
14.8
1.21 (67)
—
QQQ
] QQQQQ
QQQQ
QQQ
QQQ
-13.5 -15.3 -1.0
-9.2 -8.9 4.4
-12.6 -8.2 3.9
-23.3 -26.2 -5.0
-8.6 -9.1 3.2
6.2
9.7
8.7
1.3
—
7.0
13.6
12.8
16.1
—
75
45
69
98
40
80
39
34
98
41
65 75
22 9
31 12
96 4
— —
Low
High
High
Low
Low
0.0
0.0
0.0
0.0
0.0
-27
-25
-28
-25
-17
14.19
12.70
14.62
17.53
15.94
1.19 (70)
1.09 (73)
1.25 (73)
1.37 (61)
1.18 (55)
-Avg
Low
Avg
+Avg
+Avg
Brown Cap Small Co Instl BCSIX
Buffalo MicroCp BUFOX
Buffalo Small Cap BUFSX
LCentury Sm-Cp Sel Inv CSMVX
Champlain Small Co Adv CIPSX
QQQQ
Q
QQQQ
QQQ
QQQQQ
-2.1
5.0 11.0
-18.7 -27.9 -5.8
-8.1 -15.2 1.6
-7.9 -8.7 0.8
5.1
3.5 10.4
9.5
—
8.7
6.7
—
11.7
—
16.5
—
—
4
95
36
35
1
2 2 24 20
99 98 — —
79 68 31 3
37 74 58 —
2 3 — —
High
Low
+Avg
Avg
Low
0.0
0.0
0.0
0.8
0.0
-28
-20
-28
-13
-13
13.80
15.16
15.41
11.67
11.78
1.01 (54)
1.27 (71)
1.32 (73)
1.01 (75)
0.98 (69)
Avg
Avg
Avg
Low
Low
Columbia Acorn USA Z AUSAX
Fidelity Adv Small Cap T FSCTX
Fidelity Small Cap Indep FDSCX
Forward Sm-Cp Eq FFSCX
Janus Venture JAVTX
QQQQ
QQQQQ
QQQ
QQQQ
QQQ
-7.5 -8.8
-5.0 -1.4
-16.3 -17.3
-6.1 -4.6
-22.1 -17.6
2.4
5.7
1.5
4.3
3.9
9.4
11.4
8.2
10.0
8.7
10.2
—
7.9
—
9.2
32
14
87
23
98
38
9
86
20
88
61
26
68
39
43
25
8
39
18
31
34
—
66
—
43
+Avg
+Avg
+Avg
+Avg
+Avg
0.0
0.0
0.0
0.0
3.4
C
-23
-26
-27
-24
-42
12.05
9.35
15.38
13.68
17.31
1.11 (85)
0.74 (62)
1.28 (69)
1.06 (60)
1.41 (67)
Low
Low
Avg
-Avg
+Avg
-6.7 -4.2 4.1
-9.7 -4.0 9.1
-10.6 -7.9 3.5
-10.7 -15.2 -0.6
-7.4 -9.0 3.0
7.7
10.0
6.0
6.9
8.9
9.1
5.4
14.6
—
10.1
28
47
54
55
32
18
17
31
79
41
41
6
48
86
54
46
18
68
56
29
48
85
6
—
36
+Avg
High
+Avg
Avg
Avg
0.0
0.0
0.0
0.0
0.0
Z
-26
-40
-33
-14
-25
13.34
15.53
16.48
14.16
13.22
1.10 (67)
1.23 (63)
1.27 (59)
1.16 (67)
1.17 (78)
-Avg
+Avg
+Avg
-Avg
-Avg
-7.8 -3.0 7.5
-8.2 -9.4 3.2
-4.6 -4.8 6.4
-12.7 -12.4 0.1
-18.3 -19.3 -0.5
9.3
7.9
10.3
6.4
6.4
10.2
11.2
10.9
13.6
19.2
34
37
13
70
93
13
45
20
67
91
15
51
22
80
84
26 34
43 25
15 28
63 9
63 1
High
+Avg
High
Avg
+Avg
0.0
0.4
0.5
0.0
0.0
-32
-25
-25
-27
-25
15.60
13.42
14.24
14.15
15.08
1.21 (60)
1.17 (76)
1.20 (71)
1.24 (77)
1.31 (75)
+Avg
-Avg
Avg
-Avg
Avg
-15.6 -12.4 -0.4
-21.9 -17.3 -1.3
-16.2 -20.0 -2.1
4.6
1.3
6.6
13.7
12.4
—
84
97
86
67 84 83 8
86 89 96 15
92 91 61 —
Avg
+Avg
+Avg
0.0
0.0
0.0
-28
-27
-27
14.06
16.24
14.12
1.28 (83)
1.36 (71)
1.23 (76)
-Avg
+Avg
-Avg
Artisan Small Cap ARTSX
Baron Growth BGRFX
Baron Small Cap BSCFX
Bjurman, Barry MicroCp Gr BMCFX
LBridgeway Small-Cap Gr BRSGX
Kalmar Gr Val Sm Cp KGSCX
Loomis Sayles Sm Gr Ret LCGRX
Managers Fremont Mic-Cap MMCFX
LMasters' Select Small Co MSSFX
T. Rowe Price New Horiz PRNHX
Turner Small Cap Growth TSCEX
LVanguard Explorer VEXPX
Vanguard SmCp Gr Idx VISGX
Wasatch Core Growth WGROX
Wasatch Micro Cap WMICX
LWasatch Small Cap Growth WAAEX
Wasatch Ultra Growth WAMCX
William Blair Sm-Cp Gr N WBSNX
Small Blend
—
50
41
49
64
4
[ QQQ
QQQ
QQQ
QQQ
QQQ
QQQQ
QQQ
QQQQ
QQQQ
QQQQ
QQQ
] QQQ
QQQ
87
38
44
97
50
X
C
C
X
X
—
-5.4
3.1
9.1
10.8
—
— — — —
—
0.5
—
—
13.5
1.11 (68)
—
Aston/TAMRO Small Cap N ATASX
LBogle Small Cap Gr Inv BOGLX
LBridgeway Sm-Cap Val N BRSVX
Bridgeway Ul-Sm Co Mkt BRSIX
DFA U.S. Micro Cap I DFSCX
QQQ
QQ
[ QQQ
QQQ
QQQ
-4.6
-15.0
-11.7
-9.2
-6.5
-2.5 6.9
-19.5 -0.1
-12.7 3.3
-12.9 -0.2
-11.6 1.8
9.7
6.9
—
7.5
8.5
—
—
—
15.5
12.6
50
96
90
83
68
13
94
79
81
73
15
87
51
87
68
39
86
—
79
63
—
—
—
6
19
+Avg
Avg
Low
Low
Avg
0.0
0.0
0.0
0.3
1.7
C
-22
-20
-15
-27
-27
16.94
15.86
14.77
12.94
13.86
1.40 (67)
1.27 (64)
1.05 (51)
1.06 (67)
1.13 (67)
High
High
+Avg
Avg
+Avg
Fidelity Small Cap Retire FSCRX
Fidelity Small Cap Stock FSLCX
Fidelity Small Cap Value FCPVX
LKCM Small Cap Equity Ins LKSCX
Managers Special Equity M MGSEX
QQQ
[ QQQ
QQQ
QQQQ
[Q
0.6 -5.8 2.4
-9.3 -10.6 4.2
-7.5 -9.5 3.7
-7.5 -10.2 3.1
-12.3 -16.8 -0.1
8.7
9.6
—
10.2
5.7
—
13.6
—
11.2
8.3
8
83
74
74
92
24
68
56
63
89
61
39
46
55
87
59
40
—
32
93
—
12
—
38
86
+Avg
+Avg
-Avg
+Avg
Avg
0.5
0.0
0.0
0.0
0.0
C
X
C
-21
-30
-14
-23
-24
13.78
12.52
14.45
14.12
13.13
0.98 (51)
1.01 (65)
1.21 (70)
1.15 (66)
1.15 (78)
+Avg
-Avg
+Avg
+Avg
Avg
15.2
15.8
7
1
3
4
4
+Avg
0.4
C
-23
11.70
0.80 (46)
Low
11.9
8.7
10.9
7.0
Neuberger Ber Genesis Inv NBGNX
Russell MidCap Value Index
Russell 2000 Growth Index
E New this month
LAnalyst Pick
QQQQQ
1.8
-9.1
10.2 10.7
-7.1 -10.4
-4.5 -3.8
4.2
5.9
M500_0908.qxp
9/4/08
5:29 PM
Page 33
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Average
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
13.0
1.6
6,032
a 21
d 17 f 11
2
5
5
2
5
11.6
14.5
11.0
12.1
13.9
1.4
1.5
1.3
1.0
1.7
5,003
6,806
3,170
2,848
7,987
a
a
f
a
a
d
d
p
d
f
2
2
14.3
10.8
1.5
1.3
5,540
5,519
Total
# of
Holdings
Turnover
%
NAV($)
Total
Assets
($Mil)
95
1
1
4
—
1.35
—
771
1 99
2 97
41 59
15 84
0 100
0
0
0
0
0
0
1
0
0
0
1
7
2
8
2
NL
NL
Clsd
5.75
NL
0.82
0.69
0.88
0.90
0.85
14.57
67.66
37.37
53.22
22.18
688
17,901
2,238
3,496
7,339
73
33
14
7
81
92
2
0
3
0
4
9
Clsd
NL
0.78
0.40
21.02
16.84
6,821
3,429
3
—
78
11
10
11
15
11
116
336
29
125
145
264
44
18
6
95
a 22
a 19
f 12 i 11
d 15 g 14
120
62
30
19
51
26
19
16
12
13
19
16
f
p
o
p
d
Recent
—
18.1
2.4
1,412
i 16
p 15 d 15
—
112
9
8
9
9
9
14.9
18.1
21.7
17.6
14.6
1.6
2.5
2.4
2.3
2.6
934
2,348
1,743
477
1,573
p
o
p
p
d
24
27
23
32
24
i
p
o
d
i
16
19
23
30
13
d
f
d
t
f
14
17
16
11
13
71
119
98
62
90
74
21
37
33
37
9
9
9
9
9
24.5
19.0
18.8
16.2
18.1
3.1
1.3
1.9
2.5
2.2
1,055
352
1,142
1,286
1,338
i
o
o
p
p
34
20
26
19
20
r
i
i
i
i
24
20
25
17
17
d
a
t
r
a
16
17
17
12
14
47
43
59
70
98
20
34
37
100
69
9
6
9
9
9
17.8
15.4
16.8
18.2
20.8
2.1
2.1
2.1
2.4
2.0
2,011
2,029
1,473
1,780
714
o
d
p
f
p
13
21
18
25
28
d
p
o
p
i
13
20
17
16
19
t
i
f
d
o
12
20
15
14
16
190
77
193
110
125
9
9
9
9
9
20.7
23.2
17.9
15.3
17.6
2.5
3.1
1.7
1.4
2.3
1,592
1,141
387
1,172
1,735
p
i
p
f
i
22
20
17
18
21
f
p
d
p
p
18
20
15
15
16
i
o
i
d
o
15
11
14
14
12
9
9
9
9
9
21.1
16.4
18.5
14.1
12.3
3.4
2.2
2.5
2.1
1.7
1,805
2,153
1,516
1,552
374
i
i
i
p
a
19
18
16
28
20
d
p
d
a
i
18
15
15
20
19
s
d
f
i
t
9
9
9
17.4
17.9
16.6
2.3
2.4
1.8
1,189
1,392
713
p 24
i 28
p 20
i 22 o 13
t 19 p 13
i 14 o 11
109
84
85
4
Sales
Charge Expense
%
Ratio%
33
Operations
—
Bruce Dirks (3.6)
Richard B. Fentin (12.5)
Management Team
Management Team
Perkins/Kautz (10.1/6.6)
David J. Wallack (7.7)
Management Team
96
0
0
5
—
1.57
—
411
4 96
5 95
9 90
0 100
1 99
0
0
0
0
0
0
0
0
0
0
3
3
4
6
1
Clsd
NL
NL
NL
NL
1.18
1.31
1.31
1.69
0.92
14.63
45.98
20.84
12.11
13.94
682
6,207
3,144
146
145
—
Carlson/Cepukenas (9.4/3.9)
Ronald Baron (13.7)
Clifford Greenberg (10.9)
Management Team
Management Team
5
3
1
1
6
95
97
99
99
94
0
0
0
0
0
0
0
0
0
0
0
6
4
2
2
NL
NL
NL
Clsd
Clsd
1.22
1.50
1.00
1.36
1.40
34.98
8.49
21.45
20.55
13.46
384
26
1,630
540
489
Management Team
Management Team
Management Team
Thorndike/Callahan (8.7/6.8)
Management Team
21
65
84
210
57
2 98
14 86
8 92
0 100
0 99
0
0
0
0
0
0
0
0
0
1
2
22
17
0
20
NL
3.50
NL
NL
Clsd
0.98
1.49
0.99
1.71
0.87
24.96
22.77
16.66
18.50
45.08
1,422
5,089
1,898
542
1,155
Robert A. Mohn (12.0)
James M. Harmon (2.8)
Richard Thompson (2.8)
Irene Hoover (9.9)
William H. Bales (11.6)
92
104
300
71
274
38
83
76
131
28
8
6
8
10
2
92
94
92
90
97
0
0
0
0
0
0
0
0
0
1
7
3
2
3
1
NL
NL
NL
NL
NL
1.34
1.25
1.53
1.31
0.79
14.27
13.95
34.79
11.93
28.24
360
137
183
196
6,566
Management Team
Burns/Slavik (3.7/3.4)
Management Team
Management Team
John H. Laporte (20.9)
10 114
14 1,163
15 931
18
70
16 125
134
90
32
54
48
0 99
5 94
0 100
3 95
2 96
0
0
0
0
0
1
0
0
1
1
4
4
1
14
25
Clsd
Clsd
NL
NL
Clsd
1.25
0.41
0.22
1.18
2.14
30.32
65.35
19.08
30.20
4.59
286
10,257
4,704
766
406
43
55
97
3
4
0
95
90
99
0
2
0
2
5
1
20
12
9
NL
NL
NL
1.19
1.49
1.49
29.90
18.89
19.52
827
176
731
Jeff Cardon (21.8)
Dihora/Krishnan (2.6/8.7)
Management Team
5
—
Management Team
Management Team
Lambert/Taylor (3.6/7.7)
Daniel Chace (4.6)
—
14.1
1.7
1,271
d 19
a 16 p 12
—
93
94
0
0
5
—
1.38
—
659
9
9
6
9
6
18.0
9.6
12.2
11.5
13.9
2.0
1.6
2.0
1.5
1.6
1,103
847
1,271
297
383
r
p
d
a
d
19
16
31
18
16
a
a
p
i
a
17
16
14
15
16
s
i
a
d
i
12
15
11
14
14
55
180
93
471
1
59
142
58
34
24
8 92
1 99
6 94
5 95
0 100
0
0
0
0
0
0
0
0
0
0
2
9
0
0
0
NL
Clsd
NL
NL
Clsd
1.30
1.35
0.88
0.67
0.52
17.76
17.14
15.26
16.15
12.55
435
168
319
546
4,146
Philip Tasho (7.8)
John C. Bogle Jr. (8.9)
Management Team
Management Team
Clark/Deere (0.4/13.7)
6
9
6
9
9
11.9
16.1
13.0
16.6
16.5
1.2
1.8
1.4
2.4
1.6
820
1,072
1,735
1,271
1,399
p
p
a
d
p
23
35
24
23
17
a
t
d
p
d
20
15
16
16
16
o
d
f
f
o
13
10
13
13
14
51
222
185
87
342
140
115
67
60
67
4
5
8
7
5
94
95
92
90
95
0
0
0
0
0
3
0
0
3
0
13
17
4
0
9
NL
Clsd
NL
NL
NL
1.03
1.07
1.11
0.94
1.43
14.51
15.59
12.58
18.53
56.35
168
3,890
1,373
624
1,096
Charles Myers (2.5)
Andrew Sassine (0.2)
Charles Myers (0.3)
King Jr./Purvis (14.2/10.7)
Management Team
8
19.5
3.1
2,387
d 27
f 23 i 18
137
25
5
95
0
0
6
Clsd
1.02
34.95
12,597
Sectors
Val Blnd Grth
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Equity Style Box
Software
Hardware
Media
Telecom
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Energy
Utilities
Management Team
M500_0908.qxp
9/4/08
5:29 PM
Page 34
34
Historical Risk
Morningstar 500
Domestic Equity
Morningstar
Rating
vs. Category
55Best
YTD
1 Yr
3 Yr
Small Blend (cont'd)
—
-5.4
-9.1
3.1
Presidio PRSDX
Royce PA Mutual Invt PENNX
Royce Value Svc RYVFX
Stratton Small-Cap Value STSCX
T. Rowe Price Sm Stk OTCFX
QQQQQ
QQQQ
QQQQQ
QQQQ
QQQ
-6.0 -6.0 8.2
-2.0 -3.9 6.6
5.5
3.6 11.2
3.5 -2.0 5.5
-5.3 -10.1 3.1
T. Rowe Price Sm Val PRSVX
TCW Relative ValSmCp N TGONX
LThird Avenue Sm-Cap Val TASCX
Vanguard SmCp Idx NAESX
LVanguard Tax-Mgd SmCap Iv VTMSX
QQQQ
QQQ
QQQQ
QQQQ
QQQQ
1.8 -1.6
-4.9 -11.8
0.6 -0.4
-3.8 -6.7
-1.0 -5.5
Wasatch Small Cap Value WMCVX
QQQQ
Small Value
—
2.0
0.4
-1.7
-1.6
6.4
Aegis Value AVALX
ELAllianz NFJ Sm Cap Val D PNVDX
AmCent Small Cap Val Inv ASVIX
American Beacon SmCVl Pln AVPAX
Artisan Small Cap Value ARTVX
QQQQ
QQQQQ
QQQQ
QQQ
[ QQQQ
Aston/River Rd SmCp Val N ARSVX
LDiamond Hill Small Cap A DHSCX
Janus Sm Cap Val Instl JSIVX
LLongleaf Partners Sm-Cap LLSCX
Robeco BostPtn SmCpII Inv BPSCX
[ QQQQ
QQQQ
QQQQ
QQQ
] QQQQ
Total Return %
08-31-08
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
9.1
10.8
—
— — — —
—
0.5
—
11.9
16.9
14.0
8.2
—
13.0
—
12.7
10.1
63
23
2
4
56
26 9 —
17 16 16
3 2 2
11 22 7
62 55 68
—
17
—
19
51
Avg
High
High
+Avg
Avg
0.0
0.7
1.3
0.1
0.0
6.7
1.1
5.2
4.7
4.8
12.7
6.7
11.5
10.4
10.9
13.2
12.9
12.5
10.1
—
7
52
8
39
12
10
75
6
34
22
12
88
17
29
22
16
18
20
52
—
+Avg
Avg
+Avg
High
+Avg
0.7
0.0
0.9
1.3
0.9
-7.6 -12.1
1.6
8.6
16.8
75
77 70 62
2
+Avg
0.3
-3.1
-9.2
2.3
9.2
11.3
—
— — — —
—
0.5
-7.2
-1.7
-7.1
-9.5
-1.4
4.2
8.0
3.9
2.0
6.9
7.7
14.0
10.2
9.6
13.2
14.5
—
14.3
—
13.7
5
17
38
37
1
37
6
37
52
4
31 79 5
3 2 —
35 28 7
59 43 —
11 4 9
+Avg
High
+Avg
+Avg
High
0.9
1.5
1.1
0.8
0.0
-4.8 -10.8
1.7 -1.9
-0.2 -1.6
-15.1 -20.8
-4.8 -10.4
6.4
3.0
6.0
4.3
1.5
—
12.1
10.0
9.5
7.8
—
—
13.7
10.0
14.8
70
8
22
99
70
62
7
5
98
58
13
49
14
29
64
—
10
33
46
75
—
—
10
77
3
Low
+Avg
+Avg
High
+Avg
0.1
0.3
5.4
0.7
0.0
C
Z
-5.4 -11.6 4.1
1.9 -0.7 7.6
-3.6 -5.6 5.3
-14.9 -19.8 -4.5
-9.4 -18.2 -0.1
10.0
8.9
9.6
9.6
7.2
16.3
11.5
11.3
—
8.5
77
6
55
98
96
70
2
22
97
95
32
6
20
95
81
31
59
44
44
84
1
42
50
—
93
+Avg
+Avg
High
+Avg
+Avg
0.6
0.6
1.3
2.1
0.0
A N N U A L I Z E D
5 Yr
16
77
25
31
30
Return
Rating %
Grade
—
Z
X
X
Z
X
X
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
—
13.5
1.11 (68)
—
-11
-18
-25
-24
-23
10.84
12.14
14.32
12.84
12.30
0.94 (76)
1.00 (68)
0.96 (45)
0.96 (55)
1.08 (76)
Low
-Avg
+Avg
-Avg
-Avg
-23
-36
-22
-26
-22
11.96
15.42
10.18
13.17
12.57
0.93 (61)
1.20 (60)
0.87 (72)
1.16 (78)
1.05 (70)
Low
High
Low
Avg
-Avg
Low
-28
12.26
1.01 (68)
—
—
12.7
1.02 (64)
—
C
-18
-11
-19
-21
-20
12.62
11.19
11.90
12.66
11.95
0.70 (31)
0.95 (72)
1.03 (75)
1.09 (74)
0.90 (56)
Avg
Low
-Avg
Avg
-Avg
-11
-23
-22
-16
-23
10.11
11.67
11.50
13.12
12.96
0.77 (59)
0.92 (61)
0.95 (68)
1.09 (70)
1.07 (68)
Low
-Avg
-Avg
Avg
Avg
Z
Z
Z
-28
-11
-14
-29
-24
14.70
11.22
10.35
18.01
13.28
1.21 (67)
0.74 (44)
0.91 (78)
1.28 (50)
1.09 (67)
High
-Avg
Low
High
Avg
13.05
1.12 (73)
+Avg
Z
Royce Opportunity Invt RYPNX
LRoyce Special Equity Invt RYSEX
Royce Total Return Invt RYTRX
LSchneider Small Cap Val SCMVX
Skyline Special Eq SKSEX
QQQQ
QQQQ
QQQQ
QQ
QQ
Vanguard SmCp Vl Idx VISVX
QQQ
-2.8
-8.7
2.8
10.3
11.0
48
44 50 26 59
+Avg
2.3
X
-25
Allocation
—
-6.6
-5.1
3.2
5.2
4.8
—
— — — —
—
2.8
—
—
6.0 -0.14 (68)
—
LAmer Funds Amer Bal A ABALX
LAmer Funds Inc Fund A AMECX
Bridgeway Balanced BRBPX
LCalamos Gr & Inc A CVTRX
Calamos Mrkt Ntrl Inc A CVSIX
MA QQQ
MA QQQ
CA QQQQ
MA [ QQQ
LO QQQ
-7.7 -7.3
-11.1 -11.1
-4.6 -1.6
-9.8 -6.7
-3.2 -0.1
3.7
4.0
3.4
4.0
3.6
6.0
7.7
5.9
7.1
3.8
7.7
7.4
—
11.3
6.7
38
91
44
76
45
58
88
28
50
35
40
32
33
31
48
52 9
14 11
19 —
26 1
59 20
High
+Avg
+Avg
+Avg
High
3.0
5.1
1.4
1.6
4.1
X
X
-12
-10
-8
-11
-6
6.44 0.83 (78)
7.78 0.99 (75)
4.84 0.59 (67)
9.36 1.31 (89)
4.00 -1.65 (2)
-Avg
+Avg
Avg
High
-Avg
LDodge & Cox Balanced DODBX
Fidelity Asset Mgr 50% FASMX
Fidelity Balanced FBALX
Fidelity Freedom 2010 FFFCX
Fidelity Freedom 2020 FFFDX
MA QQQQ
MA QQQ
MA QQQQQ
TA ] QQQQQ
TB QQQQ
-10.3 -11.2
-7.6 -6.0
-8.7 -7.3
-6.6 -4.3
-9.2 -7.0
2.1
3.3
4.9
4.1
4.6
6.6
4.7
8.4
5.9
7.3
9.2
5.4
8.4
6.4
6.7
83
36
57
59
46
90
42
58
53
39
77 38 4
48 79 47
16 7 5
13 8 1
14 7 1
+Avg
Avg
High
High
High
2.9
3.1
2.3
3.0
2.4
Z
C
X
C
C
-11
-9
-11
-8
-13
7.95
6.02
8.52
5.99
8.13
1.03 (77)
0.84 (90)
1.22 (93)
0.86 (94)
1.16 (94)
+Avg
-Avg
+Avg
+Avg
+Avg
Fidelity Puritan FPURX
Fidelity Strategic RRet FSRRX
FPA Crescent FPACX
Franklin Income A FKINX
Gateway A GATEX
MA
CA
MA
CA
LO
QQQQ
NR
QQQQQ
QQQQQ
QQQ
-9.0
2.2
1.2
-7.5
-0.5
-7.4
6.1
2.8
-6.4
1.1
4.4
—
7.4
4.3
6.2
6.9
—
9.4
8.4
6.4
6.2
—
11.0
8.4
6.1
63
1
1
92
29
58
1
3
89
23
24 30 26
— — —
2 3 3
12 2 2
25 28 40
+Avg
-Avg
+Avg
High
High
2.9
4.4
1.7
6.5
1.8
X
C
C
C
-11
-3
-14
-11
-8
7.19 0.98 (86)
—
— (—)
6.36 0.78 (67)
7.49 0.93 (71)
4.42 -2.56 (4)
Avg
—
-Avg
High
-Avg
Greenspring GRSPX
Hussman Strategic Growth HSGFX
MA
LO
QQQQQ
QQQ
3.5
4.2
3.7
3.4
7.6
4.0
10.0
5.6
9.3
—
1
6
3 2 2 4
14 43 39 —
+Avg
High
2.0
0.6
-22
-4
7.19 0.80 (56)
3.64 -2.88 (8)
Avg
-Avg
-2.6 -5.5
-0.7 -7.5
-11.4 -11.1
2.0
5.9
4.8
3.6
3.7
4.3
9.6
10.3
6.9
4.6
9.5
11.3
4.7
5.6
Russell 2000 Index
S&P 500 Index
Lehman Bros. Agg. Bond Index
E New this month
LAnalyst Pick
Categories
CA
LO
MA
SC
SF
Long-Short
Moderate Allocation
Specialty–Communications
Specialty–Financial
SH
SN
SP
SR
ST
Specialty–Health
Specialty–Natural Resources
Specialty–Precious Metals
Specialty–Real Estate
Specialty–Technology
SU Specialty–Utilities
TA Target-Date 2000-2014
TB Target-Date 2015-2029
TC Target-Date 2030+
M500_0908.qxp
9/4/08
5:29 PM
Page 35
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Average
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
14.1
1.7
1,271
d 19
a 16 p 12
9
9
8
6
9
16.3
15.8
14.2
14.4
16.5
1.9
1.9
1.8
1.6
1.6
1,462
1,454
1,977
1,862
1,206
t
d
d
f
d
24
22
37
22
19
d
p
f
a
i
20
16
20
16
13
r
a
t
d
p
10
15
13
16
12
6
6
6
6
6
16.2
18.4
14.1
15.4
15.3
1.5
1.2
1.3
1.6
1.7
901
876
1,501
1,386
1,176
d
d
d
a
d
19
21
25
17
17
p
i
f
d
a
18
17
18
16
15
a
a
a
p
f
6
12.3
1.5
658
a 25
p 14 t 12
97
84
3
94
—
13.0
1.4
1,048
a 23
d 20 p 10
—
83
5
95
3
3
3
3
6
13.7
12.5
11.6
12.2
13.5
0.8
1.5
1.2
1.2
1.4
257
1,772
944
1,298
880
a
d
a
a
p
25
23
21
25
26
d
a
d
d
t
20
19
16
15
16
f
f
p
p
a
14
17
10
11
12
78
129
288
536
100
56
27
123
52
72
5
8
0
5
6
95
92
93
95
94
6
3
3
2
3
14.1
12.4
14.0
12.9
10.7
1.3
1.2
1.1
1.4
1.1
670
1,353
1,201
2,816
760
o
f
a
o
a
30
20
24
27
24
f
a
p
a
d
14
17
12
20
14
s
d
d
d
i
14
13
12
17
14
98
58
103
24
185
74
21
59
28
46
6
6
6
3
3
13.3
12.5
13.6
10.4
11.3
1.0
1.6
1.6
0.6
1.2
504
701
1,796
595
833
d
d
a
a
a
29
39
28
33
19
t
s
d
d
d
22
18
24
14
18
o
o
f
p
p
12
10
13
14
15
284
66
424
86
74
50
29
27
75
52
3
13.1
1.2
1,255
a 31
d 17 s 8
985
—
13.9
2.1
25,239
a 19
d 15 f 12
4
1
4
7
4
13.3
12.4
13.6
15.0
13.2
2.1
1.7
2.0
3.6
2.3
69,804
37,941
31,265
30,771
86,077
d
a
a
s
f
16
17
18
17
15
t
u
d
r
a
13
15
17
15
14
i
g
i
d
t
1
7
5
4
4
12.5
14.6
14.7
13.3
13.3
1.2
2.0
1.5
1.9
1.9
40,723
18,454
10,101
25,237
24,842
i
a
a
a
a
21
16
20
16
15
a
d
f
f
f
17
15
18
15
15
7
5
1
1
4
15.1
26.5
11.4
12.6
13.2
2.2
2.0
1.5
1.6
2.1
36,669
4,337
11,393
42,381
44,225
a
a
f
g
a
16
94
36
40
15
i
o
a
f
d
15
4
14
17
15
6
7
12.4
15.4
1.4
3.4
1,840
22,727
p 29
i 25
15.1
2.4 47,394.2
Total
# of
Holdings
Turnover
%
Recent
NAV($)
Total
Assets
($Mil)
94
0
0
5
—
1.38
—
659
84
43
67
19
22
12 83
10 89
9 87
0 100
6 94
0
0
0
0
0
5
1
4
0
0
4
10
19
1
4
NL
NL
NL
NL
Clsd
1.50
0.88
1.36
0.87
0.89
13.24
10.60
11.22
47.76
28.78
67
4,461
1,314
741
6,347
14
34
27
16
53
5 92
6 94
3 96
0 100
0 100
1
0
1
0
0
1
0
0
0
0
3
1
26
1
0
NL
NL
NL
NL
NL
0.81
1.43
1.09
0.22
0.12
36.57
11.95
23.55
31.34
25.36
5,558
46
1,966
15,165
2,007
0
3
17
NL
1.69
3.29
402
Jim Larkins (9.7)
0
0
2
—
1.49
—
491
—
0
0
4
0
0
0
0
3
0
0
4
3
1
1
0
NL
NL
Clsd
Clsd
Clsd
1.38
1.22
1.26
1.05
1.19
12.49
30.47
7.41
16.94
14.75
206
4,888
1,445
2,562
1,867
Scott L. Barbee (10.3)
Management Team
Giele/Pitman (10.1/0.5)
Management Team
Management Team
6 94
19 81
0 100
4 96
2 98
0
0
0
0
0
0
0
0
0
0
7
3
0
12
2
Clsd
5.00
Clsd
Clsd
NL
1.44
1.39
0.79
0.91
1.80
12.10
22.92
22.46
22.96
11.43
322
426
1,271
3,963
122
Management Team
Management Team
Perkins/Perkins (23.6/4.6)
Cates/Hawkins (17.5/17.4)
David M Dabora (10.2)
8
10
5
5
5
90
89
92
94
95
0
0
0
0
0
2
2
2
1
0
2
0
8
10
0
NL
NL
NL
NL
NL
1.11
1.11
1.08
1.10
1.37
10.43
18.62
12.38
14.54
17.70
1,979
576
5,276
92
305
Zaino/Hench (10.4/4.3)
Charles R. Dreifus (10.4)
Management Team
Arnold Schneider III (10.0)
Management Team
34
1
99
0
0
0
NL
0.22
15.04
5,093
93
15
40
30
3
13
—
1.46
—
890
13 1,027
14 1,827
14 234
12 117
14 194
35
32
27
66
105
7
9
25
2
8
61
58
58
48
60
30 1
29 4
16 0
20 29
19 14
8
21
0
5
1
5.75
5.75
NL
4.75
4.75
0.58
0.54
0.94
1.06
1.18
17.30
16.85
12.59
28.27
12.41
54,629
76,486
74
5,057
1,584
Management Team
Management Team
Richard P. Cancelmo Jr. (7.2)
Management Team
Management Team
t
f
d
d
d
11 377
12 2,209
13 2,792
14
26
14
25
27
12
89
34
35
1
10
6
14
7
71
48
62
49
65
28 0
37 5
29 3
24 13
19 10
15
16
8
13
17
NL
NL
NL
NL
NL
0.53
0.70
0.60
0.65
0.72
70.28
14.16
17.71
13.44
13.88
22,014
6,996
25,347
13,610
20,238
Management Team
Derek Young (0.9)
Fischer/Rakers (4.4/6.6)
Sharpe/Shelon (1.0/3.5)
Sharpe/Shelon (1.0/3.5)
f
i
o
i
f
13 2,406
2
747
58
12
15 456
15 303
70
19
29
25
5
9
17
37
4
2
63
12
50
37
96
27 1
46 25
11 1
45 15
0 2
7
13
4
7
4
NL
NL
NL
4.25
5.75
0.59
0.73
1.34
0.63
0.94
17.07
10.00
25.15
2.30
28.25
21,423
5,949
1,407
54,944
5,123
Arani/Fischer (1.6/3.8)
Bewick/Young (0.4/3.0)
Steven Romick (15.3)
Johnson/Perks (51.5/6.4)
Management Team
54
106
11
11
55
88
14 20
0 0
5
4
NL
NL
1.03
1.11
24.05
16.22
285
3,611
Charles vK. Carlson (21.7)
John Hussman (8.1)
—
93
62
505
73
62
289
18 320
14 101
14
70
11 1,749
12 604
a 25 f 17
t 24 o 19
81
106
5
Sectors
Val Blnd Grth
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Equity Style Box
Software
Hardware
Media
Telecom
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Energy
Utilities
Sales
Charge Expense
%
Ratio%
35
Operations
—
Kevin C. O'Boyle (3.3)
Management Team
Management Team
Gerald Van Horn (8.1)
Gregory A. McCrickard (16.0)
Preston Athey (17.0)
Diane Jaffee (12.9)
Curtis Jensen (11.4)
—
M500_0908.qxp
9/4/08
5:29 PM
Page 36
36
Historical Risk
Morningstar 500
Domestic Equity
Allocation (cont'd)
Morningstar
Rating
vs. Category
55Best
Total Return %
08-31-08
YTD
1 Yr
A N N U A L I Z E D
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
Return
Rating %
Grade
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
—
-6.6
-5.1
3.2
5.2
4.8
—
— — — —
—
2.8
—
—
6.0 -0.14 (68)
—
Janus Balanced JABAX
Mairs & Power Balanced MAPOX
Merger MERFX
MFS Total Return A MSFRX
Oakmark Equity & Inc I OAKBX
MA ] QQQQQ
MA QQQQ
LO ] QQQQ
MA QQQ
MA QQQQQ
-3.4
-5.1
0.8
-6.2
0.2
0.3
-6.2
-1.8
-5.2
5.1
7.0
3.9
4.3
3.5
8.4
8.0
7.2
4.3
6.5
9.8
7.8
7.5
6.5
6.5
12.4
4
10
26
18
1
5 3 10 8
44 34 24 10
49 41 48 30
30 46 41 21
1 1 3 1
High
+Avg
High
+Avg
High
2.4
3.3
2.3
2.7
2.1
C
-7
-10
-9
-8
-12
5.95 0.79 (82)
6.67 0.84 (73)
4.99 -4.76 (12)
5.93 0.79 (82)
5.61 0.62 (56)
-Avg
Avg
-Avg
Low
Low
LPax World Balanced PAXWX
T. Rowe Price Balanced RPBAX
T. Rowe Price Cap Apprec PRWCX
LT. Rowe Price Pers Inc PRSIX
LT. Rowe Price Rtmt 2015 TRRGX
MA QQQQ
MA QQQQ
MA QQQQQ
CA QQQQQ
TB ] QQQQQ
-8.7
-7.3
-1.1
-4.2
-7.8
-5.5
-5.3
-1.1
-2.1
-6.5
3.9
4.9
6.6
4.8
5.0
7.2
7.6
10.3
7.1
—
6.7
6.3
11.0
6.5
—
55
32
2
39
28
35 35 25 20
32 17 15 25
8 4 2 2
37 5 6 8
33 7 — —
+Avg
High
High
High
+Avg
1.8
2.8
2.6
3.2
2.4
Z
-9
-10
-8
-6
-8
7.99
6.72
6.91
4.88
7.63
1.12 (89)
0.95 (92)
0.91 (78)
0.69 (93)
1.09 (93)
+Avg
Avg
Avg
Avg
Avg
Van Kampen Eq and Inc A ACEIX
Vanguard Asset Alloc VAAPX
Vanguard Bal Idx VBINX
Vanguard LifeSt Cons Gr VSCGX
Vanguard LifeSt Income VASIX
MA
MA
MA
CA
CA
-9.0 -9.2
-11.5 -10.4
-5.3 -3.8
-5.1 -2.9
-2.2
0.6
2.7
4.0
4.3
4.5
4.3
6.9
7.1
6.6
6.3
5.3
7.9
5.6
5.8
5.7
5.5
62
94
12
56
12
77
86
17
48
11
66
32
27
8
11
31
27
39
13
33
7
40
36
14
20
+Avg
+Avg
+Avg
High
High
2.8
2.5
3.3
3.8
4.2
C
X
X
X
X
-11
-16
-9
-7
-3
6.93
9.53
6.07
4.92
3.10
0.88 (75)
1.30 (84)
0.84 (88)
0.68 (91)
0.37 (69)
Avg
High
-Avg
Avg
-Avg
Vanguard LifeSt Mod Grth VSMGX
Vanguard STAR VGSTX
LVanguard Target Rtmt 2025 VTTVX
LVanguard Tax-Mgd Bal VTMFX
LVanguard Wellesley Inc VWINX
MA QQQQ
MA QQQQ
TB QQQ
CA ] QQQQ
CA QQQQQ
-7.8
-7.5
-8.9
-3.6
-3.6
-5.9
-6.2
-7.2
-2.0
-1.7
4.8
4.3
4.3
4.0
4.2
7.4
7.6
—
5.8
6.0
6.0
7.3
—
5.8
6.5
40
34
41
27
27
40
43
42
35
31
18
27
20
18
12
19
16
—
19
16
30
12
—
13
7
High
High
+Avg
High
High
3.2
3.2
2.5
3.1
4.8
X
X
X
X
Z
-11
-11
-8
-9
-6
7.03
6.74
7.97
5.43
3.96
1.00 (93)
0.97 (95)
1.13 (92)
0.69 (75)
0.43 (56)
Avg
Avg
+Avg
+Avg
Avg
LVanguard Wellington VWELX
MA
QQQQQ
-6.1
-4.0
6.2
8.8
7.8
16
19
7
5
8
High
3.5
Z
-11
6.22
0.85 (88)
-Avg
Z
-34
-36
-44
-18
-17
18.57
33.39
28.59
17.70
13.79
1.43 (59)
9.39 (1)
0.75 (7)
1.29 (53)
1.20 (77)
+Avg
+Avg
High
High
-Avg
QQQ
QQQ
QQQ
QQQQ
QQQQ
C
Z
Z
X
U.S. Specialty Funds
LAllianz RCM Tech Ins DRGTX
AmCent Global Gold Inv BGEIX
LBlackRock Glb Res Inv A SSGRX
CGM Realty CGMRX
LDavis Financial A RPFGX
ST QQQQ
SP QQ
SN ] QQQQQ
SR QQQQQ
SF QQQQ
-19.4 -10.1 6.6
-18.4
2.8 17.3
12.5 43.3 19.0
-3.2 15.8 21.5
-17.9 -21.3 0.4
9.1
11.7
35.4
30.3
5.4
12.2
17.0
29.3
23.5
6.3
91
77
6
84
30
44
73
1
1
30
28 13 7
85 87 81
23 2 2
1 1 1
14 18 28
+Avg
Low
+Avg
High
High
0.0
0.6
3.2
1.1
0.3
Fidelity Intl Rel Est FIREX
Fidelity Real Estate Inv FRESX
Fidelity Sel Electronics FSELX
Fidelity Sel Energy Serv FSESX
Fidelity Sel Health Care FSPHX
GR [ QQ
SR QQQ
ST QQ
SN QQQ
SH QQQ
-25.4 -28.5 2.2
2.2 -10.2 3.6
-17.5 -23.7 -3.4
-1.0
9.7 21.5
-10.2 -5.1 3.2
—
13.2
0.1
29.0
7.7
—
13.1
7.1
23.5
6.2
87
17
81
31
91
88
74
96
62
85
66
76
94
12
57
—
57
89
19
42
—
44
27
15
79
+Avg
Low
+Avg
+Avg
2.7
1.5
0.4
0.0
0.3
C
X
C
X
C
-20
-18
-45
-54
-18
16.98
17.09
20.04
27.19
10.15
1.10 (68)
1.09 (41)
1.52 (57)
0.89 (11)
0.76 (57)
+Avg
Avg
+Avg
High
Avg
Fidelity Sel Technology FSPTX
Janus Global Life Sci JAGLX
LJPMorgan U.S. Real Est A SUSIX
PIMCO CommRealRetStrD PCRDX
LT. Rowe Price Fincl Svcs PRISX
ST
SH
SR
SN
SF
QQQ
QQQQ
QQQQ
QQ
QQQQ
-15.1 -11.6 4.2
-2.8
5.3 5.9
1.7 -7.5 6.6
6.0 27.2 7.8
-17.3 -23.2 -2.2
4.9
10.5
15.0
15.2
3.3
7.7
—
14.7
—
7.7
56
41
30
12
25
53
21
32
10
48
54
28
17
85
34
59
17
17
93
38
24
—
8
—
15
+Avg
+Avg
+Avg
Avg
+Avg
0.0
0.0
2.1
6.4
2.4
C
C
X
X
X
-42
-37
-16
-11
-20
20.18 1.64 (66)
9.81 0.51 (27)
17.17 1.13 (43)
20.04 -0.47 (5)
14.68 1.24 (72)
+Avg
-Avg
Avg
-Avg
Avg
T. Rowe Price Glob Tech PRGTX
LT. Rowe Price Health Sci PRHSX
LT. Rowe Price Med & Tele PRMTX
T. Rowe Price New Era PRNEX
LT. Rowe Price Real Est TRREX
ST
SH
SC
SN
SR
QQQQ
QQQQ
QQQQ
QQQ
QQQQ
-12.0 -10.6 5.2
-4.0
3.4 10.3
-16.2 -12.5 12.1
-4.5 10.5 18.5
1.6 -9.9 5.6
9.0
12.1
18.2
25.5
14.6
—
13.0
15.2
18.4
14.0
30
47
36
50
35
48
26
21
54
70
43
3
12
30
42
14
11
1
54
29
—
16
1
57
20
+Avg
High
High
High
+Avg
0.0
0.0
0.6
0.9
4.0
X
Z
Z
Z
Z
-39
-25
-29
-26
-16
16.97
10.64
16.90
20.18
17.31
1.42 (70)
0.75 (50)
1.54 (84)
0.94 (22)
1.17 (46)
Avg
Avg
Avg
-Avg
+Avg
-6.8 -8.0 4.4
-15.2 -17.6 1.4
-4.4 11.5 16.9
-3.7 -3.3 5.0
-8.7
7.6 26.1
5.4
11.1
29.1
10.0
27.4
3.1
—
21.8
12.7
26.3
5
98
49
46
1
29
92
47
79
47
51
84
49
40
15
49
81
18
20
1
66
—
28
19
4
+Avg
+Avg
+Avg
+Avg
High
0.0
2.2
1.4
1.9
2.6
Z
X
X
X
-41
-14
-28
-13
-30
16.80 1.38 (68)
14.04 1.16 (69)
22.15 1.02 (21)
9.06 0.54 (36)
25.64 -1.48 (0)
Avg
Low
Avg
-Avg
Low
1.9 -7.5
-11.4 -11.1
2.0
5.9
-6.2 -3.8
13.7
6.9
4.6
8.9
12.9
4.7
5.6
8.0
26
32 43 45 55
+Avg
4.9
X
-16
17.20
Avg
T. Rowe Price SciTech PRSCX
ST QQQ
SR [ QQ
LThird Avenue RealEst Val TAREX
SN QQQQ
Vanguard Energy VGENX
LVanguard Health Care VGHCX
SH QQQQ
LVanguard Prec Mtls Mining VGPMX SP QQQQQ
Vanguard REIT Index VGSIX
SR
S&P 500 Index
Dow Jones Moderate Portfolio Index
E New this month
LAnalyst Pick
QQQ
5.6
3.7
4.3
5.4
Categories
CA
GR
LO
MA
SC
Global Real Estate
Long-Short
Moderate Allocation
SF
SH
SN
SP
SR
Specialty–Health
Specialty–Real Estate
C
X
ST
SU
TA
TB
TC
1.16 (46)
Specialty–Technology
Specialty–Utilities
Target-Date 2000-2014
Target-Date 2015-2029
Target-Date 2030+
M500_0908.qxp
9/4/08
5:29 PM
Page 37
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Average
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
13.9
2.1
25,239
a 19
d 15 f 12
7
1
5
1
4
10.8
12.5
19.1
11.7
14.2
2.5
2.2
2.2
1.7
2.2
48,356
25,106
7,798
36,679
17,222
s
d
s
a
f
20
28
22
22
27
d
f
a
f
d
15
17
18
16
20
o
a
p
d
s
14
15
11
13
18
7
7
4
7
4
15.3
13.5
14.2
14.2
13.6
2.8
2.1
1.8
2.1
2.1
24,270
34,095
25,104
26,759
24,671
f
d
a
a
a
19
16
16
15
15
t
f
d
i
d
12
14
14
13
13
1
4
4
4
4
13.3
13.4
13.8
13.2
13.5
1.6
2.1
2.0
2.0
2.1
50,250
47,455
27,007
34,909
42,176
a
f
f
a
f
21
16
15
15
16
i
a
a
f
a
4
4
4
4
1
13.1
13.1
13.0
13.9
11.9
2.0
2.0
1.9
2.1
1.6
32,467
30,444
27,533
31,946
46,581
a
i
a
f
a
16
15
17
16
21
f
a
d
a
s
1
12.6
2.0
59,727
7
7
8
8
4
22.8
22.3
24.4
23.6
12.5
4.1
1.9
3.3
2.4
1.2
4
5
7
7
7
16.3
31.7
16.7
14.8
15.9
7
7
5
0
2
Total
# of
Holdings
Recent
NAV($)
Total
Assets
($Mil)
93
15
40
30
3
13
—
1.46
—
890
242
163
71
767
116
60
9
335
45
67
8
2
31
3
9
51
64
60
60
53
38
33
8
36
38
4
1
1
1
0
21
2
1
8
7
NL
NL
NL
5.75
NL
0.79
0.77
1.40
0.87
0.83
24.28
59.07
15.14
14.02
26.92
2,797
133
1,406
8,660
14,959
Pinto/Smith (3.3/3.3)
Frels/Kaliebe (16.2/2.7)
Management Team
Management Team
McGregor/Studzinski (12.9/8.5)
p
a
f
d
f
12 333
14 1,208
13 167
13 1,316
13
16
38
60
53
81
8
2
2
16
15
5
72
64
65
42
66
25
33
10
41
28
1
1
9
2
1
17
20
3
15
18
NL
NL
NL
NL
NL
0.96
0.64
0.70
0.62
0.66
22.70
18.77
19.68
14.80
11.66
2,274
2,832
10,163
797
3,668
Christopher Brown (10.4)
David Giroux (2.2)
Jerome Clark (4.5)
13
14
15
15
14
f
d
d
d
d
12 486
13 516
13 7,463
14
6
13
5
35
6
26
10
8
10
20
1
9
9
58
77
58
44
24
21 11
0 3
40 0
46 2
66 2
12
0
3
6
1
5.75
NL
NL
NL
NL
0.76
0.37
0.19
0.24
0.25
7.93
26.25
20.53
16.00
13.66
15,775
11,868
9,033
5,989
1,901
Management Team
Management Team
Davis/Perre (3.4/7.7)
Management Team
Management Team
15
15
15
14
17
d
d
f
d
g
14
14
14
13
15
5
12
7
792
588
7
8
4
10
21
6
6
1
2
5
64
59
77
47
36
29
35
21
51
58
1
0
1
0
0
10
17
16
0
16
NL
NL
NL
NL
NL
0.23
0.32
0.19
0.12
0.25
19.30
19.07
12.50
19.43
20.55
9,642
13,344
8,368
708
12,917
Management Team
Management Team
Duane Kelly (4.9)
Management Team
Keogh/Reckmeyer III (0.2/0.2)
f 19
d 15 a 12 2,377
23
2
64
33
1
19
NL
0.27
30.13
48,361
Bousa/Keogh (5.7/2.8)
20,267
6,617
5,583
9,194
15,277
t
d
f
a
a
40
100
93
66
65
r
—
d
f
p
21
—
5
19
13
p
—
g
d
s
10
—
1
15
12
88
79
157
22
31
209
3
15
200
15
30
0
14
1
0
70
99
86
99
99
0
0
0
0
0
0
1
0
0
1
22
89
17
4
17
NL
NL
5.25
NL
4.75
1.26
0.67
1.29
0.86
0.97
41.73
18.22
65.70
30.25
33.42
1,210
875
1,356
2,265
802
Chen/Price, Jr. (12.7/12.7)
Martin/Sterling (16.2/13.2)
Rice, III/Walsh, III (18.5/4.6)
G. Kenneth Heebner (14.3)
Cavanaugh/Feinberg (1.3/11.4)
0.8
2.3
2.7
2.9
2.6
7,024
5,986
15,931
15,763
14,576
a
a
t
f
i
87
96
91
89
91
o
o
d
d
d
8
4
4
6
3
p
—
s
t
s
5
—
2
2
2
59
39
79
73
160
144
47
87
64
120
3 97
2 98
2 98
0 100
2 98
0
0
0
0
0
0
0
0
0
0
95
3
21
6
11
NL
NL
NL
NL
NL
0.96
0.82
0.86
0.83
0.84
10.00
26.49
37.62
96.58
108.00
555
4,918
1,135
2,430
1,825
Steven J. Buller (1.7)
Steven J. Buller (9.9)
Jackson/Lee (1.6/1.6)
John Dowd (2.7)
Matthew Sabel (2.1)
20.3
15.6
34.5
—
11.7
2.9
2.7
2.0
—
1.1
10,651
13,390
6,014
—
10,236
t
i
a
—
a
61
85
96
—
82
r
d
o
—
o
11
8
4
—
10
p
o
—
—
i
8
5
—
—
3
144
75
22
—
88
204
61
64
697
140
99
1 0
96
0 3
96
0 0
0 113 17
78
2 12
33
27
0
1
5
NL
NL
5.25
NL
NL
0.88
0.99
1.18
1.24
0.91
69.06
23.41
17.15
16.67
14.14
1,499
867
821
13,516
367
7
8
7
7
5
16.4
18.3
25.3
16.0
31.8
3.2
3.1
1.7
3.0
2.2
33,719
7,417
12,975
28,922
4,771
t
i
u
f
a
59
93
48
68
94
r
d
p
d
o
23
3
14
22
4
s
o
y
g
d
5
2
13
5
1
70
179
68
101
42
107
45
65
18
33
7
8
4
4
8
18.2
24.6
12.6
13.5
15.3
3.3
1.5
3.1
2.6
3.1
18,160
4,695
70,084
26,409
7,499
t
a
f
i
d
58
91
95
94
84
r
o
d
d
f
22
7
4
2
11
p
s
p
o
p
8
1
1
2
5
66
45
106
84
42
80
19
22
9
29
11
3
6
6
0
5
27.3
15.1
2.0
4,682
2.4 47,394.2
98
13
2
a 100 — — — —
Turnover
%
0
1
4
-30
9
7 92
2 100
6 92
5 95
4 94
20
16
30
30
2
NL
NL
NL
NL
NL
1.19
0.83
0.82
0.63
0.73
6.70
27.20
40.64
58.42
19.09
160
2,349
1,541
6,765
2,443
Jeffrey Rottinghaus (2.4)
Management Team
Management Team
Charles M. Ober (11.5)
David Lee (10.9)
89
96
94
92
99
0
0
0
0
0
0
1
0
2
1
11
49
44
26
79
NL
NL
NL
Clsd
Clsd
0.93
1.10
0.25
0.26
0.28
21.86
23.60
76.91
132.07
29.33
2,739
1,993
13,740
23,328
4,087
Michael F. Sola (6.6)
Michael Winer (10.0)
Management Team
Hynes/Owens (0.3/24.3)
French/Vaight (12.3/0.7)
98
0
0
0
NL
0.20
20.42
10,382
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Sectors
Hardware
Media
Telecom
Consumer Svs
Business Svs
Financial
Consumer Goods
Energy
Utilities
Yun-Min (Charlie) Chai (1.7)
Andrew Acker (1.3)
Management Team
Mihir Worah (0.7)
Management Team
2
-2
2
0
0
Val Blnd Grth
Healthcare
—
0
0
0
0
3
Equity Style Box
Software
Sales
Charge Expense
%
Ratio%
37
Operations
M500_0908.qxp
9/4/08
5:29 PM
Page 38
38
Historical Risk
Morningstar 500
Morningstar
Rating
vs. Category
55Best
Foreign Stock
—
Total Return %
08-31-08
A N N U A L I Z E D
YTD
1 Yr
5 Yr
10 Yr
Return
Rating %
Grade
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
7.3
13.7
8.3
—
— — — —
—
1.5
—
—
14.6
1.08 (88)
—
AmCent Intl Disc Inv TWEGX
AmCent Intl Growth Inv TWIEX
LAmer Funds EuroPac A AEPGX
American Beacon IntEq Pln AAIPX
LArtisan International Inv ARTIX
FR QQQ
FG QQQ
FB [ QQQQ
FV QQQ
FG QQQQ
-20.8
-17.1
-17.1
-18.4
-20.5
-14.3 14.9
-11.2 9.7
-10.6 10.2
-15.4 6.2
-12.6 9.5
18.7
12.6
15.3
12.9
13.9
13.4
5.8
10.3
8.0
10.4
60
33
22
51
78
19
31
10
45
45
6
27
10
63
30
33
51
12
52
34
39
62
6
63
11
High
High
High
+Avg
High
0.4
0.9
2.2
3.0
0.7
V
V
X
-26
-20
-18
-23
-21
19.57
13.93
12.94
12.38
14.73
1.35 (77)
1.06 (94)
0.98 (93)
0.94 (93)
1.12 (93)
+Avg
Avg
Avg
-Avg
+Avg
LArtisan Intl Sm Cap ARTJX
LArtisan Intl Val ARTKX
LCauseway Intl Value Inv CIVVX
Columbia Acorn Intl Z ACINX
LDodge & Cox Intl Stock DODFX
FR QQQ
FA ] QQQQ
FV QQQ
FR QQQQ
FV QQQQQ
-26.8
-10.1
-17.3
-18.5
-15.9
-20.2 10.5
-12.1 8.5
-16.3 5.3
-15.4 11.7
-13.3 9.1
18.7
16.2
12.4
19.8
17.3
—
—
—
12.0
—
92
6
36
43
24
63
5
52
32
21
34
18
77
21
9
31
26
58
15
4
—
—
—
48
—
+Avg
+Avg
+Avg
High
High
1.0
2.1
2.3
1.1
3.1
X
Z
-22
-11
-22
-21
-23
19.19
11.03
12.34
16.09
13.08
1.41 (87)
0.70 (66)
0.91 (89)
1.21 (91)
0.98 (92)
+Avg
-Avg
-Avg
Avg
Avg
Fidelity Diversified Int FDIVX
Fidelity Intl Disc FIGRX
Fidelity Intl Sm Cp FISMX
Fidelity Overseas FOSFX
LFidelity Spar Intl Inv FSIIX
FG QQQQ
FB QQQQQ
FR QQQ
FB QQQ
FB ] QQQQ
-17.1
-20.1
-17.4
-22.2
-17.4
-11.9
-13.7
-15.8
-15.4
-14.8
8.6
9.1
5.8
9.0
7.7
14.4
15.0
17.4
13.1
13.6
11.3
10.5
—
7.0
6.7
34
80
32
97
28
38
38
38
56
50
44
24
76
25
47
26 8
14 5
49 —
41 22
31 30
+Avg
High
+Avg
+Avg
+Avg
1.3
1.1
0.5
1.3
2.8
C
C
C
C
C
-17
-18
-19
-21
-20
13.75
14.46
17.58
15.48
12.70
1.06 (96)
1.11 (95)
1.24 (80)
1.17 (93)
0.99 (98)
Avg
+Avg
Avg
High
-Avg
First Eagle Overseas A SGOVX
Forward Intl Small Co Inv PISRX
LHarbor Intl Growth Inv HIIGX
LHarbor Intl Instl HAINX
Janus Overseas JAOSX
FA
FR
FG
FV
FG
-8.0 -6.8 9.7
-18.6 -19.4 6.7
-19.9 -10.8 10.8
-15.7 -8.0 14.9
-15.6 -5.4 23.6
15.1
16.7
12.6
18.2
24.1
15.6
—
—
11.6
12.7
2
45
71
19
16
2 6 50 12
60 66 53 —
27 17 50 —
5 3 2 10
4 1 1 4
+Avg
+Avg
-Avg
High
High
3.6
0.5
1.2
1.7
2.9
X
-14
-18
-17
-21
-21
8.74
15.32
15.91
15.21
19.39
0.64 (89)
1.12 (87)
1.18 (89)
1.17 (95)
1.37 (81)
Low
-Avg
+Avg
High
High
LJulius Baer Intl Eq II A JETAX
Julius Baer Intl Eqty A BJBIX
Longleaf Partners Intl LLINX
LMainStay ICAP Intl I ICEUX
Marsico Intl Opp MIOFX
FB QQQQ
FB QQQQQ
FV ] QQ
FV QQQQ
FG QQQ
-17.4
-19.2
-18.0
-15.6
-20.1
-11.2 10.1
-13.8 10.5
-16.0 6.2
-13.5 8.9
-10.7 11.0
—
16.6
8.7
16.8
14.7
—
13.4
—
9.7
—
28
64
44
17
76
13
41
51
24
26
11 — —
9 5 2
62 94 —
12 7 32
12 23 —
Avg
High
+Avg
+Avg
+Avg
1.0
1.8
0.0
2.1
1.1
C
X
X
-15
-26
-20
-24
-18
14.42
14.38
11.99
12.61
16.16
1.10 (94)
1.09 (93)
0.80 (74)
0.95 (93)
1.20 (90)
+Avg
+Avg
-Avg
Avg
High
LMasters' Select Intl MSILX
Neuberger Ber Intl Inv NBISX
Oakmark International I OAKIX
Oakmark Intl Small Cap I OAKEX
LOppenheimer Intl Grth A OIGAX
FB
FR
FV
FA
FG
QQQQQ
] QQQ
] QQQ
] QQQQ
] QQQ
-17.9
-15.6
-17.1
-13.6
-15.3
-17.1 10.6
-17.1 5.3
-20.6 4.6
-22.9 5.0
-13.5 10.1
15.5
16.6
11.5
15.6
15.1
12.7
9.2
11.9
17.0
7.9
40
10
35
11
14
74
47
84
47
52
8
78
82
54
21
10 3
56 71
72 7
34 1
15 20
High
Avg
Avg
+Avg
+Avg
1.1
3.8
0.8
1.0
0.8
-21
-26
-23
-24
-28
13.54
15.10
12.78
14.88
13.32
0.98 (86)
1.12 (88)
0.83 (69)
0.95 (65)
1.01 (93)
Avg
-Avg
Avg
Avg
-Avg
T. Rowe Price Intl Disc PRIDX
T. Rowe Price Intl Stk PRITX
T. Rowe Price IntlGr&I TRIGX
LThird Avenue Intl Value TAVIX
LThornburg Intl Value A TGVAX
FR QQQQ
FG [ QQ
FV QQQ
FA QQQ
FB QQQQQ
-20.4
-16.8
-19.1
-9.0
-19.3
-17.3 10.4
-11.5 7.4
-17.8 7.0
-13.0 5.1
-13.6 12.3
18.3
11.8
14.2
15.1
16.2
15.9
4.9
—
—
13.4
59
28
63
5
66
49
34
65
6
38
35
66
45
50
4
43
63
25
48
5
20
78
—
—
2
+Avg
Avg
+Avg
Avg
High
0.8
2.0
2.4
3.9
1.0
-22
-22
-19
-12
-18
15.84
13.90
13.52
10.43
13.76
1.17 (88)
1.07 (95)
1.04 (97)
0.65 (64)
1.03 (92)
Avg
Avg
Avg
Low
+Avg
Tweedy, Browne Glob Val TBGVX
UMB Scout International UMBWX
USAA International USIFX
Vanguard Dev Mkts Idx VDMIX
Vanguard FTSE AWldexUS Iv VFWIX
FA ] QQQ
FB QQQQQ
FG ] QQQQ
FB QQQQ
FB NR
-16.8
-12.8
-13.0
-17.5
-17.7
-17.8 4.3
-7.7 10.3
-11.3 8.9
-15.0 7.7
-13.0 —
10.7
15.1
13.9
13.7
—
9.4
9.3
7.9
—
—
31
3
3
30
35
19
3
32
52
30
64
10
42
48
—
87
14
35
29
—
76
9
22
—
—
Avg
High
+Avg
+Avg
Avg
1.7
1.4
1.6
3.5
1.0
-18
-18
-20
-20
-17
10.98
11.85
11.34
12.63
—
0.72 (70)
0.90 (94)
0.86 (93)
0.98 (97)
— (—)
-Avg
Low
Low
-Avg
—
LVanguard Intl Explorer VINEX
Vanguard Intl Gr VWIGX
Vanguard Intl Value VTRIX
Vanguard Tax-Mgd Intl VTMGX
LVanguard Total Intl Stk VGTSX
FR
FB
FV
FB
FB
QQQ
QQQQ
QQQQ
QQQQ
QQQQ
-19.8
-17.7
-16.4
-17.4
-18.6
-22.2
-12.8
-13.5
-14.9
-14.4
6.1
9.6
9.6
7.8
9.2
16.0
13.9
15.1
13.8
14.9
13.7
7.0
9.2
—
7.4
55
35
28
30
52
68
28
23
51
46
70
16
8
45
23
67
25
18
26
15
32
22
41
—
17
+Avg
High
High
+Avg
High
3.5
2.3
2.5
2.6
3.2
-21
-21
-21
-20
-20
14.76
13.72
13.56
12.61
13.88
1.07 (85)
1.06 (98)
1.05 (96)
0.97 (97)
1.08 (97)
Low
+Avg
+Avg
-Avg
+Avg
William Blair Intl Gr N WBIGX
FG
QQQQ
QQQ
QQQ
QQQQQ
QQQQQ
-18.5 -16.8
3 Yr
Total Return %
Category Rank
1=Best, 100=Worst
C
C
X
X
C
X
X
X
X
X
X
X
X
X
QQQQ
-22.1 -16.7
8.1
14.0
13.3
89
84 56 34
1
High
1.3
-19
15.71
1.18 (92)
+Avg
World Stock
—
-15.8 -13.0
6.0
10.5
6.6
—
— — — —
—
1.1
—
—
12.7
0.90 (82)
—
AmCent Global Gr Inv TWGGX
Amer Funds CapWrldGI A CWGIX
QQQQQ
QQQQQ
-13.5
-14.5
-6.7 10.0
-9.0 9.9
13.6
14.8
—
12.2
26
38
11
22
High
High
0.0
2.9
V
X
-18
-15
13.35
11.46
0.97 (86)
0.86 (92)
+Avg
Avg
13.9
6.3
MSCI EAFE Index
E New this month
LAnalyst Pick
-17.3 -14.4
8.1
Categories
FA
FB
FG
FR
FV
Foreign–Small/Mid Value
Foreign–Large Blend
Foreign–Large Growth
Foreign–Small/Mid Growth
Foreign–Large Value
8 10 —
9 5 5
SC
SF
SH
SN
SP
Specialty–Health
SR Specialty–Real Estate
SU Specialty–Utilities
ST Specialty–Technology
M500_0908.qxp
9/4/08
5:29 PM
Page 39
Current
Equity Price/
Style
Cash
Box
Flow
Costs
Average Regional
Market Exposure (% of Stock)
Cap
UK/W. North Latin
Asia ex($Mil) Europe Amer Amer Japan Japan Other
Total
# of
Holdings
Turnover
%
—
68
Recent
Composition
(% of Assets)
Cash Stock Bond Other
Sales
Charge
%
39
Operations
Total
Expense
Ratio%
Assets
NAV($)
($Mil)
95
0
1
—
1.50
—
1,403
—
104 162
125 133
439 38
184 38
85 66
1 98
0 100
7 90
2 97
3 96
0
0
2
1
0
1
0
0
1
1
NL
NL
5.75
NL
NL
1.36
1.30
0.74
0.93
1.21
11.08
11.40
42.18
18.42
23.76
1,482
1,990
110,135
2,041
11,005
Brady/Kopinski (9.8/11.4)
Gandhi/Tedder (0.5/1.4)
Management Team
Management Team
Mark L. Yockey (12.7)
13
0
0
4
5
68
46
62
229
106
50
46
40
28
16
9
6
2
5
2
91
94
97
94
97
0
1
0
0
0
0
0
1
1
1
Clsd
Clsd
NL
NL
NL
1.52
1.23
1.13
0.91
0.65
17.24
22.94
13.78
34.82
38.71
1,016
1,107
3,042
4,806
46,287
Mark L. Yockey (6.7)
Samra/OKeefe (6.0/1.9)
Management Team
Egan/Mendes (5.4/5.4)
Management Team
11
13
20
17
10
1
2
3
1
0
304
213
423
106
1,056
51
56
70
87
4
8
12
5
7
6
92
87
93
93
92
0
0
0
0
0
0
2
2
0
2
Clsd
NL
Clsd
NL
NL
0.91
1.00
1.15
0.91
0.10
33.07
34.43
19.08
37.65
39.05
45,214
11,843
1,037
7,617
6,334
William Bower (7.4)
William J. Kennedy (3.8)
Management Team
Ian Hart (2.7)
Management Team
37
19
11
13
11
17
14
12
12
36
1
0
3
2
0
187 34
127 75
71 113
131 13
102 51
8 77
0 100
8 92
4 94
0 100
5
0
0
0
0
10
0
0
2
0
5.00
NL
NL
NL
Clsd
1.12
1.60
1.25
0.81
0.89
21.32
14.68
12.94
60.18
45.50
8,334
705
1,171
4,244
8,474
Jean-Marie Eveillard (1.4)
Management Team
James Gendelman (4.5)
Hakan Castegren (20.7)
Brent A. Lynn (7.7)
3
3
5
0
14
7
7
38
16
10
8
8
5
4
12
19
20
0
3
3
431 64
662 51
24 30
40 109
67 125
22
12
3
1
5
74
82
97
99
95
0
0
0
0
0
3
6
0
0
0
NL
Clsd
NL
NL
NL
1.29
1.19
1.57
0.80
1.37
14.15
35.27
16.23
31.73
14.39
9,697
18,656
3,861
759
729
Pell/Younes (3.3/3.3)
Younes/Pell (13.4/13.4)
Management Team
James Gendelman (8.2)
6
7
0
4
1
11
5
1
1
4
17
13
19
8
14
16
6
2
8
11
3
0
0
0
3
91
120
53
60
151
93
42
50
57
8
10
12
2
3
8
87
88
98
97
91
0
0
0
0
0
2
0
0
0
1
NL
Clsd
NL
NL
5.75
1.03
1.23
1.05
1.34
1.20
15.33
17.64
17.36
13.15
26.32
1,702
823
4,540
784
2,487
Management Team
Komer/Segal (2.7/7.8)
David G. Herro (15.9)
Clark/Herro (3.6/12.9)
George Evans (12.5)
54
50
65
15
59
1
5
1
17
13
1
8
1
8
5
16
14
19
15
8
21
18
13
41
7
7
4
0
3
7
216
117
159
57
66
68
74
33
23
65
6
6
2
14
4
93
94
98
85
96
0
0
0
0
0
1
0
1
0
0
NL
NL
NL
NL
4.50
1.21
0.85
0.88
1.45
1.29
38.86
13.93
14.38
17.06
26.63
2,278
5,912
2,710
1,773
16,777
Justin Thomson (10.1)
Robert Smith (0.8)
Raymond A. Mills (5.6)
Amit Wadhwaney (6.7)
Management Team
10,865
34,431
35,898
34,391
31,385
73
56
73
68
51
6
11
1
0
6
4
8
2
0
5
7
10
17
22
15
10
11
6
11
19
0
4
1
0
4
154
97
73
3
2,192
9
17
32
7
10
5
0
-1
1
0
95
95
99
97
97
0
5
0
0
0
0
0
1
2
3
NL
NL
NL
NL
NL
1.37
0.97
1.14
0.22
0.40
24.89
32.30
23.87
11.20
18.96
5,720
3,848
1,299
3,334
2,804
1,877
31,879
45,059
35,550
29,990
65
61
65
69
54
3
2
4
0
0
1
6
4
0
5
14
13
14
21
17
18
14
10
10
20
0
3
4
0
4
207
168
235
1,001
4
45
41
38
6
2
1
5
7
0
1
97
94
91
98
97
0
0
1
0
0
2
1
1
2
2
Clsd
NL
NL
NL
NL
0.35
0.51
0.40
0.15
0.27
14.84
20.43
35.08
12.71
16.20
1,844
16,814
7,899
3,966
25,133
7
8.6 15,568
51
6
7
15
16
5
180
56
1
96
1
1
Clsd
1.40
22.68
6,475
W. George Greig (12.1)
—
8.1 26,068
34
44
3
7
9
2
—
59
4
93
1
0
—
1.58
—
1,762
—
7
1
11.2 32,774
6.3 44,860
34
50
57
24
1
5
1
3
6
15
1
3
106 108
498 30
0
6
91
91
0
2
9
1
NL
5.75
1.30
0.69
9.07
37.56
518
104,902
—
6.8 18,927
58
6
3
16
14
2
8
7
4
1
7
7.5
8.0
6.7
5.6
6.0
4,407
32,011
35,981
37,891
30,171
53
67
61
77
65
11
3
3
2
2
2
1
7
0
3
15
14
8
13
13
19
12
15
7
12
0
3
5
0
5
8
2
1
8
1
6.8 1,856
7.3 6,486
5.8 32,785
6.6 2,257
5.7 31,162
53
68
81
45
52
1
9
3
6
8
3
3
0
6
7
3
13
12
17
22
28
6
4
22
6
7
4
8
4
4
7.8
7.7
4.3
7.3
6.1
32,072
32,467
1,059
22,237
33,910
61
62
43
59
68
15
4
3
7
1
2
2
0
2
0
10
18
32
14
21
5
8
7
4
7
8.3 4,918
7.5 1,786
8.0 31,689
7.0 38,045
6.0 9,799
37
67
52
63
23
3
0
8
0
14
4
0
14
10
16
4
4
1
1
7
7.7
7.7
6.3
5.5
8.0
24,057
17,780
13,883
36,120
31,626
57
57
29
77
52
6
5
24
0
8
4
4
1
3
7
7.6 16,237
6.8 8,832
5.0 20,090
7.5
959
9.0 13,347
47
69
77
79
67
8
7
1
2
7
7.6 1,607
9.0 29,553
5.4 28,427
4.2 2,467
8.6 46,812
1
7
4
4
4
6.7
9.8
8.8
6.2
6.4
5
4
1
4
4
6.6
7.8
6.1
6.4
6.4
4
Sectors
Val Blnd Grth
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Equity Style Box
Software
Hardware
Media
Telecom
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Energy
Utilities
Management Team
Moffett/Anderson (15.0/5.1)
Mannheim/Smith (6.2/6.2)
Management Team
Duane Kelly (1.5)
Matthew Dobbs (8.7)
Management Team
Management Team
Butler/Kelly (0.1/9.1)
Kelly/Perre (0.1/0.1)
Creveling/Puff (2.8/0.5)
Management Team
M500_0908.qxp
9/4/08
5:29 PM
Page 40
40
Historical Risk
Morningstar 500
Morningstar
Rating
vs. Category
55Best
World Stock (cont'd)
—
-15.8 -13.0
6.0
10.5
6.6
—
— — — —
—
1.1
—
—
12.7
0.90 (82)
—
LAmer Funds New Persp A ANWPX
Amer Funds Sm World A SMCWX
LDodge & Cox Global Stk DODWX
Fidelity Worldwide FWWFX
Janus Global Opps JGVAX
QQQQ
QQQ
NR
QQQQ
QQ
-14.0 -8.5
-19.4 -17.8
—
—
-13.8 -7.5
-15.5 -17.8
8.5
7.7
—
9.4
3.4
12.0
12.9
—
11.9
7.7
10.1
9.8
—
8.3
—
32
84
—
29
55
19
83
—
14
82
17
24
—
12
77
26
15
—
30
88
20
22
—
33
—
High
High
-Avg
High
+Avg
2.1
2.0
—
0.6
2.6
X
X
Z
-18
-25
-12
-22
-21
11.18
14.78
—
12.91
12.66
0.82 (88)
1.05 (82)
— (—)
0.94 (85)
0.66 (45)
-Avg
+Avg
—
Avg
Avg
Q
NR
] QQQQQ
QQQ
] QQQQQ
-20.0 -20.4
-13.9
0.3
-11.3 -9.6
-9.5 -9.2
-10.5 -11.2
2.8
—
8.8
6.8
8.5
5.3
—
13.5
11.1
12.5
2.6
—
11.4
10.3
—
88
31
9
5
7
92
1
27
24
37
81
—
15
36
18
98
—
11
40
19
96
—
11
18
—
+Avg
Avg
+Avg
+Avg
+Avg
0.7
0.5
2.1
2.9
0.2
C
-21
-12
-20
-18
-18
13.30
—
9.65
7.85
11.06
0.84 (64)
— (—)
0.68 (81)
0.51 (69)
0.76 (76)
+Avg
—
Low
Low
-Avg
-19.8 —
-14.2 4.4
-17.6 5.3
-22.7 0.8
-4.9 12.6
—
11.2
12.9
8.8
15.1
—
10.7
12.2
9.7
8.5
19
40
14
77
34
90
61
81
94
6
—
68
56
96
2
—
38
15
73
3
—
14
6
23
32
Avg
Avg
Avg
+Avg
High
0.3
1.0
0.4
1.7
0.3
-13
-18
-25
-20
-19
—
12.42
15.09
12.76
14.52
— (—)
0.88 (82)
0.89 (56)
0.87 (75)
1.04 (82)
—
Avg
+Avg
Avg
+Avg
49 60 55 38
66 89 46 10
78 42 18 9
+Avg
Avg
+Avg
1.8
3.2
2.1
C
-18
-19
-19
11.78
11.77
13.47
0.87 (89)
0.76 (67)
1.02 (92)
Avg
Avg
+Avg
96
1
18
8
10
31
—
1
—
10
+Avg
Avg
High
Avg
+Avg
0.9
2.7
0.4
1.3
1.2
C
-22
-11
-49
-23
-37
19.47
—
25.37
—
19.04
1.40 (83)
— (—)
1.59 (63)
— (—)
1.29 (74)
+Avg
—
+Avg
—
-Avg
+Avg
High
+Avg
High
2.4
0.8
1.3
3.7
C
X
X
X
-20
-38
-37
-23
12.19
26.49
26.10
13.11
0.84 (77)
1.73 (68)
1.68 (67)
0.99 (93)
Low
+Avg
+Avg
-Avg
Janus Worldwide JAWWX
Marsico Global MGLBX
Mutual Discovery A TEDIX
Mutual Qualified A TEQIX
LOakmark Global I OAKGX
Total Return %
08-31-08
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
Oakmark Global Select I OAKWX
LOppenheimer Glob A OPPAX
Oppenheimer Glob Oppor A OPGIX
Polaris Global Value PGVFX
LT. Rowe Price Glob Stock PRGSX
NR
QQQ
QQQ
QQQ
QQQQQ
-12.7
-14.6
-12.1
-18.3
-14.2
Templeton World A TEMWX
Third Avenue Value TAVFX
Vanguard Global Equity VHGEX
QQQ
QQQQ
QQQQ
-16.1 -12.6
-15.7 -14.9
-18.1 -17.0
4.9
2.2
6.3
10.1
10.9
12.6
8.1
11.4
11.6
61
58
77
Return
Rating %
Grade
C
V
C
X
X
X
Z
X
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
Regional Stock
Fidelity Pacific Basin FPBFX
Matthews Asia Pac Eq Inc MAPIX
Matthews China MCHFX
Matthews India MINDX
LMatthews Pacific Tiger MAPTX
DP
DP
PJ
PJ
PJ
QQQ
NR
QQQQQ
NR
QQQQ
-30.8 -25.1 7.1
-9.1 -2.9 —
-26.7 -16.5 27.7
-34.7 -9.3 —
-22.1 -11.2 14.0
11.6
—
22.9
—
18.7
10.8
—
23.6
—
22.4
100
1
23
73
11
LMutual European A TEMIX
LT. Rowe Price Latin Amer PRLAX
LT. Rowe Price New Asia PRASX
LVanguard Eur Stk Idx VEURX
ES
LS
PJ
ES
QQQQ
QQQQ
QQQ
QQQ
-14.9 -12.1 10.8
-12.6
5.4 33.8
-37.6 -23.0 16.2
-18.3 -14.9 8.9
15.5
40.1
20.0
15.0
13.2
24.9
16.7
6.1
5
85
79
22
20 12 42 14
53 1 8 34
68 56 20 37
49 43 49 70
—
-22.6 -11.5 17.4
22.1
16.1
—
— — — —
—
1.0
—
—
21.3
1.50 (80)
—
-15.7 -2.4 18.1
-11.3
0.6 21.8
-15.5 -3.6 20.0
-24.5 -13.5 18.8
-25.9 -11.7 17.5
21.1
28.3
27.3
23.7
24.2
—
18.5
23.2
17.8
18.5
6
2
4
76
85
2
1
8
73
53
45 69 —
5 2 27
14 4 2
35 33 33
59 27 26
+Avg
+Avg
Avg
+Avg
+Avg
2.2
0.9
1.0
3.8
0.9
X
X
-18
-32
-31
-32
-34
15.62
18.19
20.49
23.63
23.57
1.12 (83)
1.26 (77)
1.43 (78)
1.66 (80)
1.66 (80)
Low
Low
-Avg
+Avg
+Avg
-22.0 -11.0 17.7
22.9
17.6
43
45 52 44 36
+Avg
2.3
X
-32
21.84
1.55 (81)
Avg
Diversified Emerg. Mkts.
LAmer Funds New World A NEWFX
Lazard Emrg Mkt Eq Open LZOEX
Oppenheimer Develop MktA ODMAX
SSgA Emerging Markets SSEMX
LT. Rowe Price Emg Mkt St PRMSX
] QQQ
] QQQQQ
] QQQQQ
QQQ
QQQ
Vanguard Em Mkt Idx VEIEX
QQQ
World Allocation
—
LAmer Funds CpIncBldr A CAIBX
LBlackRock Global Alloc A MDLOX
First Eagle Glbl A SGENX
QQQ
QQQQ
QQQQQ
MSCI EAFE Index
MSCI World Index
MSCI Europe Index
MSCI Emerging Markets Index
E New this month
LAnalyst Pick
-9.5
-5.5
76
—
1
—
71
84
—
4
—
44
C
6.4
9.9
8.3
—
— — — —
—
3.0
—
—
8.3
1.03 (76)
—
-11.8
-6.6
-6.2
-8.4 6.9
0.3 9.9
-2.4 10.0
10.6
12.7
14.2
8.9
12.0
14.6
63
22
18
59 37 34 37
11 12 19 21
27 11 13 3
+Avg
High
High
4.6
2.5
2.3
X
X
X
-9
-15
-13
8.35
6.86
7.77
1.10 (81)
0.88 (76)
1.06 (84)
Avg
-Avg
Avg
-17.3
-14.0
-18.3
-23.2
-14.4 8.1
-12.1 6.0
-14.5 9.1
-12.0 16.4
13.9
10.2
15.1
20.6
6.3
5.3
6.1
14.8
Categories
DP
ES
FA
FB
FG
Diversified Pacific/Asia Stock
Europe Stock
Foreign–Small/Mid Value
Foreign–Large Blend
Foreign–Large Growth
FR
FV
JS
LS
PJ
Foreign–Small/Mid Growth
Foreign–Large Value
Japan Stock
Latin America Stock
Pacific/Asia ex-Japan Stock
M500_0908.qxp
9/4/08
5:29 PM
Page 41
Current
Equity Price/
Style
Cash
Box
Flow
Costs
Average Regional
Market Exposure (% of Stock)
Cap
UK/W. North Latin
Asia ex($Mil) Europe Amer Amer Japan Japan Other
Recent
Composition
(% of Assets)
41
Operations
Total
# of
Holdings
Turnover
%
NAV($)
($Mil)
—
59
4
93
1
0
—
1.58
—
1,762
—
8
9
7
5
1
90
89
97
94
99
1
1
0
0
0
0
1
-4
1
0
5.75
5.75
NL
NL
NL
0.70
0.98
NA
1.02
1.06
29.20
32.91
8.67
18.43
12.70
53,504
21,190
427
1,409
122
Management Team
Management Team
Management Team
Kennedy/DuFour (2.7/0.9)
Kolb/Yee (3.3/7.2)
2
9
16
15
5
98
91
71
73
95
0
0
9
7
0
0
0
4
5
0
NL
NL
5.75
5.75
NL
0.87
0.75
1.31
1.13
1.13
43.88
10.13
28.47
19.64
21.57
3,078
95
15,261
5,517
2,430
Jason P. Yee (4.2)
Management Team
Management Team
Gudefin/Tumulty (5.7/4.8)
McGregor/Taylor (4.9/2.9)
Herro/Nygren (1.9/1.9)
Rajeev Bhaman (4.1)
Frank Jennings (12.9)
Bernard R Horn (10.3)
Management Team
Sales
Charge
%
Total
Expense
Ratio%
Assets
—
8.1 26,068
34
44
3
7
9
2
4
8
1
7
1
8.1 51,175
6.5 1,467
6.5 36,893
8.8 34,028
2.2 8,614
39
22
36
35
24
40
39
46
50
55
4
3
4
1
0
6
3
6
8
16
9
31
3
6
4
2
2
6
1
0
311 30
684 48
81 NA
263 128
31 14
20,750
27,145
17,688
17,534
16,115
22
22
62
46
37
58
68
20
41
47
1
4
2
1
0
11
1
3
2
14
8
4
13
10
2
0
0
0
0
0
67
53
295
241
46
4
4
8
2
7
5.7 23,337
9.7 28,219
3.6 3,689
4.5 6,404
6.7 26,578
39
42
32
43
24
49
36
59
34
40
0
4
0
1
14
12
12
7
11
4
0
6
1
5
12
0
0
0
5
5
23 33
128 15
73 39
89 46
81 110
3 97
0 99
-1 101
3 97
1 98
0
0
0
0
0
0
0
0
0
0
NL
5.75
5.75
NL
NL
1.31
1.05
1.13
1.19
0.87
8.91
61.99
28.95
14.30
21.60
260
12,945
3,193
354
1,176
1
4
1
6.1 37,995
8.4 11,243
5.2 23,084
37
4
32
36
43
40
2
0
2
5
17
8
19
36
13
1
0
4
117
100
807
33
5
64
2
6
4
97
89
94
1
3
0
0
2
1
5.75
NL
NL
1.05
1.08
0.64
15.78
51.24
19.41
7,779
8,607
6,186
Management Team
Martin J. Whitman (17.9)
Management Team
2,126
4,335
7,436
2,850
4,914
0
4
0
0
0
0
0
3
0
0
0
0
0
0
0
29
21
0
0
0
71
74
97
100
100
0
0
0
0
0
211
59
66
62
73
91
27
22
26
24
1 99
0 96
0 100
0 96
0 100
0
0
0
0
0
0
4
0
4
0
NL
NL
NL
NL
Clsd
1.13
1.39
1.17
1.28
1.10
20.90
10.77
29.11
15.95
21.70
687
98
1,260
706
2,590
Dale Nicholls (3.9)
Madsen/Foster (1.8/1.8)
Management Team
Foster/Shroff (2.8/2.2)
Management Team
5.6 21,904
8.7 34,478
4.9 3,452
6.4 47,205
96
0
0
100
4
2
1
0
0
98
0
0
0
0
0
0
0
0
99
0
1
0
0
0
127
47
89
530
40
23
53
9
7
3
2
1
87
97
96
97
3
0
0
0
3
0
2
2
5.75
NL
NL
NL
1.33
1.20
0.93
0.22
22.01
47.10
13.47
32.49
2,396
3,065
3,205
24,616
4
7
4
1
4
8
1
7
8
4
1
7
7
1
3.3
11.3
8.4
9.5
7.6
7.1
3.6
8.7
15.5
10.1
27
56
25
26
35
Brugere-Trelat/Dudley (2.7/1.6)
Gonzalo Pangaro (4.6)
Frances Dydasco (11.8)
Kelly/O'Reilly (15.7/0.0)
—
6.5 17,122
9
1
24
0
44
22
—
78
4
94
1
1
—
1.77
—
1,285
4
9
4
4
7
7.9
7.5
9.9
5.9
8.4
15,232
1,208
18,663
18,868
15,506
26
6
8
7
8
6
1
1
1
1
17
24
29
22
25
2
0
0
0
0
23
40
42
47
38
25
30
19
24
27
427
82
134
379
142
31
53
40
39
44
11
0
4
6
3
79
97
96
90
96
9
0
0
0
0
0
3
0
3
0
5.75
NL
5.75
NL
NL
0.96
1.47
1.32
1.25
1.20
50.09
20.69
41.13
22.72
31.79
18,037
7,316
9,319
3,145
4,429
Management Team
Management Team
Justin Leverenz (1.3)
Aham/McCarthy (15.2/10.2)
Christopher Alderson (13.4)
4
6.1 19,208
5
1
25
0
50
20
821
9
0
94
0
5
NL
0.37
25.85
20,233
Kelly/Perre (13.7/0.0)
—
7.8 25,760
30
45
4
6
13
2
—
51
20
51
21
8
—
1.42
—
3,926
1
4
4
6.6 39,340
7.2 30,864
8.4 10,172
42
10
29
38
61
32
1
5
2
0
11
27
15
11
7
4
1
2
1,773
776
195
24
45
38
10
4
13
64
61
74
24
26
5
1
9
8
5.75
5.25
5.00
0.55
1.03
1.12
54.20
18.37
42.14
103,634
29,238
22,498
Equity Style Box
Val Blnd Grth
—
—
Management Team
Management Team
Jean-Marie Eveillard (1.4)
Lrg Mid Sm
M500_0908.qxp
9/4/08
5:29 PM
Page 42
42
Historical Risk
Morningstar 500
Morningstar
Rating
vs. Category
55Best
Bond Funds
High-Quality Bond
—
Total Return %
08-31-08
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
Return
Rating %
Grade
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
0.4
3.7
2.9
3.7
4.6
—
— — — —
—
4.5
—
—
3.7
1.04 (60)
—
2.5
-0.5
0.2
3.1
3.7
7.4
2.3
2.6
7.0
7.9
4.5
3.1
3.3
4.7
4.9
4.2
4.4
3.8
4.5
4.8
5.0
—
5.5
5.3
5.3
27
52
42
14
5
12 14 23 27
51 40 16 —
49 33 40 12
16 9 10 12
6 6 6 10
+Avg
High
High
High
+Avg
4.6
5.4
5.4
4.9
4.1
C
Z
C
C
-4
-2
-5
-4
-6
2.63
2.63
2.22
2.50
3.06
0.88 (81)
0.85 (80)
0.64 (62)
0.90 (93)
1.08 (88)
Avg
Avg
Low
-Avg
+Avg
QQQ
QQQ
QQQQ
QQQ
QQ
4.3
-0.1
3.6
-1.2
0.0
9.9
2.0
7.7
0.6
0.5
4.4
2.6
5.0
2.0
1.5
5.8
3.2
4.2
3.3
2.8
—
4.9
5.2
4.8
4.5
61
47
6
61
45
75
54
9
69
70
—
37
16
40
56
High
Avg
+Avg
Avg
Avg
1.6
4.8
3.9
4.9
5.2
C
C
C
C
C
-4
-4
-3
-7
-2
4.72
2.02
2.59
2.45
2.38
1.39 (62)
0.64 (77)
0.84 (75)
0.73 (68)
0.58 (45)
-Avg
Low
Avg
-Avg
-Avg
QQQQ
QQQQ
QQQQ
QQQQQ
NR
0.7
1.6
2.6
2.3
5.7
3.3
4.6
4.9
8.2
12.9
3.2
3.6
4.8
4.7
—
4.3
4.3
4.1
5.2
—
—
5.4
5.6
6.2
—
35
20
5
8
3
43 36 21 —
25 24 21 15
22 2 26 10
2 2 4 3
2 — — —
+Avg
High
+Avg
+Avg
-Avg
5.1
4.9
4.5
5.1
3.3
C
C
Z
-3
-5
-3
-5
-2
2.30
2.57
1.05
3.55
—
0.78 (86)
0.93 (96)
0.26 (46)
1.23 (87)
— (—)
Low
Avg
Low
+Avg
—
Julius Baer Tot Ret Bd A BJBGX
Managers Fremont Bond MBDFX
Metro West Low Dur M MWLDX
LMetro West Total Ret MWTRX
Payden Core Bond PYCBX
CI [ QQQQ
CI QQQQQ
CS ] QQQ
CI QQQQQ
CI QQQ
0.6
1.8
-5.8
-1.1
-0.6
4.7
7.6
-5.5
1.8
2.8
4.2
4.4
1.0
3.8
2.6
5.3
5.1
2.2
5.3
3.3
5.6
6.2
3.8
5.9
4.9
37
15
93
59
53
23
4
93
56
47
10 3 11
5 5 2
87 69 66
18 2 6
53 60 38
+Avg
+Avg
+Avg
High
Avg
5.3
5.0
6.1
5.3
4.8
C
-6
-5
-4
-7
-6
2.67
3.76
2.83
2.82
3.01
0.86 (78)
1.27 (83)
0.18 (3)
0.84 (69)
1.05 (89)
Avg
High
+Avg
Avg
+Avg
Payden GNMA PYGNX
Payden Limited Maturity PYLMX
PIMCO Low Duration D PLDDX
PIMCO Real Ret D PRRDX
PIMCO Short-Term D PSHDX
GI
UB
CS
IP
UB
QQQQQ
QQQ
QQQQ
QQQQ
QQQ
2.8
0.8
0.9
4.8
1.5
6.9
1.1
5.3
12.2
3.2
4.6
2.7
4.0
5.0
3.6
4.7
2.3
3.3
6.3
2.9
—
3.4
4.6
7.9
3.8
19
35
42
46
23
17
40
9
16
24
10
43
19
44
30
—
53
20
10
34
High
Avg
+Avg
High
+Avg
5.2
3.7
4.2
3.6
4.1
X
X
C
-2
-1
-1
-4
0
2.58 0.91 (90)
1.02 -0.11 (9)
2.39 0.64 (53)
5.14 1.58 (67)
1.14 0.14 (11)
Avg
Avg
+Avg
High
Avg
PIMCO Total Ret D PTTDX
T. Rowe Price Corp Inc PRPIX
T. Rowe Price GNMA PRGMX
T. Rowe Price New Inc PRCIX
T. Rowe Price S/T Bond PRWBX
CI
CL
GI
CI
CS
QQQQQ
QQQ
QQQQ
QQQQ
QQQQ
2.9
-1.5
2.1
2.1
2.6
8.9
0.9
5.9
5.8
5.0
4.8
2.1
4.3
4.1
4.3
5.2
4.6
4.3
4.6
3.4
6.1
5.6
5.0
5.3
4.6
2
57
44
9
6
1 2 4 3
72 50 63 25
40 21 23 23
10 11 10 18
12 8 14 17
+Avg
High
+Avg
High
High
4.8
5.5
4.8
4.7
4.3
X
X
X
X
Z
-3
-6
-4
-4
-2
3.61
3.39
2.29
2.70
1.24
1.25 (86)
1.00 (65)
0.81 (90)
0.99 (97)
0.37 (66)
High
Avg
-Avg
Avg
-Avg
T. Rowe Price US Try L/T PRULX
LTCW Total Return Bond I TGLMX
USAA Income USAIX
LVanguard GNMA VFIIX
LVanguard Infl-Prot Secs VIPSX
GL QQQ
CI QQQQQ
CI [ QQQ
GI QQQQQ
IP QQQQ
4.3
1.6
1.4
2.5
5.1
10.8
4.9
4.0
6.7
11.8
4.4
4.6
3.4
4.8
5.6
6.0
4.9
4.4
4.8
6.5
5.8
5.9
5.0
5.5
—
15
20
23
28
31
37 17 50 71
23 4 7 6
36 31 16 28
22 7 4 4
27 17 10 —
+Avg
High
High
High
High
4.3
5.5
5.3
5.1
5.1
X
X
Z
-8
-7
-6
-3
-4
6.75
2.59
2.58
2.52
4.83
2.33 (84)
0.79 (70)
0.92 (93)
0.89 (90)
1.44 (63)
-Avg
Avg
Avg
Avg
Avg
Vanguard Int-Tm Treas VFITX
Vanguard Intm Bd Idx VBIIX
Vanguard IntTm Inv-Gr Fd VFICX
LVanguard Long-Tm InvGrde VWESX
LVanguard Long-Tm US Try VUSTX
GI
CI
CI
CL
GL
QQQQQ
QQQQQ
QQQQ
QQQ
QQQQ
4.4
1.8
-0.2
-2.3
3.9
9.8
6.0
3.1
1.2
9.9
5.7
4.0
3.1
0.5
4.3
5.2
4.8
4.1
4.7
6.5
6.0
5.8
5.4
5.5
6.3
2
17
49
70
32
2
9
44
67
67
1 1 2
15 8 7
38 28 13
71 42 38
21 41 43
+Avg
High
High
+Avg
+Avg
4.1
4.9
5.4
6.1
4.5
X
X
X
X
X
-6
-5
-6
-8
-9
4.17
3.69
3.09
6.14
6.48
1.38 (78)
1.34 (96)
1.08 (91)
1.98 (75)
2.26 (86)
High
High
+Avg
High
-Avg
LVanguard Sh-Tm Bd Idx VBISX
Vanguard Short-Tm Trs VFISX
Vanguard Sht-Tm Inv-Grade VFSTX
LVanguard ShtTm Fed VSGBX
LVanguard Total Bd Idx VBMFX
CS
GS
CS
GS
CI
QQQQQ
QQQQQ
QQQQQ
QQQQQ
QQQQ
2.8
3.3
1.1
2.8
1.8
6.1
7.1
3.7
6.5
5.7
4.7
5.1
4.2
5.0
4.1
3.8
3.8
3.6
3.8
4.5
4.8
4.9
4.7
4.9
5.3
3
10
40
28
16
3 2 4 7
8 3 8 5
35 12 9 13
15 5 10 4
12 11 13 17
High
High
High
High
High
4.2
3.4
4.9
4.2
4.9
X
X
Z
X
X
-2
-2
-2
-2
-5
2.04
2.11
1.50
1.79
2.78
0.64 (72)
0.62 (61)
0.40 (59)
0.57 (73)
1.02 (99)
+Avg
+Avg
Avg
Avg
Avg
LWestern Asset Cr Bd Inst WATFX
CI
QQQ
-4.0
-2.8
0.9
3.2
5.0
87
89 86 66 29
Avg
5.6
-6
4.12
0.86 (33)
High
2.0
-2.2
5.9
-1.1
4.3
3.8
4.6
6.9
5.6
6.1
AmCent Ginnie Mae Inv BGNMX
Baird Aggregate Bd Inst BAGIX
LDodge & Cox Income DODIX
Fidelity Ginnie Mae FGMNX
LFidelity Government Inc FGOVX
GI QQQQ
CI QQQQ
CI QQQQ
GI ] QQQQQ
GI QQQQQ
Fidelity Inflation-Protec FINPX
Fidelity Interm Bond FTHRX
Fidelity Interm Govt FSTGX
Fidelity Invt Grade Bond FBNDX
Fidelity Mtg Sec FMSFX
IP
CI
GI
CI
CI
LFidelity Total Bond FTBFX
Fidelity U.S. Bond Index FBIDX
LFPA New Income FPNIX
LHarbor Bond Instl HABDX
LHarbor Real Return Instl HARRX
CI
CI
CI
CI
IP
CS First Boston High Yield Index
E New this month
LAnalyst Pick
Categories
CI
CL
CS
GI
Intermediate-Term Bond
Long-Term Bond
Short-Term Bond
IntermediateGovernment Bond
70
51
5
67
77
GL
GS
IP
UB
55
65
24
62
79
8
53
21
16
32
Long Government Bond
Short Government Bond
Inflation-Protected Bond
Ultrashort Bond
X
M500_0908.qxp
9/4/08
5:29 PM
Page 43
Costs
Current
Bond Avg
Style Duration
Box
Years
Cat
Avg
Duration
Years
High
Med
Low
Other
Turnover
%
NAV($)
Total
Assets
($Mil)
—
5.4
5.4
—
82
14
3
1
218
10
0
78
3
—
0.90
—
829
4
4
4
0
4
4.7
4.4
3.8
—
4.7
4.1
4.6
4.6
4.1
4.1
AAA
AA
AA
—
AAA
100
74
68
—
93
0
25
21
—
0
0
1
11
—
0
0
0
0
—
7
338
34
27
165
164
22
11
5
8
27
0
0
0
0
0
78
88
93
92
73
0
1
1
0
0
NL
NL
NL
NL
NL
0.52
0.30
0.44
0.45
0.44
10.24
10.13
12.21
10.91
10.46
1,313
886
15,551
3,522
9,843
Management Team
Management Team
Management Team
William Irving (3.8)
7
0
0
0
0
6.2
—
—
—
—
6.8
4.6
4.1
4.6
4.6
AAA
—
—
—
—
98
—
—
—
—
0
—
—
—
—
0
—
—
—
—
2
—
—
—
—
35
94
121
265
409
1
16
17
8
0
0
0
0
0
0
98
80
83
88
99
1
4
0
4
0
NL
NL
NL
NL
NL
0.45
0.44
0.45
0.45
0.45
11.31
9.85
10.41
6.89
10.11
2,655
6,858
1,014
9,967
1,179
Ford O'Neil (10.2)
Bill Irving (0.4)
Jeffrey Moore (3.8)
Bill Irving (0.4)
4
4
1
4
7
4.4
4.4
1.3
5.3
6.9
4.6
4.6
4.6
4.6
6.8
AA
AA
AAA
AA
AAA
68
77
99
85
98
20
18
0
12
0
11
1
1
3
2
2
4
0
0
0
116
174
53
213
661
11
21
50
56
27
0
0
0
0
0
83
78
50
41
73
6
1
0
3
0
NL
NL
3.50
NL
NL
0.45
0.31
0.62
0.56
0.56
10.07
10.73
11.01
11.89
10.64
11,034
8,913
1,749
3,896
99
4
4
1
4
4
5.1
4.4
1.7
4.3
4.7
4.6
4.6
2.1
4.6
4.6
AA
AA
AA
AAA
AA
75
83
81
89
64
25
15
14
7
36
0
2
4
4
0
0
1
0
0
0
433
249
95
124
244
16
-22
6
5
1
0 82
0 117
0 96
0 96
0 96
3
5
-2
-1
3
NL
NL
NL
NL
NL
0.69
0.60
0.58
0.65
0.46
13.10
10.45
8.34
9.40
9.80
1,356
1,100
1,640
5,851
479
4
1
1
7
1
5.1
0.5
1.7
6.9
0.2
4.1
0.6
2.1
6.8
0.6
AAA
AA
AA
AAA
AA
100
70
84
91
82
0
29
12
4
14
0
1
4
5
4
0
0
0
0
0
40
100
141
806
191
1
28
44
-18
28
0 99
0 70
0 50
0 110
0 68
1
2
6
8
4
NL
NL
NL
NL
NL
0.50
0.41
0.75
0.90
0.75
9.77
9.45
9.94
11.19
9.78
213
119
10,759
15,595
4,353
4
8
4
4
1
4.3
6.2
4.3
4.9
2.1
4.6
9.5
4.1
4.6
2.1
AA
BBB
AAA
AA
AA
80
15
100
76
70
13
75
0
20
30
7
8
0
3
1
0
2
0
0
0
226
39
90
128
59
26
7
-2
4
22
0 70
1 87
0 102
0 92
0 75
4
4
-1
3
3
NL
NL
NL
NL
NL
0.75
0.74
0.62
0.64
0.55
10.66
9.03
9.40
8.95
4.72
129,561
247
1,387
8,017
1,902
7
4
4
4
7
11.0
4.1
4.9
4.2
7.6
13.0
4.6
4.6
4.1
6.8
AAA
AAA
AA
AAA
AAA
100
100
68
100
100
0
0
31
0
0
0
0
1
0
0
0
0
0
0
0
65
18
28
21
21
-2
3
2
1
0
0 102
0 97
0 91
0 99
0 100
0
0
7
0
0
NL
NL
NL
NL
NL
0.53
0.44
0.62
0.21
0.20
12.10
9.39
11.84
10.28
12.68
390
1,953
1,999
25,752
18,169
Brian Brennan (4.8)
Barach/Gundlach (14.9/15.2)
Margaret Weinblatt (8.6)
Garrett/Pappas (8.7/13.7)
Hollyer/Volpert (8.2/8.2)
4
7
5
8
7
5.1
6.1
5.0
11.0
11.0
4.1
4.6
4.6
9.5
13.0
AAA
AA
A
A
AAA
100
65
38
44
100
0
35
59
55
0
0
0
1
0
0
0
0
1
1
0
52
72
48
15
37
6
2
3
0
2
0 94
0 95
1 92
0 100
0 98
0
2
4
0
0
NL
NL
NL
NL
NL
0.26
0.18
0.21
0.22
0.26
11.50
10.35
9.38
8.51
11.58
5,636
8,367
6,153
5,594
2,827
David R. Glocke (7.3)
Barrickman/Volpert (0.4/14.5)
Auwaerter/Nassour (14.9/0.3)
Lucius T. Hill, III (0.6)
1
1
1
1
4
2.5
2.1
2.1
2.2
4.7
2.1
2.4
2.1
2.4
4.6
AA
AAA
AA
AAA
AAA
80
100
56
100
84
20
0
41
0
16
0
0
1
0
0
0
0
2
0
0
79
120
48
70
54
2
22
14
11
1
0
0
1
0
0
97
78
82
89
98
1
0
4
0
1
NL
NL
NL
NL
NL
0.18
0.22
0.21
0.20
0.19
10.14
10.73
10.43
10.57
10.02
8,602
4,861
20,536
3,014
65,652
Gregory Davis (3.6)
Auwaerter/Nassour (25.7/0.3)
Ronald Reardon (3.7)
Davis/Volpert (0.4/15.8)
4
5.3
4.6
AA
81
16
3
0
455
37
0
61
2
NL
0.44
10.11
5,989
Fixed Income Style Box
Sht Int Long
Avg
Credit
Quality
Credit Quality
Breakdown (% of Bonds)
43
Operations
Recent
Composition
(% of Assets)
Sales
Charge
%
Expense
Ratio%
—
Conti/O'Neil (1.1/3.8)
Ford O'Neil (6.9)
Atteberry/Rodriguez (3.8/24.2)
William H. Gross (20.7)
Mihir Worah (0.5)
Pell/Quigley (10.2/7.1)
Management Team
Management Team
Ceva/Sarni (0.5/0.5)
Ballantine/Greenberg (9.0/9.0)
Ballantine/Syal (0.5/0.5)
Mihir Worah (0.7)
Paul McCulley (9.0)
Gross/Worah (21.3/0.7)
David Tiberii (4.9)
Andrew McCormick (0.4)
Daniel O. Shackelford (5.8)
Edward A. Wiese (13.7)
Management Team
Hi Med Lo
M500_0908.qxp
9/4/08
5:29 PM
Page 44
44
Historical Risk
Morningstar 500
Bond Funds
High-Yield Bond
Morningstar
Rating
vs. Category
55Best
Total Return %
08-31-08
YTD
1 Yr
—
A N N U A L I Z E D
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
Return
Rating %
Grade
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
-3.5
-2.8
2.5
5.6
4.2
—
— — — —
—
8.2
—
—
Amer Funds Amer H/I A AHITX
LEaton Vance Inc Boston A EVIBX
Fidelity Capital & Inc FAGIX
LFidelity High Income SPHIX
Janus High-Yield JAHYX
[ QQQ
QQQ
QQQQQ
] QQQQ
QQQQ
-2.7
-2.9
-3.2
0.1
-1.8
-1.8
-1.7
-1.7
1.8
-0.6
3.6
3.5
4.6
4.7
3.5
6.5
6.9
7.9
7.0
5.9
6.3
5.8
6.9
4.7
5.1
51
57
64
3
29
55 27 27 11
53 32 17 17
52 7 5 8
4 6 15 42
32 32 51 28
High
+Avg
High
High
+Avg
8.4
8.8
6.9
7.9
8.3
X
C
C
V
-14
-13
-17
-14
-10
5.21
4.78
5.97
4.77
4.89
-0.16 (1)
-0.17 (1)
-0.23 (1)
-0.04 (0)
-0.02 (0)
Avg
Avg
High
Avg
Avg
Metropolitan West H\Y M MWHYX
Northeast Investors NTHEX
LPIMCO High-Yield D PHYDX
LT. Rowe Price Hi-Yld PRHYX
LVanguard Hi-Yld Corp VWEHX
QQQ
[ QQ
QQQQ
[ QQQQ
QQQ
-2.0
-6.5
-3.3
-1.6
-2.6
-0.7
-9.1
-0.3
-0.1
-0.8
3.3
1.7
3.0
3.8
2.7
6.1
5.8
5.9
6.5
5.1
—
3.8
5.3
6.0
4.5
34
94
65
26
47
36
94
28
25
37
+Avg
+Avg
+Avg
+Avg
Avg
9.2
8.8
7.5
7.8
8.1
X
Z
X
-4
-11
-11
-8
-7
4.08 0.03 (0)
5.47 -0.55 (8)
5.04 0.40 (5)
4.82 -0.09 (0)
5.01 0.27 (2)
Low
+Avg
Avg
Avg
Avg
-2.2
Specialty Bond
Amer Funds CapWrldBd A CWBFX
Calamos Convertible A CCVIX
LDavis Appr & Income A RPFCX
LEaton Vance Fltg Rt A EVBLX
Fidelity Convertible Sec FCVSX
—
IB QQQQ
CV QQQ
CV ] QQQ
BL QQ
CV QQQQQ
40
53
49
26
77
—
68
26
14
45
0.7
3.9
6.1
7.6
—
— — — —
—
5.1
—
—
0.49 (29)
—
1.0
6.7
-5.5 -0.9
-8.0 -11.2
-2.7 -1.4
-7.2 -3.8
4.7
5.2
3.2
2.2
8.3
7.3
6.6
7.3
2.9
9.8
6.5
8.8
6.4
—
11.5
45
16
70
55
47
40
5
90
47
31
19
22
70
34
1
12
39
22
79
2
18
11
51
—
1
High
Avg
+Avg
Low
High
5.3
4.6
2.2
6.2
2.4
X
-5
-11
-17
-6
-16
4.74 0.98 (31)
7.06 0.97 (86)
8.23 1.08 (78)
4.24 -0.49 (9)
12.07 1.37 (59)
Avg
-Avg
Avg
Avg
High
1.0
0.9
0.4
-4.0
-0.4
3.1
5.9
3.8
0.0
4.7
3.9
7.5
4.7
5.2
4.2
4.1
10.3
6.8
8.3
6.4
—
16.1
7.9
9.0
8.1
4
29
12
79
77
1
22
18
67
67
1
19
21
14
31
12
33
23
9
29
—
31
15
10
11
+Avg
+Avg
High
High
+Avg
5.5
6.0
5.4
7.2
4.9
C
C
C
-4
-37
-7
-8
-7
3.86 -0.36 (6)
5.16 0.55 (8)
2.59 0.54 (33)
4.72 0.52 (9)
4.25 0.94 (36)
-Avg
-Avg
-Avg
+Avg
Avg
Z
C
5.3
—
LFidelity Float Rt Hi Inc FFRHX
LFidelity New Markets Inc FNMIX
LFidelity Strategic Inc FSICX
LLoomis Sayles Bond Ret LSBRX
LLoomis Sayles GlbBd Ret LSGLX
BL
EB
MU
MU
IB
LPIMCO Emerg Mkts Bd D PEMDX
LPIMCO For Bd (Unhdgd) D PFBDX
LPIMCO For Bd USD-Hdgd D PFODX
LT. Rowe Price Intl Bd RPIBX
LT. Rowe Price Spect Inc RPSIX
EB QQQ
IB [ QQQ
IB QQQ
IB QQQQ
MU [ QQQ
0.5
0.8
1.2
0.8
-0.7
5.0
8.7
4.5
7.1
2.3
6.2
3.8
2.6
4.6
4.6
9.5
—
3.9
6.6
6.2
—
—
5.1
5.6
6.3
41
53
38
51
37
49
17
69
34
42
74
42
76
22
24
67
—
80
21
43
—
—
51
35
36
+Avg
Avg
Avg
High
High
5.9
3.6
3.4
3.8
4.8
C
C
C
X
Z
-15
-7
-3
-7
-4
5.34
7.50
2.85
6.53
2.84
0.86 (19)
1.53 (30)
0.75 (49)
1.22 (25)
0.54 (28)
Avg
High
-Avg
+Avg
-Avg
QQQQ
-4.7
-0.8
7.7
8.9
9.2
8
2
4
4
6
High
3.7
X
-17
7.18
0.92 (75)
-Avg
LVanguard Convertible Sec VCVSX
CV
Municipal Bond—National
QQQQ
QQQ
QQQQ
QQQQ
QQQQQ
39
90
48
22
62
5.3 -0.03 (1)
Risk
Relative
to
Category
—
0.3
1.5
2.0
3.2
3.6
—
— — — —
—
4.0
—
—
3.5
0.79 (82)
—
AmCent Tax-Free Bond Inv TWTIX
Amer Funds T/E Bd A AFTEX
LFidelity Interm Muni Inc FLTMX
LFidelity Municipal Income FHIGX
LFidelity Sh-Int Muni Inc FSTFX
MI
MI
MI
ML
MS
QQQQ
QQQ
QQQQQ
QQQQQ
QQQQ
2.3
1.1
2.4
0.9
3.3
5.1
2.9
5.1
3.7
5.6
3.4
2.6
3.5
2.9
3.7
3.7
3.9
4.1
4.4
3.1
4.4
4.3
4.6
4.9
3.8
24
70
16
17
1
19 10 22 14
82 60 11 19
18 5 6 7
11 9 7 1
1 10 8 8
High
Avg
High
High
+Avg
3.9
4.2
3.8
4.1
3.1
C
X
C
X
C
-4
-6
-6
-7
-2
3.13
3.73
2.85
3.89
2.05
0.75 (92)
0.92 (98)
0.69 (94)
0.96 (99)
0.42 (65)
-Avg
+Avg
-Avg
-Avg
+Avg
LFidelity Tax-Free Bond FTABX
LFranklin Fed T/F Inc A FKTIX
LFranklin Hi Yld T/F A FRHIX
LT. Rowe Price T/F Hi-Yld PRFHX
T. Rowe Price T/F Inc PRTAX
ML
ML
HM
HM
ML
QQQQQ
QQQQ
QQQ
QQQQ
QQQQ
1.4
0.7
-0.8
-0.7
1.3
4.3
3.1
0.3
-0.5
3.6
3.2
2.8
2.0
1.8
2.9
4.7
4.6
4.9
4.4
4.2
—
4.4
4.0
3.9
4.4
7
28
26
23
11
6 5 3 —
23 11 4 11
10 14 8 10
24 24 23 15
13 9 13 10
High
High
High
High
High
4.0
4.5
5.3
5.2
4.5
X
C
C
X
X
-4
-5
-5
-5
-7
4.11
3.90
4.14
4.16
3.93
1.02 (100)
0.96 (98)
0.95 (87)
0.94 (84)
0.98 (99)
Avg
-Avg
Avg
Avg
Avg
LT. Rowe Price T/F Sh-Int PRFSX
USAA Tax Ex Interm-Term USATX
USAA Tax Ex Long-Term USTEX
USAA Tax Ex Short-Term USSTX
LVanguard Hi-Yld T/E VWAHX
MS
MI
ML
MS
MI
QQQQ
QQQQ
QQQQ
QQQQ
QQQQQ
3.0
1.3
0.0
3.0
0.6
5.1
3.3
1.9
4.7
2.6
3.5
2.6
1.8
3.5
2.7
2.9
3.8
3.9
2.9
4.2
3.7
4.2
4.3
3.6
4.5
9
65
60
9
82
10
72
55
24
86
15
21
18
21
12
High
+Avg
Avg
High
Avg
3.3
4.5
5.0
4.1
4.8
X
X
-2
-5
-6
-1
-6
2.13
4.11
4.97
1.33
4.27
0.47 (75)
1.01 (98)
1.20 (95)
0.30 (74)
1.05 (97)
+Avg
High
+Avg
Avg
High
Vanguard Ins L/T TE Inv VILPX
LVanguard IntTm T/E VWITX
LVanguard Lg-Tm T/E VWLTX
LVanguard LtdTm T/E VMLTX
LVanguard Sht-Tm TE VWSTX
ML
MI
ML
MS
MS
QQQQQ
QQQQ
QQQQQ
QQQQ
QQQ
0.4
2.2
1.2
3.0
2.8
3.1
5.0
3.9
5.3
4.6
2.6
3.4
3.0
3.7
3.6
4.0
3.8
4.2
3.0
2.7
4.7
4.3
4.7
3.7
3.2
39
29
12
8
24
22 19 24 2
21 12 19 17
9 8 15 4
7 6 14 12
31 11 31 56
High
High
High
High
High
4.6
4.1
4.6
3.4
3.2
X
X
X
Z
Z
-7
-4
-6
-2
0
4.56
3.66
4.49
1.76
0.80
1.12 (99)
0.91 (98)
1.11 (99)
0.38 (72)
0.16 (49)
+Avg
+Avg
+Avg
Avg
-Avg
WF Adv S/T Muni Bd Inv STSMX
MS
QQQQQ
2.1
4.1
3.5
3.4
3.8
57
54 16
+Avg
4.1
V
-3
1.33
0.32 (87)
Avg
1.6
4.5
3.3
4.4
4.9
Lehman Bros. Municipal Index
E New this month
LAnalyst Pick
Categories
BL
CV
EB
HM
IB
Bank Loan
Convertibles Bond
Emerging Market Bond
High-Yield Muni
World Bond
22
56
58
20
52
MI
ML
MS
MU
16
17
28
15
3
2
4
Muni National, Intermediate
Muni National, Long
Muni National, Short
Multisector Bond
M500_0908.qxp
9/4/08
5:29 PM
Page 45
Costs
Current
Bond Avg
Style Duration
Box
Years
Cat
Avg
Duration
Years
High
Med
—
4.0
4.0
—
4
5
88
6
6
0
0
6
3.6
4.0
—
—
3.8
4.0
4.0
4.0
4.0
4.0
BB
B
B
B
B
14
0
0
1
1
13
8
7
2
7
3
0
6
6
6
2.8
—
4.7
3.6
4.9
4.0
4.0
4.0
4.0
4.0
BB
B
BB
B
BB
10
0
12
0
4
Avg
Credit
Quality
Credit Quality
Breakdown (% of Bonds)
Other
Turnover
%
Recent
Composition
(% of Assets)
NAV($)
Total
Assets
($Mil)
3
111
8
1
82
5
—
1.20
—
806
74
90
62
90
85
0
2
32
7
7
42
84
48
33
114
11
11
15
6
10
2
2
13
0
0
81
80
61
84
86
7
7
10
10
3
3.75
4.75
NL
NL
NL
0.66
1.06
0.74
0.74
0.86
10.97
5.68
8.05
8.21
8.60
12,695
1,772
9,492
5,360
496
9
7
12
6
5
81
86
76
92
89
0
7
0
2
1
120
46
187
69
26
7
5
10
6
2
0
11
0
1
0
91
83
79
85
96
3
1
11
8
2
NL
NL
NL
NL
NL
0.80
0.68
0.90
0.76
0.25
9.56
6.37
8.79
6.31
5.46
116
835
7,778
5,350
8,918
Low
Sales
Charge
%
Expense
Ratio%
45
Operations
—
Management Team
Huggins/Weilheimer (8.7/12.7)
Mark Notkin (5.1)
Fred Hoff (8.3)
Smith/Watters (4.8/0.2)
Management Team
Monrad/Monrad (15.7/48.3)
Mark Hudoff (1.4)
Mark Vaselkiv (12.2)
McEvoy/Michael (24.6/0.6)
—
3.6
3.6
—
26
23
45
6
119
10
2
71
14
—
1.30
—
953
4
2
2
3
0
5.2
3.3
2.1
0.1
—
4.9
2.0
2.0
0.3
2.0
AA
BBB
BBB
B
—
67
7
0
0
—
25
62
57
1
—
7
31
34
82
—
0
0
9
17
—
76
93
23
61
24
6
2
2
4
3
0
18
42
0
14
91
40
26
88
22
2
40
30
8
61
3.75
Clsd
4.75
2.25
NL
0.93
1.13
1.01
1.05
0.79
19.61
18.68
25.63
9.09
25.72
10,106
568
682
2,773
3,176
—
Management Team
Management Team
Davis/Sabol (15.6/3.0)
Page/Russ (7.6/0.8)
Thomas T. Soviero (3.2)
0
0
0
8
4
—
—
—
7.1
5.9
0.3
6.2
4.8
4.8
4.9
—
—
—
BBB
AA
—
—
—
29
57
—
—
—
45
30
—
—
—
24
12
—
—
—
2
0
69
65
140
20
95
11
13
12
9
7
0
1
0
1
0
85
85
83
81
84
4
1
5
10
9
NL
NL
NL
NL
NL
0.72
0.88
0.73
0.97
1.00
9.36
14.23
10.11
13.38
15.33
2,714
2,250
5,416
17,344
2,461
Christine McConnell (6.0)
John H. Carlson (13.2)
Bewick/Young (0.4/3.1)
Management Team
Management Team
9
0
0
7
5
6.5
—
—
6.0
4.9
6.2
4.9
4.9
4.9
4.8
BB
—
—
AA
A
0
—
—
54
60
35
—
—
40
16
65
—
—
6
22
0
—
—
0
2
148
798
969
78
9
12
49
43
3
6
0
0
0
0
14
76
39
47
95
78
11
11
10
3
2
NL
NL
NL
NL
NL
1.25
0.95
0.95
0.82
0.68
10.31
10.34
10.11
9.88
11.66
3,156
3,237
2,825
2,895
5,212
6
5.0
2.0
BB
0
21
39
40
116
5
2
51
41
NL
0.77
12.91
985
0
Michael Gomez (2.9)
Scott Mather (0.4)
Scott Mather (0.5)
Ian Kelson (7.7)
Larry Keele (11.8)
—
5.9
5.9
—
56
27
7
10
43
5
91
0
—
0.98
—
1,059
—
4
4
4
7
1
5.9
6.1
4.9
7.5
2.8
5.4
5.4
5.4
7.4
2.2
AA
AA
AA
AA
AA
74
60
56
57
64
25
31
38
40
32
0
10
0
1
0
1
0
6
2
3
62
8
18
22
23
12
3
1
0
2
0 88
0 97
0 99
0 100
0 98
0
0
0
0
0
NL
3.75
NL
NL
NL
0.49
0.54
0.37
0.44
0.49
10.70
12.03
9.95
12.34
10.43
1,129
7,739
2,819
5,170
1,925
Kruss/Permut (0.4/5.4)
Management Team
Mark Sommer (2.1)
Christine Jones Thompson (6.3)
Mark Sommer (5.1)
7
0
0
8
5
7.8
—
—
8.5
6.6
7.4
7.4
8.6
8.6
7.4
AA
AA
A
BBB
A
58
73
36
9
48
39
25
32
41
43
1
1
17
18
4
3
1
15
33
5
12
15
20
31
30
0
1
2
2
2
0 100
0 99
0 98
0 98
0 98
0
0
0
0
0
NL
4.25
4.25
NL
NL
0.18
0.60
0.62
0.72
0.52
10.55
11.68
10.04
10.97
9.66
1,168
8,270
6,104
1,480
1,872
Christine Jones Thompson (7.4)
Management Team
Management Team
James M. Murphy (6.6)
Mallas/Miller (0.7/11.4)
1
5
8
2
8
3.1
6.2
8.3
2.2
7.2
2.2
5.4
7.4
2.2
5.4
AA
A
A
A
A
64
55
49
38
55
31
41
47
58
37
2
4
4
4
2
2
0
0
0
6
43
21
32
26
22
2
1
1
12
2
0
0
0
0
0
98
99
99
88
97
0
0
0
0
2
NL
NL
NL
NL
NL
0.51
0.51
0.48
0.55
0.15
5.40
12.64
12.94
10.58
10.29
564
2,672
2,306
1,118
6,361
Charles B. Hill (13.6)
Gladson/Shafer (15.4/5.3)
John Bonnell (2.0)
Gladson/Shafer (14.4/5.3)
Reid Smith (11.7)
4
4
4
1
1
6.9
5.0
6.5
2.4
1.1
7.4
5.4
7.4
2.2
2.2
AA
AA
AA
AA
AA
93
86
75
85
89
7
14
25
15
10
0
0
0
0
0
0
0
0
0
0
34
12
13
32
51
0
1
1
7
9
0
0
0
0
0
99
97
99
91
89
1
2
1
2
2
NL
NL
NL
NL
NL
0.15
0.15
0.15
0.15
0.15
12.07
13.18
10.89
10.87
15.78
3,512
19,741
3,070
8,044
5,090
2
2.2
2.2
A
52
30
2
16
126
0
0 100
0
NL
0.66
9.73
934
Fixed Income Style Box
Sht Int Long
John M. Carbone (0.5)
Kobs/Smith (0.1/0.7)
Reid Smith (0.7)
Marlin G. Brown (0.5)
Pam Wisehaupt-Tynan (11.7)
Casetta/Fitterer (0.8/8.5)
Hi Med Lo
Index_0908.qxp
9/4/08
5:30 PM
Page 46
46
Fund Index
Area code is 800 unless otherwise indicated.
1st Source Income Equity 766-8938 FMIEX 28
Bridgeway Small-Cap Gr BRSGX 32
Bridgeway Ul-Sm Co Mkt BRSIX 32
Brown Cap Small Co Instl 877-892-4226 BCSIX 32
Buffalo 492-8332
Buffalo MicroCp BUFOX 32
Buffalo Mid Cap BUFMX 30
Buffalo Small Cap BUFSX 32
Fidelity Exp & Multinatl FEXPX 24
Fidelity Float Rt Hi Inc FFRHX 44
Fidelity Freedom 2010 FFFCX 34
Fidelity Freedom 2020 FFFDX 34
Fidelity Ginnie Mae FGMNX 42
Fidelity Government Inc FGOVX 42
Fidelity Growth & Income FGRIX 26
Fidelity Growth Company FDGRX 24
Fidelity Growth Discovery FDSVX 24
Fidelity High Income SPHIX 44
Fidelity Independence FDFFX 24
Fidelity Inflation-Protec FINPX 42
Fidelity Interm Bond FTHRX 42
Fidelity Interm Govt FSTGX 42
Fidelity Interm Muni Inc FLTMX 44
Fidelity Intl Disc FIGRX 38
Fidelity Intl Rel Est FIREX 36
Fidelity Intl Sm Cp FISMX 38
Fidelity Invt Grade Bond FBNDX 42
Fidelity Leverage Co Stk FLVCX 30
Fidelity Low-Priced Stk FLPSX 30
Fidelity Magellan FMAGX 24
Fidelity Mid Cap Value FSMVX 32
Fidelity Mid-Cap Stock FMCSX 30
Fidelity Mtg Sec FMSFX 42
Fidelity Municipal Income FHIGX 44
Fidelity New Markets Inc FNMIX 44
Fidelity New Millennium FMILX 30
Fidelity Overseas FOSFX 38
Fidelity Pacific Basin FPBFX 40
Fidelity Puritan FPURX 34
Fidelity Real Estate Inv FRESX 36
Fidelity Sel Electronics FSELX 36
Fidelity Sel Energy Serv FSESX 36
Fidelity Sel Health Care FSPHX 36
Fidelity Sel Technology FSPTX 36
Fidelity Sh-Int Muni Inc FSTFX 44
Fidelity Small Cap Indep FDSCX 32
Fidelity Small Cap Retire FSCRX 32
Fidelity Small Cap Stock FSLCX 32
Fidelity Small Cap Value FCPVX 32
Fidelity Spar 500 Inv FSMKX 26
Fidelity Spar Ext Mkt Inv FSEMX 30
Fidelity Spar Intl Inv FSIIX 38
Fidelity Spar Tot Mkt Inv FSTMX 26
Fidelity Strategic Inc FSICX 44
Fidelity Strategic RRet FSRRX 34
Fidelity Tax-Free Bond FTABX 44
Fidelity Total Bond FTBFX 42
Fidelity U.S. Bond Index FBIDX 42
Fidelity Value FDVLX 32
Fidelity Value Discovery FVDFX 26
Fidelity Worldwide FWWFX 40
First Eagle 334-2143
First Eagle Fund of Am Y FEAFX 30
First Eagle Glbl A SGENX 42
First Eagle Overseas A SGOVX 38
Forward Funds 999-6809
Forward Intl Small Co Inv PISRX 38
Forward Sm-Cp Eq FFSCX 32
Franklin Templeton Investments 632-2301
Franklin Bal Sh Invmt A FRBSX 32
Franklin Fed T/F Inc A FKTIX 44
Franklin Hi Yld T/F A FRHIX 44
Franklin Income A FKINX 34
Mutual Beacon A TEBIX 28
Mutual Discovery A TEDIX 40
Mutual European A TEMIX 40
Mutual Qualified A TEQIX 40
Mutual Shares A TESIX 28
Templeton World A TEMWX 40
Aegis Value 528-3780 AVALX 34
Allianz Funds 498-5413
Allianz NFJ Sm Cap Val D PNVDX 34
Allianz RCM Tech Ins DRGTX 36
American Beacon 967-9009
American Beacon IntEq Pln AAIPX 38
American Beacon LgCVl Pln AAGPX 28
American Beacon SmCVl Pln AVPAX 34
American Century Investments 345-8765
AmCent Capital Val Inv ACTIX 28
AmCent Equity Income Inv TWEIX 28
AmCent Ginnie Mae Inv BGNMX 42
AmCent Global Gold Inv BGEIX 36
AmCent Global Gr Inv TWGGX 40
AmCent Growth Inv TWCGX 24
AmCent Inc & Growth Inv BIGRX 28
AmCent Intl Disc Inv TWEGX 38
AmCent Intl Growth Inv TWIEX 38
AmCent Small Cap Val Inv ASVIX 34
AmCent Tax-Free Bond Inv TWTIX 44
AmCent Ultra Inv TWCUX 24
AmCent Value Inv TWVLX 28
AmCent Vista Inv TWCVX 28
American Funds 421-0180
Amer Funds Amcap A AMCPX 24
Amer Funds Amer Bal A ABALX 34
Amer Funds Amer H/I A AHITX 44
Amer Funds Amer Mut A AMRMX 28
Amer Funds CapWrldBd A CWBFX 44
Amer Funds CapWrldGI A CWGIX 40
Amer Funds CpIncBldr A CAIBX 40
Amer Funds EuroPac A AEPGX 38
Amer Funds Fundamen A ANCFX 24
Amer Funds Grth Fund A AGTHX 24
Amer Funds Inc Fund A AMECX 34
Amer Funds Inv Co Am A AIVSX 28
Amer Funds New Econ A ANEFX 24
Amer Funds New Persp A ANWPX 40
Amer Funds New World A NEWFX 40
Amer Funds Sm World A SMCWX 40
Amer Funds T/E Bd A AFTEX 44
Amer Funds WashingtonA AWSHX 28
Ameristock 394-5064 AMSTX 28
Ariel 292-7435
Ariel ARGFX 30
Ariel Appreciation CAAPX 30
Artio Global 387-6977
Julius Baer Intl Eq II A JETAX 38
Julius Baer Intl Eqty A BJBIX 38
Julius Baer Tot Ret Bd A BJBGX 42
Artisan 344-1770
Artisan International Inv ARTIX 38
Artisan Intl Sm Cap ARTJX 38
Artisan Intl Val ARTKX 38
Artisan Mid Cap Inv ARTMX 28
Artisan Mid Cap Value ARTQX 30
Artisan Opportunistic Inv ARTLX 28
Artisan Small Cap ARTSX 32
Artisan Small Cap Value ARTVX 34
Aston 992-8151
Aston/Montag Growth N MCGFX 24
Aston/River Rd SmCp Val N ARSVX 34
Aston/TAMRO Small Cap N ATASX 32
Baird Aggregate Bd Inst 792-2473 BAGIX 42
Baron Asset 442-3814
Baron Asset BARAX 28
Baron FifthAveGr BFTHX 24
Baron Growth BGRFX 32
Baron Partners BPTRX 28
Baron Small Cap BSCFX 32
Bjurman, Barry MicroCp Gr 227-7264 BMCFX 32
BlackRock 441-7762
BlackRock Glb Res Inv A SSGRX 36
BlackRock Global Alloc A MDLOX 40
Bogle Small Cap Gr Inv 877-264-5346 BOGLX 32
Brandywine 656-3017
Brandywine BRWIX 30
Brandywine Blue BLUEX 24
Bridgeway 661-3550
Bridgeway Aggr Inv 2 BRAIX 30
Bridgeway Balanced BRBPX 34
Bridgeway Blue-Chip 35 BRLIX 26
Bridgeway Large-Cap Gr N BRLGX 24
Bridgeway Sm-Cap Val N BRSVX 32
CGM 598-0778
CGM Focus CGMFX 26
CGM Realty CGMRX 36
Calamos 582-6959
Calamos Convertible A CCVIX 44
Calamos Gr & Inc A CVTRX 34
Calamos Growth A CVGRX 24
Calamos Mrkt Ntrl Inc A CVSIX 34
Causeway Intl Value Inv 866-947-7000 CIVVX 38
Century Sm-Cp Sel Inv 303-1928 CSMVX 32
Champlain Small Co Adv 866-773-3238 CIPSX 32
Chase Growth 888-861-7556 CHASX 24
Chesapeake Core Growth 430-3863 CHCGX 24
Clipper 432-2504 CFIMX 26
Columbia 345-6611
Columbia Acorn Intl Z ACINX 38
Columbia Acorn Select Z ACTWX 30
Columbia Acorn USA Z AUSAX 32
Columbia Acorn Z ACRNX 30
Columbia Val & Restruct Z UMBIX 28
DFA U.S. Micro Cap I 310-633-7885 DFSCX 32
Davis Funds 279-0279
Davis Appr & Income A RPFCX 44
Davis Financial A RPFGX 36
Davis NY Venture A NYVTX 26
Delafield 221-3079 DEFIX 30
Diamond Hill Funds 888-226-5595
Diamond Hill Large Cap A DHLAX 28
Diamond Hill Small Cap A DHSCX 34
Dodge & Cox 621-3979
Dodge & Cox Balanced DODBX 34
Dodge & Cox Global Stk DODWX 40
Dodge & Cox Income DODIX 42
Dodge & Cox Intl Stock DODFX 38
Dodge & Cox Stock DODGX 28
Domini Social Equity 582-6757 DSEFX 26
Dreyfus Appreciation 645-6561 DGAGX 26
Eaton Vance 262-1122
Eaton Vance Div Bldr A EVTMX 26
Eaton Vance Fltg Rt A EVBLX 44
Eaton Vance Inc Boston A EVIBX 44
FAM Value 932-3271 FAMVX 30
FBR Focus 888-888-0025 FBRVX 30
FMI Large Cap 811-5311 FMIHX 26
FPA 982-4372
FPA Capital FPPTX 32
FPA Crescent FPACX 34
FPA New Income FPNIX 42
FPA Paramount FPRAX 30
Fairholme 866-202-2263 FAIRX 26
Fidelity Investments 544-9797
Fidelity FFIDX 26
Fidelity Adv Small Cap T FSCTX 32
Fidelity Asset Mgr 50% FASMX 34
Fidelity Balanced FBALX 34
Fidelity Blue Chip Grth FBGRX 24
Fidelity Capital & Inc FAGIX 44
Fidelity Capital Apprec FDCAX 24
Fidelity Contrafund FCNTX 24
Fidelity Convertible Sec FCVSX 44
Fidelity Disciplined Eq FDEQX 26
Fidelity Diversified Int FDIVX 38
Fidelity Dividend Growth FDGFX 26
Fidelity Equity-Inc FEQIX 28
Fidelity Equity-Inc II FEQTX 28
Gabelli Asset AAA 422-3554 GABAX 30
Greenspring 576-7498 GRSPX 34
Harbor 422-1050
Harbor Bond Instl HABDX 42
Harbor Capital App Instl HACAX 24
Harbor Intl Growth Inv HIIGX 38
Harbor Intl Instl HAINX 38
Harbor Real Return Instl HARRX 42
Homestead Value 258-3030 HOVLX 28
Hussman Strategic Growth 487-7626 HSGFX 34
JP Morgan 480-4111
JPMorgan U.S. Real Est A SUSIX 36
Undiscovered Mg BehGrInv UBRRX 30
Janus 525-3713
Janus JANSX 24
Janus Balanced JABAX 36
Janus Contrarian JSVAX 26
Janus Enterprise JAENX 30
Janus Global Life Sci JAGLX 36
Janus Global Opps JGVAX 40
Janus Growth & Income JAGIX 24
Janus High-Yield JAHYX 44
Janus Mid Cap Val Inv JMCVX 32
Janus Orion JORNX 30
Janus Overseas JAOSX 38
Janus Research JAMRX 24
Janus Sm Cap Val Instl JSIVX 34
Janus Twenty JAVLX 24
Janus Venture JAVTX 32
Janus Worldwide JAWWX 40
Jensen J 992-4144 JENSX 24
Kalmar Gr Val Sm Cp 282-2319 KGSCX 32
LKCM 688-5526
LKCM Equity LKEQX 26
LKCM Small Cap Equity Ins LKSCX 32
Lazard Emrg Mkt Eq Open 986-3455 LZOEX 40
Legg Mason P Aggr Grow A 451-2010 SHRAX 24
Legg Mason Value Prim 822-5544 LMVTX 26
Longleaf Partners 445-9469
Longleaf Partners LLPFX 26
Longleaf Partners Intl LLINX 38
Longleaf Partners Sm-Cap LLSCX 34
Loomis Sayles Funds 633-3330
Loomis Sayles Bond Ret LSBRX 44
Loomis Sayles GlbBd Ret LSGLX 44
Lord Abbett Affiliated A 888-522-2388 LAFFX 28
MFS Total Return A 225-2606 MSFRX 36
Madison Mosaic Investors MINVX 26
MainStay 624-6782
MainStay ICAP Equity I ICAEX 28
MainStay ICAP Intl I ICEUX 38
MainStay ICAP Sel Eq I ICSLX 28
MainStay MAP I MUBFX 26
Mairs & Power 304-7404
Mairs & Power Balanced MAPOX 36
Mairs & Power Growth MPGFX 26
Managers Funds 548-4539
Managers Fremont Bond MBDFX 42
Managers Fremont Mic-Cap MMCFX 32
Managers Special Equity M MGSEX 32
Skyline Special Eq SKSEX 34
Manning & Napier Equity 466-3863 EXEYX 26
Marsico Investment Fund 888-860-8686
Marsico 21st Century MXXIX 24
Marsico Focus MFOCX 24
Marsico Global MGLBX 40
Marsico Growth MGRIX 24
Marsico Intl Opp MIOFX 38
Masters' 960-0188
Masters' Sel Focused Opp MSFOX 26
Masters' Select Equity MSEFX 26
Masters' Select Intl MSILX 38
Masters' Select Small Co MSSFX 32
Masters' Select Value MSVFX 26
Matrix Advisors Value 866-209-1965 MAVFX 26
Matthews Asian Funds 789-2742
Matthews Asia Pac Eq Inc MAPIX 40
Matthews China MCHFX 40
Matthews India MINDX 40
Matthews Pacific Tiger MAPTX 40
Merger 343-8959 MERFX 36
Meridian 446-6662
Meridian Growth MERDX 30
Meridian Value MVALX 30
Index_0908.qxp
9/4/08
5:30 PM
Page 47
Metropolitan West Funds 241-4671
Metro West Low Dur M MWLDX 42
Metro West Total Ret MWTRX 42
Metropolitan West H\Y M MWHYX 44
Muhlenkamp 860-3863 MUHLX 28
Natixis Funds 225-5478
Gateway A GATEX 34
Loomis Sayles Sm Gr Ret LCGRX 32
Neuberger Berman 877-9700
Neuberger Ber Genesis Inv NBGNX 32
Neuberger Ber Intl Inv NBISX 38
Neuberger Ber Part Inv NPRTX 26
Nicholas 544-6547 NICSX 26
Northeast Investors 225-6704 NTHEX 44
Oak Value 622-2474 OAKVX 26
Oakmark 625-6275
Oakmark Equity & Inc I OAKBX 36
Oakmark Global I OAKGX 40
Oakmark Global Select I OAKWX 40
Oakmark I OAKMX 26
Oakmark International I OAKIX 38
Oakmark Intl Small Cap I OAKEX 38
Oakmark Select I OAKLX 26
OppenheimerFunds 225-5677
Oppenheimer Develop MktA ODMAX 40
Oppenheimer Glob A OPPAX 40
Oppenheimer Glob Oppor A OPGIX 40
Oppenheimer Intl Grth A OIGAX 38
Osterweis 700-3316 OSTFX 30
PIMCO Funds 426-0107
PIMCO CommRealRetStrD PCRDX 36
PIMCO Emerg Mkts Bd D PEMDX 44
PIMCO For Bd (Unhdgd) D PFBDX 44
PIMCO For Bd USD-Hdgd D PFODX 44
PIMCO High-Yield D PHYDX 44
PIMCO Low Duration D PLDDX 42
PIMCO Real Ret D PRRDX 42
PIMCO Short-Term D PSHDX 42
PIMCO Total Ret D PTTDX 42
PRIMECAP Odyssey Funds 729-2307
PRIMECAP Odyssey Agg Gr POAGX 30
PRIMECAP Odyssey Growth POGRX 24
PRIMECAP Odyssey Stock POSKX 24
Pax World Balanced 372-7827 PAXWX 36
Paydenfunds 572-9336
Payden Core Bond PYCBX 42
Payden GNMA PYGNX 42
Payden Limited Maturity PYLMX 42
Pioneer A 225-6292 PIODX 26
Polaris Global Value 888-263-5594 PGVFX 40
Presidio 595-3166 PRSDX 34
RS Funds 766-3863
RS MidCap Opport A RSMOX 30
RS Value A RSVAX 30
Rainier Sm/Mid Cap 248-6314 RIMSX 30
Robeco BostPtn SmCpII Inv BPSCX 34
Royce 221-4268
Royce Opportunity Invt RYPNX 34
Royce PA Mutual Invt PENNX 34
Royce Premier Invt RYPRX 30
Royce Special Equity Invt RYSEX 34
Royce Total Return Invt RYTRX 34
Royce Value Svc RYVFX 34
SSgA Emerging Markets 647-7327 SSEMX 40
Schneider Funds 888-520-3277
Schneider Small Cap Val SCMVX 34
Schneider Value SCMLX 28
Selected Funds 243-1575
Selected American D SLADX 26
Selected Special D SLSDX 30
Sequoia 686-6884 SEQUX 26
Sextant Growth 728-8762 SSGFX 30
Sound Shore 551-1980 SSHFX 28
Stratton Small-Cap Value 472-4266 STSCX 34
T. Rowe Price 638-5660
T. Rowe Price Balanced RPBAX 36
T. Rowe Price BlChpGr TRBCX 24
T. Rowe Price Cap Apprec PRWCX 36
T. Rowe Price Corp Inc PRPIX 42
T. Rowe Price Div Growth PRDGX 26
T. Rowe Price Emg Mkt St PRMSX 40
T. Rowe Price Eq Inc PRFDX 28
T. Rowe Price Fincl Svcs PRISX 36
T. Rowe Price GNMA PRGMX 42
T. Rowe Price Glob Stock PRGSX 40
T. Rowe Price Glob Tech PRGTX 36
T. Rowe Price Gr Stk PRGFX 24
T. Rowe Price Grth & Inc PRGIX 26
T. Rowe Price Health Sci PRHSX 36
T. Rowe Price Hi-Yld PRHYX 44
T. Rowe Price Intl Bd RPIBX 44
T. Rowe Price Intl Disc PRIDX 38
T. Rowe Price Intl Stk PRITX 38
T. Rowe Price IntlGr&I TRIGX 38
T. Rowe Price Latin Amer PRLAX 40
T. Rowe Price Med & Tele PRMTX 36
T. Rowe Price Mid Gr RPMGX 30
T. Rowe Price Mid Val TRMCX 32
T. Rowe Price New Amer PRWAX 24
T. Rowe Price New Asia PRASX 40
T. Rowe Price New Era PRNEX 36
T. Rowe Price New Horiz PRNHX 32
T. Rowe Price New Inc PRCIX 42
T. Rowe Price Pers Inc PRSIX 36
T. Rowe Price Real Est TRREX 36
T. Rowe Price Rtmt 2015 TRRGX 36
T. Rowe Price S/T Bond PRWBX 42
T. Rowe Price SciTech PRSCX 36
T. Rowe Price Sm Stk OTCFX 34
T. Rowe Price Sm Val PRSVX 34
T. Rowe Price Spect Grth PRSGX 26
T. Rowe Price Spect Inc RPSIX 44
T. Rowe Price T/F Hi-Yld PRFHX 44
T. Rowe Price T/F Inc PRTAX 44
T. Rowe Price T/F Sh-Int PRFSX 44
T. Rowe Price US Try L/T PRULX 42
T. Rowe Price Value TRVLX 28
TCW 386-3829
TCW Dividend Focused N TGIGX 28
TCW Relative ValSmCp N TGONX 34
TCW Total Return Bond I TGLMX 42
TCW Value Opportunities I TGVOX 30
The Westport Funds 888-593-7878
Westport R WPFRX 30
Westport Select Cap R WPSRX 30
Third Avenue 443-1021
Third Avenue Intl Value TAVIX 38
Third Avenue RealEst Val TAREX 36
Third Avenue Sm-Cap Val TASCX 34
Third Avenue Value TAVFX 40
Thompson Plumb Growth 999-0887 THPGX 26
Thornburg 847-0200
Thornburg Intl Value A TGVAX 38
Thornburg Value A TVAFX 26
Torray 626-9769 TORYX 26
Touchstn Snds Cp Sel Gr Z 543-0407 PTSGX 24
Transam Prem Equity Inv 892-7587 TEQUX 24
Turner Investment Partners 224-6312
Turner Midcap Gr Inv TMGFX 30
Turner Small Cap Growth TSCEX 32
Tweedy Browne 432-4789
Tweedy, Browne Glob Val TBGVX 38
Tweedy, Browne Val TWEBX 28
UMB Scout International 996-2862 UMBWX 38
USAA 531-8181
USAA Aggressive Growth USAUX 24
USAA Income USAIX 42
USAA International USIFX 38
USAA Tax Ex Interm-Term USATX 44
USAA Tax Ex Long-Term USTEX 44
USAA Tax Ex Short-Term USSTX 44
Van Kampen 847-2424
Van Kampen Cap Gr A ACPAX 24
Van Kampen Comstock A ACSTX 28
Van Kampen Eq and Inc A ACEIX 36
Van Kampen Growth & IncA ACGIX 28
Vanguard 662-7447
Vanguard 500 Index VFINX 26
Vanguard Asset Alloc VAAPX 36
Vanguard Bal Idx VBINX 36
Vanguard Cap Opp VHCOX 24
Vanguard Capital Value VCVLX 28
Vanguard Convertible Sec VCVSX 44
Vanguard Dev Mkts Idx VDMIX 38
Vanguard Dividend Growth VDIGX 28
Vanguard Em Mkt Idx VEIEX 40
Vanguard Energy VGENX 36
Vanguard Equity-Inc VEIPX 28
Vanguard Eur Stk Idx VEURX 40
Vanguard Explorer VEXPX 32
Vanguard ExtMktIdx VEXMX 30
Vanguard FTSE AWldexUS Iv VFWIX 38
Vanguard FTSE Soc Idx Inv VFTSX 26
Vanguard GNMA VFIIX 42
Vanguard Global Equity VHGEX 40
Vanguard Gr & Inc VQNPX 26
Vanguard Gr Idx VIGRX 24
Vanguard Growth Equity VGEQX 24
Vanguard Health Care VGHCX 36
Vanguard Hi-Yld Corp VWEHX 44
Vanguard Hi-Yld T/E VWAHX 44
Vanguard Infl-Prot Secs VIPSX 42
Vanguard Ins L/T TE Inv VILPX 44
Vanguard Int-Tm Treas VFITX 42
Vanguard IntTm Inv-Gr Fd VFICX 42
Vanguard IntTm T/E VWITX 44
Vanguard Intl Explorer VINEX 38
Vanguard Intl Gr VWIGX 40
Vanguard Intl Value VTRIX 40
Vanguard Intm Bd Idx VBIIX 42
Vanguard Lg-Tm T/E VWLTX 44
Vanguard LifeSt Cons Gr VSCGX 36
Vanguard LifeSt Growth VASGX 26
Vanguard LifeSt Income VASIX 36
Vanguard LifeSt Mod Grth VSMGX 36
Vanguard Long-Tm InvGrde VWESX 42
Vanguard Long-Tm US Try VUSTX 42
Vanguard LtdTm T/E VMLTX 44
Vanguard Mid Cap Growth VMGRX 30
Vanguard Mid Cap Idx VIMSX 30
Vanguard Morgan Gr VMRGX 24
Vanguard PRIMECAP VPMCX 24
Vanguard PRIMECAP Core VPCCX 24
Vanguard Prec Mtls Mining VGPMX 36
Vanguard REIT Index VGSIX 38
Vanguard STAR VGSTX 36
Vanguard Selected Value VASVX 32
Vanguard Sh-Tm Bd Idx VBISX 42
Vanguard Short-Tm Trs VFISX 42
Vanguard Sht-Tm Inv-Grade VFSTX 42
Vanguard Sht-Tm TE VWSTX 44
Vanguard ShtTm Fed VSGBX 42
Vanguard SmCp Gr Idx VISGX 32
Vanguard SmCp Idx NAESX 34
Vanguard SmCp Vl Idx VISVX 34
Vanguard Strategic Eq VSEQX 30
Vanguard Target Rtmt 2025 VTTVX 36
Vanguard Tax-Mgd Bal VTMFX 36
Vanguard Tax-Mgd Intl VTMGX 40
Vanguard Tax-Mgd SmCap Iv VTMSX 34
Vanguard Tot Stk VTSMX 26
Vanguard Total Bd Idx VBMFX 42
September 2008
47
Vanguard Total Intl Stk VGTSX 40
Vanguard Tx-Mgd App VMCAX 28
Vanguard Tx-Mgd Gr VTGIX 28
Vanguard U.S. Gr VWUSX 24
Vanguard U.S. Value VUVLX 28
Vanguard Val Idx VIVAX 28
Vanguard Wellesley Inc VWINX 36
Vanguard Wellington VWELX 36
Vanguard Windsor VWNDX 28
Vanguard Windsor II VWNFX 28
WHG LargeCap Value Instl WHGLX 28
Wasatch 551-1700
Wasatch Core Growth WGROX 32
Wasatch Heritage Growth WAHGX 30
Wasatch Micro Cap WMICX 32
Wasatch Small Cap Growth WAAEX 32
Wasatch Small Cap Value WMCVX 34
Wasatch Ultra Growth WAMCX 32
Weitz 304-9745
Weitz Hickory WEHIX 30
Weitz Partners Value WPVLX 28
Weitz Value WVALX 28
Wells Fargo Advantage 222-8222
WF Adv Opportunity Inv SOPFX 30
WF Adv S/T Muni Bd Inv STSMX 44
Westcore Midco Growth 392-2673 WTMGX 30
Western Asset Cr Bd Inst WATFX 42
William Blair 635-2886
William Blair Intl Gr N WBIGX 40
William Blair Sm-Cp Gr N WBSNX 32
R1_0908.qxp
9/4/08
5:17 PM
Page 48
Volume 17, Number 1
Investment Strategy
Director of Fund Research
Russel Kinnel
Director of Fund Analysis
Morningstar FundInvestor doesn’t just look for funds with competitive advantages—it
looks for funds that stay competitive. We research. We test. We scrutinize everything
from the strategies and management to stewardship, trading costs, and long-term
performance. Then we share all of our findings with you.
Karen Dolan
Fund Analysts
Greg Carlson, Dan Culloton,
Hilary Fazzone, Paul Herbert,
Marta Norton, Bill Rocco, Wenli Tan
Copy Editors
Elizabeth Bushman, Janice Frankel,
Jennifer Ferone Gierat, Karen Wallace
Senior Designer
Christopher Cantore
Design Intern
Meghan Tweedie
Programmers
Ask Russ
Eider Deleoz, Christine Tan
Quality Assurance Analysts
Sandra Benedict, Scott Kauffman,
Carol Yook
Send your questions for Russ to fundinvestor@morningstar.com.
Senior Product Manager
Jeannie Bernier
Q: What do you think about closed-end bond funds?
A: There are some good ones, but stay away from
leveraged ones for now because auction-rate securities are making a mess of the situation.
Q: I’m confused. Is Oakmark Equity & Income
OAKBX open or closed?
A: It’s open to new investors who go directly
through Oakmark, but you can’t get in through the
mutual fund supermarkets.
Q: What are the best TIPS funds?
A: Vanguard Inflation-Protected Securities
VIPSX is a great option because it has the lowest
costs, and with Treasuries there’s not a lot of value to
be added. A second good option is Harbor Real
Return Institutional HARRX, which is run by PIMCO.
The minimum investment is only $1,000. You have
to go directly to Harbor to avoid additional fees. There
are two caveats for any TIPS fund. First, TIPS have
rallied to the point where their inflation protection is
severely reduced. Second, TIPS funds are not taxefficient, so keep them in a tax-sheltered account.
Q: Vanguard Selected Value VASVX has had a
brutal one-year return. Should I stick with it or bail?
A: Manager Jim Barrow has built a great long-term
track record, but his deep-value style is bound
to have some tough years like this one. We expect
a rebound. œ
mfi.morningstar.com
Sign Up for E-mail Alerts
Keep up to date on manager changes
and new Fund Analyst Picks.
View the FundInvestor 500
Get daily updates on all 500
funds in the FundInvestor 500.
Maureen Dahlen
Chief of Securities Analysis
Haywood Kelly
President, Securities Research
Catherine Gillis Odelbo
© 2008 Morningstar, Inc.
All rights reserved. Reproduction
by any means is prohibited. While
data contained in this report
are gathered from reliable sources,
accuracy and completeness
cannot be guaranteed. The publisher
does not give investment advice
or act as an investment advisor.
All data, information, and opinions
are subject to change without notice.
Reprints of articles and information
appearing in Morningstar FundInvestor
are available in quantity. Please call
312-696-6100.
For inquiries regarding your subscription, contact:
newslettersupport@morningstar.com.
Address all correspondence to
Maureen Dahlen, Morningstar, 225
W. Wacker Drive, Chicago, IL 60606.
(ISSN 1099-0402) is published monthly
by Morningstar, Inc., 225 West Wacker
Drive, Chicago, IL 60606. For subscriptions call: toll-free 1 866 608-9570.
Take Advantage of All Your Free FundInvestor Benefits!
Visit our new site at:
Publisher
Download Your Issue Early
Get the next issue on
our Web site after Oct. 7.
Periodicals postage paid at Chicago, IL
and at additional mailing offices.
POSTMASTER: Send address changes
to Morningstar FundInvestor, 225
West Wacker Dr., Chicago, IL 60606.
FSN200809
(ISSN 1099-0402)
225 West Wacker Drive
Chicago, Illinois 60606
Periodicals Postage
P a i d
Chicago, Illinois and
additional offices
This publication is printed on Cascades
Rolland ST 30 paper, which contains
30% postconsumer waste fiber and is
manufactured using biogas energy.

FundInvestor PMS 185 U

Transcription

Similar documents

FundInvestor PMS 185 U

Meeting Aeenda - Grays Harbor PUD