FundInvestor PMS 185 U

Transcription

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FundInvestor
January 2009
SM
Volume
Number
17
5
Research and recommendations for the serious fund investor
Where to Invest in 2009
and Beyond
If they cut the price of the average Lexus in half, your
reaction would depend on whether you wanted to
buy one but hadn’t or whether you had already bought
one. The same thing goes for the markets. If you’re
still buying, then the world is your oyster. If you’ve done
all the buying you had planned and are instead in the
mode of selling investments to cover living expenses,
you’re naturally feeling very differently.
Those with more money to put to work because they
have a regular paycheck or held a lot of cash on
the sidelines have the opportunity to make their losses
back faster by buying more at depressed prices.
Either way, the downturn does provide the opportunity
for stronger returns over the next decade or longer.
I’ve got a bunch of ideas for good long-term investments, but, first, here are a couple of investment
themes to think about as you assess your portfolio.
Time to Book a Tax Loss
You can sell any funds that you are holding at values
lower than those at which you acquired them and
realize a loss. Then you can move the money to a better
fund—in effect, you’d be getting paid to upgrade.
If you’re not sure if you hold a fund at a loss, check
with your fund company or accountant. Also, be
sure to check whether there are any redemption fees.
Watch Out for Rising Fund Expense Ratios
Sadly, big losses generally mean higher fees in mutual
funds even though that sounds rather perverse.
Most mutual funds have breakpoints in their management fees, which bring expenses down as assets
grow but lead to hikes when assets shrink. Other fees
are often based on firmwide assets and might tick
up as well. You should be particularly watchful of
foreign funds, as many tripped breakpoints for lower
costs as they grew in 2007 and may well hit them
going the other way now.
There are two ways to avoid getting stuck with a pricey
fund. First, buy one of the cheapest funds around.
Index funds are particularly well protected because
their management fees are extremely small. Even
if expenses rise a bit, you’ll still have a cheap fund.
You can also look back at a fund’s history to see
what expenses looked like the last time its assets
were around current levels.
Watch Out for Falling Dollars
The dollar enjoyed a nice pop in 2008, but I’m a little
wary with interest rates near zero. A number of my
picks for 2009 offer foreign-currency diversification.
What to Buy for 2009
Newly Reopened Funds
The time to get into great funds is when they are out
of favor. That goes double for funds that close pretty
quickly. Now, nearly every previously closed fund has
reopened. Only a handful of our picks is closed to
new investors. This opportunity won’t be around after
the next market rally.
I never thought Sequoia Fund SEQUX would reopen,
but with an aging shareholder base and a down
market, it is willing to take new cash. Founders Bill
Ruane and Richard Cunniff are no longer at the
helm, but the next generation is outstanding and experienced. Robert Goldfarb has been with the firm for
Continued on Page 2
Russel Kinnel,
Director of Fund Research and Editor
Fund Analyst Picks
5
Harbor Commodity Real Return
Third Avenue Real Estate Value
Morningstar Research
8
Our Manager of the Year Winners
The Contrarian
These Funds Disappointed
10
Red Flags
11
Treasury Funds Offering Measly
Yields
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
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Where to Invest in 2009 and Beyond
Continued From Cover
30 years, and he’s supported by comanager David
Poppe and about a dozen analysts. The fund invests
very much in the Warren Buffett mold, looking for
well-run companies trading at reasonable prices.
Causeway International Value CIVVX is another gem.
Run by experienced managers who formerly worked
at Hotchkis & Wiley, it is one of the best foreign-value
mutual funds around, and it has the record to prove it.
Allianz NFJ Small Cap Value PSVIX is another winner.
I love the small-cap dividend focus, and that focus
helped it limit losses in last year’s brutal markets. The
institutional shares are the best deal, but D shares
are the easy way in through a fund supermarket.
Third Avenue Small-Cap Value TASCX had a disappointing year, but I still believe in it. Historically,
Third Avenue funds have done an outstanding job of
limiting losses in down markets by focusing on
supercheap stocks that couldn’t fall much further. But
in 2008, the fund lost 35%, which is only slightly
better than the category average. Even so, the fund’s
10-year returns are in the top quintile of its peer
group, and I have faith in Curtis Jensen.
I’ve written quite a bit about these three: Longleaf
Partners LLPFX, Dodge & Cox Stock DODGX, and
Dodge & Cox Balanced DODBX. These are great
funds with strong long-term prospects.
Great Core Funds
To me, upgrading in a down market means getting
better managers, lower costs, and better stocks.
With blue chips and big broad market indexes looking
cheap, here are some appealing ideas.
Masters’ Select International MSILX is a great place
to gain broad foreign-equity exposure. It delegates
assets to six excellent managers: Oakmark International’s OAKIX David Herro, Ted Tyson of Mastholm
Asset Management, Bill Fries of Thornburg International Value TGVAX, Jim Gendelman of Harbor
International Growth HIIGX, Amit Wadhwaney of
Third Avenue International Value TAVIX, and
the four-person team at Northern Cross that helps run
Harbor International HAINX. Over the trailing 10
years, the fund has beaten 95% of foreign largeblend funds.
Artio International Equity II JETAX is another
keeper. Formerly named Julius Baer, the fund is run by
Richard Pell and Rudolph-Riad Younes. They blend
top-down and bottom-up selection and have a remarkable knack for succeeding in all market environments.
Vanguard Primecap Core VPCCX is an outstanding
fund that hasn’t yet attracted much attention.
Primecap runs a brilliant contrarian growth strategy
that’s going on 20 years of strong performance.
Fairholme FAIRX is more concentrated than the three
funds that I mentioned, so you have to be ready for
years when it is well behind or ahead of the S&P 500.
You also have to be tolerant of crowds because Bruce
Berkowitz’s brilliant stock selection has made this one
popular fund of late. Despite that and some changes
in the comanager ranks at this fund, it’s a keeper.
Get Global
With the difference between U.S., European, and
Japanese giants fading, it makes sense to invest in
a world-stock fund where managers can pick the
best investments in an industry regardless of location.
Manning & Napier World Opportunities EXWAX
uses an all-cap, analyst-driven approach that incorporates growth, value, and cyclical plays. The shop is
risk-averse, and its funds have done comparatively
well in down markets. This one lost much less than the
benchmark and its typical rival in the last bear market
from 2000–02, and its long-term record is outstanding.
Dodge & Cox Global Stock DODWX took a big pratfall when it made its entrance, but I still think that
its long-term prospects are bright. Look at the long-term
record at Dodge & Cox and you’ll see it has done an
outstanding job for investors over the long haul. There’s
no secret mix for this fund. It just glued together
the portfolios from Dodge & Cox Stock and Dodge
& Cox International Stock DODFX to come up
with this fund, which has $400 million in assets and
charges 0.87%. So, if you own one of those, you
don’t need this new fund, but with world economies
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Morningstar FundInvestor
linking up, world-stock funds like this one make a
lot of sense. Dodge’s experience and time-proven
strategy make this a compelling option.
Artisan Global Value ARTGX is new and run by David
Samra and Daniel O’Keefe. They worked previously
at Oakmark’s international funds with David Herro, our
2006 International-Stock Manager of the Year. Like
Herro, Samra and O’Keefe are contrarians who buy
firms trading at big discounts to their estimates of
intrinsic value. They pile into battered and emerging
markets and pay no heed to benchmark weightings.
Marsico Global MGLBX
Like the Dodge fund, this is a pretty new fund but
boasts experienced management. Manager Cory
Gilchrist runs the show on this fund, but he’s assisted
by veteran hands James Gendelman and Tom Marsico.
Gilchrist and the others fill the fund with 40 to 70
stocks, each of which displays a macroeconomic tail
wind, industry tail wind, company-specific opportunity, and a reasonable valuation. This leads to a portfolio with above-average growth characteristics
and also with above-average prices. Running a concentrated growth fund is risky, but Marsico has mastered
it over 20 years. He’s shown that he knows how to
diversify among sectors and has avoided big blowups
at the top of the portfolio.
Bond Funds That Invest in Anything but Treasuries
Treasuries have rallied to the point where their
expected returns are quite minimal. Naturally, investors
are drawn to their safety, but that makes a slew
of other fund portfolios cheap for the patient investor.
Here are some favorite plays:
Loomis Sayles Bond LSBRX is run by Dan Fuss and
Kathleen Gaffney in an opportunistic style: They’ll
go after whatever looks cheap, and their track record
is remarkable, with the huge exception of 2008 when
they got smacked silly. I have faith Fuss will bring
this back, but it’s clearly designed for a long-term time
horizon like that of stock funds. With a 12% yield
on the portfolio, you could well get equitylike returns.
Fidelity Tax-Free Bond FTABX (or its state-specific
equivalents) is a much more tame play. Munis
January 2009
3
have gotten so cheap that they now boast much
better yields than Treasuries even before factoring in
their tax advantage. In 2008, Fidelity’s muni lineup
held up better than that of any fund company, including
T. Rowe and Vanguard.
Vanguard Convertible Securities VCVSX is a
compelling investment. Converts have gotten
cheap because hedge funds are being forced to liquidate and because investors are understandably
worried about the recession. Hence, the opportunity
to get in at low prices and decent yields. Manager
Larry Keele has beaten 90% of his peers over the past
10 years without taking as much credit risk as they do.
Assets Where the Bubble Has Burst
I suppose everything qualifies as being post-bubble,
but I’m thinking in particular about asset classes
that had been ridiculously overpriced but now look
respectable. They may not be screaming buys but
could serve as modest diversifiers in your portfolio now
that they’ve had the heck beaten out of them.
Real estate and commodities have come crashing, so
consider Third Avenue Real Estate Value TAREX
and Harbor Commodity Real Return HACMX (Page 5).
Third Avenue is run by maverick Michael Winer,
who ventures well beyond REITs in search of attractive
investments. For a more straightforward real estate
play, consider T. Rowe Price Real Estate TRREX, run
by David Lee, who boasts a strong 10-year record.
Finally, for the hard-core bottom-fisher, consider Asia
funds. Matthews Pacific Tiger MAPTX is an aggressive but well-run equity fund with a strong 10-year
record. On the slightly tamer side is Matthews Asia
Pacific Equity Income MAPIX, where the income
component moderates returns a bit. The last two years’
returns tell you a lot about the two funds’ risk/reward
profiles: Equity Income gained 18.1% in 2007 and
lost 26% in 2008 while Tiger gained 33.7% and then
turned around and lost 46%.
How’d I Do in Past Years?
Although it’s still early to judge, I’ve included a score
card on my favorites for 2007 and 2008. See Page 4. œ
Contact Russel Kinnel at [email protected]
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How My 2007 Picks Are Doing So Far
Name
Morningstar
Category
Primary
Prospectus
Benchmark
Artio Intl EquityJETIX
Aston/Montag & Caldwell MCGFX
Champlain Small Company CIPSX
Dodge & Cox Income DODIX
Dodge & Cox Intl DODFX
Dreyfus Appreciation DGAGX
Fidelity Muni Income FHIGX
Harbor International Grth HIIGX
Harbor Real Return Instl HARRX
iShares Russell 3000 Idx IWV
iShares S&P 500 Growth Idx IVW
Royce Special Equity Invt RYSEX
Schneider Value SCMLX
Selected American Shares SLADX
Selected Special Shares SLSDX
T. Rowe Price Health Scns PRHSX
Vanguard Health Care ETF VHT
Vanguard Tax-Managed VTMFX
Foreign Large Blend
Large Growth
Small Growth
Intermediate-Term
Foreign Large Value
Large Blend
Muni National Long
Foreign Large Growth
Inflation-Protected
Large Blend
Large Growth
Small Value
Large Value
Large Blend
Mid-Cap Blend
Specialty-Health
Specialty-Health
Conservative Allctn
MSCI AC World Ex
Russell 1000 Growth
Russell 2000
BarCap US Agg Bond
MSCI EAFE
S&P 500 TR
BarCap Municipal
MSCI EAFE Growth
BarCap US Treasury
Russell 3000
S&P 500/Citi Growth
Russell 2000
Russell 1000 Value
S&P 500
Russell 3000
S&P 500
MSCI IMI/Health Care
Russell 1000
Return
1-1-07 to 1/2 1/2
12-31-08 Cat
Indx
-17
-10
-8
2
-23
-15
-1
-22
3
-19
-16
-8
-33
-20
-26
-8
-9
-7
4
8
13
3
-2
4
3
-1
1
0
2
12
-13
-1
-5
0
-1
1
6
7
11
-4
0
3
-1
-2
-8
0
0
11
-12
-2
-7
10
0
11
Comments
It can outperform in down markets and up markets.
Another great blue-chip growth fund.
Brayman has done a brilliant job.
A little corporate-bond exposure could work well.
Disappointing recently but a keeper long term.
Similar to Jensen only it has an energy stake.
Fidelity’s muni funds have held up nicely while others got burned.
Hope to see what it can do when growth runs.
Great fund, but I’m lukewarm on TIPS.
Now’s a good time to build your core.
A fine time for blue chips.
Charlie Dreifus has been a champ.
Ugh! This fund was a magnet for subprime stocks.
Financials hurt, but fund should make a comeback.
A growth bias has hurt, but it’s time for this fund to deliver.
Health care holds up nicely in recessions.
A cheap play on health.
This fund outperformed though munis lagged taxable bonds.
How My 2008 Picks Are Doing So Far
Primary
Prospectus
Benchmark
Name
Morningstar
Category
Allianz RCM Technology Instl DRGTX
Brandywine Blue BLUEX
Dodge & Cox International DODFX
Longleaf Partners LLPFX
Osterweis OSTFX
Selected American Shares SLADX
Third Avenue Intl Value TAVIX
T. Rowe Price Financial Srvs PRISX
Vanguard Health Care VGHCX
Vanguard PRIMECAP Core VPCCX
Vanguard Tax-Managed Cptl VMCAX
Specialty-Technology NASDAQ Comp
Large Growth
S&P 500
Foreign Large Value
MSCI EAFE
Large Blend
S&P 500
Mid-Cap Blend
S&P 500
Large Blend
S&P 500
Foreign Small/Mid Value MSCI World ex
Specialty-Financial
S&P 500
Specialty-Health
S&P 1500 Hlth Care
Large Growth
MSCI Prime Mrkt
Large Blend
Russell 1000
Return
1-1-08 to 1/2 1/2
12-31-08 Cat
Indx
-48
-44
-47
-51
-29
-39
-37
-40
-18
-31
-38
-2
-3
-4
-12
10
-1
10
3
4
9
0
—
-7
-2
-14
8
-2
8
-3
5
6
0
Comments
A bad start for tech, but I like its long-term prospects.
A brutal year, but the long-term record remains strong.
See above.
A horrible year but a great fund.
The fund was a champ in this bear market and the last.
See above.
Wadhwaney is going on a buying spree.
Our stock analysts were wrong about the recovery in financials.
Probably the best sector fund around.
They held up well in the downturn, and they’ll do well in a rally.
Buy it and hold it for 10 or 20 years.
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Harbor Commodity Real Return Strategy
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.
◊
One of our favorite ways to gain commodity exposure
is now available at a lower cost.
Management
Although PIMCO’s Mihir Worah was named manager of
Harbor Commodity Real Return Strategy’s HACMX
underlying strategies only recently, he is an experienced hand. The fund was launched in September 2008,
but it was modeled after PIMCO Commodity Real
Return Strategy PCRDX, which Worah has had a hand
in running since 2003 and of which he became the
sole manager in December 2007. The fixed-income portfolio behind PIMCO Real Return PRRDX and Analyst
Pick Harbor Real Return HARRX also plays a role
in this fund, and Worah has run that portfolio since
December 2007 as well.
Strategy
This fund offers a different breed of commodities
exposure than most. Most natural-resources funds
invest in the stocks of companies that process
commodities, but this fund offers direct exposure to
the commodity prices themselves. Worah models
the fund’s exposure after that of the Dow Jones-AIG
Commodity Index—an index that consists of crude
oil, wheat, coffee, gold, and 15 other commodities. The
index caps each commodity’s weighting to prevent
any one commodity from dominating performance.
Worah invests in two types of derivatives to build the
fund’s commodity exposure: structured notes and
swaps. In 2005, the IRS ruled out commodity funds’ use
of swaps, but PIMCO worked with the government
agency for permission to invest in them indirectly
through an offshore entity. Structured notes and swaps
essentially provide the same exposure but with
different risk/reward profiles, and lately Worah has
been finding better opportunities among swaps
because of the heightened risks associated with issuers
of structured notes (chiefly the hard-hit investment
banks). Worah makes small bets among the index’s
January 2009
5
subsectors (such as heating oil versus crude) and
uses an income overlay in an effort to beat the
commodity index. Because these investments require
only a small outlay of assets, Worah is able to invest
the balance in a fixed-income portfolio of Treasury
Inflation-Protected Securities that is run in the same
style as the successful PIMCO Real Return. This
active management that Worah provides should help
the fund provide greater long-term returns than
an exchange-traded note that tracks the same index.
Costs
Expenses are what earned this fund the Analyst Pick
nod over its PIMCO counterpart. Its 0.94% annual
fee trumps the PIMCO fund’s 1.24% levy, and it also
makes this fund more competitive versus low-cost
exchange-traded note alternatives.
Performance
This fund’s short track record is not indicative of its
long-term prospects, though it vividly illustrates
the risks. Commodity prices have been tanking since
its September 2008 inception, and no amount of
incremental active management can overcome the
index’s 36% loss over the trailing three months
through Dec. 12, 2008. The longer record of the PIMCO
fund offers insight into this fund’s prospects, and
that record had been strong until the combination of
falling commodity prices and the lagging performance of TIPS in recent months caused that fund to
suffer more than its benchmark. Still, Worah’s skill
and this fund’s low expense ratio should give it a leg
up on its bogy over the long run.
Stewardship
Although this fund hasn’t been formally assessed using
our Stewardship Grade methodology, we’re encouraged that its PIMCO counterpart earned an overall
grade of B. We would, however, like to see Worah
align his interests with his shareholders’ by investing
in this fund.
Conclusion
We like this strategy as a long-term diversification
tool even more with its new lower price tag. œ
Contact Hilary Fazzone at [email protected]
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Third Avenue Real Estate Value
Fund Analyst Pick | John Coumarianos
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.
◊
Management
Michael Winer, who is a seasoned real estate investor,
has run Third Avenue Real Estate Value TAREX
since its September 1999 inception. Winer has experience in real estate development and investing in
distressed situations, including in the debt of real
estate companies. He’s supported by Jason Wolf and
another analyst, who joined the fund in 2004 and
2006, respectively.
Strategy
Winer employs the “safe and cheap” approach to
investing that Third Avenue’s founder Marty Whitman
applies to all investing. In their view, a firm’s balance
sheet is at least as important as its income statement. Winer doesn’t mind paying for assets whose
values can be realized in the future. This draws
him to companies that have vast land banks. He also
likes real estate companies that have shown an
ability to develop property, because he thinks development is where the money is in real estate over
the longer haul. This draws him not only to land banks
but also to real estate operating companies that
tend to be able to finance their development projects
out of their own cash flow. Winer owns some real
estate investment trusts, but their legal requirements
to pay out their profits as dividends can hinder their
ability to develop property.
Winer’s interest in developers has led him to Asian
developers Henderson Land Development and
Hang Lung Properties and also in Brookfield Asset
Management BAM, which has real estate and other
interests in Latin America e.
Winer will also invest in distressed debt—that’s
something of a Third Avenue specialty. Recently, the
fund purchased a loan secured by land in Southern
California, whose development has been put on hold.
Costs
The fund’s expense ratio has declined from a whopping 1.85% to 1.10%, which is good enough to land it
in the least expensive half of the category r.
Performance
Despite difficulties this year with Forest City and
ProLogis PLD and dismal absolute performance, the
fund has held some firms that have done comparatively
well. For example, St. Joe Corporation JOE,
which owns thousands of acres of land on the Florida
panhandle, and Vornado VNO, which is led by
shrewd capital allocators Steve Roth and Michael
Fascitelli, have lost less than the broad indexes
and allowed the fund to outperform most of its peers
in the new global real estate category and the
MSCI World Real Estate Index by 2 percentage points
this year. More importantly, over the longer haul,
the fund has beaten its peers and index consistently t.
Winer has not only picked the firms that are the
most talented at development, but he also has the
patience to stick with them, as the fund’s paltry
turnover throughout the years indicates. Winer has
never turned the portfolio over more than 23%
in one calendar year, and the 10-year average annual
turnover for the fund is a mere 13% u. We think
this kind of patience is a hallmark of good investors.
Stewardship
Michael Winer has more than $1 million of his personal
assets in the fund. Also, Third Avenue’s quarterly
shareholder letters, including Winer’s, are among the
finest in the industry when it comes to managers
explaining how they’re executing their strategies and
why they’re buying and selling certain securities.
Conclusion
Despite losses in 2008, Winer’s ability to find the good
developers and stay with them over the long haul
has been successful over time. Potential upcoming
opportunities in distressed debt are icing on the
cake. œ
Contact John Coumarianos at [email protected]
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Third Avenue RealEst Val
Governance and Management
Ticker
TAREX
Analyst
Pick
Load
None
NAV
$16.21
Yield
3.1%
January 2009
Total Assets
$1,258 mil
Mstar Category
Global Real Estate
Investment Style
Equity
Stock %
Historical Profile
Return Average
Risk
Low
Rating
Neutral
Stewardship Grade:
Portfolio Manager(s)
84%
89%
85%
96%
73%
89%
95%
93%
7
98%
Manager Change
Partial Manager Change
46.4
33.8
Lead manager Mike Winer has run this fund since its 1998
inception. He has extensive real estate industry experience,
including stints in development and distressed situations. He’s
supported by senior analyst Jason Wolf, who joined the fund in
April 2004 with an impressive and varied resume in the real
estate industry. A second analyst joined the team in September
2006.
24.0 Growth of $10,000
Investment Values of
Fund
MSCI EAFE
17.0
10.0
Performance Quartile
(within Category)
Strategy
1997
Like other Third Avenue offerings, this one seeks companies that
trade at a discount to management’s estimate of net asset value.
The manager favors REOCs over REITs because the former can
reinvest cash flow back into the business for growth. The fund
often stashes more than 60% of assets in its top 10 holdings,
which means it's among the most concentrated in the category.
Performance 10-31-08
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
8.23
1.19
10.46
3.46
-6.36
-0.78
8.43
-1.48
-1.62
-7.79
7.01
0.85
8.89
-3.12
-7.45
11.52
3.37
9.85
-7.06
—
28.16
14.38
30.16
-8.35
—
Total +/- MSCI +/- MSCI
Return%
EAFE
Wrld/Rel Est ND
%Rank
Cat
Growth of
$10,000
27
25
23
74
77
15
—
6,848
5,951
5,213
7,283
11,062
24,805
—
2004
2005
2006
2007
2008
Trailing
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
-31.52
-40.49
-47.87
-10.03
2.04
9.51
—
2.97
0.72
-1.25
-4.77
-1.56
7.84
—
Tax Analysis Tax-Adj Rtn%
3 Yr (estimated) -11.66
5 Yr (estimated) 0.68
3.83
3.40
3.63
-2.45
-1.96
5.18
—
%Rank Cat Tax-Cost Rat %Rank Cat
62
67
12
1.81
1.33
1.14
39
21
22
1999
2000
2001
2002
2003
2004
2005
2006
2007
10-08
History
10.65 10.89
7.47* 5.17
— -21.80
— -10.99
—
2.37
—
2.80
—
2
0.10
0.25
0.00
0.06
1.87
1.87
3.20
3.20
5
5
3
10
13.68
30.91
45.08
29.48
2.49
28.42
22
0.27
0.29
1.50
3.89
23
27
15.78
18.20
39.64
30.79
1.37
16.83
7
0.19
0.20
1.50
2.79
20
140
15.96
4.24
20.18
10.63
1.12
3.12
45
0.18
0.30
1.22
0.93
19
346
21.38
37.34
-1.25
1.00
2.83
34.51
41
0.45
0.08
1.19
3.51
11
787
26.96
28.16
7.91
-7.53
0.84
27.32
85
0.18
0.26
1.15
0.47
8
2,029
29.36
14.38
0.84
-0.48
1.65
12.73
29
0.44
1.03
1.14
1.15
13
2,910
34.64
30.16
3.82
-9.69
3.04
27.12
81
0.89
2.63
1.11
0.80
10
3,262
27.83
-8.35
-19.52
-2.78
1.72
-10.07
18
0.60
3.25
1.10
1.14
19
2,443
16.21
-41.75
1.79
3.03
0.00
-41.75
39
0.00
0.00
—
—
—
1,258
NAV
Total Return %
+/-MSCI EAFE
+/-MSCI Wrld/Rel Est ND
Income Return %
Capital Return %
Total Rtn % Rank Cat
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
1998
—
—
—
—
—
—
—
—
—
—
—
—
—
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
1 Yr
3 Yr
5 Yr
10 Yr
Incept
-47.87
-10.03
2.04
9.51
9.69
-Avg
-Avg
+Avg
Avg
Low
Low
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
Morningstar
Risk-Adj Rating
Standard Index
MSCI EAFE
Best Fit Index
Russ MV
-5.3
0.89
65
-1.7
1.11
88
21.33
-10.03
-0.56
Potential Capital Gain Exposure: -29% of assets
Morningstar’s Take by John Coumarianos 10-07-08
balance sheet has allowed it to buy property at
attractive prices.
Besides a long history of investing overseas, this
fund also knows its way around bankruptcies,
which should be useful in the current environment.
The fund owns LandSource Senior Term Loan,
which it acquired at 70% of face value and which
has an outstanding balance of $1 billion. The loan is
secured by land in Southern California recently
appraised at $1.7 billion. LandSource’s land is
entitled, so it will be easier to develop when
markets return to normal. We think the fund should
make a handsome profit on its investment.
Since this fund pursues bankruptcies and often
favors non-REITs that are skilled at development
projects that they can finance with their cash flow,
the offering won’t sport the high yield that its
REIT-focused competitors do. Still, investors more
concerned with total return than with current yield
should be quite happy here.
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
$10000
Add: $1000 IRA: $2500
$10000
Add: $200
No-load, 1.00%R
0.90%
Mgt:0.90%
Dist: —
3Yr:$350
5Yr:$607
10Yr:$1341
Fidelity Retail-NTF
© 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.
Share change since 04-08 Total Stocks:38 Sector
Forest City Enterprises,
Brookfield Asset Managem
St. Joe Corporation
British Land Company Plc
Hammerson PLC
Wheelock and
ProLogis Trust
Henderson Land Developme
Derwent London plc
Vornado Realty Trust
Hang Lung Properties Ltd
Mitsubishi Estate Compan
Brookfield Properties Co
Mitsui Fudosan
PARCO
EastGroup Properties, In
Cousins Properties, Inc.
Liberty International PL
DAIBIRU CORPORATION
PS Business Parks, Inc.
Current Investment Style
Market Cap
Value Blnd Growth
Value Measures
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
Sector
% Weightings
Rel Category
16.57
1.20
2.09
9.18
3.32
Growth Measures
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
Financial
Financial
Financial
Financial
Financial
Consumer
Financial
Financial
Financial
Financial
Financial
Financial
Financial
Financial
Consumer
Financial
Financial
Financial
Financial
Financial
Giant
7.1 h
Large
35.6
Mid
41.4
Small
8.4
Micro
7.5
Avg $mil:
j
4,503
Large Mid Small
We think Analyst Pick Third Avenue Real Estate
Value is more attractive than ever.
Like nearly everything besides Treasury bonds,
real estate has taken it on the chin in
2008—especially foreign real estate. Manager
Michael Winer and his team have invested overseas
long before it became fashionable to do so, and we
think they have an advantage there now that prices
are cheap. They own positions in Mitubishi Estate,
Henderson Land, and British Land, which are
suffering to varying degrees because
short-term-oriented investors are fleeing emerging
markets, and turmoil in the financial-services
industry is clouding London’s prospects.
Undeterred, Winer and his team have been
adding to British Land and Henderson. He thinks
London should continue to remain a global financial
center, and Henderson has the largest land bank of
any Hong Kong property developer, so it can
self-finance developments with $350 million of
recurring cash flow. Also, Henderson’s strong
622 Third Avenue
New York, NY 10017
800-443-1021
www.thirdavenuefunds.com
09-17-98*
Third Avenue Management LLC
None
r
u
Portfolio Analysis 07-31-08
Rating and Risk
Time
Period
Other Measures
t
Info
Software
Hardware
Media
Telecom
Country
% Assets
United States
Canada
United States
U.K.
U.K.
Hong Kong
United States
Hong Kong
U.K.
United States
Hong Kong
Japan
Canada
Japan
Japan
United States
United States
U.K.
Japan
United States
9.41
9.12
7.97
5.62
4.85
4.80
4.78
4.59
4.23
4.12
3.81
3.57
3.36
3.32
2.70
2.59
2.29
1.95
1.78
1.49
% of Rel MSCI
3 Year
Stocks
EAFE High Low
0.00
0.00
0.00
0.00
0.00
Service 97.51
Health
0.00
Consumer 7.70
Business 0.00
Financial 89.81
0.00
0.00
0.00
0.00
0.00
0
0
0
0
0
0
0
0
2.28
0.00 0 0
1.57 8 4
0.00 0 0
3.88 95 90
0.86
1.13
0.62
2.49 0.05
k Mfg
0.60
Goods
1.13 0.08 2 0
0.62
Ind Mtrls 1.36 0.09 1 1
Energy
0.00 0.00 0 0
Rel Category
Utilities 0.00 0.00 0 0
1.41
0.46
% Stock
1.08 Regional Exposure
7.06 UK/W. Europe 18 N. America 55
0.80 Japan
13 Latn America 0
Asia X Japan 14 Other
0
%
19.88
5.51
10.64
61.38
49.26
Composition
Cash
Stocks
0.0
97.8
Foreign (% of Stock)
Bonds
Other
0.7 Country Exposure
1.4 United States 42 Canada
U.K.
18 Japan
58.2 Hong Kong
14
Mutual Funds
% Stock
13
13
e
e
R2_0109.qxp
1/6/09
3:44 PM
Page 8
8
Rodriguez, Dreifus, Samra and O’Keefe
Win Manager of the Year
Morningstar Research | Russel Kinnel
No matter how you slice it, fund investors and
managers alike suffered a setback in 2008. Outside of
a handful of bond funds, just about everyone lost
money. And not just a little but staggering amounts.
The average fund lost more than 30% in 2008.
So, why give out awards when everyone’s year-end
statement is swimming in red ink? Because limiting
losses was difficult to do, yet incredibly valuable.
Consider that our winning Domestic-Stock Manager
of the Year lost just under 20% when the stock market
as a whole lost 37%.
Limiting losses makes it much easier for an investor to
get back in the black. To make up for a 20% loss,
an investor would need to gain 25%. And to make
up for a 40% loss, an investor would need to gain
67%. That’s tough to do. Vanguard 500 Index VFINX
has produced three-year gains of 25% or greater in
two thirds of the rolling three-year periods since 1978,
but it has produced gains of 66% or more in only
about a third of those rolling periods.
Moreover, our Manager of the Year award recognizes
much more than a single year’s performance. It
recognizes long-term performance and strong stewardship as well.
Domestic-Stock Manager of the Year
Charlie Dreifus of Royce Special Equity RYSEX
A couple of years ago, we recommended Royce
Special Equity after it was an Analyst Pick, and a few
readers wrote to ask if we were serious/crazy/stupid.
Maybe crazy and stupid, too, but we were definitely
serious. Charlie Dreifus is the sort of investor we’re
confident in when the market turns south. He’ll buy
only stocks that trade at a steep discount to his
intrinsic value estimates. That means he’ll miss out on
some fast-growing companies, but his approach
protects against losses in tough times. He also demands
high returns on invested capital and is a stickler for
clean accounting and strong balance sheets. In fact,
accounting guru Abe Briloff of Baruch College was
a mentor.
Thus, when accounting scandals hit and people lose
faith in companies’ risk controls, Royce Special Equity
is a good place to be. The fund held up brilliantly
in the bear market of 2000–02 and has done so once
more. True, its strategy isn’t one that lends itself
to powerful rallies—hence the e-mails in 2006—but
it has produced solid long-term returns with less
risk than most. Dreifus’ record extends well beyond
that of Royce Special. He also produced strong
returns at Lazard and Oppenheimer.
In 2008, the fund lost 19.6%. That’s an impressive
1,400 basis points better than the category average.
The fund’s small-value stomping grounds were full
of dangerous value traps, such as mortgage lenders,
real estate plays, and a slew of cyclical stocks that
were highly dependent on financing. Dreifus avoided
all that quite nicely, and he even had a handful of
winners like National Presto NPK, Watsco WSO, and
Wabtec WAB.
Fixed-Income Manager of the Year
Bob Rodriguez and Thomas H. Atteberry of FPA
New Income FPNIX
I can only think of two managers who can claim to have
largely predicted the mortgage- led meltdown in
financials: Jeremy Grantham and Bob Rodriguez. From
his perch in Los Angeles, Rodriguez had a good
view of the insane housing speculation and the crazy
mortgages behind them. As someone who places
capital preservation above all else, Rodriguez works
furiously to squeeze all forms of risk out of his
portfolio. So, even before 2007, he steered clear of
default risk, interest-rate risk, and any other kind
of risk out there. True, it meant passing up the chance
for big returns and, as has been the case before, he
did miss out on some rallies. But when everything hit
the fan in 2007 and 2008, the fund was on safe ground.
The fund gained 4.3% in 2008. That’s 920 basis points
better than the average intermediate-term bond
fund. That’s a remarkable feat in a world where
R2_0109.qxp
1/6/09
3:44 PM
Page 9
winners and losers are usually separated by 30 basis
points. But all that risk aversion came at the expense
of long-term gains, right? Not really. The fund’s 10year returns are in the top 5% of its category.
International-Stock Manager of the Year
David Samra and Dan O’Keefe of Artisan International Value ARTKX
David Samra and Dan O’Keefe have done an
outstanding job applying a deep-value strategy overseas. The pair worked at Harris Associates (manager
of Oakmark funds) prior to joining Artisan, and it’s
apparent in their style. They look for companies with
clean balance sheets trading at big discounts to
their estimates. That investment discipline kept them
largely away from the financials that got pummeled.
As a result, the fund lost 29%. Although that’s not
pretty, it’s a far sight better than the 48% loss posted
by the average foreign small/mid-value fund and the
44% loss at MSCI EAFE.
The longer-term record is even more impressive. Since
its 2002 inception, a $10,000 investment would be
worth $22,561 compared with $14,297 for the MSCI
EAFE. That return was aided by a decision to close the
fund in a timely manner before assets got out of
hand. The fund recently reopened as assets have shrunk
and opportunities have grown.
Note: O’Keefe was a fund analyst at Morningstar in
the mid-1990s.
Runners-Up
Bob Goldfarb and David Poppe of Sequoia
Fund SEQUX
Bob Goldfarb and David Poppe didn’t start Sequoia
Fund, but they’ve done a great job of keeping it on the
path of its founders. Bob Goldfarb joined the firm in
1975 and became Sequoia’s comanager in 1998. Poppe
joined in 2001 and became comanager in 2005.
Sequoia usually makes its money buying proven firms
that are hiding in plain sight. That emphasis on
quality helped to limit the damage in 2008 as the fund’s
holdings have strong balance sheets and strong
market positions. The fund’s 27% loss was 1,000 basis
points better than the S&P 500’s.
January 2009
9
Jean-Marie Eveillard of First Eagle
Overseas SGOVX
Jean-Marie Eveillard and then-comanager Charles de
Vaulx won our award for their 2001 performance,
and once more Eveillard’s strategy has succeeded in a
tough market.
True, Eveillard did lose money in 2008, but he held up
far better once more. There’s also a complicated
story on management to tell in order to give due credit
to all who contributed to these fund’s strong returns.
Eveillard retired in 2004 and his shoes were filled by de
Vaulx. However, de Vaulx departed in 2007, and
Eveillard came back to keep the fund going. He will
retire in 2009 and hand the reins to Matt McLennan
and Abhay Deshpande. Thus, Eveillard made tremendous contributions over the years to this fund and
deserves recognition for it, but we also recognize de
Vaulx’s contribution as well as those of the analysts
on the fund over the years.
Bill Gross and Team: Harbor Bond HABDX and
PIMCO Total Return PTTRX
Wow. What a strong finish to a great year for America’s
biggest mutual fund. Bill Gross and PIMCO saw the
value destruction in housing and the likely harm to the
economy. As a result PIMCO Total Return Bond and
virtual clone Harbor Bond were positioned defensively
for the mortgage mess. They were also positioned
well for the government takeover of Fannie Mae and
Freddie Mac. As a result, they finished 2008 with
a solid 4.8% return at the PIMCO fund and 3.3% at the
Harbor fund—better than just about any fund of
any class. Although they had some Freddie and Fannie
debt, Gross and team steered clear of much of nonagency mortgage and asset-backed sectors
At a time when some of the biggest hedge funds are
blowing up and one proved to be a Ponzi scheme,
it’s heartening to see the biggest mutual fund providing
a nice positive return in the year that fund investors
needed it most. And they did so for modest management fees not, “2 and 20.” PIMCO Total Return is a
great standard-bearer for the fund industry. œ
CN RF_0109.qxp
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2:55 PM
Page 10
10
These Funds Disappointed
The Contrarian | Russel Kinnel
Our Contrarian Approach
I go against the grain to find
overlooked funds that may be
ready to rally.
It’s easy to spot which funds were the biggest
losers, but I thought I’d spell out which funds I found
most disappointing in 2008. These are funds with
good managers who did worse than their strategies
suggested they should have. I haven’t included
some of the obvious funds with bad managers or awful
strategies with results that didn’t surprise me. I’m
not giving up on all these funds, but it’s worth reviewing
what happened to them this year. I covered Schneider
funds in the last issue, so I’ll skip them here.
Fidelity Magellan FMAGX | Harry Lange has a
distinguished record, but everything went wrong last
year. He owned the worst financials and some of
the worst tech. The fund got barbecued and fell to 1
star for the first time in its history. Now the fund
has a $19 billion asset base for the first time since 1991.
Lange’s record suggests a comeback is likely, but
Fidelity’s weakness across the board gives me pause.
Western Asset Core Bond WATFX | This fund tends
to take on a touch more risk than its peers, but,
man, did it stink up the joint in 2008. Its losses were
worse than they should have been. On top of that,
the fund has had some personnel changes and is
tweaking its strategy. That triple whammy led us to
drop the fund from our picks list.
Janus | A while back I wrote about my picks from
Janus and received some questions about why I didn’t
pick Contrarian JSVAX, which had the best record
at the time. Well, it wouldn’t really be a contrarian
column if I picked a hot fund with top-percentile
performance, would it? We pointed out that Contrarian
and Overseas JAOSX were running big risks with
their India investments, and, unfortunately, those risks
became real in 2008. Equally disappointing was that
the funds that avoided India got burned, too.
Third Avenue Value TAVFX | Marty Whitman has
done such a great job preserving capital over the
years that I wouldn’t have guessed that he would lose
46% in 2008. His record is strong enough that I haven’t
lost faith, but it’s still a big surprise.
Legg Mason Value LMVTX | Bill Miller’s bias against
energy actually ended up being good, but his fund still
got smacked. Internet and insurance plays killed this
fund. So did value traps like Eastman Kodak EK and
Merrill Lynch MER. Miller’s a good investor, but the
fund’s too expensive to be worth a bet on a comeback.
Aegis Value AVALX | This fund had a horrific second
half, and redemptions could add to its woes.
Ariel ARGFX | This fund held up beautifully in the
last bear market, but it got smacked this time out
because of problems with industrial stocks, newspapers, and asset managers. There are good fundamentals here, but 2008 was a huge disappointment.
Oakmark Select OAKLX | This fund’s 2008 loss was
a little smaller than most, but it still smarts to see
what became of Washington Mutual. It’s tough to
excuse the fact that manager Bill Nygren let it grow
to 16% of assets. Shouldn’t rapid growth and signs
that real estate was in a bubble have led him to recognize that he shouldn’t risk investor’s capital like
that? Sure, it’s easy to say with hindsight, but it does
stick in my craw a bit. œ
CN RF_0109.qxp
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2:55 PM
Page 11
Set Your Expectations Low for
Treasury Funds
Red Flags | Daniel Culloton
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.
Treasury bond funds and other funds with big helpings
of securities backed by the full faith and credit
of federal government have been shelters in the past
year’s storm. Besides the bear-market category, which
includes funds that profit when stocks decline, the
short-, intermediate-, and long-government bond-fund
groups were the only ones with gains for 2008. The
bear market has routed many investors out of equities
and corporate bonds and into Treasuries, driving their
prices up and their yields down. For 2008, the longgovernment category gained 27.2%, the short-government 4.8%, and the intermediate-government 4.9%,
while stocks plunged and the Morningstar Corporate
Bond Index dropped by more than 5%.
Those fleeing to Treasury bond funds are likely to be
disappointed, though. Yields on Treasury securities
of all maturities are near historic lows. The real yields,
which factor in the effects of inflation, on some
shorter-dated Treasuries, such as three-month bills,
actually turned negative in early December. That
means that investors were technically paying the
government to borrow their money.
Giving the Feds a few dollars to warehouse your money
may seem preferable to seeing more than 40% of
your capital immolated in the equity markets now,
but it’s not a viable long-term investment strategy.
Those low yields won’t keep pace with inflation, and
when the stock market turns and investors start
ditching Treasuries, the returns of funds that own them
will evaporate. Also, the Federal Reserve’s and U.S.
Treasury’s rate cuts and bailouts could give way to rate
increases in the future when the crisis and deflation concerns wane, and Treasuries are very sensitive
to interest-rate changes. So, by avoiding equity risks,
investors jumping into these funds now are exposing
themselves to other kinds of hazards.
January 2009
11
Even good funds are susceptible. We screened the
Morningstar FundInvestor 500 for government-bond
funds with above-average trailing one-year returns
and below-average yields to find funds that might not
be as safe in the future as they look right now.
While these funds are still good at what they do, they
can only do so much from here with yields so low.
Vanguard Short-Term Treasury VFISX gained
6.7% in 2008 and beat about three fourths of its shortgovernment peers. This comes on the heels of a
nearly 8% gain in 2007. The fund has benefited from
the flight to quality. Manager David Glocke recognizes that the worm could turn and has tried to position
the fund accordingly by buying government-agency
mortgage-backed securities and even some Treasury
Inflation-Protected Securities. But the fund’s teeny
1.5% yield is now more than a full percentage point
lower than that of the S&P 500 Index and offers
scant capital appreciation potential.
The story is similar at Vanguard IntermediateTerm Treasury VFITX. The fund gained nearly 13.4%
in 2008 and now offers a 2.1% yield. Glocke also
manages this fund and has taken some of the same
steps that he’s taken at Short-Term Treasury, but
the risks are the same, too.
Fidelity Intermediate Government FSTGX and
Fidelity Government Income FGOVX manager Bill
Irving also is aware of the hazards. He’s been
underweighting low-yielding Treasuries relative to the
funds’ benchmarks, but the funds still carry aboveaverage Treasury stakes for the intermediate-government category, and that is sure-temper absolute
returns when investors shed their risk aversion. These
are still good funds, but don’t expect them to
put up 10% or 11% returns as they have recently. œ
Contact Daniel Culloton at [email protected]
News_0109.qxp
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3:46 PM
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12
Bonds Rally While Stocks Plateau
Benchmark Performance
Market Overview | Greg Carlson
Total Return % through
12-31-08
1Mo
YTD
3Yr
5Yr
10Yr
Large Growth
Large Blend
Large Value
2.1
2.3
2.3
-40.9
-37.9
-37.4
-10.6
-9.1
-9.2
-3.8
-2.6
-2.2
-3.3
-1.8
0.2
Mid-Cap Growth
Mid-Cap Blend
Mid-Cap Value
2.9
4.5
4.8
-43.9
-39.7
-37.0
-11.2
-10.5
-9.6
-2.7
-1.9
-1.1
0.1
2.4
3.8
Small Growth
Small Blend
Small Value
4.9
5.5
5.3
-41.8
-36.9
-32.5
-11.5
-10.5
-9.7
-3.7
-1.8
-1.0
1.8
4.3
5.7
Conservative Allocation
Moderate Allocation
3.2
3.2
-18.9
-28.2
-2.8
-5.4
0.0
-0.6
1.7
0.9
Specialty-Precious Metals 24.9
Specialty-Natural Resources -1.4
Specialty-Technology
3.7
Specialty-Utilities
0.0
Specialty-Health
6.9
Specialty-Financials
1.4
Specialty-Real Estate
15.7
Specialty-Communications 3.2
Global Real Estate
8.0
-30.1
-47.6
-45.1
-34.7
-23.0
-45.3
-42.2
-49.7
-46.7
4.3
-7.5
-12.0
-0.7
-4.3
-17.4
-12.9
-12.6
-12.0
6.4
6.8
-5.6
6.6
1.1
-7.3
-0.5
-2.8
1.0
13.8
10.7
-3.8
2.6
5.0
-0.1
6.7
-5.5
7.1
S&P 500
S&P MidCap 400
Russell 2000
1.1
4.9
5.8
-37.0
-36.2
-33.8
-8.4
-8.8
-8.3
-2.2
-0.1
-0.9
-1.4
4.5
3.0
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
9.8
7.1
4.0
7.0
7.0
7.2
7.3
7.3
4.2
4.9
-43.6
-54.7
-50.8
-44.1
-46.8
-42.5
-48.7
-47.3
-60.3
-42.2
-6.7
-6.5
-9.7
-7.7
-8.7
-7.7
-9.8
-11.2
-5.7
-8.4
3.1
5.8
0.4
1.2
0.4
1.6
2.6
0.3
12.5
-0.3
4.4
8.3
1.5
0.7
-0.1
2.9
5.5
5.2
11.4
1.0
MSCI EAFE
MSCI World
MSCI Emerging Markets
MSCI Europe
MSCI Latin America
MSCI Pacific
6.0
3.2
7.6
5.3
2.4
7.5
-43.4
-40.7
-54.5
-46.4
-52.8
-36.4
-7.4
-8.1
-7.1
-6.6
-1.1
-9.1
1.7
-0.5
5.1
1.5
13.6
1.9
0.8
-0.6
6.6
0.4
11.2
1.9
High-Yield Bond
Intermediate-Term Bond
Muni National Long
World Bond
4.5
3.4
-0.4
6.1
-27.1
-5.1
-9.1
-2.2
-6.6
1.1
-1.3
3.4
-1.7
1.8
0.6
3.2
1.1
3.7
2.6
4.5
Lehman Bros Aggregate 3.7
CS First Boston High Yield 5.6
Lehman Bros Municipal 1.5
5.2
-26.2
-2.5
5.5
-5.3
1.9
4.7
-0.6
2.7
5.6
2.9
4.3
Worries about the global economy and the viability
of the financial sector didn’t subside in December, nor
did stocks’ volatility. Nevertheless, thanks in part
to yet another slashing of interest rates by the Federal
Reserve Board (to below 1%), equities’ returns were
far more palatable than in the dark days of October.
The S&P 500 Index gained 1% for the month, and the
worst loss suffered by any Morningstar sector-fund
category was a mere 1.5% (by natural-resources funds,
which focus heavily on energy stocks). The best
performers were precious metals (up 25%) and real
estate (up 16%). American Century Global Gold
BGEIX gained 27% as gold led precious metals in
December. Small-cap funds held up better than largecap funds for the month due to the rate cut; smaller fry
tend to perform better when borrowing money is
easier. Both Fidelity Small Cap Retirement FSCRX
and Buffalo Small Cap BUFSX posted an impressive 10% gain for the month.
Overseas stocks and bonds outpaced U.S. securities
in December as the U.S. dollar sank against many
currencies because of bad economic news and falling
consumer confidence. Asian markets did particularly
well; the typical diversified Pacific/Asia fund gained
10%, while large-blend funds were flat for the month.
Janus Contrarian JSVAX, a large-blend fund that
has sported a hefty stake in emerging-markets stocks
in recent years, managed a 10% gain for the month
(though it suffered for its boldness for the whole of
2008, with a 49% loss).
December was kind to fixed-income markets, thanks
in part to the rate cut: Intermediate-term bond
funds gained 3%. Even high-yield bond funds mounted
a recovery, gaining 4% in December despite worries
about the economy—an indication of how beaten-down
they were. Likewise, convertible-bond funds gained
4%. However, bank-loan funds fell 3%. œ
A N N U A L I Z E D
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Artisan Mid-Cap Value Holds Up Well
While Aegis Value Suffers
Leaders & Laggards | Greg Carlson
3
Ten Best-Performing Funds
Fund Name
YTD Cat Rank %
AmCent Equity Income Inv
Baird Intm Muni Bd Inst
Champlain Small Co Adv
Fidelity Adv Small Cap T
Fidelity Float Rt Hi Inc
Matthews Asia Pac Eq Inc
Mutual Qualified A
USAA International
Meridian Growth
Mutual European A
1
1
1
1
1
1
1
1
2
2
33
Ten Worst-Performing Funds
Fund Name
YTD Cat Rank %
Fidelity Convertible Sec
Aegis Value
Legg Mason Value Prim
Schneider Value
Bridgeway Aggr Inv 2
Davis Appr & Income A
Fidelity Leverage Co Stk
Fidelity Value
Neuberger Ber Part Inv
Schneider Small Cap Val
100
99
99
99
98
98
98
98
98
98
Leaders
Artisan Mid Cap Value ARTQX
This recently reopened fund’s managers have made
all the right moves lately. A longstanding, successful
bet on energy stocks was trimmed just prior to the
sector’s precipitous decline on valuation concerns, for
example. But this team has demonstrated its ability
to look beyond simple valuation metrics; it didn’t jump
into financials when they started to appear quite
cheap, correctly anticipating that balance-sheet issues
would worsen (and saving a lot of money in the
process). As a result, the fund has lost 28% in 2008’s
brutal market, holding up better than 90% of its
category rivals. That’s par for the course; the team’s
long-term records at this charge and Artisan Small
Cap Value ARTVX are superb.
First Eagle Overseas SGOVX
This fund’s cautious, price-sensitive approach has
historically shone in bear markets, and 2008 proved
to be no exception. Manager Jean-Marie Eveillard
(who came out of retirement to run this fund, but will
step down again in March 2009) has recently steered
clear of emerging-markets stocks, which became
too richly priced for his taste. That wariness paid off
when developing markets fell sharply in the second
half of 2008. (A hefty cash stake helped, too.) All told,
the fund posted a 21% loss in 2008, but that bested
nearly all of its foreign small/mid-value peers.
FPA New Income FPNIX
A bold move finally paid off here, and in a big way. For
years, manager Bob Rodriguez insisted that a credit
crunch was coming and that high-yield debt was greatly
overvalued, and he positioned the fund to benefit
by holding short-term, high-quality bonds. The fund
lagged over the past month as funds with longer
durations (a measure of interest-rate sensitivity) have
rallied following the recent rate cut, but its 4% gain
for the year tops 85% of its intermediate-term rivals.
January 2009
13
Laggards
Aegis Value AVALX
This fund is struggling mightily in a liquidity crisis.
Manager Scott Barbee buys tiny companies selling
at dirt-cheap valuations—such names are often
traded lightly, and investors have fled companies with
potentially dicey balance sheets. What’s more, the
fund held very little cash going into this downturn (in
stark contrast to 2002, when a hefty cash stake
buoyed returns). It held up well for most of 2008 but
has been crushed since the financial crisis took
hold in September: It lost 51% for the year, one of the
category’s worst showings. Lately, the fund has
suffered outflows and that may be making the situation worse as it holds lightly traded stocks. If the
problem persists, we might see outflows start to hurt
returns and that could in turn spur more outflows.
Royce Opportunity RYPNX
It shouldn’t be surprising to see this small-value fund
struggle in an economic downturn and a liquidity
crisis. Manager Buzz Zaino likes to buy tiny, ignored
companies (half the fund’s assets are stashed in
micro-caps) that are selling cheaply. Such firms often
have more debt on their balance sheets than bigger
ones, and investors tend to shy away from volatile
fare when times are tough. As a result, the fund has
lost 46% in 2008, more than 95% of its category
peers. But it has typically performed quite well when
the market rebounds.
Janus Overseas JAOSX
Brett Lynn, who’s managed this fund for five years,
seeks out fast-growing companies and is willing to pay
up for them. His tastes have resulted in a hefty 35%
stake in emerging-markets stocks—one of the foreign
large-growth category’s biggest—and those markets
were hammered in 2008. The fund’s painful 53%
loss for the year trails its typical rival by 6 percentage
points. Nevertheless, its record on Lynn’s watch
is stellar, and the fund recently reopened to new
investors. It’s an intriguing buying opportunity. œ
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14
Fund Manager Changes
American Century Ultra TWCUX
Fund News
Impact: Negative
12-11-08
Tom Telford, who was lead manager since 2006, has left the firm and was replaced by Keith Lee and Michael
Li, who run American Century Select TWCIX. Steve Lurito, American Century’s chief investment officer, remains
at the fund. | Our Take: Telford’s three-year record was mixed. He had a great 2007 and weak performance in
2006 and 2008. It’s not that we are unconvinced Telford is a great manager, but continued manager changes at
American Century give us pause. The firm let three other investment professionals go, and we don’t like to see
firms shrinking in the downturn.
Fairholme FAIRX
Impact: Neutral
12-01-08
Keith Trauner stepped down as a day-to-day manager to focus solely on research, much like Larry Pitkowsky
did earlier in the year. Firm founder and lead manager Bruce Berkowitz remains in charge, and Pitkowsky
and Trauner will still contribute ideas for Berkowitz to include in the portfolios. | Our Take: Berkowitz is still in
charge, and, while responsibilities were shifted, no one is leaving, so no worries.
MFS Total Return MSFRX
Impact: Negative
11-20-08
Greg Locraft, who ran one fourth of the portfolio, left MFS as part of some firm staff cuts. Locraft ran MFS
Strategic Value MSVTX, which was cloned for one fourth of the equity portfolio. He became lead manager
there in early 2008, so we didn’t have much to go on. His sleeve was handed over to Brooks Taylor, who already
ran half of the equity portfolio. | Our Take: Although we didn’t have enough to go on to evaluate Locraft, the
staff cuts at MFS are a worry.
Oakmark International OAKGX
Impact: Neutral
01-28-09
Rob Taylor, manager of Analyst Pick Oakmark Global OAKGX, will become comanager of Oakmark International,
joining seasoned skipper and Morningstar’s 2006 International-Stock Manager of the Year, David Herro.
| Our Take: Both International and Global funds have held up well versus their peers amid the recent market
turmoil and have impressive long-term records.
Van Kampen Equity and Income ACEIX
Impact: Neutral
12-01-08
Lead fixed-income manager Steven Kreider has stepped down from his role. Sanjay Verma, co-head of U.S.
fixed income, will take over Kreider’s responsibilities. | Our Take: The disruption should be minimal as
Morgan Stanley uses a team-managed approach and all other members of the fixed-income team are staying
put. Verma and his team will continue running the fixed-income sleeve of Equity and Income with the goal
of providing stability and current income. Management will keep the bulk of the portfolio in high-quality bonds
and make minimal interest-rate bets.
Vanguard Morgan Growth VMRGX
Impact: Neutral
11-28-08
Vanguard has added two new subadvisors here to replace quant manager Franklin Portfolio Associates, LLC.
This will be the first Vanguard assignment for the $4.8 billion firm Frontier Capital Management Co., LLC. Frontier senior vice president Stephen Knightly will manage Frontier’s stake, following a fundamental approach
that focuses on mid-cap companies. Ford Draper Jr., president and CIO of Kalmar Investment Advisers, will
manage another portion. The $2.7 billion firm has served as an advisor to Vanguard Explorer VEXPX since 2005.
The two new advisors will run approximately 20% of the $6.4 billion Morgan Growth. | Our Take: We like
Kalmar based on its record at Kalmar Growth-with-Value Small Cap KGSCX, and we don’t know Frontier well.
However, the change affects only one fifth of the portfolio. Wellington’s Paul Marrkand runs 40% and therefore has the greatest influence of any of the managers, and we have confidence in Wellington.
Vanguard Shuts Two Money Market Funds
Vanguard closed Vanguard Admiral Treasury Money
Market and Vanguard Treasury Money Market to
new investments in defined contributions plans. It also
won’t accept additional assets from any other financial
advisor, intermediary, and institutional accounts.
Existing investors in defined contribution plans may
still open new accounts or add to them.
Vanguard’s decision came within hours of the Fed’s
announcement to lower its key rates from 1%
to a range of 0% to 0.25%. Like most money market
offerings, both Vanguard funds invest heavily in
short-term Treasuries with yields closely tied to Fed
fund rates. With Fed fund rates at all-time lows,
money market funds have been struggling to stay in
positive territory after accounting for management
fees. Vanguard has an advantage over the rest with
low expense ratios of 0.10% for Admiral Treasury
Money Market and 0.24% for Treasury Money Market.
Vanguard to Launch Foreign Small-Cap Fund
Vanguard is planning to add a new small-cap international index fund to its lineup. Vanguard FTSE
All-World ex-US Small-Cap Index will track the FTSE
Global ex-US Small-Cap Index, which follows more
than 3,300 stocks in 47 countries. Estimated expenses
for the retail share class are 0.60% and will require
a minimum investment of $3,000. ETF shares are also
available at a cost of 0.38%. This will be Vanguard’s
first small-cap international index fund. It is expected
to launch in early 2009.
PIMCO Total Return Is the Biggest
Not too long ago, American Funds Growth Fund of
America AGTHX was the biggest fund by $50 billion
or $60 billion, but now it’s shrunk while PIMCO Total
Return PTTRX has gained. PIMCO Total Return has
$128 billion and Growth Fund of American has $117
billion. Interestingly, PIMCO rose to the top in the last
bear market, too. There’s a new sheriff in town.
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Meanwhile, my jaw dropped when I took a look at
Fidelity Magellan’s FMAGX numbers. It had a nasty
49% 2008 loss, and the resulting redemptions have
shrunk Magellan all the way down to $19 billion.
The last time it was that small, George H.W. Bush was
in the White House and Marky Mark and the Funky
Bunch topped the music charts. For the first time since
I’ve been at Morningstar, we can’t say that asset
size is a problem for Magellan. Harry Lange’s a good
manager, too, so who knows—maybe next year is
the year that Magellan turns the corner.
AllianceBernstein Cuts Jobs
AllianceBernstein is the latest firm to announce
cutbacks, as the deepening financial crisis has cut into
the firm’s profits. The firm saw its assets under
management decrease by approximately $30 billion, or
6.2%, in November 2008 alone. The layoffs will
affect members of the investment staff as well as client
services and marketing employees. The firm’s research
staff, which the firm had steadily built up within
the last few years, has been reduced by an estimated
8% to 10%. After the layoffs, the count will stand
at 85 growth analysts, 66 value analysts, and 62 fixedincome analysts.
January 2009
of senior executives and portfolio managers bought the
firm from its bankrupt parent, Lehman Brothers. At
ClearBridge, Sundman will fill a void left by the departure in March 2008 of its former chief, Brian Posner.
Funds That Reopened in 2008
So many funds reopened in 2008 that it’s tough to keep
track of them. So, we gathered all the Morningstar
500 funds that reopened together in the table below.
In fact, only a smattering of funds are closed to
new investors. Among those still closed are Vanguard
Primecap VPMCX and Longleaf Partners Small
Cap LLSCX. œ
Allianz NFJ Small Cap Value PNVDX
American Beacon Small Cap Value AASSX
Artisan International Value ARTKX
Aston/River Road Small Cap Value ARSVX
Buffalo Micro Cap BUFOX
Calamos Convertible CCVIX
Causeway International Value CIVVX
Century Small Cap Select CSMVX
Columbia Acorn International ACINX
Dodge & Cox Balanced DODBX
Dodge & Cox Stock DODGX
AllianceBernstein also announced that CEO Lewis
Sanders will retire after a 40-year career at the
firm. Sanders took over as CEO in early 2003 and guided
the firm through a series of market-timing charges
later that year. He worked to improve the corporate
culture of the merged firm as it recovered from
the scandal. Peter Kraus will replace Sanders as CEO.
Fidelity Contrafund FCNTX
Fidelity Low-Priced Stock FLPSX
Fidelity Magellan FMAGX
Fidelity Mid-Cap Stock FMCSX
Franklin Balance Sheet Investment FRBSX
Longleaf Partners LLPFX
Matthews Pacific Tiger MAPTX
Oakmark Equity & Income OAKBX
End of the Evergreen Era
The Evergreen Investments brand will soon be defunct.
As Wells Fargo prepares to take over Evergreen’s
parent company, Wachovia, at the end of 2008, the
struggling Evergreen funds will become part of the
Wells Fargo Advantage lineup.
Oakmark International Small Cap OAKEX
Royce Low-Priced Stock RLPRX
Royce Opportunity RYPNX
SSGA Emerging Markets SSEMX
Schneider Small Cap Value SCMVX
Sequoia Fund SEQUX
Third Avenue Small-Cap Value TASCX
Neuberger CEO Headed to Legg Mason
Peter Sundman, chairman and CEO of the Neuberger
Berman funds, left the firm to serve as president and
CEO of ClearBridge Advisors, Legg Mason’s largest
investment management arm. Sundman’s departure
from Neuberger Berman comes shortly after a group
15
Tweedy, Browne Global Value TBGVX
Wasatch Core Growth WGROX
Wasatch Small Cap Growth WAAEX
Wasatch Ultra Growth WAMCX
William Blair International Growth WBIGX
William Blair Small Cap Growth WBSNX.
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The Focused 10 Funds Hold Their Own
in a Trying Year
The FundInvestor Focused 10 | Greg Carlson
Equities had an awful time in 2008. Amidst a financial
crisis, a slowing economy, and the drying up of credit
markets, investors fled stocks, particularly those
with even a hint of financial or price risk. Compact
portfolios put the focus on stock-picking, and the
managers of most of the Focused 10 funds have done
a relatively solid job. True, each fund has posted
a hefty absolute loss, but seven of the 10 have held
up better than at least 85% of their category peers,
and only two funds underperformed. Let’s take a closer
look at how each one fared in 2008.
Ariel Focus ARFFX
This large-value fund was just added to the Focused 10
in October 2008, replacing Ariel Appreciation CAAPX
because it’s more concentrated (22 stocks versus 33
for Appreciation). It’s run by managers Charles Bobrinskoy and Tim Fidler using the same Warren Buffettinspired process as its much older siblings. They buy
firms with sustainable competitive edges and solid
returns on capital at a discount to their intrinsic value.
The fund held up better than 60% of its large-value
rivals in 2008 thanks to relatively sturdy top holdings
such as Johnson & Johnson JNJ and consultant
Accenture ACN.
Brown Capital Management Small Co. BCSIX
Small growth has been the second-worst performing
of the domestic-stock fund categories that represent the nine boxes in the Morningstar Style Box—the
typical fund lost 37% for the year. But this fund’s
veteran management team has navigated the environment with aplomb, losing 10 percentage points less.
The team looks for companies with lasting advantages
that it can hold for years, and its picks have held
up relatively well. Also, the fund didn’t hold any energy
or financial stocks, two sectors that were pummeled
in the latter half of 2008. The fund will go through
dry spells due to its biases, but we think it’s a fine longterm holding.
Clipper CFIMX
This fund has been a big disappointment. When
managers Chris Davis and Ken Feinberg (of Selected
American Shares SLADX) took over in early 2006
and announced they’d retain its concentrated look—it
owns about 25 stocks, typically—we thought
this format would allow them to shine given their
outstanding records on their other charges. But
their long-standing preference for financial firms hit
this fund hard; it held some of the worst blowups
in the sector, including American International Group
AIG, Merrill Lynch MER, and Ambac ABK. It lost
50% and landed in its category’s bottom decile. That
said, we have a lot of confidence in the team and
the investment process behind this fund as Davis and
Feinberg have a strong long-term record at Selected
American Shares.
Fairholme FAIRX
Bruce Berkowitz and his team are on a roll: They
steered this fund to its eighth top-quartile showing in
the large-blend category in nine years of operation.
They’ve made all the right moves; this once financialsheavy fund steered clear of the worst names in
that sector and built a huge stake in drugmakers like
Pfizer PFE, which held up relatively well as investors
recognized their still-steady revenues and now-hefty
dividend yields. As a result, the fund declined 30%,
less than 90% of its rivals—and it remains a keeper.
FMI Large Cap FMIHX
Here’s yet another fund that focuses on durable business models and fairly cheap stocks, and it benefited
greatly from that emphasis in 2008. The fund lost 27%
in 2008, a full 11 percentage points better than its
typical large-blend rival. Managers Patrick English and
Ted Kellner have held hefty stakes in service-oriented
names with steadier revenues, such as uniformrental business Cintas CTAS, and makers of consumer
goods like Kimberly-Clark KMB, which held up
relatively well. The managers have proven to be deft
stock-pickers over the whole of their seven-year
tenure, too.
Jensen JENSX
We reviewed this large-growth fund in the August
issue, and its approach—an insistence on buying
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January 2009
17
The FundInvestor Focused 10
Fund Name
Category
Manager Name
(Tenure Years)
Ariel Focus ARFFX
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
Sequoia SEQUX
Large Value
Small Growth
Large Blend
Large Blend
Large Blend
Large Growth
Large Blend
Large Blend
Large Blend
Large Blend
Fidler/Bobrinskoy (3.6)
Management Team (16.5)
Davis/Feinberg (3.0)
Kellner/English (7.1)
Frels/Henneman (9.1)
David A. Katz (12.5)
Nygren/Berghoef (12.2)
Goldfarb/Poppe (10.6)
5-Yr Total
Return%
—
0.76
-8.80
6.26
3.29
-1.21
0.95
-5.00
-5.77
-0.03
5-Yr Cat
Rank%
# of
Holdings
Turnover%
22
46
24
22
24
28
44
38
21
25
49
20
25
14
30
8
4
43
26
13
—
8
99
1
1
23
8
92
95
16
Expense
Ratio
Top Three Holdings
1.25
1.22
0.69
1.00
1.00
0.85
0.68
0.99
1.08
1.00
J&J, Berkshire Hathaway, J.P. Morgan Chase
Abaxis, FLIR Systems, Carbo Ceramics
Costco, American Express, Berkshire Hathaway
Pfizer, Sears, UnitedHealth Group
Wal-Mart, Kimberley-Clark, Cintas
Wells Fargo, PepsiCo, Abbot Laboratories
Medtronic, Emerson Electric, 3M
Devon Energy, ConocoPhillips, Microsoft
H & R Block, Yum Brands, Capital One Financial
Berkshire Hathaway, Mohawk, Fastenal
Data through Dec. 30, 2008.
We shine the spotlight on 10 funds from the FundInvestor 500 that follow a focused, low-turnover strategy.
companies that consistently crank out sizable returns
on equity and sell at a significant discount to their
intrinsic values—continues to work best when times
are tough. Rock-solid firms at the top of the portfolio like Wells Fargo WFC and Abbott Laboratories
ABT were roughly flat, and the fund’s 29% loss in
2008 ranks among the category’s very best showings.
It tends to lag when markets rally fiercely, but it’s a
fine holding.
William Frels, who became lead skipper here when
longtime manager George Mairs retired in mid-2004,
has kept up a tradition of investing in sturdy firms
close to its home base of Minneapolis and holding on
to them for years (sometimes more than a decade).
That approach often looks out of step when economically sensitive fare rallies, but it’s made this largeblend fund relatively buoyant in tough markets—it lost
29% in 2008, for example, but that bested 94%
of its rivals. What’s more, its long-term risk-adjusted
returns are superb.
We’re not surprised that this bold mutual fund struggled in 2008. Manager David Katz isn’t afraid to
load up on volatile sectors such as technology when
he thinks such names are cheap. The fund’s aboveaverage stake in the sector hurt in 2008 as names such
as semiconductor maker Novellus Systems NVLS
have seen their prospects dim in the slowing economy.
As a result, the fund lost 40% in 2008 and lagged
two thirds of its large-blend rivals. But Katz has built
a record of solid, if volatile, returns over the very
long haul.
Oakmark OAKMX
The same biases that have held back this fund for
much of the decade are now paying off. Manager Bill
Nygren has long avoided energy firms because he
didn’t think he could properly value them due to their
reliance on volatile commodity prices—and now
the sector is rapidly falling back to earth. His recent
taste for bigger firms with histories of steady growth
has also helped in a panicky environment. All told,
the fund lost 33% in 2008, but that loss bested 85% of
the fund’s large-blend rivals. Although its longerterm trailing returns are still just so-so, we continue
to counsel patience with this fund.
Sequoia SEQUX
A market this ugly suits this, the quintessential
Buffett-style fund, quite well on a relative basis. The
managers buy only firms with excellent management teams, strong competitive advantages, and easyto-understand businesses; hang on for the long haul;
and aren’t afraid to let cash build when opportunities
are scarce. These types of companies, like Buffett’s
Berkshire Hathaway BRK.B and fastener distributor
Fastenal FAST, have managed to retain more of
investors’ faith than their peers. Thus, the fund lost
27%, trouncing its typical rival and the S&P 500
Index. It recently reopened to new investors for the first
time in 25 years, and we strongly recommend it. œ
Contact Greg Carlson at [email protected]
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Growth Funds Hold Up Nicely
Tracking Fund Analyst Picks | Russel Kinnel
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.
It’s gratifying that all but one of our large-growth Fund
Analyst Picks outperformed in 2008, but, man,
am I eager to see them make some money rather than
lose less than their peers.
Since they were first picked, four of our picks are
soundly beating the large-growth average, four are
right in line with the average, and Jensen JENSX
is a brand-new pick. We like growth managers who dig
into fundamentals like balance sheets and valuations
rather than simply chasing after the market’s hot
themes, so it makes sense that they’d generally hold
up well in a down market. A number offer great
ways to gain access to high-quality companies now
trading at pretty cheap prices.
Harbor Capital Appreciation HACAX has lost about
500 basis points less than the typical large-growth
fund since we chose it. Subadvisor Jennison has a
deep team and a strong investment discipline.
Vanguard Capital Opportunity VHCOX was picked in
1999 (with a break while it closed), and it’s been a
rewarding fund. From August 1999 through December
2008, it gained 62% versus a 36% loss for the average
large-growth fund. Sibling Vanguard Primecap
VPMCX is up 25% versus an 18% loss since it was
picked in October 2001. Vanguard Primecap Core
VPCCX is down 8% versus a 21% loss for large growth
since we picked it in 2005, and Primecap Odyssey
Growth POGRX is down a tad less than typical largegrowth fund since we picked it in 2007.
What can I say, I like Primecap. It has experienced
analysts and managers who do great fundamental
research that enables them to outperform over the
long haul by losing a lot less in sell-offs and matching
or modestly beating their peers in most rallies.
Capital Opportunity and Primecap are still closed,
but the newer Primecap Core and Odyssey Growth are
open and look like great buys today. Compared with
Odyssey Growth, Primecap Core is larger cap and has
heavier weightings in value sectors. Odyssey Growth
is more aggressive with 31% in tech and 31% in
health care compared with 22% and 25%, respectively,
for Primecap Core. Primecap Core is 25 basis points
cheaper than Odyssey Growth.
Aston/Montag & Caldwell Growth MCGFX is ahead
of large growth since we picked it in late 2003.
That’s pretty good considering what a tough market
it’s been for blue-chip growth stocks. In 2008 that
focus substantially cut the fund’s losses because it owns
strong cash-generating companies that will be hurt
much less by the recession than most. It has potential
to keep going in rallies, too, thanks to manager
Ron Canakaris, who has been at the helm since 1994.
Joe Milano has lost a little less than the average
large-growth fund in 2008, and T. Rowe Price New
America Growth’s PRWAX returns since we chose
it in 2004 are modestly ahead of the averages. Milano
likes high-quality companies and reasonable prices,
too, but he will veer away from blue chips, unlike Aston.
Thus, you have names like Gamestop GME and
Smith International SII that have been hit harder than
some tamer names like Medco MHS and United
Parcel Service UPS. Still, Milano generally produces
second-quartile returns, and that’s enough to make
this fund a winner over the long haul.
Brandywine Blue BLUEX is our most aggressive large-
growth pick, and unfortunately it’s showing lately.
This momentum fund lost a harsh 45% in 2008. In the
prior down market, manager Bill D’Alonzo’s finely
tuned antennae helped the fund avoid the worst of the
downturn. But this time the whiplash nature of the
market has caught the fund off guard a couple of times.
Some poorly timed moves into energy and tech have
hurt. Despite that bad year, the fund’s 10-year returns
are top decile. œ
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Page 19
January 2009
19
Tracking Our Picks
Trailing 5 Years
Trailing 3 years
% Picks in Top Quartile
Trailing 3 months
Asset Group
Batting Average
Batting Average
Balanced
80.84
59.36
77.45
43.46
Batting Average
65.00
25.33
International Stock
71.25
39.96
63.66
39.43
55.17
37.93
Municipal Bond
86.63
74.57
86.70
63.16
90.00
30.00
Taxable Bond
69.80
39.59
69.73
38.74
62.07
27.59
U.S. Stock
60.23
32.59
56.31
28.31
50.52
33.33
Data through Nov. 30, 2008.
Category Spotlight: Large Growth Analyst Picks
Harbor Capital Appreciation Instl HACAX
|
QQQ
p Fund Return (%)
Growth of $10,000 (07-1999 to 12-2008)
-31.07
p Category Return (%)
12,000
8,000
4,000
00
T. Rowe Price New America Growth PRWAX
01
02
03
04
06
05
07
08
Aston/Montag & Caldwell Growth N MCGFX
—
Corporate Culture
—
Regulatory Issues
—
Board Quality
—
Manager Incentive
—
Fees
—
QQQQQ
-3.37
8,000
4,000
2005
2006
2007
Vanguard PRIMECAP VPMCX
|
2008
-17.68
Stewardship Grade Overall
C
Corporate Culture
X
Regulatory Issues
Z
Board Quality
C
Manager Incentive
C
Fees
B
QQQQQ
Growth of $10,000 (10-2005 to 12-2008)
-11.71
12,000
8,000
4,000
2007
Return data through Dec. 30, 2008.
2008
p Fund Return (%)
15,000
10,000
5,000
04 2005
2006
2008
2007
-26.00
Z
Corporate Culture
Z
Regulatory Issues
Z
Board Quality
X
Manager Incentive
X
Fees
Z
|
Z
Corporate Culture
Z
Regulatory Issues
Z
Board Quality
X
Manager Incentive
Z
Fees
X
p Fund Return (%)
-18.04
18,000
12,000
6,000
2006
2007
2008
|
-25.17
Z
Corporate Culture
Z
Regulatory Issues
Z
Board Quality
X
Manager Incentive
X
Fees
Z
QQQQQ
p Fund Return (%)
Growth of $10,000 (03-2005 to 12-2008)
-7.91
12,000
8,000
4,000
2005
-15.92
QQQQ
Growth of $10,000 (09-2005 to 12-2008)
05
-13.79
Vanguard PRIMECAP Core VPCCX
p Fund Return (%)
QQQ
Growth of $10,000 (10-2004 to 12-2008)
Vanguard Capital Opportunity VHCOX
12,000
05 2006
p Fund Return (%)
Growth of $10,000 (01-2004 to 12-2008)
2004
|
-36.51
|
2006
2007
2008
-21.75
Z
Corporate Culture
Z
Regulatory Issues
Z
Board Quality
X
Manager Incentive
X
Fees
Z
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20
Munis Are a Buy Despite Recession
recently to less than negative 1.80—a level that’s
never been seen before.
Income Strategist | Lawrence Jones
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.
We launched this column in February with an article
that made the case for municipal-bond funds being
an area of the market that looked incredibly cheap, so
it makes sense for us to revisit that thesis as we close
the year. Since we first wrote about munis, they’ve
gotten even cheaper and they still look compelling.
As fallout from the subprime-mortgage meltdown
and the liquidity crisis rained down on the economy,
the municipal markets suffered one dramatic jolt
after another. The markets were depressed by a crisis
of confidence in the creditworthiness of municipalbond insurers, the failure of auction-rate securities
markets, and significant sales of municipal bonds
by highly leveraged market participants. Hedge funds
that had taken advantage of municipal arbitrage
strategies reportedly started unwinding them dramatically when losses on other positions, and margin
calls, forced them to sell their most liquid positions. In
the first two thirds of 2008, the municipal market
was on pace to produce a record year in terms of new
issuance. But as hedge funds and Wall Street trading
desks departed the market and retail investors
grew increasingly skittish, demand for the securities
waned, putting great pressure on prices. Yet there’s
good evidence to suggest that market participants have
overshot in their fear and risk aversion here.
At our last writing on munis, the difference between
the 30-day SEC yield on Vanguard IntermediateTerm Tax-Exempt VWITX and Vanguard Intermediate-Term Treasury VFITX was a negative 0.22,
meaning that the Tax-Exempt fund had a higher nominal
yield than the Treasury fund. (Munis typically yield
less than Treasuries.) Since then, however, munis have
seen further price declines, and Treasury yields have
dipped further, as that sector has enjoyed a flight-toquality rally in 2008. Thus, when we look at the
graph on the facing page, we see that the yield spread
between the two aforementioned funds has expanded
The yields on generic general-obligation municipal
bonds have historically ranged from 80% to 95%
of those of comparable maturity Treasury issues, but
today the yield on a typical 30-year AAA rated muni
GO is near 5.20% while a 30-year Treasury is yielding
2.94%, or an astounding 177% yield ratio. The
severe market disruptions suffered by virtually all
fixed-income sectors in the months following the
Sept. 15 collapse of Lehman Brothers, as well as the
factors mentioned above, are largely to blame,
although the economic recession has also raised fears
over municipal budgetary health.
Still, we’re confident because defaults are incredibly
rare. A Moody’s study of average cumulative 10-year
default rates for investment-grade munis from 1970 to
2005 placed the level at 0.07%, versus 2.23% for
comparable corporate bonds. Managers we’re talking
to point out that munis look cheap relative to Treasuries or when looking at other measures of value,
such as their yield comparisons to agency-backed
mortgage securities. While defaults are rare, creditrating downgrades and issuer-specific trouble can
cause bond markdowns that hurt returns. We suggest
investors stick to higher-quality munis for now.
We like Fidelity Intermediate Municipal Income
FLTMX, where manager Mark Sommer continued the
fund’s long record of success by avoiding trouble
spots such as tobacco bonds, aiding returns. Franklin
Federal Tax-Free Income FKTIX is an excellent
mutual fund in the muni-national long-term category
and is led by manager Sheila Amoroso, who uses
a buy-and-hold approach, looking for bonds offering
competitive yields and trading at reasonable prices.
Despite a recent manager change at Vanguard
Long-Term Tax-Exempt VWLTX, the fund’s incredible
cost advantage continues to give the fund a leg up.
Moreover, we have confidence in manager Reid Smith’s
ability to navigate muni markets, and with the builtin advantage he has on cost, he can take fewer risks
than rivals and still come out on top. œ
Contact Lawrence Jones at [email protected]
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January 2009
21
Bond-Market Snapshot
Treasury Yield Curve (%)
Yield to maturity of current bills, notes, and bonds
Interest-Rate Review
6.00
We have seen Treasury yields continue to decline steeply in
December as these issues remained the flight-to-quality asset of
choice among investors. The two-year Treasury note yielded
0.76%, while the 30-year note yielded only 2.69% at year-end, a
dramatic yield decline from earlier in the year, particularly on
the long end of the yield curve. The rally reflects investor fear of
both financial-market stability and a recession. That said, we
have seen a modest recovery in the high-yield and investment-grade
corporate markets, as investors sought higher-yielding opportunities
with some of their capital. Continued stress in the municipal
markets, as well as Treasuries' rally, widened the gap between
muni bond and Treasuries yields to record levels.
5.00
4.00
3.00
One Year Ago (12-30-07)
2.00
1.00
Maturity
Current (12-30-08)
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
Unattractive 1.73
7.00
6.00
Dec. 30, 2008
-1.83
High
1.73
5.00
Low
-1.83
4.00
Average
0.63
Last Month (11-31-08)
-1.05
A Year Ago (12-30-07)
-0.13
3.00
2.00
p Vanguard Interm-Term Tax-Exempt p Vanguard Interm-Term U.S. Treasury
Attractive
98
99
00
01
02
03
04
05
06
07
-1.83 12-30-08
08
High-Yield and Treasury Bond Yields
Vanguard High-Yield Corporate and Intermediate-Term U.S. Treasury Inv.
High-Yield Bond Spread Snapshot
18.00
Attractive 10.71 12-30-08
15.00
Dec. 30, 2008
10.45
High
10.71
12.00
Low
2.01
9.00
Average
3.71
6.00
3.00
p Vanguard High-Yield Corporate p Vanguard Interm-Term U.S. Treasury
Last Month (11-31-08)
10.71
A Year Ago (12-30-07)
4.49
Unattractive 2.01
98
99
00
01
02
03
04
05
06
07
08
Data as of Dec. 30, 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.
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22
Jensen Joins the Picks List
Changes to the 500 | Russel Kinnel
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.
We added Jensen JENSX to our Fund Analyst Picks
list. As I mentioned in recent issues, I like the
managers’ steady, low-turnover focus on blue chips.
When the market goes down, it’s a great time to
get into high-quality companies on the cheap. The
fund invests in the sort of companies that can finance
themselves and therefore are much less dependent
upon banks than most companies. The fund’s 10-year
returns rank in the top 5% of its category.
We’re switching our pick from Weitz Value WVALX to
Weitz Partners Value WPVLX. Manager Wally Weitz
says Partners Value will be an all-cap fund while Value
will focus on large caps. We like Weitz’s ability to find
value off the beaten track, so Partners gets the nod.
Meanwhile, we dropped Western Asset Core
WATFX from our picks list. This year has been abysmal
for the fund, which had a big bet on nongovernment
mortgages. When the Troubled Asset Relief Program
was redirected to capital infusions instead of
purchases of bad debt, nongovernment mortgages got
crushed. In addition, the severity of the recession
has meant that even presumably high-quality mortgages are suffering a lot of defaults. In addition to the
performance problems, Western is making tweaks to
its strategy, bringing in risk-control people, and making
some changes in personnel. As I’ve said before, you
don’t want to buy a fund when the “under construction”
signs go up.
Manning & Napier Fund Joins 500
We recently added Manning & Napier World
Opportunities EXWAX to our coverage list and were
impressed by the strong team it has assembled
and the excellent performance it has produced. Take a
look at the facing page to learn more about this
standout. The foreign large-blend fund charges a 1.14%
expense ratio and has a $2,000 minimum.
Baird Muni Fund Joins 500
I’m also adding the outstanding Baird Intermediate
Municipal Bond BMBIX. Manager Mary Ellen
Stanek has produced the best returns in the category
using a very conservative approach that has held
up nicely in this difficult market. The fund’s five-year
return of 3.7% annualized is tops in the intermediate
muni category.
Stanek and her team invest in high-quality munis and
avoid interest-rate bets relative to their benchmark.
Instead, they seek to add value by dialing down risk.
They have a huge portion of the fund in prerefunded
bonds. Prerefunded bonds are bonds in which the
issuer has already set aside Treasuries to pay off the
debt as soon as they are callable. Thus there’s really
no credit risk at all. With muni insurance going away,
this type of bond fills the niche for super-safe bonds.
To be sure, the fund will lag in better times when
investors aren’t so focused on the recession. The fund
has a $25,000 minimum and it charges a superlow
expense ratio of just 0.30%.
Bjurman, Barry Micro-Cap Growth to be
Merged Away
In the meantime, we’re dropping Bjurman, Barry
Micro-Cap Growth BMCFX, which is being merged
into GAMCO Westwood Mighty Mites WMMAX.
The Bjurman, Barry mutual fund lost a brutal 56%
in 2008, and it was down to just $75 billion in assets.
Vanguard Insured Long-Term Tax-Exempt
Going Away
As I mentioned above, the insured muni market is
fading and that led Vanguard to merge away Insured
Long-Term Tax-Exempt VILPX in December. Thus,
it’s gone from the 500. œ
Summary of Changes
Additions
Deletions
Manning & Napier World Opp. A
Baird Intermediate Muni Bd Inst
Bjurman Barry Micro-Cap Growth
Fund Analyst Picks Additions
Fund Analyst Picks Deletions
Weitz Partners Value
Jensen
Weitz Value
Western Asset Core Bond
500_0109.qxp
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2:58 PM
Page 23
Ticker
EXWAX
Manning & Napier WrldOp A
Governance and Management
Load
None
NAV
$5.65
Yield
0.8%
January 2009
Total Assets
$1,141 mil
Mstar Category
Foreign Large Blend
Investment Style
Equity
Stock %
Historical Profile
Return High
Risk
Above Avg
Rating
Highest
Stewardship Grade:
Portfolio Manager(s)
77%
77%
93%
92%
91%
89%
94%
23
90%
Manager Change
Partial Manager Change
Management is seasoned. The team’s average experience is 15
years, and several team members have more than 25 years of
investment experience. All team members have ownership stakes
in the advisory firm.
31.0
24.0 Growth of $10,000
17.0
10.0
Fund
MSCI EAFE
Performance Quartile
(within Category)
Strategy
This team-managed fund uses a bottom-up approach that focuses
on absolute, not relative, value. Its analysts are assigned by
global industry and have an all-cap purview. They use a series of
discounted cash-flow models to identify stocks they think are
trading at more than a 25% discount to fair value. A separate
team of economists creates market and economic forecasts that
are overlaid on the individual stock suggestions, bolstering or
diminishing the appeal of a suggested pick. The fund eschews
benchmark weightings, instead buying wherever it sees value.
Performance 11-30-08
2004
2005
2006
2007
2008
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
5.70
0.72
12.41
5.64
-6.95
3.32
-0.24
0.74
6.13
-2.56
-0.92
8.09
7.38
0.60
-12.69
15.91
2.51
10.10
2.07
.
25.42
11.33
33.88
15.12
.
+/- MSCI
+/- MSCI
EAFE
AC World exUS
%Rank
Cat
Growth of
$10,000
62
8
4
4
2
2
.
6,352
5,874
5,751
9,203
13,344
21,390
.
Total
Return%
-36.48
3 Mo
-41.26
6 Mo
-42.49
1 Yr
3 Yr Avg -2.73
5 Yr Avg 5.94
10 Yr Avg 7.90
15 Yr Avg
.
-1.07
3.66
5.30
5.02
3.94
7.30
.
Tax Analysis Tax-Adj Rtn%
3 Yr (estimated) -4.97
1.09
6.09
6.72
4.52
3.01
.
.
%Rank Cat Tax-Cost Rat %Rank Cat
5
3
4
2.30
1.62
3.55
78
77
100
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
11-08
History
9.76
7.81
6.03
.
0.83
6.98
38
0.09
1.33
1.15
0.79
62
.
8.55
-4.38
-24.38
.
1.39
-5.77
96
0.13
0.60
1.13
2.30
52
.
9.30
42.37
15.40
.
3.27
39.10
34
0.28
2.52
1.15
2.19
23
.
6.18
7.96
22.13
.
11.91
-3.95
1
0.99
2.82
1.19
1.61
52
84
5.98
-0.30
21.14
.
2.73
-3.03
1
0.17
0.00
1.21
0.95
42
84
5.28
-10.78
5.16
4.17
0.00
-10.78
8
0.00
0.05
1.30
1.10
41
79
6.84
30.80
-7.79
-10.03
1.07
29.73
69
0.06
0.00
1.27
1.25
31
120
8.33
25.42
5.17
4.51
0.89
24.53
2
0.06
0.18
1.26
0.75
42
161
8.46
11.33
-2.21
-5.29
0.83
10.50
85
0.07
0.74
1.21
0.95
46
207
9.58
33.88
7.54
7.23
1.65
32.23
1
0.14
1.57
1.16
1.35
64
315
10.07
15.12
3.95
-1.53
0.54
14.58
26
0.05
0.87
1.14
0.75
49
839
5.65
-42.66
3.93
5.80
0.02
-42.68
6
0.03
0.18
.
.
.
1,141
NAV
Total Return %
+/-MSCI EAFE
+/-MSCI AC World exUS
Income Return %
Capital Return %
Total Rtn % Rank Cat
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Portfolio Analysis 11-30-08
Rating and Risk
Time
Period
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
-42.49
-2.73
5.94
7.90
7.36
High
High
High
Avg
Avg
+Avg
Other Measures
Morningstar
Risk-Adj Rating
Standard Index
MSCI EAFE
Best Fit Index
MSCI Eur
5.1
0.98
94
3.7
0.93
95
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
19.54
-2.73
-0.24
Potential Capital Gain Exposure: -49% of assets
Morningstar’s Take by Michael Breen 10-12-07
risk-averse, so they model a number of possible
downside scenarios before purchases are made.
The fund recently bought Calfrac, a Canadian
gas-well-services company, when it tumbled on
macroeconomic concerns. Team member Marc
Tommassi says the firm is expanding its scale
globally and is well positioned to benefit from
long-term secular trends.
The fund has a couple of other things going for
it. At $760 million in assets the fund’s hardly tiny,
but it’s just a fraction of the size of other topnotch
foreign large-blend funds, such as American Funds
EuroPacific Growth and Julius Baer International
Equity. The fund is nimble, and capacity concerns
are nowhere on its horizon. We also like the
investment culture at Manning & Napier. It is
employee-owned, and its key investment
professionals are principals in the firm. Turnover is
practically nonexistent among the investment
professionals.
This winner deserves more attention.
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Expense Projections:
Income Distrib:
Web Address:
Inception:
Advisor:
Subadvisor:
NTF Plans:
290 Woodcliff Drive
Fairport, NY 14450
800-466-3863
www.manningnapieradvisors.com
09-06-96
Manning & Napier Advisors Inc/ta
None
$2000
$2000
No-load
1.00%
Mgt:1.00%
3Yr:$365
Add: $0
Add: $25
IRA: $0
FHLBA
Amdocs Ltd.
Unilever PLC ADR
Brazilian Aviation Compa
Siemens
Lonza Grp
TNT
Novartis AG ADR
SAP Corporation ADR
Synthes
Sonic Healthcare Ltd
CGG Veritas
ABB, Ltd. ADR
Carrefour
Qiagen
HSBC Holdings PLC
Television Francaise 1
Carlsberg
Grupo Televisa SA ADR
Nokia Corporation ADR
Current Investment Style
Market Cap
.
Software
Goods
Ind Mtrls
Ind Mtrls
Health
Business
Health
Software
Health
Health
Energy
Ind Mtrls
Consumer
Health
Financial
Media
Goods
Media
Hardware
Sector
% Weightings
Country
% Assets
United States
United States
U.K.
Brazil
Germany
Switzerland
Netherlands
Switzerland
Germany
Switzerland
Australia
France
Switzerland
France
Germany
U.K.
France
Denmark
Mexico
Finland
5.09
4.06
3.98
3.23
2.93
2.75
2.62
2.52
2.41
2.40
2.33
2.30
2.22
2.12
2.10
2.08
2.03
2.02
2.01
1.97
% of Rel MSCI 3 Year
Stocks
EAFE High Low
Value Blnd Growth
Giant
25.7 h Info
21.53 1.85
Large
41.3 r Software 8.13 10.56 11 4
Mid
25.2 t Hardware 5.51 2.12 9 2
Small
7.8 y Media
4.76 3.33 7 1
Micro
0.0 u Telecom 3.13 0.46 6 0
Avg $mil:
j Service 34.27 0.82
8,393
i Health 19.84 2.20 20 10
Value Measures
Rel Category o Consumer 4.54
0.96 13 4
Price/Earnings
11.12
1.08 p Business 3.45 0.63 8 3
Price/Book
1.22
0.82 a Financial 6.44 0.28 17 6
Price/Sales
0.60
0.69 k Mfg
44.20 0.95
Price/Cash Flow
6.42
1.07
s Goods 21.07 1.50 26 15
Dividend Yield % 3.58
0.80
d Ind Mtrls 17.50 1.07 18 10
5.63 0.60 13 5
Growth Measures
% Rel Category f Energy
Long-Term Erngs 11.32
1.01 g Utilities 0.00 0.00 0 0
Book Value
9.43
0.97
% Stock
Sales
2.44
0.25 Regional Exposure
Cash Flow
-7.74
NMF UK/W. Europe 69 N. America 10
Historical Erngs 15.42
1.05 Japan
8 Latn America 8
Asia X Japan 5 Other
0
Large Mid Small
Manning & Napier World Opportunities has a lot to
offer.
This fund has one of the best risk/reward
profiles in the foreign large-blend category. It has
returned 12.4% annually over the past decade,
crushing the MSCI EAFE Index and nearly all of its
rivals. The fund has low volatility and has been a
great bear-market performer. It posted a tiny
cumulative loss between 2000 and 2002, easily
outperforming its average peer and the benchmark,
which both shed more than 40% of their value in
the same period.
Strong stock-picking and a prudent approach key
the fund’s success. Like all Manning & Napier
funds, this one is team-managed by the firm’s
senior research group, industry veterans with an
average of 15-years’ experience. They leverage the
firm’s 27 equity analysts, who are aligned globally
by industry with an all-cap purview. They use a
variety of bottom-up analytics to look at growth,
cyclical, and deep-value plays. The shop is
Share change since 10-08 Total Stocks:59 Sector
Composition
Dist: .
5Yr:$633
10Yr:$1398
N/A
© 2009 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.
Cash
Stocks
5.1
89.8
Bonds
Other
Foreign (% of Stock)
®
ß
5.1 Country Exposure
18 U.K.
0.0 France
Switzerland 17 Japan
93.3 Germany
13
Mutual Funds
EQ
% Stock
10
8
M500_0109.qxp
1/6/09
5:25 PM
24
Morningstar 500
Page 24
Historical Risk
Historical Performance
Domestic Equity
Morningstar
Rating
vs. Category
55Best
Large Growth
—
AmCent Growth Inv TWCGX
AmCent Ultra Inv TWCUX
Amer Funds AMCAP A AMCPX
Amer Funds Gr Fund A AGTHX
Amer Funds New Econ A ANEFX
QQQQ
QQQ
QQQQ
QQQQ
QQQ
LAston/Montag Growth N MCGFX
Baron FifthAveGr BFTHX
LBrandywine Blue BLUEX
Bridgeway Large-Cap Gr BRLGX
Calamos Growth A CVGRX
Chase Growth CHASX
Chesapeake Core Growth CHCGX
Fidelity Blue Chip Grth FBGRX
Fidelity Capital Apprec FDCAX
Fidelity Contrafund FCNTX
5 Yr
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
YTD 1 Yr 3 Yr 5 Yr 10 Yr
-40.9 -40.9 -10.6
-3.8
-3.3
—
— — — —
—
0.3
—
—
18.0
1.10 (87)
—
-37.8
-41.7
-37.7
-39.1
-41.9
-37.8
-41.7
-37.7
-39.1
-41.9
-7.2
-11.8
-10.1
-9.1
-9.4
-1.7
-5.0
-3.1
-0.8
-1.3
-2.3
-3.2
1.2
3.2
-0.3
28
61
26
39
62
28
61
26
39
62
13
72
46
34
37
20 45
76 57
43 9
13 3
17 20
High
+Avg
Avg
+Avg
+Avg
0.5
0.5
0.0
1.1
1.5
C
C
X
X
X
-32
-32
-30
-33
-33
16.60
16.96
15.13
16.55
17.92
1.04 (92)
1.02 (83)
0.97 (96)
1.04 (92)
1.14 (94)
-Avg
-Avg
Low
-Avg
Avg
QQQQQ
QQQ
QQQQ
QQ
QQQ
-32.6
-38.9
-43.8
-45.4
-50.3
-32.6
-38.9
-43.8
-45.4
-50.3
-4.1
-10.8
-8.4
-12.0
-14.7
-0.7
—
-0.1
-4.5
-4.4
-1.5
—
3.2
—
7.1
5
37
76
86
96
5
37
76
86
96
2
58
25
74
95
12 35
— —
9 3
66 —
65 1
High
Low
+Avg
Low
+Avg
0.3
0.0
0.0
0.9
0.0
C
-28
-30
-35
-38
-42
16.16
15.66
19.28
19.14
23.02
0.97 (84)
0.98 (92)
1.05 (68)
1.16 (86)
1.39 (84)
-Avg
-Avg
+Avg
+Avg
High
QQQQQ
QQ
QQQ
QQQ
QQQQQ
-33.5
-50.6
-38.6
-40.5
-37.2
-33.5
-50.6
-38.6
-40.5
-37.2
-6.8
-15.0
-10.2
-10.2
-5.7
1.1
-7.2
-4.3
-3.2
2.3
1.9
0.2
-3.6
1.2
2.8
6
96
35
50
21
6
96
35
50
21
10 4 7
96 97 15
49 65 66
49 44 9
6 2 4
+Avg
+Avg
+Avg
+Avg
High
0.3
0.0
1.1
1.2
0.5
C
C
C
-27
-43
-33
-34
-29
14.06
20.97
16.64
17.71
16.22
0.84 (84)
1.30 (90)
1.06 (94)
1.06 (83)
0.98 (85)
Low
High
Avg
Avg
-Avg
QQQQ
QQQQ
QQQQ
QQQ
] QQ
-43.4
-40.9
-46.7
-48.1
-49.4
-43.4
-40.9
-46.7
-48.1
-49.4
-10.9
-8.1
-8.4
-9.0
-13.6
-1.5
-0.2
-2.8
-1.4
-5.9
3.8
1.6
0.4
0.5
-3.5
74
53
90
93
95
74
53
90
93
95
60
22
25
31
90
19 2
9 7
36 14
18 13
90 64
+Avg
+Avg
High
High
+Avg
0.3
0.2
0.9
0.6
0.2
C
C
X
C
X
-35
-36
-36
-44
-43
19.38
19.43
18.94
24.41
21.61
1.17 (84)
1.16 (82)
1.12 (81)
1.31 (66)
1.34 (89)
+Avg
+Avg
+Avg
High
High
LHarbor Capital App Instl HACAX
Janus JANSX
Janus Growth & Income JAGIX
Janus Research JAMRX
Janus Twenty JAVLX
QQQ
QQQ
QQQ
QQQ
QQQQ
-37.1
-39.8
-42.5
-44.4
-42.0
-37.1
-39.8
-42.5
-44.4
-42.0
-10.3
-8.5
-12.3
-9.0
-4.0
-2.1
-3.6
-3.2
-2.3
3.7
-2.1
-3.0
-0.5
-1.2
-1.0
21
45
68
81
63
21
45
68
81
63
50
27
78
32
2
26
51
45
29
1
42
55
22
31
29
+Avg
High
Avg
High
High
0.7
0.9
1.5
0.3
0.0
V
C
V
C
-30
-36
-35
-40
-41
16.11
18.14
18.72
20.78
21.97
0.99 (87)
1.14 (92)
1.14 (86)
1.30 (91)
1.24 (73)
-Avg
Avg
Avg
High
High
LJensen J JENSX
Legg Mason P Aggr Grow A SHRAX
Marsico 21st Century MXXIX
Marsico Focus MFOCX
Marsico Growth MGRIX
QQQQQ
QQQ
QQQQ
QQQQ
QQQQ
-29.0
-42.4
-45.2
-40.8
-42.8
-29.0
-42.4
-45.2
-40.8
-42.8
-4.6
-14.3
-8.1
-10.1
-11.4
-1.9
-4.8
0.5
-2.3
-3.2
2.8
2.9
—
-0.2
-0.4
2
67
86
52
71
2
67
86
52
71
3
93
22
47
67
24 4
72 3
6 —
29 19
45 22
+Avg
Avg
+Avg
+Avg
+Avg
1.5
0.0
0.3
0.8
0.7
-23
-37
-36
-33
-34
13.22
18.59
19.95
17.86
17.79
0.79 (84)
1.15 (89)
1.21 (86)
1.07 (83)
1.09 (88)
Low
Avg
+Avg
Avg
Avg
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
QQQ
QQQQ
QQQ
-34.3
-33.3
-42.6
-42.3
-38.3
-34.3
-33.3
-42.6
-42.3
-38.3
-7.5
-7.5
-10.7
-10.1
-9.1
—
—
-3.8
-3.1
-2.7
—
—
-2.1
-0.5
-2.9
8
6
69
65
33
8
6
69
65
33
16
15
57
47
32
—
—
55
44
35
—
—
41
22
53
Avg
Avg
+Avg
Avg
High
0.4
0.7
0.3
0.6
0.0
X
X
X
X
Z
-32
-33
-36
-36
-37
16.29
15.83
18.20
18.20
19.04
1.01 (89)
0.98 (89)
1.16 (95)
1.16 (94)
1.19 (91)
-Avg
-Avg
Avg
Avg
+Avg
Q
QQQ
QQQ
Q
] QQQQQ
-49.1
-44.8
-41.5
-49.3
-39.1
-49.1
-44.8
-41.5
-49.3
-39.1
-17.4
-11.9
-10.9
-13.8
-7.7
-5.9
-1.8
-3.0
-4.6
0.7
—
-1.6
-2.3
-5.0
8.9
94
84
60
95
39
94
84
60
95
39
98
73
60
90
18
91
22
41
68
5
—
36
44
84
1
Avg
Avg
+Avg
High
High
0.0
0.4
0.7
0.1
0.5
C
Z
-41
-36
-37
-41
-37
20.89
18.82
17.10
22.14
19.63
1.24 (81)
1.17 (90)
1.04 (87)
1.34 (84)
1.20 (86)
+Avg
+Avg
-Avg
High
+Avg
Vanguard Gr Idx VIGRX
Vanguard Growth Equity VGEQX
Vanguard Morgan Gr VMRGX
LVanguard PRIMECAP VPMCX
LVanguard PRIMECAP Core VPCCX
QQQ
QQ
QQQ
QQQQQ
QQQQQ
-38.3
-47.9
-41.4
-32.4
-31.3
-38.3
-47.9
-41.4
-32.4
-31.3
-8.9
-12.2
-10.2
-5.4
-6.2
-3.1
-5.1
-2.7
1.7
—
-3.3
-4.5
-1.0
3.8
—
33
92
58
5
3
33 30 44 59
92 76 78 79
58 49 36 28
5 5 3 2
3 7 — —
High
+Avg
+Avg
+Avg
Avg
1.3
0.9
1.2
1.1
1.3
X
X
X
Z
Z
-33
-36
-35
-32
-31
16.72
19.31
17.92
15.84
15.31
1.06 (94)
1.16 (84)
1.13 (92)
0.99 (91)
0.96 (91)
Avg
+Avg
Avg
-Avg
-Avg
Vanguard U.S. Gr VWUSX
QQ
-37.8 -37.8 -11.3
-3.7
-7.7
28
28 66 53 98
Avg
1.0
X
-31
16.27
1.01 (89)
-Avg
Large Blend
—
-37.9 -37.9 -9.1
-2.6
-1.8
—
— — — —
—
1.5
—
—
16.2
1.03 (94)
—
Amer Funds Fundamen A ANCFX
QQQQ
-39.7 -39.7 -6.5
0.8
2.9
71
71 16
High
2.3
X
-34
17.40
1.09 (92)
+Avg
-38.4 -38.4 -9.1
-37.0 -37.0 -8.4
-3.4
-2.2
-4.3
-1.4
Fidelity Exp & Multinatl FEXPX
Fidelity Growth Company FDGRX
Fidelity Growth Discovery FDSVX
Fidelity Independence FDFFX
Fidelity Magellan FMAGX
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
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
Total Return %
12-31-08
A N N U A L I Z E D
YTD
][ Increase/decrease in rating
NR 5 No Morningstar Rating;
fund less than three years old.
1 Yr
3 Yr
6
7
Return
ConsiStewardstency Yield ship
Rating %
Grade
X
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
M500_0109.qxp
1/6/09
5:25 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)
—
13.3
2.3
27,812
i 18
t 14 d 11
7
7
7
7
7
15.1
14.9
14.0
12.8
13.9
3.0
3.0
2.1
2.0
1.7
27,115
34,438
27,958
37,048
16,302
t
i
o
f
a
16
19
17
15
16
i
o
i
d
p
15
17
14
14
14
d
t
t
t
t
7
7
7
7
7
12.8
15.6
15.1
12.5
12.1
2.7
2.3
2.6
3.0
2.5
45,566
32,187
21,544
27,648
9,809
s
a
i
f
t
19
22
22
20
20
t
o
o
i
d
17
20
15
19
14
7
7
7
7
7
15.8
14.3
12.0
11.8
13.4
3.5
2.0
2.0
1.1
2.2
48,207
25,350
31,805
17,089
32,518
i
i
o
i
i
28
24
17
28
20
o
a
s
p
a
7
7
7
7
7
12.0
13.4
14.4
10.9
11.2
1.8
2.1
1.8
1.6
1.4
35,839
16,681
32,208
30,276
13,953
a
i
a
f
d
18
24
28
21
20
7
7
7
7
7
17.0
13.5
12.6
13.2
13.2
3.2
2.2
2.3
2.1
2.7
50,622
38,807
36,095
16,809
45,192
i
d
s
t
d
7
7
7
7
7
16.0
13.5
14.2
12.8
13.0
3.6
1.9
1.6
1.8
2.1
40,377
15,328
16,276
43,322
37,662
7
7
7
7
7
15.7
14.5
15.0
15.2
14.9
2.1
2.1
2.7
2.9
2.4
7
7
7
7
7
16.4
14.9
14.3
19.5
14.1
7
7
7
7
7
Total
# of
Holdings
Recent
Composition (% of Assets)
Turnover
%
NAV($)
Total
Assets
($Mil)
—
100
4
94
0
0
7
—
1.36
—
1,101
12
15
13
14
13
87
99
202
490
207
112
93
29
32
40
1
2
14
11
12
98
97
83
86
86
0
1
2
3
1
1
0
0
0
1
4
3
5
16
33
NL
NL
5.75
5.75
5.75
1.00
0.99
0.65
0.62
0.76
16.31
14.45
12.07
20.48
15.57
2,885
4,951
15,239
116,502
5,111
i
f
d
d
i
17
14
14
18
13
31
45
36
84
142
69
40
267
37
76
1 99
8 91
10 90
0 100
3 97
0
0
0
0
0
0
1
0
0
0
2
4
4
2
7
NL
NL
NL
NL
4.75
1.07
1.40
1.13
0.71
1.20
17.35
7.15
19.82
8.11
29.16
1,295
68
2,846
87
6,826
16
13
16
14
17
d
t
t
y
s
13
13
16
13
15
34
50
165
74
308
181
70
82
135
56
5 95
0 100
5 95
14 86
10 90
0
0
0
0
0
0
0
0
0
1
4
3
6
4
13
NL
NL
NL
NL
NL
1.17
1.34
0.57
0.82
0.89
13.81
9.94
26.31
15.73
45.26
453
373
8,915
4,382
47,670
Management Team
Gardner/Lewis IV (11.3/11.3)
Jennifer S. Uhrig (2.2)
J. Fergus Shiel (3.2)
William Danoff (18.3)
f
t
i
i
t
17
14
22
18
20
i
s
t
d
i
16
14
14
13
15
57
287
90
116
225
53
49
149
175
57
7 89
0 100
6 94
4 96
1 99
1
0
0
0
0
3
0
0
0
0
10
10
10
7
22
NL
Clsd
NL
NL
NL
0.81
0.93
0.90
0.89
0.72
14.41
48.96
8.61
14.27
45.86
2,321
22,373
978
3,480
19,262
Victor Y. Thay (3.2)
Steven S. Wymer (12.0)
Jason Weiner (1.9)
Robert C. Bertelson (2.2)
Harry Lange (3.2)
28
18
16
17
25
t
i
o
d
i
15
14
16
17
21
o
t
i
s
t
11
14
15
14
18
51
82
81
106
27
69
32
54
72
20
1 99
2 98
6 89
0 100
13 87
0
0
4
0
0
0
0
1
0
0
8
23
27
19
28
NL
NL
NL
NL
Clsd
0.66
0.87
0.86
1.00
0.86
23.30
19.22
20.75
17.22
42.99
5,694
6,717
2,987
2,297
6,762
Spiros Segalas (18.7)
Coleman/Riff (1.2/1.2)
Marc Pinto (1.2)
James P. Goff (2.9)
Ron Sachs (1.0)
i
i
a
o
o
26
43
37
26
32
d
f
o
a
a
22
21
20
24
17
s
y
d
d
d
17
16
15
17
17
30
62
38
33
39
8
1
143
78
72
2 98
0 100
14 86
11 89
11 89
0
0
0
0
0
0
0
0
0
0
0
2
9
2
3
NL
5.75
NL
NL
NL
0.85
1.19
1.29
1.21
1.24
19.24
67.43
9.52
11.74
12.62
1,752
4,240
1,214
2,468
1,382
Management Team
Richard A. Freeman (25.2)
Corydon Gilchrist (5.9)
Thomas F. Marsico (11.0)
11,873
23,509
33,102
32,156
14,950
i
i
i
i
i
31
32
21
23
21
t
o
a
f
d
20
11
12
11
15
r
t
d
d
p
11
10
12
10
14
107
100
133
101
97
5
6
32
51
60
6 94
7 93
0 100
8 92
2 98
0
0
0
0
0
0
0
0
0
0
12
16
5
9
4
NL
NL
NL
NL
NL
0.75
0.81
0.77
0.67
0.85
9.50
9.33
23.01
19.24
18.77
365
167
7,380
14,639
487
2.4
2.6
2.2
3.0
2.0
18,577
28,055
46,482
21,408
13,006
i
d
o
o
i
25
30
25
17
29
p
p
a
d
t
16
15
21
17
24
t
t
d
a
o
15
15
17
16
10
27
35
41
47
119
39
40
70
52
13
97
98
85
97
97
0
0
0
0
0
0
0
0
0
0
4
8
5
21
11
NL
NL
NL
5.75
Clsd
1.41
1.15
1.00
0.94
0.45
4.69
13.90
21.97
6.75
20.24
338
525
755
2,434
5,367
14.0
16.0
13.3
14.1
14.4
2.8
2.8
2.7
2.3
2.3
34,804
24,434
23,203
30,180
28,635
t
t
i
i
i
17
19
18
25
25
d
i
t
r
t
13
12
16
13
13
i
f
d
p
d
13
12
12
12
12
399
109
357
121
136
23
222
88
11
9
0 100
3 97
5 95
4 96
13 87
0
0
0
0
0
0
0
0
0
0
0
6
4
12
15
NL
NL
NL
Clsd
NL
0.22
0.72
0.38
0.43
0.50
20.29
6.99
11.30
44.54
8.91
11,099
529
5,876
21,442
2,526
7
16.8
2.9
48,631
i 24
t 18 d 11
74
107
5
95
0
0
6
NL
0.43
12.26
3,235
Management Team
—
11.4
1.8
31,147
a 16
i 13 d 13
—
73
-4
92
10
0
16
—
1.22
—
1,130
—
4
12.0
2.0
35,498
d 20
f 17 i 11
318
27
9
85
2
4
19
5.75
0.57
24.98
33,175
10.9
1.7 38,167.8
Cash Stock Bond Other Foreign
3
2
15
3
3
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Sectors
Val Blnd Grth
Hardware
Media
Telecom
Portfolio Manager (Tenure Years)
—
LeGard/Woodhams (9.8/11.3)
Management Team
Management Team
Management Team
Management Team
Ronald Canakaris (14.2)
Randall Haase (2.7)
Management Team
Management Team
Management Team
Management Team
Management Team
Larry Puglia (15.5)
Robert Bartolo (1.2)
Joseph Milano (6.5)
Management Team
Management Team
Management Team
Management Team
Gerard O’Reilly (14.0)
Management Team
Management Team
Management Team
Management Team
Management Team
Bold Numbers 5 Cheapest Quintile
Equity Style Box
Software
Sales
Charge Expense
%
Ratio%
25
Operations
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Industrial Materials
Energy
Utilities
M500_0109.qxp
1/6/09
5:25 PM
26
Morningstar 500
Page 26
Historical Risk
Domestic Equity
Morningstar
Rating
vs. Category
55Best
Large Blend (cont’d)
—
Bridgeway Blue-Chip 35 BRLIX
CGM Focus CGMFX
LClipper CFIMX
LDavis NY Venture A NYVTX
Domini Social Equity Inv DSEFX
QQQ
QQQQQ
QQ
QQQ
QQ
Dreyfus Appreciation DGAGX
LFairholme FAIRX
Fidelity FFIDX
Fidelity Disciplined Eq FDEQX
Fidelity 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
5 Yr
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
-37.9 -37.9 -9.1
-2.6
-1.8
—
— — — —
—
1.5
-33.3
-48.2
-49.6
-40.0
-37.9
-33.3
-48.2
-49.6
-40.0
-37.9
-6.5
2.3
-16.5
-10.2
-10.8
-3.1
8.6
-9.3
-2.1
-4.6
-0.9
17.7
0.3
1.2
-3.2
15
96
97
73
56
15
96
97
73
56
16
1
97
72
80
68
1
99
38
87
41
1
26
16
89
High
+Avg
Avg
+Avg
Avg
3.5
0.8
2.1
1.4
1.9
QQQQ
QQQQQ
QQQQ
[ QQQ
QQ
-32.4
-29.7
-40.3
-40.1
-43.0
-32.4
-29.7
-40.3
-40.1
-43.0
-5.7
-2.7
-7.5
-8.7
-12.9
-1.6
5.6
-1.7
-1.2
-6.2
-0.9
—
-1.1
-0.1
-1.8
12
6
76
74
88
12
6
76
74
88
11
2
25
45
92
29
1
31
23
95
40
—
45
30
64
High
High
High
+Avg
Avg
2.5
0.5
1.8
1.5
2.2
Q
QQQ
QQQ
[ QQQ
QQQQQ
-50.9
-37.1
-37.2
-42.3
-26.9
-50.9
-37.1
-37.2
-42.3
-26.9
-18.2
-8.4
-8.4
-9.9
-3.9
-9.2
-2.3
-1.8
-0.1
2.6
-5.1
-1.5
-0.7
—
—
97
39
42
86
3
97
39
42
86
3
98
38
38
68
5
98
44
31
11
1
98
52
39
—
—
-Avg
2.2
3.0
2.6
1.8
1.0
Janus Contrarian JSVAX
Legg Mason Value Prim LMVTX
LKCM Equity LKEQX
LLongleaf Partners LLPFX
Madison Mosaic Investors MINVX
QQQ
Q
QQQQQ
QQ
QQQ
-48.1
-55.1
-31.8
-50.6
-33.4
-48.1
-55.1
-31.8
-50.6
-33.4
-7.8
2.2
-23.7 -12.1
-5.2 -0.7
-15.7 -7.9
-8.2 -3.4
—
-4.2
1.5
1.1
-0.3
96
99
10
97
15
96
99
10
97
15
28
99
8
96
32
2
99
17
97
76
—
96
14
17
33
+Avg
0.6
0.0
1.5
0.2
0.7
MainStay MAP I MUBFX
Manning & Napier Equity EXEYX
Masters’ Sel Focused Opp MSFOX
Masters’ Select Equity MSEFX
QQQQ
QQQQQ
[ QQQQ
NR
QQ
-37.1
-28.5
-36.3
-49.3
-46.8
-37.1
-28.5
-36.3
-49.3
-46.8
-8.1
-6.1
-7.3
—
-15.3
-0.4
0.4
0.4
—
-6.2
3.9
5.5
—
—
-0.2
41
4
29
97
96
41
4
29
97
96
31 13 5
13 8 2
23 8 —
— — —
96 95 31
High
+Avg
+Avg
Avg
Avg
-47.4
-40.2
-52.0
-33.7
-32.6
-47.4
-40.2
-52.0
-33.7
-32.6
-15.6
-11.0
-15.7
-7.4
-8.4
-6.4
-5.9
-3.4
-3.3
-3.3
—
3.2
-1.0
-0.4
0.7
96
75
98
16
12
96
75
98
16
12
96
81
96
24
38
95
93
74
72
71
—
7
42
33
21
-36.2
-34.4
-39.2
-27.0
-33.3
-36.2
-34.4
-39.2
-27.0
-33.3
-14.6
-7.2
-9.6
-5.0
-5.9
-6.5
-1.0
—
-0.7
-0.8
3.9
-0.3
—
2.0
0.1
28
18
68
3
15
28
18
68
3
15
96
22
64
8
12
95
20
—
16
17
Masters’ Select Value MSVFX
Neuberger Ber Part Inv NPRTX
Oak Value OAKVX
LOakmark I OAKMX
LOakmark Select I OAKLX
Pioneer A PIODX
LSelected American D SLADX
LSequoia SEQUX
T. Rowe Price Div Growth PRDGX
Q
QQQ
Q
QQQ
QQQ
QQQ
[ QQQ
QQQ
] QQQQQ
QQQQ
Total Return %
12-31-08
A N N U A L I Z E D
YTD
1 Yr
3 Yr
Return
Rating %
Grade
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
—
16.2
1.03 (94)
—
-24
-43
-33
-31
-32
13.32
32.30
16.98
15.91
16.53
0.84 (93)
1.35 (40)
1.05 (89)
1.02 (97)
1.06 (96)
Low
High
Avg
Avg
Avg
-26
-34
-32
-32
-39
13.39
18.93
16.88
16.79
18.58
0.85 (94)
1.08 (75)
1.06 (92)
1.07 (94)
1.18 (94)
Low
High
+Avg
+Avg
High
X
C
C
-41
-30
-31
-33
-24
19.47
15.29
15.94
17.44
12.27
1.23 (93) High
1.00 (100) Avg
1.04 (99)
Avg
1.11 (95) +Avg
0.77 (93)
Low
V
X
-43
-41
-27
-47
-30
22.53
21.89
14.17
24.21
15.61
1.33 (81)
1.35 (88)
0.91 (97)
1.49 (88)
0.98 (91)
High
High
-Avg
High
Avg
1.8
2.3
0.6
1.5
0.1
-32
-25
-31
-37
-39
16.04
14.14
17.22
—
19.93
1.04 (98)
0.84 (83)
1.06 (89)
— (—)
1.26 (93)
Avg
-Avg
+Avg
—
High
+Avg
+Avg
+Avg
+Avg
+Avg
1.8
0.9
0.5
0.1
1.7
-38
-35
-48
-28
-32
20.42
18.01
24.90
14.99
16.85
1.29 (92)
1.14 (93)
1.49 (83)
0.94 (92)
1.05 (89)
High
+Avg
High
-Avg
+Avg
5
33
—
10
27
Avg
+Avg
Avg
+Avg
High
1.6
1.5
1.7
0.4
2.1
X
C
Z
-35
-29
-31
-24
-29
19.79
14.73
15.81
13.66
14.82
1.18 (82)
0.95 (98)
1.02 (97)
0.77 (73)
0.96 (98)
High
-Avg
Avg
-Avg
-Avg
Avg
+Avg
+Avg
+Avg
-Avg
+Avg
+Avg
High
High
Avg
High
—
Worst
3-Mo
Return
%
Z
Z
C
C
X
Z
C
X
X
T. Rowe Price Grth & Inc PRGIX
T. Rowe Price Spect Grth PRSGX
Thompson Plumb Growth THPGX
Thornburg Value A TVAFX
Torray TORYX
QQQ
QQQ
QQ
QQQ
QQ
-36.6
-41.5
-47.7
-41.6
-37.4
-36.6
-41.5
-47.7
-41.6
-37.4
-8.3 -2.6
-9.6 -1.4
-17.5 -10.6
-8.9 -2.3
-10.9 -5.1
-0.5
1.1
-0.5
1.7
0.0
32
81
96
81
47
32
81
96
81
47
34
63
97
50
81
56
25
99
46
90
35
17
35
12
28
High
High
Avg
+Avg
+Avg
1.7
1.7
1.5
1.1
1.5
X
Z
-31
-36
-35
-33
-31
15.80
18.13
17.74
17.35
15.57
1.03 (98)
1.17 (97)
1.12 (94)
1.10 (94)
0.97 (90)
Vanguard 500 Index VFINX
Vanguard Dividend Growth VDIGX
Vanguard FTSE Soc Idx Inv VFTSX
Vanguard Gr & Inc VQNPX
Vanguard LifeSt Growth VASGX
QQQ
QQQQQ
Q
QQQ
QQQQ
-37.0
-25.6
-42.4
-37.7
-34.4
-37.0
-25.6
-42.4
-37.7
-34.4
-8.4
-1.6
-14.0
-10.0
-6.5
-2.3
2.0
-6.4
-3.0
-0.3
-1.5
0.2
—
-1.2
0.8
38
3
86
54
18
38
3
86
54
18
38
2
95
70
16
44
2
95
67
13
51
27
—
46
20
+Avg
High
Avg
Avg
High
3.0
2.4
2.4
2.9
3.2
X
X
X
X
X
-30
-23
-36
-32
-29
15.28
12.74
18.16
16.18
14.67
1.00 (100) Avg
0.81 (95)
Low
1.16 (95) +Avg
1.05 (98)
Avg
0.95 (98) -Avg
Vanguard Tot Stk VTSMX
LVanguard Tx-Mgd App VMCAX
LVanguard Tx-Mgd Gr VTGIX
QQQ
QQQ
QQQ
-37.0 -37.0 -8.5
-37.6 -37.6 -8.9
-37.0 -37.0 -8.4
-1.8
-1.9
-2.3
-0.7
-0.7
-1.4
39
52
39
39 38 32 37
52 49 35 38
39 38 43 50
+Avg
High
+Avg
2.7
2.3
3.0
X
X
X
-31
-32
-30
15.95
16.10
15.28
1.04 (99)
1.05 (99)
1.00 (100)
-36.9 -36.9 -8.3
-37.0 -37.0 -8.4
-0.8
-2.2
1.4
-1.4
Russell 1000 Value Index
S&P 500 Index
E New this month
LAnalyst Pick
Avg
Avg
-Avg
M500_0109.qxp
1/6/09
5:25 PM
Page 27
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Average
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
11.4
1.8
a 16
i 13 d 13
4
4
4
4
4
13.2
14.7
13.0
10.6
11.4
2.0 118,625
1.8 58,740
1.4 38,897
1.5 28,024
1.8 25,857
a
a
a
a
a
22
40
49
31
18
i
u
o
f
i
15
14
14
16
14
t
o
s
s
t
4
1
4
1
4
10.1
13.2
11.3
8.5
9.9
2.0
1.4
1.6
1.2
1.0
81,594
18,883
42,111
23,473
9,246
s
i
a
i
a
27
38
17
15
19
f
o
i
f
d
24
17
15
15
13
7
4
4
1
4
10.3
10.2
10.4
10.2
13.7
1.0
1.5
1.4
1.1
2.4
16,973
38,533
22,005
24,094
29,948
a
f
a
a
p
30
14
16
25
22
t
i
i
f
o
4
4
7
7
7
14.8
14.6
13.9
14.1
11.4
1.6
1.6
2.3
1.7
1.7
9,095
34,785
23,949
15,364
28,053
a
o
d
y
a
27
20
17
24
21
4
4
7
7
7
9.7
13.7
12.5
14.6
13.1
1.4
2.5
1.6
1.6
1.6
26,334
13,284
16,728
26,410
14,726
a
d
p
a
a
4
1
4
7
4
13.5
9.0
6.9
14.6
13.6
1.5
1.1
1.0
2.7
2.0
18,521
28,901
10,875
33,250
31,192
4
4
4
7
4
12.9
10.8
12.3
16.6
12.8
1.8
2.0
1.6
1.8
2.2
4
7
4
4
4
13.2
13.3
12.5
9.3
11.1
4
4
7
4
4
4
4
4
Total
# of
Holdings
Recent
NAV($)
Total
Assets
($Mil)
92
10
0
16
—
1.22
—
1,130
12
384
25
16
9
0 100
1 99
0 100
3 96
0 100
0
0
0
0
0
0
0
0
0
0
0
35
13
12
6
NL
NL
NL
4.75
NL
0.15
1.27
0.69
0.85
1.15
5.44
26.98
39.98
23.62
19.60
167
4,251
1,117
28,499
527
62
37
136
126
473
7
14
80
152
52
0 100
15 78
4 96
2 98
1 97
0
2
0
0
0
0
5
0
0
2
13
8
5
3
7
NL
NL
NL
NL
NL
0.95
1.00
0.55
0.90
0.63
28.23
21.84
22.76
17.41
15.79
2,542
6,692
4,532
9,055
5,366
i
a
f
i
s
10 109
13 509
13 3,241
12 186
14
29
52
6
4
149
30
0
2
3
1
11
99
98
97
99
89
0
0
0
0
0
1
0
0
0
0
12
3
3
4
10
NL
NL
NL
NL
NL
0.67
0.10
0.10
0.93
1.00
13.17
62.11
25.07
10.18
11.04
6,667
11,125
6,404
669
1,494
15
19
16
17
19
d
i
s
t
d
15
15
13
14
12
59
32
71
23
35
28
11
26
15
51
0 100
7 93
4 96
1 99
2 98
0
0
0
0
0
0
0
0
0
0
29
0
3
15
8
NL
NL
NL
NL
NL
0.96
1.68
0.80
0.89
0.94
9.63
26.04
10.33
15.69
11.31
3,219
4,309
37
5,431
28
David C. Decker (8.9)
Gay/Miller (2.8/18.0)
Greenwell/King Jr. (3.7/13.0)
Cates/Hawkins (14.8/21.8)
Management Team
i
i
i
f
f
16
21
12
14
17
f
a
r
d
t
13
14
11
11
11
227
46
48
22
89
76
4
44
46
35
4
2
0
3
7
96
98
99
97
92
0
0
1
0
0
0
0
0
0
1
5
0
0
25
7
NL
NL
NL
NL
NL
0.92
0.68
1.05
1.26
1.20
21.61
52.51
12.17
5.69
7.54
1,055
1,701
467
54
291
Management Team
Frels/Henneman (9.1/3.0)
Management Team
Management Team
Management Team
23
16
23
25
23
a
t
a
d
a
19
16
18
18
17
d
o
p
s
s
11
14
10
17
16
47
39
70
26
50
24
43
41
52
32
10
1
1
3
5
89
99
99
97
95
0
0
0
0
0
1
0
0
0
0
21
0
21
5
6
NL
NL
NL
NL
NL
1.21
0.99
0.80
1.37
1.10
7.35
28.91
15.40
14.53
25.75
99
78
1,909
65
2,561
Management Team
David A. Katz (12.5)
S. Basu Mullick (10.0)
Management Team
Grant/Nygren (8.8/8.8)
o
d
a
a
a
33
18
30
33
19
y
s
f
o
d
25
15
17
19
14
a
i
s
p
i
20
15
14
17
14
22
103
106
26
110
26
10
8
13
16
5 95
0 100
2 98
15 85
5 95
0
0
0
0
0
0
0
0
0
0
0
8
13
9
8
NL
5.75
NL
NL
NL
1.08
1.08
0.57
1.00
0.69
15.98
29.13
28.50
95.27
16.51
1,785
4,622
7,538
3,113
641
Berghoef/Nygren (8.8/12.2)
Carey/Hunnewell (22.5/7.4)
Davis/Feinberg (14.1/10.7)
Goldfarb/Poppe (10.5/3.1)
Thomas J. Huber (8.8)
31,667
20,205
39,107
23,616
21,123
a
a
o
a
d
16
16
18
18
22
i
i
t
i
t
14
15
17
16
17
f
d
y
f
i
14
12
12
13
16
104
12
57
61
33
31
5
29
71
50
1 99
4 95
0 100
2 95
0 100
0
0
0
3
0
0
0
0
1
0
8
22
3
13
0
NL
NL
NL
4.50
NL
0.70
0.78
1.13
1.27
1.09
13.88
10.99
20.04
21.73
21.64
835
2,099
134
2,601
364
Thomas J. Huber (1.9)
Edmund Notzon III (10.1)
Thompson/Thompson (15.0/16.9)
Management Team
Management Team
2.0
2.6
1.7
1.9
2.0
45,305
50,345
21,615
43,434
31,246
a
i
a
a
a
16
15
31
15
16
f
f
i
f
f
13
15
18
14
15
i
d
o
d
d
13
14
13
13
15
513
55
390
126
5
5
36
41
96
4
0 100
4 96
0 100
2 98
6 83
0
0
0
0
10
0
0
0
0
1
0
7
0
0
14
NL
NL
NL
NL
NL
0.15
0.32
0.24
0.31
0.23
83.09
11.08
4.98
19.45
16.00
74,801
1,659
336
4,264
5,879
Michael H. Buek (3.7)
Donald Kilbride (2.9)
Michael Perre (8.6)
Oliver Buckley (0.9)
Management Team
12.7
12.5
12.4
1.9
1.9
2.0
25,387
30,109
45,293
a 17
a 15
a 16
i 13 d 12 3,502
i 13 f 13 657
f 13 i 13 511
4
5
5
0 100
0 100
0 100
0
0
0
0
0
0
0
0
0
NL
NL
NL
0.15
0.15
0.15
21.80
21.39
19.65
78,674
2,713
1,962
Michael Perre (2.5)
10.9
1.7 38,167.8
31,147
Turnover
%
—
73
13
12
14
12
12
37
22
25
112
151
i
a
d
a
i
10
13
12
13
12
16
14
14
17
17
y
a
a
o
i
18
35
25
31
22
y
f
f
a
o
21,806
27,918
33,799
22,189
30,028
2.1
1.8
1.9
1.3
1.3
12.4
12.2
14.4
11.6
13.1
-4
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Sectors
Val Blnd Grth
Hardware
Media
Telecom
—
Management Team
G. Kenneth Heebner (11.4)
Mammen Chally (2.1)
Fayez Sarofim (25.0)
Management Team
John D. Avery (6.9)
Keith Quinton (2.2)
Lawrence Rakers (0.3)
Timothy J. Cohen (3.2)
Management Team
Management Team
Scott Offen (6.1)
English/Kellner (7.0/7.0)
Equity Style Box
Software
Sales
Charge Expense
%
Ratio%
27
Operations
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Energy
Utilities
M500_0109.qxp
1/6/09
5:25 PM
28
Morningstar 500
Page 28
Historical Risk
Domestic Equity
Morningstar
Rating
vs. Category
55Best
Total Return %
12-31-08
Large Value
—
-37.4 -37.4 -9.2
-2.2
0.2
—
— — — —
—
2.1
—
—
15.8
1.00 (93)
—
AmCent Capital Val Inv ACTIX
AmCent Equity Income Inv TWEIX
AmCent Inc & Growth Inv BIGRX
AmCent Value Inv TWVLX
Amer Funds Amer Mut A AMRMX
QQQ
QQQQQ
QQQ
QQQQ
QQQQ
-36.8
-20.1
-34.7
-26.7
-30.0
-36.8
-20.1
-34.7
-26.7
-30.0
-9.3
-0.9
-8.6
-6.3
-5.6
-2.5
2.3
-2.0
-0.2
-0.5
—
6.0
-0.9
4.0
2.1
54
1
29
3
8
54
1
29
3
8
60
1
50
20
15
66 —
4 1
55 84
23 5
27 24
+Avg
+Avg
+Avg
+Avg
High
3.7
3.9
2.3
3.0
3.9
V
C
C
C
X
-28
-18
-28
-21
-25
15.12
11.25
15.17
13.21
12.94
0.96 (95)
0.70 (89)
0.97 (96)
0.79 (83)
0.84 (98)
-Avg
Low
Avg
Low
Low
Amer Funds Inv Co Am A AIVSX
LAmer Funds WashingtonA AWSHX
American Beacon LgCVl Pln AAGPX
Ameristock AMSTX
Ariel Focus ARFFX
QQQ
QQQ
QQQ
QQQ
QQ
-34.7
-33.1
-39.6
-34.2
-35.1
-34.7
-33.1
-39.6
-34.2
-35.1
-7.1
-6.4
-9.6
-7.9
-11.0
-1.2
-1.4
-0.7
-4.4
—
1.6
1.2
1.7
0.2
—
30
18
71
26
33
30
18
71
26
33
28
21
64
39
78
39
42
30
88
—
32
41
30
62
—
+Avg
High
+Avg
+Avg
Low
3.2
3.3
3.0
7.1
0.8
X
X
-28
-26
-31
-26
-33
13.77
14.11
16.08
14.09
16.91
0.89 (98)
0.91 (97)
1.04 (97)
0.88 (92)
1.04 (88)
Low
-Avg
Avg
-Avg
+Avg
Artisan Opportunistic Inv ARTLX
LColumbia Val & Restruct Z UMBIX
Diamond Hill Large Cap A DHLAX
LDodge & Cox Stock DODGX
Fidelity Equity-Inc FEQIX
NR
QQ
[ QQQQ
QQQQ
QQ
-37.5
-47.3
-34.1
-43.3
-41.6
-37.5
-47.3
-34.1
-43.3
-41.6
—
-12.6
-7.2
-12.4
-10.8
—
-2.6
2.4
-2.6
-3.6
—
3.7
—
4.7
-0.1
60
95
25
91
85
60
95
25
91
85
—
87
29
87
76
— —
68 8
3 —
69 2
81 68
Low
+Avg
+Avg
Avg
+Avg
1.3
1.8
1.4
2.3
3.0
-39
-45
-28
-36
-32
—
23.10
14.53
17.64
16.73
— (—)
1.38 (83)
0.91 (93)
1.12 (93)
1.08 (98)
—
High
-Avg
+Avg
+Avg
-31
-31
-27
-30
-29
15.77
16.44
14.44
16.04
15.87
1.02 (98)
1.04 (94)
0.91 (93)
1.03 (96)
1.01 (95)
Avg
+Avg
-Avg
Avg
Avg
-30
-33
-30
-45
-35
16.96
16.78
15.49
24.12
16.62
1.03 (85)
1.06 (92)
0.98 (94)
1.42 (80)
1.04 (91)
Avg
+Avg
Avg
High
+Avg
14.99
17.45
18.08
12.03
15.75
0.96 (97)
1.12 (96)
1.15 (95)
0.72 (83)
0.96 (87)
Avg
+Avg
+Avg
Low
Avg
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
Z
Z
X
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
Fidelity Equity-Inc II FEQTX
Homestead Value HOVLX
Lord Abbett Affiliated A LAFFX
MainStay ICAP Equity I ICAEX
LMainStay ICAP Sel Eq I ICSLX
QQ
QQQQ
QQQ
QQQQ
QQQQQ
-40.4
-36.4
-37.1
-38.1
-37.4
-40.4
-36.4
-37.1
-38.1
-37.4
-10.9
-8.2
-8.5
-7.6
-6.9
-4.0
-0.3
-2.3
-0.5
0.8
-0.5
2.1
1.6
1.7
4.2
75
49
56
64
60
75
49
56
64
60
77
43
48
32
26
85
24
63
27
11
77
24
31
30
4
+Avg
+Avg
+Avg
High
High
2.6
2.7
2.4
2.9
2.6
Muhlenkamp MUHLX
Mutual Beacon A TEBIX
Mutual Shares A TESIX
LSchneider Value SCMLX
LSound Shore SSHFX
QQ
QQQ
QQQ
Q
QQQ
-40.4
-40.5
-38.1
-55.0
-35.6
-40.4
-40.5
-38.1
-55.0
-35.6
-17.6
-9.7
-9.1
-17.9
-8.4
-5.5
-1.7
-1.3
-6.3
-1.1
3.1
3.9
3.8
—
2.3
75
76
64
99
37
75
76
64
99
37
96
64
57
96
45
94 13
50 6
39 7
96 —
35 21
Avg
+Avg
+Avg
+Avg
High
0.4
0.3
1.3
4.7
1.1
LT. Rowe Price Eq Inc PRFDX
T. Rowe Price Value TRVLX
TCW Dividend Focused N TGIGX
Tweedy, Browne Value TWEBX
Van Kampen Comstock A ACSTX
QQQQ
QQQ
QQQ
QQQQ
QQ
-35.8
-39.8
-43.9
-24.4
-35.9
-35.8
-39.8
-43.9
-24.4
-35.9
-7.5
-10.1
-12.4
-5.3
-10.0
-1.1
-2.3
-4.0
-1.0
-2.2
2.2
2.2
3.2
1.5
2.3
39
72
91
2
41
39
72
91
2
41
32
68
86
12
67
35
63
85
34
61
23
23
12
34
21
High
+Avg
+Avg
+Avg
Avg
3.3
1.7
3.8
1.2
2.9
Z
X
C
-28
-36
-35
-19
-30
QQQQ
Q
QQQQQ
QQQ
[ QQQ
-32.2
-48.8
-31.0
-34.8
-36.0
-32.2
-48.8
-31.0
-34.8
-36.0
-6.9
-17.5
-4.4
-9.6
-7.8
0.2
-7.6
0.7
-2.2
-0.7
3.3
—
1.9
—
0.6
14
97
11
30
42
14
97
11
30
42
26
96
7
64
36
17
98
11
61
30
11
—
27
—
54
+Avg
+Avg
High
+Avg
+Avg
2.4
1.6
4.5
3.7
4.1
C
X
X
X
X
-25
-41
-22
-30
-27
14.03
21.32
12.91
15.55
15.09
0.88 (92)
1.28 (83)
0.81 (93)
1.00 (96)
0.96 (95)
-Avg
High
Low
Avg
Avg
Vanguard Windsor VWNDX
Vanguard Windsor II VWNFX
Wasatch-1st Source Inc Eq FMIEX
Weitz Partners Value WPVLX
LWeitz Value WVALX
QQQ
QQQ
QQQQQ
QQQ
QQ
-41.1
-36.7
-31.1
-38.1
-40.7
-41.1
-36.7
-31.1
-38.1
-40.7
-12.1
-8.5
-2.4
-11.5
-13.5
-4.2
-0.6
3.6
-4.9
-6.1
1.7
1.1
6.4
1.7
1.2
81
53
11
64
78
81
53
11
64
78
84
49
2
81
91
86
29
1
91
96
31
42
1
29
41
+Avg
+Avg
High
Avg
Avg
3.0
4.0
2.3
0.2
1.0
X
X
-32
-29
-29
-29
-31
17.06
15.74
15.18
16.86
17.42
1.08 (94)
1.00 (94)
0.96 (94)
0.99 (80)
1.03 (81)
+Avg
Avg
Avg
+Avg
+Avg
LWHG LargeCap Value Instl WHGLX
NR
-31.8 -31.8
—
—
—
12
12 — — —
Avg
1.1
-24
—
— (—)
—
Mid-Cap Growth
—
-43.9 -43.9 -11.2
-2.7
0.1
—
— — — —
—
0.1
—
—
20.8
1.24 (82)
—
-48.7
-44.1
-40.8
-46.7
-44.5
-8.1
-9.5
-9.2
-10.3
-9.1
-0.4
-1.5
1.4
3.3
-0.6
5.7
6.1
1.3
—
2.7
82
49
28
69
51
82
49
28
69
51
23 25 10
36 38 8
34 8 41
44 3 —
33 27 26
+Avg
+Avg
Avg
Low
+Avg
0.0
0.0
0.0
0.0
0.0
C
-39
-40
-36
-40
-38
22.62
21.49
18.84
22.40
20.52
1.24 (70)
1.34 (90)
1.17 (89)
1.38 (88)
1.21 (81)
+Avg
+Avg
-Avg
+Avg
Avg
-55.1 -55.1 -14.5
-2.9
—
98
98 83 59 —
+Avg
0.0
-49
27.17
1.49 (69)
High
-36.9 -36.9 -8.3
-44.3 -44.3 -11.8
-0.8
-2.3
1.4
-0.2
Van Kampen Growth & IncA ACGIX
Vanguard Capital Value VCVLX
Vanguard Equity-Inc VEIPX
Vanguard U.S. Value VUVLX
Vanguard Val Idx VIVAX
AmCent Vista Inv TWCVX
Artisan Mid Cap Inv ARTMX
Baron Asset BARAX
Baron Partners BPTRX
LBrandywine BRWIX
Bridgeway Aggr Inv 2 BRAIX
Russell MidCap Growth Index
E New this month
LAnalyst Pick
QQQQ
] QQQQ
QQQQ
QQQQ
QQQQ
QQ
-48.7
-44.1
-40.8
-46.7
-44.5
C
Worst
3-Mo
Return
%
X
X
X
X
X
M500_0109.qxp
1/6/09
5:25 PM
Page 29
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Average
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
10.5
1.5
33,358
a 21
f 14 d 13
1
1
1
1
1
10.4
10.9
10.6
12.3
12.1
1.6
1.7
1.8
1.8
2.1
61,627
46,286
36,156
30,788
36,904
a
a
a
s
d
21
22
18
21
17
f
f
f
a
t
18
19
15
19
11
d
s
i
d
f
4
1
1
4
4
12.3
12.1
9.6
10.9
13.5
2.0
2.1
1.3
2.0
2.2
60,079
61,461
32,601
48,858
33,590
s
d
a
a
a
14
17
17
23
26
i
a
d
t
d
12
15
17
18
16
4
1
1
1
1
10.4
7.5
9.1
11.8
9.4
1.5
1.0
1.4
1.1
1.1
17,139
10,494
23,476
38,890
36,973
t
f
f
i
a
21
24
26
25
23
a
d
i
a
f
1
1
4
4
4
10.3
11.5
13.0
9.3
9.2
1.5
1.6
1.5
1.4
1.4
39,495
22,011
37,001
46,977
44,884
a
i
a
i
i
32
21
39
17
20
4
4
4
2
4
10.4
13.0
12.1
10.1
12.4
1.6
1.4
1.5
1.0
1.3
28,849
17,065
21,716
6,766
21,825
d
s
s
a
i
1
1
1
1
1
12.3
12.8
9.2
11.3
12.4
1.5
1.6
1.1
1.5
1.5
30,710
26,331
19,221
19,838
46,434
4
7
1
1
1
13.2
11.6
11.7
9.9
11.1
1.6
1.5
1.7
1.4
1.5
1
1
1
4
4
10.6
11.2
11.0
15.1
14.9
4
11.9
Total
# of
Holdings
Recent
Turnover
%
NAV($)
Total
Assets
($Mil)
0
6
—
1.27
—
1,238
2 97
0 78
0 100
1 99
13 82
0 1
7 15
0 0
0 0
3 1
3
6
2
8
3
NL
Clsd
NL
NL
5.75
1.10
0.97
0.68
1.00
0.56
4.72
6.02
18.51
4.42
19.08
183
4,235
1,949
1,427
12,971
Healy/Ritter (4.9/9.8)
Management Team
Management Team
Management Team
Management Team
22
18
20
14
49
12
3
13
1
4
85
97
87
99
96
2
0
0
0
0
1
0
0
0
0
11
3
6
3
8
5.75
5.75
NL
NL
NL
0.54
0.58
0.83
0.83
1.25
20.96
21.41
13.11
25.34
7.07
52,480
49,060
5,664
203
27
Management Team
Management Team
Management Team
Gerber/Ngim (13.4/9.0)
Bobrinskoy/Fidler (3.5/3.5)
33
86
50
84
260
99
11
44
27
23
4
1
7
2
3
96
98
93
98
95
0
0
0
0
1
0
1
0
0
2
7
16
0
19
6
NL
NL
5.00
NL
NL
1.23
1.02
1.18
0.52
0.66
6.41
29.53
10.47
74.37
30.87
156
5,519
397
32,430
17,902
Management Team
Evnin/Williams (16.0/16.0)
Bath/Dierker (6.3/1.7)
Management Team
Stephen R. Petersen (15.4)
11
17
11
13
15
71
51
99
42
31
47
4
86
71
123
0 100
4 96
0 99
2 98
2 98
0
0
0
0
0
0
0
1
0
0
0
4
2
12
12
NL
NL
5.75
NL
NL
0.65
0.66
0.81
0.80
0.80
13.32
22.03
8.61
25.15
23.81
5,370
414
10,240
711
1,375
C. Robert Chow (2.2)
Management Team
Eli Salzmann (10.5)
Senser/Wenzel (14.0/14.0)
s
d
d
t
f
13
14
15
12
15
46
214
295
46
41
22
50
41
102
84
22
5
7
0
5
76
87
85
98
95
0
5
5
0
0
2
3
2
2
0
3
28
28
8
13
NL
5.75
5.75
NL
NL
1.15
1.13
1.06
0.85
0.92
38.60
8.99
15.22
9.19
22.76
627
4,141
13,498
109
1,601
Ronald H. Muhlenkamp (20.2)
Correa/Embler (1.9/3.6)
Management Team
Arnold Schneider III (6.3)
Management Team
15
13
14
26
15
s
i
a
o
s
12
12
14
14
14
126
130
56
55
79
26
19
26
11
22
4
2
1
11
2
95
97
99
89
98
1
1
0
0
0
0
0
0
0
0
4
7
2
37
4
NL
NL
NL
NL
5.75
0.67
0.84
1.14
1.37
0.78
17.08
15.15
6.97
14.44
10.85
14,131
5,700
638
332
8,234
Brian Rogers (23.2)
John Linehan (5.8)
Diane Jaffee (7.1)
Management Team
Management Team
i
a
s
f
f
15
17
16
19
16
s
i
d
i
i
11
13
14
12
13
85
73
194
511
411
26
186
55
86
20
5 94
0 99
2 98
3 96
0 100
0
0
0
0
0
1
1
0
0
0
14
31
6
0
0
5.75
NL
NL
NL
NL
0.77
0.45
0.30
0.37
0.20
14.13
5.11
16.14
7.99
16.08
6,007
260
3,541
530
8,546
i
s
i
y
y
16
14
14
23
27
f
i
a
i
i
14
14
14
13
13
159
295
83
33
34
55
51
5
24
22
2
2
18
18
0
97
97
82
82
87
0
0
1
0
13
1
0
0
0
0
15
7
6
1
13
NL
NL
NL
NL
NL
0.30
0.32
1.04
1.15
1.15
9.02
19.11
10.36
12.31
18.64
10,892
28,577
745
466
894
a 23
f 17 d 10
45
50
9
91
0
0
0
NL
1.00
8.16
56
4
—
64
14
13
12
14
11
96
87
191
102
210
15
165
57
152
19
t
i
i
s
i
12
13
12
13
11
302
180
142
35
23
19
20
18
14
20
p
a
d
t
d
18
16
16
13
13
f
a
o
a
a
18
18
13
16
15
i
d
i
f
t
26
23
23
38
17
t
a
a
o
a
16
21
19
16
16
a
a
s
a
a
24
20
18
31
27
d
f
d
s
i
50,034
17,749
46,628
27,675
43,564
a
t
a
a
a
29
17
24
26
26
1.5
1.6
1.7
1.3
1.5
30,474
41,598
24,431
11,827
19,531
a
a
d
a
a
19
20
20
29
29
1.9
49,452
—
14.0
2.1
4,683
i 17
d 13 p 13
8
8
8
8
8
16.9
17.1
16.8
17.8
15.9
2.6
2.4
2.5
2.4
2.6
5,842
7,488
4,963
4,885
5,432
i
i
a
p
i
o
d
p
a
t
8
10.0
2.7
7,852
d 37
21
22
26
24
29
3
95
0
Sales
Charge Expense
%
Ratio%
29
Operations
—
124
94
0
0
5
—
1.48
—
446
14
16
16
17
12
109
92
69
50
88
121
80
16
33
210
3 97
3 97
5 93
-15 114
6 94
0
0
0
0
0
0
0
2
1
0
5
4
2
2
3
NL
Clsd
NL
NL
NL
1.00
1.24
1.33
1.31
1.08
11.07
17.01
35.63
12.20
20.19
2,059
2,489
3,741
2,683
2,442
f 18 i 10
74
127
0 100
0
0
9
NL
1.17
9.79
386
19
19
23
22
14
d
r
o
o
r
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Sectors
Val Blnd Grth
Hardware
Media
Telecom
Management Team
Peter I. Higgins (0.5)
Management Team
Ricks/Stetler (1.6/0.9)
Management Team
Management Team
Ralph Shive (12.3)
Hinton/Weitz (2.4/25.6)
Hinton/Weitz (2.4/22.7)
Management Team
—
Eixmann/Fogle (1.9/15.9)
Management Team
Andrew Peck (5.5)
Ronald Baron (5.7)
Management Team
Management Team
Equity Style Box
Software
—
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Energy
Utilities
M500_0109.qxp
1/6/09
5:25 PM
30
Morningstar 500
Page 30
Historical Risk
Domestic Equity
Morningstar
Rating
vs. Category
55Best
Mid-Cap Growth (cont’d)
—
Total Return %
12-31-08
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
-43.9 -43.9 -11.2
-2.7
0.1
—
— — — —
—
0.1
QQQ
] QQQQ
QQQQ
QQQQQ
] QQQ
-39.4
-49.2
-38.6
-33.9
-46.0
-39.4
-49.2
-38.6
-33.9
-46.0
-11.0
-12.8
-8.8
-4.6
-12.5
-1.4
-2.6
0.8
3.1
-3.2
—
5.1
7.4
9.7
2.8
20
84
17
6
61
20
84
17
6
61
52
71
30
4
69
37 —
56 11
12 6
3 2
64 25
Avg
Avg
Avg
+Avg
Avg
0.0
0.0
0.1
0.0
0.3
Fidelity New Millennium FMILX
LFPA Paramount FPRAX
Janus Enterprise JAENX
Janus Orion JORNX
Meridian Growth MERDX
QQQ
QQQ
QQQ
QQQQ
QQQQQ
-40.2
-38.1
-43.1
-49.8
-30.4
-40.2
-38.1
-43.1
-49.8
-30.4
-7.5
-11.5
-7.8
-7.6
-5.3
-1.9
-2.1
1.1
1.9
-0.5
4.8
2.1
-0.5
—
7.1
24
14
43
89
2
24
14
43
89
2
17
58
19
17
6
46
47
10
6
25
12
31
68
—
7
+Avg
Avg
High
High
+Avg
0.5
0.6
0.0
0.9
0.4
LPRIMECAP Odyssey Agg Gr POAGX
Rainier Sm/Mid Cap RIMSX
Sextant Growth SSGFX
T. Rowe Price Mid Gr RPMGX
LTurner Midcap Gr Inv TMGFX
QQQQ
QQQ
QQQQQ
QQQQ
QQQ
-34.6
-48.8
-31.9
-39.7
-48.6
-34.6
-48.8
-31.9
-39.7
-48.6
-7.4
-10.7
-6.8
-8.8
-12.0
—
-0.3
2.3
0.6
-3.2
—
3.4
4.3
4.0
2.4
7
82
4
20
81
7
82
4
20
81
16
48
12
30
64
—
23
5
13
65
—
20
14
16
30
Avg
+Avg
+Avg
High
+Avg
0.0
0.0
0.2
0.0
0.0
Undiscovered Mg BehGrInv UBRRX
Vanguard Mid Cap Growth VMGRX
Wasatch Heritage Growth WAHGX
Westcore MIDCO Growth WTMGX
QQ
QQQQ
QQQ
QQQ
-44.6
-39.6
-37.6
-44.9
-44.6
-39.6
-37.6
-44.9
-11.9
-7.9
-11.8
-11.7
-4.5
-1.0
—
-4.1
-0.4
4.1
—
1.0
52
20
12
54
52
20
12
54
63
21
62
61
75
32
—
72
68
15
—
47
+Avg
+Avg
Avg
Avg
0.0
0.4
0.3
0.0
Mid-Cap Blend
—
-39.7 -39.7 -10.5
-1.9
2.4
—
— — — —
—
0.6
Ariel ARGFX
LAriel Appreciation CAAPX
Champlain Mid Cap Adv CIPMX
FAM Value FAMVX
Fidelity Leverage Co Stk FLVCX
Q
QQQ
NR
QQQQ
QQ
-48.3
-40.7
—
-28.7
-54.5
-48.3
-40.7
—
-28.7
-54.5
-17.5
-13.5
—
-8.4
-14.3
-7.1
-5.5
—
-1.0
-1.6
1.5
1.7
—
3.9
—
87
62
—
9
98
87
62
—
9
98
74
72
—
35
—
Avg
+Avg
Low
Avg
High
1.6
0.7
—
0.5
0.9
Fidelity Low-Priced Stk FLPSX
LFidelity Spar Ext Mkt Inv FSEMX
First Eagle Fund of Am Y FEAFX
Gabelli Asset AAA GABAX
Meridian Value MVALX
QQQQ
QQQ
QQQQQ
QQQQ
QQQQQ
-36.2
-38.5
-30.7
-37.2
-32.0
-36.2
-38.5
-30.7
-37.2
-32.0
-8.1
-9.2
-3.4
-5.1
-4.5
0.6
-0.6
2.2
0.8
0.6
8.0
1.5
4.4
3.9
9.8
29
49
14
39
15
29 23 13 5
49 37 29 75
14 4 6 26
39 10 11 36
15 8 12 1
+Avg
High
High
High
High
0.6
1.8
0.0
0.7
0.0
Nicholas NICSX
LOsterweis OSTFX
Royce Premier Invt RYPRX
RS Value A RSVAX
LSelected Special D SLSDX
QQQ
QQQQQ
QQQQQ
] QQQQ
QQ
-31.6
-29.2
-28.3
-41.7
-44.4
-31.6
-29.2
-28.3
-41.7
-44.4
-8.7
-6.2
-4.2
-11.1
-13.3
-2.1
1.2
4.8
0.3
—
-2.1
7.3
8.8
9.1
—
15
11
9
68
81
15
11
9
68
81
27 61 93
13 8 10
7 1 3
60 16 3
77 — —
+Avg
+Avg
High
+Avg
Avg
0.5
0.2
0.0
0.2
0.4
LTCW Value Opportunities I TGVOX
Vanguard ExtMktIdx VEXMX
LVanguard Mid Cap Idx VIMSX
Vanguard Strategic Eq VSEQX
LWeitz Hickory WEHIX
[ QQQ
QQQ
QQQ
] QQQ
QQ
-37.8
-38.7
-41.8
-41.5
-41.6
-37.8
-38.7
-41.8
-41.5
-41.6
-11.5
-9.9
-11.2
-13.3
-14.6
-4.0
-0.9
-0.8
-2.9
-5.3
7.5
1.6
4.1
3.8
-1.5
43
52
69
67
67
43
52
69
67
67
65
49
61
78
87
9
73
31
37
92
+Avg
+Avg
+Avg
Avg
Avg
1.2
1.7
2.0
2.1
0.2
QQQQQ
QQQQ
-30.3 -30.3 -3.5
-32.7 -32.7 -7.0
3.2
-0.7
7.6
6.6
13
17
13 5 4 8
17 18 31 13
High
High
0.0
0.0
—
-37.0 -37.0 -9.6
-1.1
3.8
—
— — — —
—
1.2
-27.6
-37.6
-40.5
-46.5
-5.6
-7.7
-11.3
-14.3
4.2
0.2
-0.6
-2.7
—
7.9
—
3.4
6
58
76
98
6 9 1 —
58 21 35 9
76 70 47 —
98 92 73 88
High
High
+Avg
+Avg
0.2
0.5
1.7
0.6
-44.3 -44.3 -11.8
-36.2 -36.2 -8.8
-38.4 -38.4 -10.0
-2.3
-0.1
0.3
-0.2
4.5
4.4
LBuffalo Mid Cap BUFMX
Columbia Acorn Select Z ACTWX
Columbia Acorn Z ACRNX
FBR Focus FBRVX
Fidelity Mid-Cap Stock FMCSX
Westport R WPFRX
Westport Select Cap R WPSRX
Mid-Cap Value
Delafield DEFIX
Fidelity Mid Cap Value FSMVX
Fidelity Value FDVLX
Russell MidCap Growth Index
S&P MidCap 400 Index
Russell MidCap Value Index
E New this month
LAnalyst Pick
] QQQQQ
QQQ
QQQ
[Q
-27.6
-37.6
-40.5
-46.5
97
79
—
25
84
96
91
—
43
53
80
39
35
71
89
—
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
—
20.8
1.24 (82)
—
-37
-46
-35
-26
-43
20.79
23.31
18.88
18.10
23.17
1.27 (86)
1.42 (85)
1.19 (92)
1.00 (71)
1.36 (79)
Avg
High
-Avg
-Avg
High
C
Z
C
C
-33
-37
-42
-48
-30
19.81
19.12
21.74
25.25
16.76
1.21 (86)
1.15 (83)
1.36 (90)
1.52 (84)
1.04 (89)
Avg
-Avg
+Avg
High
Low
X
-33
-44
-28
-38
-40
18.98
24.28
14.93
19.84
21.77
1.10 (78)
1.50 (87)
0.92 (88)
1.23 (89)
1.28 (80)
-Avg
High
Low
Avg
+Avg
-41
-33
-33
-38
22.97
18.90
17.24
19.58
1.32 (77)
1.18 (90)
1.08 (90)
1.22 (90)
+Avg
-Avg
Low
-Avg
X
Z
X
Z
X
—
—
19.7
1.20 (86)
—
X
-42
-39
-32
-26
-54
21.63
20.01
—
14.86
27.93
1.29 (82)
1.22 (86)
— (—)
0.87 (80)
1.56 (72)
+Avg
+Avg
—
Low
High
-36
-37
-33
-32
-29
18.94
19.17
16.93
17.04
15.38
1.17 (88)
1.20 (90)
1.05 (89)
1.09 (94)
0.96 (92)
Avg
Avg
-Avg
-Avg
Low
Z
-30
-27
-34
-40
-35
16.42
13.46
18.52
20.83
18.66
1.02 (88)
0.83 (88)
1.08 (79)
1.26 (84)
1.17 (91)
Low
Low
Avg
+Avg
-Avg
X
X
X
X
-37
-38
-38
-40
-34
18.60
19.80
19.62
20.34
19.58
1.15 (89)
1.23 (90)
1.23 (91)
1.25 (87)
1.14 (78)
-Avg
+Avg
Avg
+Avg
Avg
-29
-33
15.36
17.26
0.90 (81)
1.04 (85)
Low
-Avg
X
X
X
X
X
—
—
18.5
1.14 (88)
—
C
X
-36
-40
-39
-43
19.63
20.32
19.38
21.26
1.15 (79)
1.23 (85)
1.18 (86)
1.36 (94)
+Avg
+Avg
+Avg
High
M500_0109.qxp
1/6/09
5:25 PM
Page 31
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Average
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
14.0
2.1
4,683
i 17
d 13 p 13
8
8
8
8
8
16.4
9.7
12.2
21.1
10.9
2.0
1.0
1.4
1.7
1.3
3,109
1,964
1,787
2,220
4,696
o
o
a
o
i
26
30
17
47
22
i
p
d
a
t
18
19
16
20
18
p
a
i
u
a
7
8
8
7
8
13.0
14.7
15.3
12.4
17.2
1.5
2.0
2.0
1.4
2.6
8,647
2,324
5,501
13,136
3,317
a
d
p
a
a
15
24
16
20
20
i
i
a
d
i
15
18
15
18
18
8
8
7
8
8
15.8
12.9
11.3
16.5
18.4
1.8
2.0
1.6
2.4
2.9
2,253
3,122
11,876
5,013
5,419
i
a
i
d
t
33
15
18
18
14
t
d
t
i
i
9
8
7
8
15.1
17.2
15.5
11.9
2.2
2.9
2.7
1.9
1,316
4,904
10,876
3,399
i
p
t
i
37
19
18
22
t
i
a
p
Total
# of
Holdings
Recent
Turnover
%
NAV($)
Total
Assets
($Mil)
—
124
4
94
0
0
5
—
1.48
—
446
12
8
14
15
14
53
56
356
26
137
34
14
20
5
45
2
2
3
13
4
98
97
97
87
96
0
0
0
0
0
0
1
0
0
0
5
13
7
5
12
NL
NL
NL
NL
NL
1.01
0.91
0.74
1.40
0.94
9.14
14.07
17.71
30.72
15.61
188
1,316
10,666
661
4,707
s
t
d
o
p
13
15
15
15
17
241
32
87
45
46
87
12
32
24
39
3
5
2
1
4
96
95
98
99
96
0
0
0
0
0
1
0
0
0
0
13
4
12
36
3
NL
5.25
NL
NL
NL
0.93
0.89
0.93
0.92
0.84
17.64
10.57
32.87
6.47
25.07
1,166
185
1,219
2,278
1,040
John D. Roth (2.5)
Ende/Geist (8.8/8.8)
Brian Demain (1.2)
John Eisinger (1.0)
Aster Jr./Tao (24.4/1.2)
21
15
17
17
13
r
i
d
p
p
14
14
12
13
13
78
127
50
143
95
6
108
3
35
157
6 94
0 100
27 73
5 95
3 97
0
0
0
0
0
0
0
0
0
0
6
5
0
5
1
NL
Clsd
NL
NL
NL
0.78
1.16
1.30
0.77
1.18
9.30
20.15
13.60
32.67
18.67
204
2,650
12
9,367
781
Management Team
Management Team
Nicholas Kaiser (19.0)
Brian W.H. Berghuis (16.5)
Management Team
16
18
16
16
o
d
p
t
13
15
13
13
45
107
56
66
136
85
48
116
0
0
0
0
0
0
0
0
0
3
15
3
NL
NL
NL
NL
1.65
0.55
0.95
1.03
15.49
11.11
6.86
3.55
52
808
66
89
Fuller/Stanske (11.0/11.0)
Management Team
Bowen/Snow (4.6/4.6)
Management Team
—
92
—
2
7
4
6
98
93
96
94
5
Sales
Charge Expense
%
Ratio%
31
Operations
—
Management Team
Ben Andrews (4.8)
McQuaid/Mohn (13.7/5.7)
Charles T. Akre, Jr. (12.0)
Shep Perkins (4.0)
—
11.6
1.4
4,225
a 17
d 16 i 11
94
0
0
5
—
1.33
—
539
5
5
8
5
5
12.0
12.8
15.6
16.6
7.3
1.5
1.7
2.0
1.9
0.9
2,781
6,631
4,479
5,663
2,961
a
a
i
a
f
26
27
23
40
29
s
p
s
d
d
20
21
20
17
18
p
s
a
o
p
18
13
13
10
15
33
34
74
39
203
24
26
0
9
30
1 99
0 100
0 100
16 84
6 91
0
0
0
0
2
0
0
0
0
1
0
0
3
1
7
NL
NL
NL
NL
NL
1.07
1.19
1.30
1.18
0.82
23.60
21.78
7.64
32.22
14.44
1,052
884
28
568
3,064
5
8
8
4
5
8.1
10.8
14.0
13.3
15.4
1.0
1.1
2.0
1.7
1.9
2,561
2,055
3,752
10,942
4,936
o
a
d
d
i
27
27
28
24
22
i
d
i
s
s
15
12
16
24
20
d
i
f
y
d
10 783
11 3,246
14
52
15 499
16
56
36
17
50
9
61
12 87
4 96
23 77
0 100
5 95
0
0
0
0
0
1
0
0
0
0
23
5
7
17
7
NL
NL
Clsd
NL
NL
0.98
0.09
1.40
1.36
1.09
23.12
22.55
17.03
31.01
20.40
17,983
2,154
625
1,711
955
5
4
8
5
7
10.5
14.3
13.8
13.0
12.5
1.3
2.7
1.8
1.2
1.7
5,657
9,442
1,881
4,898
13,851
o
i
d
a
a
18
24
31
25
16
i
f
a
f
y
18
18
11
20
15
a
s
t
d
t
17
15
11
12
12
59
35
61
42
69
31
56
21
59
36
13
18
11
5
3
86
79
85
94
96
0
3
0
0
1
0
0
4
0
0
1
8
12
15
17
NL
NL
Clsd
4.75
NL
0.75
1.18
1.10
1.32
0.81
30.45
18.63
12.24
14.99
6.81
1,109
298
3,361
1,301
62
5
8
5
5
5
9.8
14.4
12.7
10.5
13.3
1.2
1.5
1.6
1.6
1.3
3,408
1,951
5,014
2,824
8,321
a
a
a
a
a
30
21
16
19
28
d
d
d
d
y
21
15
14
16
21
o
i
f
i
i
54
9
13 3,113
12 446
12 539
37
13
38
14
19
79
31
3 97
0 100
0 100
0 100
0 84
0
0
0
0
15
0
0
0
0
0
6
0
1
1
17
NL
NL
NL
NL
NL
0.96
0.24
0.21
0.25
1.21
11.70
24.01
11.80
11.72
20.06
219
8,454
12,105
3,225
137
5
8
12.4
13.8
1.8
1.7
7,397
2,915
f 20
o 28
d 18 i 15
i 17 a 12
46
50
9
6
18
14
82
86
0
0
0
0
1
2
NL
NL
1.49
1.33
14.67
15.70
97
648
Edmund H. Nicklin Jr. (11.0)
Knuth/Nicklin Jr. (11.0/11.0)
—
81
4
95
0
0
4
—
1.35
—
475
—
48
59
111
298
70
61
264
50
6 94
20 80
0 100
0 98
0
0
0
0
0
0
0
1
0
5
0
5
NL
NL
NL
NL
1.21
1.23
0.82
0.76
12.96
15.10
9.51
39.86
2,283
373
381
9,729
—
10.1
1.2
4,868
a 23
d 15 s 11
5
3
2
2
11.8
10.3
8.2
9.7
1.6
1.1
0.9
0.9
3,738
1,619
2,992
4,534
p
d
a
a
a
t
s
d
28
63
31
20
21
14
15
15
d
p
d
o
16
9
14
12
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Sectors
Val Blnd Grth
Hardware
Media
Telecom
Joel C. Tillinghast (19.0)
Management Team
Harold J. Levy (21.8)
Mario J. Gabelli (22.9)
Management Team
Nicholas/Nicholas (39.5/12.2)
Management Team
Management Team
Management Team
Management Team
Suvall/Gibbons (11.2/0.8)
Donald Butler (11.0)
Donald Butler (10.6)
James Troyer (2.9)
Wallace R. Weitz (6.0)
Management Team
Delafield/Sellecchia (15.1/15.1)
Bruce Dirks (3.9)
Richard B. Fentin (12.8)
Equity Style Box
Software
Rogers, Jr./Miller (22.2/2.1)
Rogers, Jr./Sauer (6.3/2.1)
Management Team
Fox/Putnam (8.7/22.0)
Thomas T. Soviero (5.5)
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Energy
Utilities
M500_0109.qxp
1/6/09
5:25 PM
32
Morningstar 500
Page 32
Historical Risk
Domestic Equity
Morningstar
Rating
vs. Category
55Best
Mid-Cap Value (cont’d)
—
-37.0 -37.0 -9.6
-1.1
3.8
—
— — — —
—
1.2
—
—
18.5
1.14 (88)
—
LFPA Capital FPPTX
Franklin Bal Sh Invmt A FRBSX
LJanus Mid Cap Val Inv JMCVX
LT. Rowe Price Mid Val TRMCX
LVanguard Selected Value VASVX
QQ
QQQ
QQQQQ
QQQQ
QQQQ
-34.8
-36.0
-27.3
-34.6
-35.5
-11.9
-10.4
-3.5
-7.5
-8.5
-2.1
0.0
3.3
0.6
0.4
6.2
5.5
10.3
6.8
5.1
30
42
5
28
36
30
42
5
28
36
21
36
3
15
51
+Avg
+Avg
High
High
+Avg
1.7
1.9
1.2
1.2
3.5
Z
X
Z
X
-37
-34
-29
-32
-32
17.70
18.61
15.12
16.54
16.83
0.97 (69)
1.15 (88)
0.95 (91)
1.04 (92)
1.03 (87)
Avg
Avg
Low
-Avg
-Avg
Small Growth
—
-41.8 -41.8 -11.5
-3.7
1.8
—
— — — —
—
0.1
—
—
21.3
1.26 (81)
—
Artisan Small Cap ARTSX
Baron Growth BGRFX
Baron Small Cap BSCFX
LBridgeway Small-Cap Gr BRSGX
Brown Cap Small Co Instl BCSIX
QQQ
QQQQQ
QQQQQ
QQQ
QQQQ
-43.9
-39.2
-40.2
-43.5
-30.1
-43.9
-39.2
-40.2
-43.5
-30.1
-14.8
-9.2
-9.3
-14.0
-0.7
-4.2
0.0
-0.3
-3.4
0.6
0.9
6.1
6.3
—
5.1
69
30
41
68
3
69
30
41
68
3
84
26
27
78
1
58 57
11 8
13 8
48 —
7 15
Low
High
High
Low
High
0.0
0.0
0.0
0.0
0.0
-38
-35
-35
-39
-33
20.83
18.79
20.05
21.67
20.27
1.26 (85)
1.15 (86)
1.22 (85)
1.22 (73)
1.16 (76)
Avg
-Avg
-Avg
Avg
Avg
Q
] QQQQQ
QQQ
QQQQQ
QQQQ
-48.3
-29.8
-39.5
-24.0
-39.2
-48.3
-29.8
-39.5
-24.0
-39.2
-20.0
-7.3
-12.2
-1.4
-12.0
—
1.2
-4.7
—
-1.5
—
10.9
—
—
4.0
92
2
33
1
31
92
2
33
1
31
97
13
62
1
60
—
4
65
—
25
—
1
—
—
23
Low
+Avg
Avg
Low
+Avg
0.0
0.0
0.0
0.0
0.0
-40
-31
-35
-32
-36
22.31
20.31
18.38
18.46
18.36
1.33 (82)
1.18 (78)
1.14 (89)
1.11 (83)
1.16 (93)
Avg
Avg
Low
-Avg
Low
Fidelity Adv Small Cap T FSCTX
Fidelity Small Cap Indep FDSCX
Forward Sm-Cp Eq FFSCX
Janus Venture JAVTX
Kalmar Gr Val Sm Cp KGSCX
QQQQQ
QQQ
QQQQ
QQQ
QQQQ
-26.9
-47.0
-39.0
-51.4
-40.3
-26.9
-47.0
-39.0
-51.4
-40.3
-3.4
-13.3
-10.5
-11.3
-10.6
3.6
-3.6
-0.7
-3.6
-3.3
5.9
1.3
3.5
0.8
2.2
1
88
29
95
42
1
88
29
95
42
2
74
43
50
44
2
50
18
50
47
9
54
26
58
41
High
+Avg
+Avg
+Avg
+Avg
0.0
0.2
0.3
0.0
0.0
-26
-39
-35
-42
-37
13.32
22.16
19.29
24.34
19.66
0.79 (82)
1.34 (85)
1.13 (79)
1.46 (83)
1.19 (84)
Low
+Avg
-Avg
High
-Avg
Loomis Sayles Sm Gr Ret LCGRX
Managers Fremont Mic-Cap MMCFX
LMasters’ Select Small Co MSSFX
Royce Value Plus Svc RYVPX
T. Rowe Price New Horiz PRNHX
QQQ
QQQQ
QQ
QQQQ
QQQ
-39.9
-38.2
-44.8
-41.1
-38.8
-39.9
-38.2
-44.8
-41.1
-38.8
-5.3
-8.8
-15.0
-10.1
-11.3
0.5
-4.2
-4.8
1.1
-1.6
-3.0
6.3
—
—
2.5
38
22
75
48
26
38
22
75
48
26
4 9 88
24 57 7
86 67 —
38 5 —
50 26 39
High
+Avg
-Avg
+Avg
+Avg
0.0
0.0
0.0
0.0
0.0
-40
-35
-42
-40
-38
21.83
21.50
22.62
22.07
20.11
1.29 (80)
1.22 (75)
1.37 (84)
1.31 (82)
1.24 (88)
+Avg
Avg
+Avg
+Avg
Avg
Turner Small Cap Growth TSCEX
LVanguard Explorer VEXPX
Vanguard SmCp Gr Idx VISGX
Wasatch Core Growth WGROX
LWasatch Small Cap Growth WAAEX
QQQ
QQQQ
QQQQ
] QQQQ
QQQQ
-41.6
-40.4
-40.0
-44.3
-41.7
-41.6
-40.4
-40.0
-44.3
-41.7
-8.9
-11.8
-9.7
-14.2
-11.8
-2.2
-3.1
-1.5
-4.5
-4.0
2.1
3.4
3.1
6.0
5.8
52
43
38
71
53
52
43
38
71
53
24
57
32
80
58
44
28
33
9
11
High
+Avg
High
Avg
Avg
0.0
0.7
0.9
1.4
0.0
-39
-38
-41
-41
-35
22.17
19.99
21.81
21.96
19.35
1.29 (78)
1.24 (88)
1.33 (85)
1.34 (86)
1.20 (89)
+Avg
-Avg
+Avg
Avg
-Avg
Wasatch Ultra Growth WAMCX
William Blair Sm-Cp Gr N WBSNX
QQ
[ QQ
-55.4 -55.4 -18.0 -10.8
-46.9 -46.9 -16.0 -5.2
1.5
—
98
88
98 95 98 52
88 91 74 —
+Avg
Avg
0.0
0.0
-44
-39
23.56
21.00
1.43 (85)
1.29 (88)
+Avg
Avg
Buffalo MicroCp BUFOX
Buffalo Small Cap BUFSX
LCentury Sm-Cp Sel Inv CSMVX
Champlain Small Co Adv CIPSX
Columbia Acorn USA Z AUSAX
Small Blend
A N N U A L I Z E D
YTD
1 Yr
-34.8
-36.0
-27.3
-34.6
-35.5
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
76
58
3
19
31
67
38
3
25
28
35
45
25
62
55
Return
Rating %
Grade
X
C
C
C
X
Z
X
X
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
-36.9 -36.9 -10.5
-1.8
4.3
—
— — — —
—
0.5
—
—
20.2
1.20 (82)
—
Aston/TAMRO Small Cap N ATASX
LBogle Small Cap Gr Inv BOGLX
LBridgeway Sm-Cap Val BRSVX
Bridgeway Ul-Sm Co Mkt BRSIX
DFA U.S. Micro Cap I DFSCX
[ QQQ
Q
QQ
QQQ
QQQ
-33.2
-48.2
-45.6
-44.6
-36.7
-33.2
-48.2
-45.6
-44.6
-36.7
-5.0
-17.4
-13.1
-16.4
-11.4
-0.4
-6.0
-1.7
-6.1
-2.7
—
—
—
8.5
6.4
30
96
93
91
58
30
96
93
91
58
9
95
82
94
66
35
94
58
95
72
—
—
—
7
19
+Avg
Avg
Low
Avg
Avg
0.0
0.0
0.8
2.2
2.8
C
-33
-43
-42
-35
-36
21.70
23.20
22.65
18.80
20.19
1.25 (76)
1.37 (80)
1.29 (74)
1.08 (76)
1.19 (80)
+Avg
+Avg
+Avg
Low
Avg
Fidelity Small Cap Retire FSCRX
Fidelity Small Cap Stock FSLCX
Fidelity Small Cap Value FCPVX
LKCM Small Cap Equity Ins LKSCX
Neuberger Ber Genesis Inv NBGNX
QQQ
QQ
QQQQ
] QQQQ
QQQQQ
-27.6
-42.9
-30.3
-38.9
-32.9
-27.6
-42.9
-30.3
-38.9
-32.9
-8.3
-11.6
-6.6
-11.3
-4.2
-0.6
-3.1
—
-0.5
3.9
—
5.9
—
4.9
9.1
6
88
11
74
27
6
88
11
74
27
31
68
17
65
6
39
76
—
37
4
—
25
—
40
3
+Avg
+Avg
Low
+Avg
High
0.8
0.1
0.8
0.0
0.0
C
X
C
-35
-42
-30
-37
-34
20.74
21.75
19.96
20.57
18.18
1.11 (65)
1.30 (82)
1.14 (75)
1.21 (80)
1.04 (75)
+Avg
+Avg
Avg
Avg
-Avg
QQQQQ
QQQQ
QQQQ
QQQQQ
-28.4
-34.8
-34.2
-25.8
-28.4
-34.8
-34.2
-25.8
-3.5
-8.4
-7.3
-6.2
—
0.8
4.1
3.0
—
7.0
—
7.8
8
41
37
3
8 5 — —
41 33 21 16
37 22 4 —
3 14 9 10
Avg
High
High
+Avg
0.0
0.1
0.0
0.0
-27
-37
-41
-31
15.69
19.54
23.03
17.46
0.96 (87)
1.18 (84)
1.30 (73)
0.99 (75)
Low
Avg
High
Low
-38.4 -38.4 -10.0
-38.5 -38.5 -9.3
0.3
-2.4
4.4
-0.8
Presidio PRSDX
Royce PA Mutual Invt PENNX
Royce Value Svc RYVFX
Stratton Small-Cap Value STSCX
Russell MidCap Value Index
Russell 2000 Growth Index
E New this month
LAnalyst Pick
—
Total Return %
12-31-08
C
Z
X
M500_0109.qxp
1/6/09
5:25 PM
Page 33
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Average
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
10.1
1.2
4,868
a 23
d 15 s 11
2
2
5
2
2
8.5
10.9
12.3
12.4
10.3
1.0
0.9
1.4
1.3
1.1
2,609
2,436
7,806
5,259
5,152
f
a
a
a
a
o
d
f
g
d
—
15.1
1.8
1,148
9
8
9
9
9
14.7
16.8
21.8
14.6
23.5
1.5
2.4
2.3
2.6
2.7
9
9
9
9
9
21.0
19.8
16.6
17.7
12.8
8
9
9
9
9
Total
# of
Holdings
Recent
Turnover
%
NAV($)
Total
Assets
($Mil)
95
0
0
4
—
1.35
—
475
38 62
13 87
0 100
12 86
11 88
0
0
0
0
0
0
0
0
1
0
2
6
4
5
8
Clsd
5.75
NL
Clsd
NL
0.88
0.90
0.85
0.78
0.38
21.59
35.19
15.28
14.27
11.88
917
2,246
5,269
4,444
2,201
96
0
0
4
—
1.55
—
292
5
6
10
1
6
95
92
87
99
94
0
0
0
0
0
0
2
2
0
0
5
2
2
1
0
Clsd
NL
NL
NL
NL
1.22
1.32
1.32
0.87
1.22
9.47
30.81
14.24
8.62
24.62
380
6,207
3,144
84
297
Carlson/Cepukenas (9.8/4.3)
Ronald Baron (14.0)
Clifford Greenberg (11.3)
Management Team
Management Team
7
4
6
6
3
93
96
94
94
97
0
0
0
0
0
0
0
0
0
0
4
3
1
2
1
NL
NL
NL
Clsd
NL
1.50
1.00
1.36
1.40
0.98
4.90
16.37
13.49
9.47
16.39
15
1,067
320
394
920
Management Team
Management Team
Thorndike/Callahan (9.1/7.1)
Management Team
Robert A. Mohn (12.3)
65
84
210
57
38
11 89
8 92
0 100
0 97
12 88
0
0
0
0
0
0
0
0
2
0
21
9
0
11
6
3.50
NL
NL
Clsd
NL
1.49
0.99
1.71
0.87
1.34
16.77
10.53
11.98
28.09
9.13
4,216
1,161
360
673
221
James M. Harmon (3.2)
Richard Thompson (3.2)
Irene Hoover (10.3)
William H. Bales (11.9)
Management Team
108
294
70
136
271
92
76
131
42
28
4
6
11
8
2
96
94
89
87
97
0
0
0
0
0
0
0
0
6
1
3
2
2
17
1
NL
NL
NL
NL
NL
1.25
1.53
1.31
1.33
0.79
9.28
22.42
6.98
7.95
17.79
87
116
98
1,871
3,886
Burns/Slavik (4.0/3.8)
Management Team
Management Team
George/Skinner, III (7.6/5.7)
John H. Laporte (21.3)
14 117
11 1,064
14 941
72
16
14 112
141
90
32
44
43
1 99
4 96
0 100
0 99
0 96
0
0
0
0
0
0
0
0
1
4
2
4
1
18
20
Clsd
Clsd
NL
NL
NL
1.25
0.41
0.22
1.21
1.21
19.21
42.14
11.90
18.97
20.60
180
6,294
2,868
388
523
Management Team
Management Team
Lambert/Taylor (3.9/8.0)
Jeff Cardon (22.1)
84
97
1
0
93
99
2
0
4
1
12
12
NL
NL
1.49
1.49
10.78
11.79
92
444
Ajay Krishnan (9.0)
Balkin/Brewer (0.5/9.0)
—
—
81
15
15
12
10
13
26
125
150
119
64
18
6
95
73
23
i 20
p 16 d 13
—
120
4
962
2,105
1,602
1,573
930
p
o
p
d
i
23
26
21
24
36
i
p
o
i
r
15
20
19
13
26
d
a
d
f
d
15
14
17
13
16
76
113
87
90
48
97
26
42
63
20
1.4
1.9
2.6
2.0
1.5
360
1,127
1,195
1,279
1,374
a
o
i
p
a
19
28
24
21
17
i
i
p
i
i
17
24
16
17
14
o
t
d
a
d
16
16
12
15
13
45
58
75
103
182
34
37
100
65
21
15.2
12.7
13.9
19.6
14.4
1.9
1.1
1.8
1.8
1.4
2,257
1,050
1,266
756
1,086
p
a
o
p
p
30
19
18
31
20
d
p
p
i
i
21
19
18
16
18
a
o
a
r
o
11
15
16
15
13
80
213
124
132
92
9
9
6
9
9
17.3
19.1
11.6
16.0
16.5
2.1
1.9
1.1
1.4
2.1
901
397
1,243
976
1,522
i
p
f
d
i
22
17
15
26
21
p
i
d
t
p
18
16
15
16
17
o
d
o
p
o
11
15
12
13
15
9
9
9
9
9
20.2
14.9
16.4
14.0
18.3
2.9
1.9
2.0
2.0
2.6
1,489
1,888
1,285
1,574
1,223
i
i
i
p
p
23
22
20
29
27
p
p
p
a
i
16
17
16
17
17
d
d
d
i
o
9
9
18.7
10.5
2.4
0.9
1,476
458
i 29
p 17
t 19 p 12
i 16 o 14
84
89
44
30
22
24
20
16
16
16
10
15
p
p
d
s
g
4
Sales
Charge Expense
%
Ratio%
33
Operations
—
Management Team
Management Team
Perkins/Kautz (10.4/6.9)
David J. Wallack (8.0)
Management Team
—
—
12.0
1.3
1,002
a 19
d 17 p 12
—
99
1
94
4
0
6
—
1.39
—
410
9
6
6
9
6
18.3
6.0
12.2
9.2
14.6
2.1
1.0
2.0
1.4
1.5
1,094
706
1,271
271
382
a
a
d
a
d
23
19
31
25
16
o
i
p
i
a
15
15
14
15
15
r
d
a
o
i
15
54
15 171
11
93
13 394
14 2,537
59
162
73
29
24
6
1
6
3
0
94
99
94
97
99
0
0
0
0
0
0
0
0
0
1
2
8
0
0
0
NL
Clsd
NL
NL
Clsd
1.30
1.35
0.83
0.66
0.52
12.44
10.45
9.33
9.63
8.31
345
82
164
347
2,480
Philip Tasho (8.1)
John C. Bogle Jr. (9.3)
Management Team
Management Team
Clark/Deere (0.8/14.0)
3
9
3
9
8
8.5
11.2
8.8
14.7
17.0
0.8
1.0
0.8
2.0
2.7
632
1,139
1,014
1,184
1,939
a
p
a
d
d
21
32
36
19
27
i
t
o
p
i
15
16
11
15
21
o
o
d
a
f
12
10
9
14
15
60
178
85
91
140
140
115
149
60
18
0 93
0 100
1 95
6 91
7 93
3
0
2
0
0
4
0
2
3
0
14
20
4
0
5
NL
Clsd
NL
NL
Clsd
1.03
1.07
1.13
0.94
1.02
10.35
9.80
9.32
12.24
21.66
115
2,057
997
402
7,733
Charles Myers (2.8)
Andrew Sassine (0.5)
Charles Myers (0.6)
King Jr./Purvis (14.5/11.0)
Management Team
9
9
9
6
16.0
14.4
10.8
13.0
1.7
1.7
1.5
1.6
1,821
1,317
1,664
1,523
d
d
d
a
22
22
36
21
t
p
f
i
20
16
19
17
i
a
t
o
11
16
13
12
61
502
74
61
84
43
67
19
20 74
4 93
6 91
0 100
0
0
0
0
6
3
3
0
4
8
18
0
NL
NL
NL
NL
1.50
0.88
1.36
0.87
10.06
6.94
7.00
34.25
45
2,898
776
590
Kevin O’Boyle (3.7)
Management Team
Management Team
Gerald Van Horn (8.4)
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
M500_0109.qxp
1/6/09
5:25 PM
Page 34
34
Historical Risk
Morningstar 500
Domestic Equity
Morningstar
Rating
vs. Category
55Best
Total Return %
12-31-08
Small Blend (cont’d)
—
-36.9 -36.9 -10.5
-1.8
4.3
—
— — — —
—
0.5
—
—
20.2
1.20 (82)
—
T. Rowe Price Sm Stk OTCFX
T. Rowe Price Sm Val PRSVX
TCW Relative ValSmCp N TGONX
LThird Avenue Sm-Cap Val TASCX
Vanguard SmCp Idx NAESX
QQQ
QQQQQ
QQ
QQQQ
QQQ
-33.4
-28.6
-44.5
-34.6
-36.1
-9.6
-6.1
-16.0
-9.6
-9.2
-1.0
2.5
-6.7
-0.1
-0.8
4.4
8.4
5.5
6.4
3.3
30
8
91
40
53
30
8
91
40
53
49
7
33
20
66
Avg
+Avg
Avg
+Avg
High
0.1
1.1
0.0
0.8
2.0
X
Z
-34
-32
-45
-39
-37
18.58
17.95
24.04
19.42
20.14
1.14 (86)
1.05 (79)
1.41 (79)
1.17 (84)
1.24 (88)
-Avg
-Avg
High
Avg
+Avg
LVanguard Tax-Mgd SmCap Iv VTMSX
Wasatch Small Cap Value WMCVX
QQQQ
QQ
-30.8 -30.8 -7.4
-47.8 -47.8 -16.5
1.0
-5.8
—
7.8
14
96
14 23 19 —
96 94 93 10
+Avg
+Avg
1.6
0.0
X
-34
-46
18.89
22.82
1.13 (82)
1.39 (85)
-Avg
High
Small Value
—
—
—
18.9
1.10 (79)
—
C
-52
-29
-31
-35
-34
26.15
16.63
17.85
19.60
19.43
1.38 (65)
1.02 (87)
1.08 (84)
1.19 (85)
1.11 (75)
High
-Avg
-Avg
Avg
+Avg
-28
-30
-24
-35
-38
15.68
16.32
15.32
20.37
21.26
0.92 (79)
0.94 (77)
0.89 (78)
1.22 (84)
1.24 (79)
-Avg
Low
Low
+Avg
+Avg
A N N U A L I Z E D
YTD
1 Yr
-33.4
-28.6
-44.5
-34.6
-36.1
3 Yr
5 Yr
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
49
13
93
48
44
43
11
97
32
40
Return
Rating %
Grade
X
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
-32.5 -32.5 -9.7
-1.0
5.7
—
— — — —
—
0.8
Aegis Value AVALX
LAllianz NFJ Sm Cap Val D PNVDX
AmCent Small Cap Val Inv ASVIX
American Beacon SmCVl Pln AVPAX
Artisan Small Cap Value ARTVX
QQ
QQQQQ
] QQQQQ
QQQ
QQQQQ
-51.4
-26.5
-27.6
-32.1
-23.8
-51.4
-26.5
-27.6
-32.1
-23.8
-19.3
-2.6
-6.7
-10.2
-5.2
-9.1
4.7
1.4
-1.2
2.8
4.3
—
8.9
—
9.5
99
11
24
55
4
99
11
24
55
4
98
5
24
60
15
100 67
3 —
20 6
57 —
10 3
+Avg
High
High
+Avg
+Avg
6.1
1.9
2.0
1.4
0.0
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
QQQQQ
QQQ
QQQ
-30.2
-26.0
-21.6
-43.9
-34.8
-30.2
-26.0
-21.6
-43.9
-34.8
-5.0
-8.7
-3.1
-11.0
-11.3
—
2.2
2.5
-2.2
-2.7
—
—
8.7
4.4
9.8
40
8
3
94
75
40
8
3
94
75
13
42
8
65
69
— —
13 —
10 9
67 65
72 2
Low
+Avg
High
+Avg
+Avg
0.1
0.7
2.1
0.9
1.9
C
Z
Royce Opportunity Invt RYPNX
LRoyce Special Equity Invt RYSEX
Royce Total Return Invt RYTRX
LSchneider Small Cap Val SCMVX
Skyline Special Eq SKSEX
QQ
QQQQQ
QQQQ
] QQQ
QQ
-45.7
-19.6
-31.2
-46.5
-40.1
-45.7
-19.6
-31.2
-46.5
-40.1
-14.2
-1.4
-6.9
-18.7
-13.8
-4.9
1.6
0.5
-5.6
-3.7
7.6
8.2
6.2
10.5
3.0
96
2
47
98
91
96
2
47
98
91
85
3
25
96
84
92
18
31
94
81
22
14
39
1
88
+Avg
High
High
+Avg
Avg
0.9
1.5
2.6
2.0
0.0
Z
Z
Z
-45
-24
-32
-42
-39
23.98
14.59
16.57
24.96
21.45
1.42 (81)
0.78 (66)
1.02 (88)
1.38 (70)
1.26 (79)
High
Low
-Avg
High
+Avg
19.27
Z
Vanguard SmCp Vl Idx VISVX
QQQ
-32.1 -32.1 -9.0
-0.3
5.2
55
55 48 44 53
+Avg
2.9
X
-34
1.16 (84)
Avg
Allocation
—
-23.4 -23.4 -4.1
-0.2
1.6
—
— — — —
—
3.0
—
—
10.3 -0.23 (74)
—
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
MA
CA
MA
LO
QQQQ
QQQQ
QQQ
QQQ
QQQ
-25.7
-28.9
-19.4
-31.0
-13.3
-25.7
-28.9
-19.4
-31.0
-13.3
-4.0
-3.9
-2.9
-6.0
-0.1
-0.1
0.7
1.1
-0.3
0.5
4.0
3.8
—
6.8
5.0
28
55
52
74
44
28
55
52
74
44
29
27
58
63
45
44 7
24 9
33 —
48 3
68 25
High
+Avg
+Avg
+Avg
High
3.9
6.3
3.5
2.0
5.8
X
X
-21
-23
-17
-28
-12
10.47 0.84 (91)
12.37 0.98 (87)
7.76 0.57 (77)
15.04 1.26 (96)
6.52 -3.68 (9)
-Avg
Avg
Avg
High
Avg
LDavis Appr & Income A RPFCX
LDodge & Cox Balanced DODBX
Fidelity Asset Mgr 50% FASMX
Fidelity Balanced FBALX
Fidelity Freedom 2010 FFFCX
MA Q
MA ] QQQQ
MA QQQ
MA QQQQ
TA QQ
-41.4
-33.6
-27.8
-31.3
-25.3
-41.4
-33.6
-27.8
-31.3
-25.3
-11.9
-8.4
-5.7
-5.8
-4.2
-3.9
-1.5
-1.7
0.5
-0.1
0.6
4.8
1.0
3.5
2.2
98
89
47
76
60
98
89
47
76
60
97
88
58
60
54
93
69
74
28
56
61
4
52
12
81
+Avg
Avg
+Avg
+Avg
High
3.3
3.7
3.7
2.9
3.7
Z
Z
C
X
C
-41
-29
-24
-26
-22
19.23
13.94
11.26
13.27
10.62
1.54 (88)
1.13 (90)
0.94 (96)
1.10 (95)
0.88 (97)
High
+Avg
Avg
+Avg
+Avg
Fidelity Puritan FPURX
Fidelity Strategic RRet FSRRX
FPA Crescent FPACX
Franklin Income A FKINX
Gateway A GATEX
MA QQQ
CA QQ
MA QQQQQ
CA ] QQQ
LO QQQ
-29.2
-23.4
-20.6
-30.5
-13.9
-29.2
-23.4
-20.6
-30.5
-13.9
-4.8
-5.9
-1.6
-4.5
0.8
-0.3
—
3.1
-0.1
2.8
2.0
—
7.3
4.5
3.5
58
72
10
96
48
58
72
10
96
48
44
89
9
77
38
47 32
— —
4 2
69 6
23 56
+Avg
-Avg
+Avg
+Avg
High
3.7
5.4
1.9
9.5
2.2
X
C
C
C
-24
-27
-23
-30
-17
11.70 0.96 (93)
12.14 0.82 (64)
11.39 0.90 (86)
14.31 1.12 (84)
8.41 -6.77 (18)
Avg
High
Avg
High
Avg
Greenspring GRSPX
Hussman Strategic Growth HSGFX
Janus Balanced JABAX
M & N Pro-Blend Mod S EXBAX
Mairs & Power Balanced MAPOX
MA
LO
MA
MA
MA
QQQQQ
QQQ
QQQQQ
QQQQQ
QQQQ
-11.7
-9.0
-15.2
-18.4
-21.1
-11.7 1.5
-9.0 -0.6
-15.2 1.1
-18.4 -0.4
-21.1 -2.7
3.9
1.8
3.9
3.1
1.5
6.9
—
4.0
4.7
4.0
2
36
3
6
11
2 1 2 3
36 47 50 —
3 2 2 8
6 6 4 4
11 15 12 8
+Avg
High
High
High
+Avg
1.7
0.2
2.8
2.1
4.1
-22
-14
-16
-17
-18
11.08 0.84 (78)
7.43 -7.61 (29)
9.24 0.75 (91)
9.30 0.74 (88)
9.93 0.78 (86)
Avg
Avg
Low
Low
-Avg
3.8
3.0
5.5
21
21 14 19 19
High
2.1
-9
4.92 -2.54 (7)
-Avg
-33.8 -33.8 -8.3
-28.9 -28.9 -7.5
-37.0 -37.0 -8.4
5.2
5.2 5.5
-0.9
0.3
-2.2
4.7
3.0
6.1
-1.4
5.6
Merger MERFX
Russell 2000 Index
S&P 500 Index
Lehman Bros. Agg. Bond Index
E New this month
LAnalyst Pick
LO
QQQQ
-2.3
-2.3
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
C
SU Specialty–Utilities
TA Target-Date 2000-2014
TB Target-Date 2015-2029
TC Target-Date 2030+
M500_0109.qxp
1/6/09
5:25 PM
Page 35
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Average
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
—
12.0
1.3
1,002
a 19
d 17 p 12
9
6
6
6
6
16.0
15.9
10.8
8.7
14.7
1.6
1.5
0.7
0.8
1.5
1,125
820
620
1,028
1,269
d
a
a
d
a
a
d
i
f
d
9
9
15.2
12.8
1.6
1.3
1,047
815
a 18
a 23
d 17 i 12
f 21 d 15
—
11.1
1.1
875
a 26
d 18 p 10
3
3
3
3
6
5.7
9.5
11.6
9.3
13.8
0.3
1.2
1.1
0.9
1.4
113
1,366
961
1,063
878
d
d
a
a
p
31
21
24
26
27
a
a
d
d
t
26
19
15
15
13
p
s
t
p
a
12
16
9
12
13
6
6
6
2
3
11.2
8.1
14.4
12.8
8.6
1.0
0.8
1.2
1.3
0.8
565
1,095
1,330
2,337
649
o
a
a
a
a
34
21
26
23
27
s
f
d
o
p
18
17
12
19
14
a
d
p
d
d
6
6
6
3
6
12.8
12.8
13.0
9.8
7.7
1.0
1.7
1.6
0.7
0.7
467
713
1,591
666
545
d
d
a
a
a
29
40
28
35
23
t
s
d
d
p
20
18
23
12
17
o
o
p
t
d
3
13.4
1.2
1,253
a 35
d 15 s 9
18
22
21
24
21
16
18
19
17
15
Total
# of
Holdings
i
p
d
a
i
Recent
Turnover
%
NAV($)
Total
Assets
($Mil)
—
99
1
94
4
0
6
—
1.39
—
410
14 290
16 312
16
96
15
67
13 1,739
22
14
34
27
16
2 98
7 90
-1 101
9 89
0 100
0
1
0
2
0
0
2
0
1
0
1
2
1
26
1
Clsd
NL
NL
NL
NL
0.89
0.81
1.43
1.09
0.22
19.52
23.50
6.97
14.63
20.40
4,230
3,840
20
1,186
9,745
Gregory A. McCrickard (16.4)
Preston Athey (17.4)
Diane Jaffee (13.2)
Curtis Jensen (11.8)
604
85
53
84
0 100
8 90
0
0
0
2
0
14
NL
NL
0.12
1.76
17.44
1.86
1,309
182
Jim Larkins (10.0)
—
84
5
94
0
0
2
—
1.50
—
328
75
142
303
526
95
35
33
123
52
75
0 100
8 92
3 95
12 88
6 93
0
0
0
0
0
0
0
2
0
0
3
3
2
1
0
NL
NL
Clsd
NL
Clsd
1.43
1.22
1.26
1.05
1.20
5.47
19.50
5.37
11.52
10.23
91
3,833
961
1,577
1,295
Scott L. Barbee (10.7)
Management Team
Giele/Pitman (10.4/0.8)
Management Team
Management Team
13
14
12
16
13
90
65
102
24
168
74
21
59
28
54
5 95
18 82
0 100
1 99
2 98
0
0
0
0
0
0
0
0
0
0
6
3
1
16
1
NL
5.00
Clsd
Clsd
NL
1.44
1.39
0.79
0.91
1.64
8.86
16.53
15.56
14.58
7.62
257
324
975
1,824
60
Management Team
Management Team
Perkins/Perkins (23.9/4.9)
Cates/Hawkins (17.9/17.8)
David M Dabora (10.5)
13
11
11
11
16
281
63
433
83
74
50
29
27
116
52
9
22
5
1
3
88
77
90
99
97
0
0
0
0
0
3
1
5
1
0
2
0
5
10
2
NL
NL
NL
NL
NL
1.11
1.11
1.08
1.10
1.37
5.57
13.69
8.70
8.93
11.65
1,050
456
3,311
54
175
Zaino/Hench (10.8/4.7)
Charles R. Dreifus (10.7)
Management Team
Arnold Schneider III (10.4)
Management Team
986
34
0 100
0
0
0
NL
0.22
10.21
3,522
Sales
Charge Expense
%
Ratio%
35
Operations
—
—
—
11.7
1.6
21,498
a 20
d 13 i 12
97
14
44
34
4
13
—
1.44
—
664
4
1
4
7
4
12.2
12.2
11.4
12.4
11.3
2.1
1.7
1.9
3.0
2.1
66,493
34,362
30,175
25,982
67,176
d
a
a
s
a
14
19
19
23
16
i
d
d
r
i
12
16
17
20
14
a
u
i
o
f
12 981
14 1,822
14 229
15
99
12 205
35
38
44
66
105
6
10
23
2
2
61
58
58
48
58
30 3
28 3
19 0
22 28
23 17
6
18
1
6
-2
5.75
5.75
NL
4.75
4.75
0.58
0.54
0.88
1.06
1.18
13.78
13.09
9.75
21.39
10.38
42,159
54,937
56
3,230
1,252
Management Team
Management Team
Richard P. Cancelmo Jr. (7.5)
Management Team
Management Team
5
1
4
4
4
13.4
11.8
10.3
11.3
10.4
1.6
1.1
1.2
1.3
1.4
8,601
38,598
14,721
21,267
22,203
o
i
a
i
a
28
25
16
14
17
a
a
i
a
i
21
14
13
13
13
s
y
d
f
f
15
53
12 369
12 2,109
12 2,426
12
27
23
27
8
73
34
0
1
8
4
12
46
72
47
59
46
25 28
27 0
40 6
34 3
34 9
0
15
11
9
11
4.75
NL
NL
NL
NL
1.01
0.53
0.70
0.61
0.65
16.15
51.26
10.84
13.12
10.36
360
14,298
4,993
17,217
9,903
Davis/Sabol (15.9/3.4)
Management Team
Derek Young (1.3)
Management Team
Sharpe/Shelon (1.3/3.8)
7
5
1
1
4
11.3
28.5
9.1
11.5
10.9
1.6
1.9
1.2
1.6
1.7
42,269
4,335
9,957
32,261
39,142
a
a
f
g
a
17
94
30
49
15
i
o
i
f
f
16
3
16
13
13
f
i
o
i
i
13 2,244
3
770
16
58
12 424
13 257
115
40
29
39
5
5
26
46
7
4
60
13
42
37
96
34
53
10
47
0
1
8
2
8
0
5
4
3
6
-3
NL
NL
NL
4.25
5.75
0.60
0.73
1.34
0.62
0.94
13.06
6.86
19.59
1.67
24.17
15,585
4,180
1,120
35,471
4,536
Arani/Fischer (1.9/4.1)
Bewick/Young (0.8/3.3)
Steven Romick (15.6)
Perks/Johnson (6.7/51.9)
Management Team
6
7
7
7
1
8.9
14.7
12.7
12.7
12.5
0.9
2.9
2.4
1.6
2.2
1,210
19,550
39,901
18,122
25,106
a
i
s
p
d
32
24
21
20
28
p
o
i
i
f
30
22
16
18
17
f
t
d
r
a
12
21
16
11
15
109
123
241
363
163
54
150
60
78
9
15
10
11
7
2
40
90
45
49
64
28 17
0 0
39 4
43 1
33 1
2
6
18
9
2
NL
NL
NL
NL
NL
1.03
1.11
0.79
1.11
0.77
20.36
12.23
20.02
10.15
47.80
277
3,192
2,303
225
107
Charles vK. Carlson (22.0)
John Hussman (8.5)
Pinto/Smith (3.7/3.7)
Management Team
Frels/Kaliebe (16.5/3.0)
8
17.2
2.5
8,425
d 21 i 18
66
300
36
62
2
NL
1.47
14.32
1,295
Management Team
10.9
1.7 38,167.8
s 24
0
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
2
—
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Energy
Utilities
M500_0109.qxp
1/6/09
5:25 PM
Page 36
36
Historical Risk
Morningstar 500
Morningstar
Rating
vs. Category
55Best
Domestic Equity
Allocation (cont’d)
—
Total Return %
12-31-08
A N N U A L I Z E D
YTD
1 Yr
3 Yr
5 Yr
Return
Rating %
Grade
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
-0.2
1.6
—
— — — —
—
3.0
—
—
-22.6
-16.2
-30.7
-28.4
-27.2
-3.2
1.3
-5.7
-4.5
-4.5
0.9
4.5
0.1
0.3
1.5
3.4
8.7
1.9
2.0
6.9
15
4
71
51
41
15
4
71
51
41
18
2
57
36
37
22 13
1 1
39 34
33 31
13 2
+Avg
High
+Avg
High
High
3.6
1.7
2.3
3.4
2.7
C
Z
Z
X
-19
-17
-26
-25
-29
9.77
8.73
13.08
12.10
13.82
0.80 (93)
0.65 (79)
1.08 (95)
1.01 (97)
1.13 (92)
Low
Low
+Avg
Avg
+Avg
QQQQ
QQQ
QQQQ
QQ
QQQQ
-20.4
-30.2
-24.8
-36.4
-22.2
-20.4
-30.2
-24.8
-36.4
-22.2
-2.2
-5.4
-4.4
-7.7
-2.9
1.6
—
1.0
-1.7
1.0
3.5
—
4.3
0.3
2.1
58
43
22
93
13
58
43
22
93
13
45
33
35
83
17
21
—
18
74
20
15
—
6
67
31
High
+Avg
+Avg
+Avg
High
3.7
3.3
3.4
2.9
3.6
Z
C
X
X
-19
-27
-20
-29
-20
9.31
13.10
10.58
14.86
9.98
0.78 (98)
1.09 (97)
0.84 (88)
1.20 (91)
0.82 (95)
+Avg
Avg
-Avg
High
-Avg
Vanguard LifeSt Cons Gr VSCGX
Vanguard LifeSt Income VASIX
Vanguard LifeSt Mod Grth VSMGX
Vanguard STAR VGSTX
LVanguard Target Rtmt 2025 VTTVX
CA [ QQQ
CA QQQQ
MA QQQQ
MA QQQQ
TB QQQ
-19.5
-10.5
-26.5
-25.1
-30.1
-19.5
-10.5
-26.5
-25.1
-30.1
-1.6
1.0
-3.7
-3.8
-5.2
1.5
2.4
0.9
1.3
-0.2
2.8
3.8
2.0
3.5
—
54
11
35
23
42
54
11
35
23
42
36
8
23
25
31
24
8
21
14
26
25
10
33
11
—
High
High
High
High
High
4.1
4.4
3.7
4.1
3.5
X
X
X
X
X
-17
-11
-22
-22
-26
8.56
5.71
11.47
11.38
13.06
0.71 (97)
0.45 (89)
0.96 (97)
0.96 (98)
1.09 (96)
Avg
-Avg
Avg
Avg
Avg
LVanguard Tax-Mgd Bal VTMFX
LVanguard Wellesley Inc VWINX
LVanguard Wellington VWELX
CA QQQ
CA QQQQQ
MA ] QQQQQ
-18.3 -18.3 -2.2
-9.8 -9.8 2.0
-22.3 -22.3 -1.1
1.0
3.4
2.8
2.4
4.9
4.5
43
10
13
43 45 34 35
10 5 4 4
13 8 5 5
High
High
High
3.5
5.3
4.3
X
Z
Z
-17
-10
-20
8.48
6.58
10.71
0.67 (88)
0.49 (79)
0.89 (96)
Avg
-Avg
Avg
Z
-39
-51
-56
-53
-34
24.12
43.60
37.65
32.58
18.50
1.35 (72)
5.17 (0)
1.49 (36)
1.76 (67)
1.14 (89)
Avg
Avg
High
High
-Avg
MA QQQQ
MA QQQQQ
MA [ QQQ
MA QQQ
MA QQQQ
LT. Rowe Price Pers Inc PRSIX
LT. Rowe Price Rtmt 2015 TRRGX
Van Kampen Eq and Inc A ACEIX
Vanguard Asset Alloc VAAPX
Vanguard Bal Idx VBINX
CA
TB
MA
MA
MA
10.3 -0.23 (74)
Risk
Relative
to
Category
-22.6
-16.2
-30.7
-28.4
-27.2
MFS Total Return A MSFRX
Oakmark Equity & Inc I OAKBX
Pax World Balanced PAXWX
T. Rowe Price Balanced RPBAX
T. Rowe Price Cap Apprec PRWCX
-23.4 -23.4 -4.1
10 Yr
Total Return %
Category Rank
1=Best, 100=Worst
—
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
SP
SN
SR
SF
QQQQ
QQ
QQQ
QQQQQ
QQQ
-47.7
-27.2
-53.4
-46.8
-45.6
-47.7
-27.2
-53.4
-46.8
-45.6
-10.8
2.1
-13.5
-2.7
-15.1
-1.8
4.8
8.5
9.7
-5.8
3.1
12.2
18.0
15.8
-0.2
67
39
76
92
48
67
39
76
92
48
36
73
85
1
41
14 9
64 71
33 4
1 1
45 40
+Avg
Avg
+Avg
High
+Avg
0.0
0.0
0.0
3.8
0.7
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
SR
ST
SN
SH
QQQ
QQQ
QQ
QQ
QQ
-50.5
-38.2
-49.9
-63.2
-32.4
-50.5
-38.2
-49.9
-63.2
-32.4
-13.4
—
-13.6 -0.1
-19.3 -11.3
-14.7
5.3
-7.2
0.3
—
7.2
-3.8
10.9
0.8
88
43
78
97
93
88
43
78
97
93
70
76
92
92
85
—
57
92
68
61
—
42
34
41
81
+Avg
-Avg
+Avg
+Avg
0.0
2.9
0.8
0.0
0.4
C
X
C
X
C
-37
-49
-45
-58
-29
22.15
30.31
24.61
38.78
15.82
1.02 (81)
1.51 (57)
1.34 (68)
1.68 (43)
0.91 (77)
Low
Avg
Avg
High
Avg
Fidelity Sel Technology FSPTX
LHarbor Commdty Rel Rtrn HACMX
LHartford Global Health A HGHAX
Janus Global Life Sci JAGLX
LJPMorgan U.S. Real Est A SUSIX
ST QQQ
SN NR
SH QQQ
SH [ QQQ
SR QQQ
-51.1
—
-25.5
-28.8
-39.6
-51.1
—
-25.5
-28.8
-39.6
-14.3
—
-4.6
-5.1
-12.2
-7.9
—
1.7
1.9
1.4
-3.4
—
—
5.6
7.8
88
—
53
78
63
88
—
53
78
63
77
—
50
57
54
78
—
39
32
26
31
—
—
36
25
+Avg
Avg
Avg
+Avg
+Avg
0.3
—
0.0
0.2
3.5
C
C
X
-45
-33
-30
-37
-49
27.16
—
16.40
15.76
30.55
1.57 (77)
— (—)
0.91 (71)
0.82 (62)
1.53 (57)
High
—
Avg
Avg
Avg
PIMCO CommRealRetStrD PCRDX
LT. Rowe Price Fincl Svcs PRISX
T. Rowe Price Glob Tech PRGTX
LT. Rowe Price Health Sci PRHSX
LT. Rowe Price Med & Tele PRMTX
SN
SF
ST
SH
SC
QQ
QQQQ
QQQQ
QQQQ
QQQQ
-43.6
-40.1
-44.0
-28.8
-46.5
-43.6
-40.1
-44.0
-28.8
-46.5
-12.5
-14.3
-11.3
-2.5
-5.7
-1.4
-5.6
-3.1
4.0
4.6
—
2.1
—
6.5
6.5
15
25
34
77
31
15
25
34
77
31
81
34
45
20
20
90
40
28
11
4
—
24
—
17
1
Avg
+Avg
+Avg
High
High
9.5
2.6
0.0
0.0
0.9
X
X
X
Z
Z
-48
-32
-39
-32
-40
28.32
19.13
22.95
17.23
24.04
0.82 (19)
1.13 (81)
1.36 (80)
0.96 (72)
1.50 (90)
-Avg
Avg
Avg
+Avg
Avg
T. Rowe Price New Era PRNEX
LT. Rowe Price Rl Est TRREX
T. Rowe Price SciTech PRSCX
LThird Avenue RealEst Val TAREX
LVanguard Energy VGENX
SN
SR
ST
GR
SN
QQQ
QQQQ
QQQ
QQQ
QQQQQ
-50.2
-39.1
-43.8
-44.7
-42.9
-50.2
-39.1
-43.8
-44.7
-42.9
-6.4
-12.2
-12.4
-12.9
-2.2
6.7
1.2
-6.9
-0.7
13.1
9.2
7.9
-6.9
8.5
14.8
62
55
30
27
11
62
55
30
27
11
33
55
55
65
8
54
30
66
73
5
55
21
81
15
16
High
+Avg
+Avg
Z
Z
Z
High
1.6
6.7
0.0
2.9
2.7
X
-47
-48
-43
-41
-38
28.74
29.96
24.12
23.73
27.46
1.40 (55)
1.55 (61)
1.43 (81)
0.98 (64)
1.24 (47)
Avg
Avg
Avg
Avg
-Avg
SH
LVanguard Health Care VGHCX
LVanguard Prec Mtls Mining VGPMX SP
Vanguard REIT Index VGSIX
SR
S&P 500 Index
Dow Jones Moderate Portfolio Index
QQQQQ
QQQ
QQQ
-18.4
-56.0
-37.1
-37.0
5.2
-24.8
-18.4
-56.0
-37.1
-37.0
5.2
-24.8
-1.9
-7.0
-10.8
-8.4
5.5
-3.1
3.6
4.6
0.8
-2.2
4.7
2.0
7.9
14.1
7.1
-1.4
5.6
3.9
20
98
31
20 12 15 5
98 93 68 54
31 28 39 46
+Avg
High
+Avg
1.7
5.2
8.1
X
X
X
-22
-58
-47
13.49 0.69 (60)
38.21 -14.8 (4)
30.23 1.52 (58)
Low
-Avg
+Avg
E New this month
LAnalyst Pick
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
Specialty–Technology
Specialty–Utilities
Target-Date 2000-2014
Target-Date 2015-2029
Target-Date 2030+
M500_0109.qxp
1/6/09
5:25 PM
Page 37
Costs
Current
Equity Price/
Style
Earn
Box
Ratio
Average
Price/ Market
Book Cap
Ratio ($Mil)
Top Three Sectors
(% of Stock)
NAV($)
Total
Assets
($Mil)
—
11.7
1.6
21,498
a 20
d 13 i 12
97
14
44
34
4
13
—
1.44
—
664
1
4
7
4
4
9.7
12.0
13.3
12.4
12.6
1.4
1.9
2.4
1.8
1.7
37,834
15,008
24,610
29,922
22,869
a
s
f
a
a
19
23
17
16
16
f
f
s
i
d
17
21
15
13
15
s
d
t
d
f
14 638
18
99
12 303
13 1,168
12 180
53
65
38
60
53
1
15
4
2
6
59
51
67
63
68
40 0
33 0
29 1
35 1
16 11
8
8
11
18
4
5.75
NL
NL
NL
NL
0.87
0.81
0.96
0.64
0.70
11.44
21.56
17.00
14.05
13.95
6,508
12,143
1,656
2,050
6,948
Management Team
McGregor/Studzinski (13.2/8.9)
Christopher Brown (10.7)
David Giroux (2.5)
7
4
4
4
4
13.0
12.8
13.1
12.4
12.7
1.8
1.8
1.6
2.0
1.9
22,689
22,647
50,224
45,284
25,467
a
a
a
a
a
17
15
28
16
17
i
i
i
f
i
15
13
15
13
13
d
d
s
i
d
12 1,315
13
18
12 417
13 513
12 7,449
81
8
35
5
26
13
5
5
17
1
43
65
59
80
60
43 1
29 2
26 10
0 3
39 0
15
16
13
0
3
NL
NL
5.75
NL
NL
0.62
0.65
0.76
0.31
0.19
12.08
8.30
6.45
18.60
16.59
627
2,711
11,621
8,499
7,290
Clark/Notzon III (4.9/0.3)
Management Team
Management Team
Davis/Perre (3.7/8.0)
4
4
4
4
4
13.2
13.5
12.1
12.4
12.0
2.0
2.1
1.8
1.8
1.7
34,922
42,124
30,807
29,625
25,249
a
f
a
i
a
16
16
18
16
19
f
a
d
a
d
15
14
13
14
13
d
d
f
d
i
14
13
12
14
12
6
5
5
12
7
10
8
7
8
17
8
8
5
5
1
44
24
65
59
77
46
66
29
35
22
2
2
1
1
0
6
2
10
17
16
NL
NL
NL
NL
NL
0.24
0.25
0.23
0.32
0.19
13.30
12.23
15.08
14.43
9.27
4,696
1,620
7,066
10,037
6,490
Management Team
Management Team
Management Team
Management Team
Duane Kelly (5.2)
4
1
1
12.5
12.5
11.6
1.9
1.8
1.9
29,289
44,566
55,672
a 16
a 24
f 17
i 13 f 13 791
s 18 g 13 731
d 15 a 14 2,366
10
27
23
1
4
2
47
38
64
52
58
33
0
0
0
0
15
18
NL
NL
NL
0.12
0.25
0.27
16.19
18.40
24.43
578
11,315
37,181
Management Team
Keogh/Reckmeyer III (0.5/0.5)
Bousa/Keogh (6.0/3.2)
7
8
8
8
4
14.6
17.3
12.7
23.2
12.1
2.9
1.2
1.6
2.4
1.2
21,861
4,894
3,056
6,025
13,328
t
d
f
a
a
43
99
95
91
68
r
f
d
d
p
25
1
5
9
13
p
—
p
—
s
14
—
0
—
11
84
79
165
23
31
269
17
32
200
15
2 104
1 99
4 95
1 99
1 99
0
0
1
0
0
-5
0
0
0
0
10
89
18
8
16
NL
NL
5.25
NL
4.75
1.25
0.68
1.25
0.86
0.97
24.15
14.23
17.98
16.23
19.72
685
593
538
909
524
7
2
7
8
7
12.1
16.4
12.8
6.3
12.1
0.6
1.1
1.5
1.1
1.8
4,988
2,976
10,403
8,524
17,164
a
a
t
f
i
87
95
95
97
97
o
o
p
d
o
9
5
2
1
1
p
—
s
p
p
4
—
2
1
1
49
42
76
69
135
63
40
87
64
120
1
3
4
2
3
96
97
96
98
96
0
0
0
0
0
3
0
0
0
0
96
2
16
1
5
NL
NL
NL
NL
NL
1.07
0.88
0.86
0.83
0.84
6.63
15.61
22.65
35.92
80.99
284
2,407
589
866
1,268
7
0
7
7
5
13.2
—
11.9
14.7
18.3
1.4
—
1.9
2.5
1.0
9,162
—
10,435
12,449
3,102
t
—
i
i
a
53
—
97
86
96
r
—
o
d
o
18
—
2
7
4
p
—
r
o
—
16
—
1
5
—
155
—
58
74
25
204
NA
41
61
64
2
0
1
2
3
97
0
99
95
97
1
0
0
0
0
0
0
0
3
0
21
0
28
26
0
NL
NL
5.50
NL
5.25
0.88
NA
1.41
0.99
1.18
39.66
5.94
12.15
17.13
10.12
791
2
573
592
462
0
1
7
8
7
—
12.1
15.2
18.5
23.4
—
1.1
3.1
3.1
1.6
—
10,601
33,572
7,432
10,809
—
a
t
i
u
—
86
55
94
44
—
o
r
d
y
—
8
26
2
16
—
i
p
a
o
—
3
6
2
15
—
85
58
178
69
697
140
107
45
65
***
0 455 16 326
7 85
2 7
6
3 95
0 2 20
3 100
0 -3 13
4 94
0 2 28
NL
NL
NL
NL
NL
1.24
0.91
1.19
0.83
0.82
6.33
9.96
4.26
19.80
24.65
6,168
257
89
1,602
852
Mihir Worah (1.0)
Jeff Arricale (1.9)
David Eiswert (0.3)
Kris Jenner (9.0)
Henry Ellenbogen (3.8)
4
5
7
5
1
10.1
33.2
15.2
12.4
8.9
2.1
2.2
2.8
0.7
2.1
21,005
4,952
14,815
3,603
49,934
f
a
t
a
f
68
95
58
93
92
d
o
r
o
d
23
4
20
3
4
g
d
p
d
g
5
2
9
2
2
103
40
63
48
105
18
33
80
19
22
3
4
5
11
4
97
92
94
84
96
0
3
0
2
0
0
0
0
3
0
32
2
10
58
43
NL
NL
NL
NL
NL
0.63
0.73
0.93
1.10
0.25
29.58
11.13
13.18
14.95
44.13
3,306
1,391
1,538
1,034
7,818
Charles M. Ober (11.9)
David Lee (11.2)
Michael F. Sola (7.0)
Michael Winer (10.3)
Management Team
4
5
5
12.8
8.7
30.6
10.9
2.5 24,487
1.7
3,292
2.0
4,888
1.7 38,167.8
82
40
98
9
29
13
7
3
2
90
97
98
0
0
0
2
1
0
25
83
0
Clsd
NL
NL
0.26
0.28
0.20
101.44
11.80
12.13
17,429
1,548
5,705
Hynes/Owens (0.6/24.6)
French/Vaight (12.6/1.0)
Total
# of
Holdings
i 94 o 2 d 2
d 89 p 6 f 5
a 100 — — — —
Recent
37
Operations
Turnover
%
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Sectors
Val Blnd Grth
Hardware
Media
Telecom
—
Chen/Price, Jr. (13.0/13.0)
Martin/Sterling (16.5/13.5)
Rice, III/Walsh, III (18.9/4.9)
G. Kenneth Heebner (14.7)
Cavanaugh/Feinberg (1.7/11.7)
Steven J. Buller (2.0)
Steven J. Buller (10.3)
Jackson/Lee (1.9/1.9)
John Dowd (3.0)
Sabel/Yoon (2.4/0.3)
Yun-Min (Charlie) Chai (2.0)
Mihir Worah (0.3)
Management Team
Andrew Acker (1.7)
Management Team
Equity Style Box
Software
Sales
Charge Expense
%
Ratio%
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Energy
Utilities
M500_0109.qxp
1/6/09
5:25 PM
Page 38
38
Historical Risk
Morningstar 500
Morningstar
Rating
vs. Category
55Best
International Equity
Foreign Stock
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
-45.9 -45.9 -9.0
1.2
2.8
—
— — — —
—
2.1
—
—
21.9
1.09 (94)
—
AmCent Intl Disc Inv TWEGX
AmCent Intl Growth Inv TWIEX
LAmer Funds EuroPac A AEPGX
American Beacon IntEq Pln AAIPX
LArtio Intl Eq II A JETAX
FR QQQ
FG QQQ
FB [ QQQQ
FV QQQ
FB QQQQQ
-52.2
-45.2
-40.5
-40.7
-40.5
-52.2
-45.2
-40.5
-40.7
-40.5
-7.8
-7.1
-4.8
-6.5
-3.9
3.7
1.0
4.6
2.3
—
7.2
0.8
5.0
3.4
—
76
39
13
36
12
76
39
13
36
12
25
38
12
41
8
37
56
7
48
—
High
High
High
High
Avg
0.2
2.0
2.6
4.4
3.3
V
V
X
-44
-37
-33
-33
-32
26.77
21.05
19.10
19.06
19.18
1.29 (88)
1.07 (98)
0.96 (96)
0.96 (96)
0.96 (96)
+Avg
Avg
-Avg
Avg
-Avg
Artio Intl Eqty A BJBIX
LArtisan International Inv ARTIX
LArtisan Intl Sm Cap ARTJX
LArtisan Intl Val ARTKX
LCauseway Intl Value Inv CIVVX
FB QQQQQ
FG QQQQ
FR ] QQQQ
FA QQQQQ
FV QQ
-43.9
-47.0
-51.4
-30.1
-42.1
-43.9
-47.0
-51.4
-30.1
-42.1
-4.6
-7.3
-6.7
-2.3
-7.8
4.6
1.8
5.1
6.3
1.3
8.0
4.5
—
—
—
49
49
70
5
41
49
49
70
5
41
10 5 2
39 32 10
17 22 —
6 6 —
62 55 —
High
High
+Avg
+Avg
+Avg
1.9
1.2
1.5
1.2
5.3
X
-34
-38
-41
-26
-36
20.07
22.12
26.54
15.86
20.51
1.01 (96)
1.12 (97)
1.31 (92)
0.73 (82)
1.02 (94)
Avg
Avg
+Avg
Low
+Avg
Columbia Acorn Intl Z ACINX
LDodge & Cox Intl Stock DODFX
Fidelity Diversified Int FDIVX
Fidelity Intl Disc FIGRX
Fidelity Intl Sm Cp FISMX
FR
FV
FG
FB
FR
QQQQ
QQQ
QQQQ
QQQQQ
QQQ
-45.9
-46.7
-45.2
-44.3
-46.5
-45.9
-46.7
-45.2
-44.3
-46.5
-5.1
-8.7
-8.0
-6.3
-11.6
6.1
3.4
1.8
3.1
3.0
6.6
—
5.3
5.1
—
34
82
39
54
40
34
82
39
54
40
11
71
46
26
65
12 43
22 —
31 5
19 6
44 —
High
High
+Avg
High
+Avg
0.9
4.0
1.5
1.4
0.0
X
Z
C
C
C
-39
-40
-39
-35
-40
23.34
21.70
21.48
20.51
24.35
1.17 (96)
1.09 (96)
1.09 (98)
1.04 (97)
1.18 (90)
Avg
+Avg
Avg
Avg
Avg
Fidelity Overseas FOSFX
LFidelity Spar Intl Inv FSIIX
First Eagle Overseas A SGOVX
Forward Intl Small Co Inv PISRX
LHarbor Intl Growth Inv HIIGX
FB QQQ
FB ] QQQQ
FA QQQQQ
FR QQQ
FG QQ
-47.3
-41.4
-21.0
-46.6
-49.5
-47.3
-41.4
-21.0
-46.6
-49.5
-8.2
-6.5
1.6
-10.5
-9.1
0.9
2.2
8.3
2.7
-0.2
1.3
1.1
13.4
—
—
82
21
2
41
71
82
21
2
41
71
58
29
2
55
62
55
29
2
49
67
40
42
4
—
—
+Avg
+Avg
+Avg
+Avg
-Avg
1.5
3.5
0.1
1.3
0.6
C
C
X
-37
-35
-21
-40
-41
21.69
19.58
12.73
23.10
23.86
1.09 (96)
1.00 (98)
0.62 (91)
1.15 (94)
1.20 (95)
+Avg
Avg
Low
Avg
+Avg
LHarbor Intl Instl HAINX
Janus Overseas JAOSX
Longleaf Partners Intl LLINX
LMainStay ICAP Intl I ICEUX
EManning & Napier WrldOp A EXWAX
FV
FG
FV
FV
FB
QQQQ
QQQQ
QQQQ
QQQQ
QQQQQ
-42.7
-52.8
-39.6
-38.4
-40.1
-42.7
-52.8
-39.6
-38.4
-40.1
-2.5
-3.9
-6.6
-5.2
-2.6
5.7
6.9
0.3
5.2
5.2
6.1
5.4
7.6
4.7
8.7
49
90
27
16
9
49 2 4 10
90 10 4 4
27 43 74 3
16 22 7 34
9 3 3 2
High
High
High
High
High
1.9
0.0
0.5
4.2
0.4
-37
-48
-33
-32
-36
21.96
28.11
19.15
18.95
19.56
1.11 (97)
1.36 (88)
0.92 (87)
0.95 (96)
0.97 (94)
+Avg
High
Avg
-Avg
Avg
Marsico Intl Opp MIOFX
LMasters’ Select Intl MSILX
Neuberger Ber Intl Inv NBISX
Oakmark International I OAKIX
Oakmark Intl Small Cap I OAKEX
FG
FB
FR
FV
FA
QQ
QQQQ
QQQ
QQQQ
QQQQ
-50.6
-45.5
-45.7
-41.1
-45.7
-50.6
-45.5
-45.7
-41.1
-45.7
-9.7
-6.6
-11.2
-8.5
-12.4
0.6
2.9
2.5
0.8
1.0
—
6.5
3.8
7.0
9.2
76
66
31
37
29
76
66
31
37
29
67
32
57
70
53
56 —
22 3
54 58
65 6
52 16
+Avg 1.6
High 4.0
+Avg 3.3
+Avg 12.7
+Avg 12.7
-43
-38
-39
-31
-41
24.69
20.52
22.27
18.00
23.03
1.24 (95)
1.00 (91)
1.11 (94)
0.84 (83)
1.09 (84)
High
Avg
-Avg
-Avg
Avg
LOppenheimer Intl Grth A OIGAX
T. Rowe Price Intl Disc PRIDX
T. Rowe Price Intl Stk PRITX
T. Rowe Price IntlGr&I TRIGX
LThird Avenue Intl Value TAVIX
FG QQQ
FR QQQQ
FG QQ
FV QQQ
FA [ QQQ
-41.5
-49.9
-48.0
-44.9
-37.3
-41.5
-49.9
-48.0
-44.9
-37.3
-5.2
-9.3
-11.1
-8.0
-8.8
2.5
3.4
-1.4
2.1
2.7
3.5
10.2
-1.4
2.6
—
13
58
58
70
8
13
58
58
70
8
17
44
82
65
22
18
36
78
38
23
13
19
82
58
—
+Avg
+Avg
Avg
+Avg
+Avg
1.2
1.5
2.6
4.4
0.2
-35
-40
-42
-37
-35
19.98
22.72
22.54
20.84
18.57
1.01 (97)
1.13 (94)
1.14 (97)
1.06 (98)
0.88 (85)
-Avg
-Avg
Avg
+Avg
-Avg
LThornburg Intl Value A TGVAX
Tweedy, Browne Glbl Val TBGVX
UMB Scout International UMBWX
USAA International USIFX
Vanguard Dev Mkts Idx VDMIX
FB QQQQQ
FA QQQQ
FB QQQQQ
FG QQQQQ
FB ] QQQQ
-41.9
-38.3
-38.1
-35.2
-41.6
-41.9
-38.3
-38.1
-35.2
-41.6
-2.3
-7.3
-3.9
-3.5
-6.5
5.3
2.0
4.6
3.7
2.2
8.8
5.0
4.2
3.5
—
26
9
6
1
23
26 3 3 1
9 14 43 56
6 8 6 10
1 6 11 15
23 30 30 —
High
+Avg
High
+Avg
+Avg
1.8
4.3
2.0
2.5
5.3
X
-31
-28
-33
-32
-35
18.91
15.21
18.44
17.60
19.48
0.94 (94)
0.71 (83)
0.93 (96)
0.88 (94)
0.99 (98)
-Avg
Low
-Avg
Low
Avg
Vanguard FTSE AWldexUS Iv VFWIX
LVanguard Intl Explorer VINEX
Vanguard Intl Gr VWIGX
Vanguard Intl Value VTRIX
Vanguard Tax-Mgd Intl VTMGX
FB NR
FR QQQQ
FB QQQ
FV [ QQQ
FB QQQQ
-44.1
-46.6
-44.9
-41.7
-41.3
-44.1
-46.6
-44.9
-41.7
-41.3
—
-9.9
-7.0
-5.8
-6.2
—
3.0
1.9
3.4
2.4
—
8.5
1.3
3.5
—
51
43
62
40
20
51
43
62
40
20
—
31
38
46
—
Avg
+Avg
High
High
+Avg
2.3
3.7
4.3
4.2
3.3
X
X
X
X
X
-37
-39
-38
-35
-34
—
22.55
21.21
19.90
19.40
— (—)
1.12 (93)
1.08 (98)
1.01 (98)
0.98 (98)
—
-Avg
+Avg
Avg
-Avg
LVanguard Total Intl Stk VGTSX
William Blair Intl Gr N WBIGX
FB
FG
-44.1 -44.1 -6.5
-52.3 -52.3 -11.5
2.7
0.0
1.8
6.5
52
88
52 30 25 31
88 84 63 1
High
+Avg
3.0
0.0
X
-37
-42
20.94
23.87
1.06 (98)
1.20 (96)
+Avg
+Avg
-43.4 -43.4 -7.4
1.7
0.8
MSCI EAFE Index
E New this month
LAnalyst Pick
—
Total Return %
12-31-08
QQQ
QQQQ
Categories
FA
FB
FG
FR
FV
Foreign–Small/Mid Value
Foreign–Large Blend
Foreign–Large Growth
Foreign–Small/Mid Growth
Foreign–Large Value
—
47
38
31
26
SC
SF
SH
SN
SP
34
53
6
35
—
—
39
35
21
27
Specialty–Health
C
C
X
C
X
X
C
X
X
X
SR Specialty–Real Estate
SU Specialty–Utilities
ST Specialty–Technology
M500_0109.qxp
1/6/09
5:25 PM
Page 39
Current
Equity Price/
Style
Cash
Box
Flow
Costs
Average Regional
Market Exposure (% of Stock)
Cap
UK/W. North Latin
Asia ex($Mil) Europe Amer Amer Japan Japan Other
Total
# of
Holdings
Turnover
%
—
74
Recent
Composition
(% of Assets)
Cash Stock Bond Other
Sales
Charge
%
39
Operations
Total
Expense
Ratio%
Assets
NAV($)
($Mil)
95
1
0
—
1.49
—
852
123 162
129 133
473 38
186 38
273 64
1 99
0 100
9 88
11 88
26 73
0
0
2
0
0
0
0
0
1
1
NL
NL
5.75
NL
NL
1.36
1.30
0.74
0.93
1.29
6.69
7.41
28.01
12.43
9.85
780
1,203
66,362
1,231
6,110
Brady/Kopinski (10.2/11.7)
Gandhi/Tedder (0.9/1.8)
Management Team
Management Team
Pell/Younes (3.7/3.7)
15
5
13
0
0
445
80
59
44
56
51
54
43
45
29
23
6
12
5
3
75
93
88
94
96
0
0
0
0
0
2
1
0
1
2
Clsd
NL
Clsd
NL
NL
1.19
1.22
1.51
1.23
1.15
24.03
14.96
11.08
17.63
8.65
10,767
5,941
452
813
1,735
Younes/Pell (13.8/13.8)
Mark L. Yockey (13.0)
Mark L. Yockey (7.0)
Samra/OKeefe (6.3/2.2)
Management Team
22
6
10
8
13
4
9
1
2
1
211
103
300
176
343
28
16
51
56
70
4
2
10
7
8
96
98
90
92
91
0
0
0
0
0
0
0
0
1
2
NL
NL
Clsd
NL
Clsd
0.91
0.65
0.91
1.00
1.15
23.13
21.90
21.51
23.63
12.35
2,724
24,960
26,685
7,277
534
Egan/Mendes (5.7/5.7)
Management Team
William Bower (7.8)
William J. Kennedy (4.2)
Management Team
17
24
39
24
10
11
9
17
9
11
1
0
2
0
6
130 87
1,031
4
182 34
134 75
54 113
6 93
7 92
9 75
0 100
7 93
0
0
4
0
0
1
1
11
0
0
NL
NL
5.00
NL
NL
0.91
0.10
1.12
1.60
1.25
25.08
26.74
16.62
9.51
8.11
5,225
4,305
6,002
423
854
Ian Hart (3.0)
Management Team
Management Team
Management Team
James Gendelman (4.9)
8
12
5
0
8
12
11
32
13
8
13
43
10
5
5
1
0
0
0
0
105 13
98 51
22 30
38 109
62 49
7
6
3
3
5
91
94
97
97
90
0
0
0
0
5
2
1
0
0
0
NL
NL
NL
NL
NL
0.81
0.89
1.57
0.80
1.14
40.12
24.10
11.09
22.78
5.88
17,129
3,734
1,940
491
1,141
5
6
2
0
3
7
6
4
1
1
12
18
20
17
12
15
15
6
2
9
5
6
2
0
0
55 115
87 93
105 53
47 41
54 50
12
7
12
2
2
88
93
87
98
98
0
0
0
0
0
0
0
1
0
0
NL
NL
Clsd
NL
NL
1.35
1.03
1.25
1.10
1.41
8.74
9.47
10.97
10.85
7.20
378
895
412
2,772
424
James Gendelman (8.5)
Management Team
Benjamin Segal (8.1)
David G. Herro (16.3)
Clark/Herro (3.9/13.2)
68
53
50
68
26
1
1
6
1
10
3
1
8
1
4
14
19
13
18
20
11
19
17
12
38
2
7
6
0
2
151
211
115
152
51
8
68
74
33
23
10
7
4
2
11
89
92
95
97
89
0
0
0
0
0
1
1
1
1
0
5.75
NL
NL
NL
NL
1.20
1.21
0.85
0.88
1.45
17.96
24.08
8.45
9.39
11.58
1,926
1,259
3,562
1,830
998
George Evans (12.8)
Justin Thomson (10.4)
Robert Smith (1.1)
Raymond A. Mills (5.9)
Amit Wadhwaney (7.0)
31,832
10,009
26,143
31,045
35,000
59
75
59
75
68
12
5
9
1
0
5
5
6
2
0
8
6
11
15
22
6
9
12
6
11
9
0
3
1
0
67
146
93
75
3
27
9
17
44
7
5
5
9
2
1
93
94
89
98
98
2
0
0
0
0
0
1
2
0
1
4.50
NL
NL
NL
NL
1.28
1.37
0.96
1.14
0.22
19.04
15.62
21.79
17.05
7.52
10,816
3,846
2,603
860
2,182
Management Team
Management Team
Moffett/Anderson (15.3/5.4)
Mannheim/Smith (6.5/6.5)
Management Team
24,402
1,447
24,094
38,209
28,345
52
63
62
67
69
6
2
2
4
0
5
1
7
3
0
15
15
11
13
22
18
19
16
10
10
4
0
3
4
0
2,209
207
173
226
996
10
29
55
59
6
0
1
3
7
0
97
96
95
91
97
0
0
1
1
0
3
3
1
1
3
NL
NL
NL
NL
NL
0.40
0.36
0.47
0.42
0.15
12.57
9.51
12.20
23.43
8.74
2,660
1,002
10,135
4,972
2,933
Duane Kelly (1.9)
Matthew Dobbs (9.0)
Management Team
Management Team
Butler/Kelly (0.4/9.4)
5.7 27,920
5.9 9,330
56
58
0
7
5
5
17
10
18
17
4
4
1,851
176
2
56
0
1
97
97
0
1
3
2
NL
NL
0.27
1.40
10.79
13.12
16,105
3,282
Kelly/Perre (0.4/0.4)
W. George Greig (12.5)
—
5.1 14,439
58
6
2
19
13
2
8
7
4
1
4
5.9
6.8
5.9
4.6
4.9
3,261
26,150
30,505
26,663
27,711
55
71
59
77
73
7
3
3
2
1
2
1
7
0
1
17
13
8
15
6
19
10
16
6
4
1
2
6
0
15
4
7
8
4
1
4.7 22,914
4.5 24,859
4.8 1,440
6.5 6,597
4.9 32,698
71
65
57
64
83
1
2
1
9
1
2
3
2
8
0
6
12
1
13
10
4
13
27
5
6
8
1
7
7
8
4.8 1,435
4.8 24,565
5.4 21,435
5.6 24,658
6.5
745
40
53
62
69
49
5
7
15
4
2
5
7
1
1
0
24
19
11
16
35
4
4
5
8
7
4.6 21,452
4.3 21,934
7.2 3,879
5.2 1,162
7.5 28,138
64
66
37
66
53
5
1
2
0
9
2
0
3
0
10
4
7
1
4
4
6.2 30,865
5.9 6,114
5.1 10,547
4.7 29,157
5.8 8,059
66
25
27
82
69
0
10
27
0
10
7
7
7
1
3
4.8 20,809
4.4 13,859
6.1 6,541
4.7 14,365
6.3
823
55
49
66
80
75
7
8
7
1
2
8.4 11,037
6.3 1,216
7.1 23,329
4.4 23,700
4.1 2,426
7
1
7
4
4
7.1
6.2
9.0
8.2
6.4
4
5
7
1
4
5.2
5.4
6.9
5.2
5.3
4
7
3
h Information
j Service
k Manufacturing
r
t
y
u
i
o
p
a
s
d
f
g
Lrg Mid Sm
Sectors
Val Blnd Grth
Hardware
Media
Telecom
Hakan Castegren (21.0)
Brent A. Lynn (8.0)
Management Team
Management Team
Equity Style Box
Software
—
Healthcare
Consumer Svs
Business Svs
Financial
Consumer Goods
Energy
Utilities
M500_0109.qxp
1/6/09
5:25 PM
Page 40
40
Historical Risk
Morningstar 500
International Equity
Morningstar
Rating
vs. Category
55Best
Total Return %
12-31-08
World Stock
—
-42.2 -42.2 -8.4
-0.3
1.0
—
— — — —
—
1.6
—
—
19.1
0.93 (90)
—
AmCent Global Gr Inv TWGGX
Amer Funds CapWrldGI A CWGIX
\LAmer Funds New Persp A ANWPX
Amer Funds SMCP World A SMCWX
Artisan Glb Val Inv ARTGX
QQQQ
QQQQQ
QQQQ
QQ
NR
-42.7
-38.4
-37.8
-49.4
-29.3
-42.7
-38.4
-37.8
-49.4
-29.3
-6.7
-4.0
-4.7
-10.0
—
2.0
4.0
1.9
0.0
—
4.5
6.8
4.2
2.8
—
54
25
21
85
6
54
25
21
85
6
32
15
18
65
—
18
6
19
42
—
19
10
21
30
—
High
High
High
+Avg
Low
0.0
4.4
2.7
0.0
0.8
V
X
X
X
-35
-32
-31
-41
-26
19.45
17.66
17.12
22.58
—
0.96 (93)
0.89 (96)
0.85 (94)
1.11 (92)
— (—)
Avg
Avg
-Avg
+Avg
—
LDodge & Cox Global Stk DODWX
Fidelity Worldwide FWWFX
Janus Global Opps JGVAX
Janus Worldwide JAWWX
Marsico Global MGLBX
NR
QQQQ
QQQ
QQ
NR
—
-40.2
-37.8
-45.0
-42.1
— —
-40.2 -6.0
-37.8 -8.2
-45.0 -10.9
-42.1 —
—
1.2
-1.4
-4.6
—
—
3.0
—
-2.6
—
—
39
21
70
50
—
39
21
70
50
—
28
45
79
—
—
27
63
93
—
—
27
—
94
—
-Avg
High
+Avg
+Avg
Avg
—
1.4
0.0
1.4
1.2
Z
-42
-33
-32
-36
-35
—
18.32
18.10
19.87
—
— (—)
0.90 (92)
0.78 (72)
0.91 (81)
— (—)
—
Avg
Avg
Avg
—
Mutual Discovery A TEDIX
Mutual Qualified A TEQIX
LOakmark Global I OAKGX
Oakmark Global Select I OAKWX
LOppenheimer Glob A OPPAX
QQQQQ
QQQQQ
QQQQ
NR
QQQ
-26.7
-25.6
-38.8
-32.5
-41.0
-26.7 0.0
-25.6 -1.3
-38.8 -6.6
-32.5 —
-41.0 -9.8
6.5
4.4
1.3
—
-0.2
8.8
6.9
—
—
4.8
2
1
28
11
43
2 1 1 4
1 4 4 9
28 32 26 —
11 — — —
43 62 46 16
High
+Avg
+Avg
Avg
Avg
1.6
1.6
5.0
5.4
2.2
C
X
X
-20
-19
-33
-27
-35
11.82
10.59
17.01
—
19.02
0.55 (84)
0.48 (80)
0.79 (83)
— (—)
0.93 (91)
Low
Low
-Avg
—
Avg
Oppenheimer Glob Oppor A OPGIX
Polaris Global Value PGVFX
LT. Rowe Price Glob Stock PRGSX
Templeton World A TEMWX
Third Avenue Value TAVFX
QQ
QQQ
QQ
QQQQ
QQQ
-41.9
-46.2
-53.7
-39.5
-45.6
-41.9
-46.2
-53.7
-39.5
-45.6
-12.6
-13.7
-11.9
-7.4
-12.9
0.4
-2.5
-0.8
0.5
-0.5
5.8
4.2
-0.1
3.1
4.7
49
77
97
34
74
49
77
97
34
74
12
21
65
26
17
Avg
Avg
High
+Avg
Avg
0.8
3.4
3.6
2.7
0.6
X
Z
-38
-38
-50
-31
-38
20.57
20.43
26.37
17.21
19.24
0.92 (76)
0.99 (89)
1.29 (91)
0.86 (94)
0.91 (85)
Avg
+Avg
High
-Avg
Avg
Vanguard Global Equity VHGEX
QQQ
-46.7 -46.7 -9.7
-0.2
5.0
79
79 60 47 14
+Avg
4.8
X
-38
20.67
1.04 (97)
+Avg
NR
QQQQQ
QQ
QQQQ
QQQQQ
-26.0
-49.0
-62.3
-46.1
-32.7
-26.0 —
-49.0 12.7
-62.3 -5.5
-46.1 -2.9
-32.7 0.0
—
9.7
—
6.7
7.3
—
15.0
—
12.0
10.6
1
25
87
19
2
1 — — —
25 2 9 1
87 84 — —
19 70 42 21
2 2 6 11
Avg
High
Avg
+Avg
+Avg
3.5
1.6
1.2
2.1
0.1
X
-27
-49
-47
-39
-22
—
31.20
33.83
25.82
14.79
— (—)
1.41 (77)
1.44 (68)
1.22 (84)
0.67 (80)
—
+Avg
+Avg
-Avg
Low
17.2
5.8
2.1
15.0
8.7
0.7
48
83
25
48 1 1 19
83 76 54 46
25 25 44 75
High
+Avg
High
1.4
5.0
7.3
Z
X
X
-52
-45
-37
35.23
33.16
20.69
1.66 (83)
1.52 (79)
1.05 (97)
Avg
+Avg
Avg
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
86
90
85
40
87
37
77
58
36
53
Return
Rating %
Grade
C
C
X
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
Regional Stock
Matthews Asia Pac Eq Inc MAPIX
Matthews China MCHFX
Matthews India MINDX
LMatthews Pacific Tiger MAPTX
LMutual European A TEMIX
DP
PJ
PJ
PJ
ES
T. Rowe Price Latin Amer PRLAX
LT. Rowe Price New Asia PRASX
LVanguard Eur Stk Idx VEURX
LS QQQQ
PJ QQ
ES [ QQQ
-55.7 -55.7 -0.1
-61.0 -61.0 -4.1
-44.7 -44.7 -5.7
Diversified Emerg. Mkts.
—
-54.7 -54.7 -6.5
5.8
8.3
—
— — — —
—
1.5
—
—
28.7
1.39 (89)
—
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
QQQQ
QQQQ
QQQQQ
QQQ
QQQ
-46.3
-48.1
-48.0
-56.3
-60.5
-1.6
-3.6
-4.5
-6.3
-9.4
7.0
10.5
10.3
7.1
5.6
—
10.3
15.8
9.1
9.5
5
15
14
69
92
5
15
14
69
92
4 37 —
18 2 25
26 4 1
57 35 42
89 68 37
+Avg
+Avg
+Avg
+Avg
+Avg
1.6
3.5
2.3
0.0
3.7
X
Z
-40
-46
-42
-46
-51
23.53
26.91
26.20
30.58
32.37
1.16 (92)
1.31 (90)
1.25 (86)
1.47 (87)
1.57 (89)
Low
Avg
Low
+Avg
+Avg
Vanguard Em Mkt Idx VEIEX
QQQ
-52.8 -52.8 -5.4
7.2
8.9
38
38 40 31 45
+Avg
4.7
X
-44
28.80
1.40 (89)
Avg
World Allocation
—
-30.3 -30.3 -3.4
1.9
4.3
—
— — — —
—
5.0
—
—
13.3
1.04 (85)
—
LAmer Funds CpIncBldr A CAIBX
LBlackRock Global Alloc A MDLOX
First Eagle Glbl A SGENX
QQQ
QQQQ
QQQQ
-30.1 -30.1 -1.9
-20.6 -20.6 2.4
-21.1 -21.1 1.5
3.1
6.3
7.3
5.0
9.1
12.1
44
16
19
44 42 38 42
16 13 17 19
19 27 14 8
+Avg
High
High
6.2
4.9
0.4
X
X
X
-24
-19
-19
13.30
10.95
11.73
1.09 (93)
0.88 (90)
0.96 (93)
Avg
-Avg
Avg
-43.4
-40.7
-46.4
-54.5
1.7
-0.5
1.5
5.1
0.8
-0.6
0.4
6.6
MSCI EAFE Index
MSCI World Index
MSCI Europe Index
MSCI Emerging Markets Index
E New this month
LAnalyst Pick
-43.4
-40.7
-46.4
-54.5
-46.3
-48.1
-48.0
-56.3
-60.5
-7.4
-8.1
-6.6
-7.1
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
C
M500_0109.qxp
1/6/09
5:25 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)
—
70
5
92
1
0
—
1.55
—
1,006
—
Sales
Charge
%
Total
Expense
Ratio%
Assets
—
6.1 21,354
32
47
2
7
8
2
7
1
4
8
4
9.0
5.7
6.8
6.5
6.3
23,961
39,824
43,248
1,187
16,241
33
47
38
20
36
56
29
43
45
48
1
4
3
2
6
3
3
6
3
5
7
15
8
29
4
0
3
1
2
0
95 108
470 30
301 42
675 50
39 42
1
5
10
12
4
99
93
88
84
96
0
1
2
3
0
0
0
0
1
0
NL
5.75
5.75
5.75
NL
1.30
0.69
0.71
1.01
1.44
6.01
26.57
18.88
20.67
6.76
329
64,532
33,578
11,554
14
1
7
1
4
7
5.0
4.0
2.4
3.2
7.7
30,863
35,434
7,156
17,441
25,580
39
35
23
21
28
42
51
58
60
66
3
1
0
1
3
6
8
16
11
0
3
4
3
7
3
7
1
0
0
0
86 NA
217 128
32 14
65 27
38 201
4 96
14 86
1 99
0 100
18 82
0
0
0
0
0
0
1
0
0
0
NL
NL
NL
NL
NL
NA
1.02
1.06
0.87
0.75
5.34
12.59
8.69
29.73
6.73
350
851
79
1,813
59
Management Team
Kennedy/DuFour (3.0/1.3)
Kolb/Yee (3.7/7.5)
Jason P. Yee (4.5)
Management Team
4
4
4
4
4
6.9
8.0
6.7
5.4
7.7
14,416
15,421
13,936
21,389
24,524
56
41
39
40
42
28
50
48
48
36
2
1
0
0
5
2
1
13
12
11
12
7
0
0
5
0
0
0
0
0
297
231
38
20
121
21
22
6
5
0
68
67
94
95
99
9
8
0
0
0
2
3
0
0
1
5.75
5.75
NL
NL
5.75
1.31
1.13
1.16
1.35
1.09
22.30
14.50
14.01
6.53
38.28
11,751
4,331
1,394
190
7,778
Management Team
Gudefin/Tumulty (6.0/5.1)
McGregor/Taylor (5.2/3.3)
Herro/Nygren (2.3/2.3)
Rajeev Bhaman (4.4)
8
2
7
1
1
4.3 2,558
3.9 4,113
6.1 20,335
6.2 39,717
3.5 6,603
33
36
13
36
4
58
42
43
38
42
0
1
15
3
0
8
12
3
4
16
1
5
14
18
37
0
3
13
2
0
95 41
83 46
72 110
105 22
77
5
0 100
0 100
2 98
4 95
4 90
0
0
0
1
6
0
0
0
0
0
5.75
NL
NL
5.75
NL
1.18
1.19
0.87
1.05
1.08
15.54
8.66
11.26
10.73
32.86
1,755
182
553
5,112
4,633
Frank Jennings (13.3)
Bernard R Horn (10.6)
Robert Gensler (3.8)
Management Team
Martin J. Whitman (18.2)
1
3.9 18,003
29
43
2
11
13
3
792
73
2
96
0
2
NL
0.51
12.05
3,493
Management Team
1
7
8
7
1
3.1 4,303
7.0 5,283
9.4 2,708
9.0 4,236
5.2 21,216
4
0
0
0
97
0
3
0
0
3
0
0
0
0
0
24
0
0
0
0
73
97
100
100
0
0
0
0
0
0
57
64
54
74
120
27
22
26
24
40
0 100
0 100
0 98
0 100
12 84
0
0
0
0
3
0
0
2
0
1
NL
NL
NL
NL
5.75
1.39
1.17
1.28
1.10
1.33
8.61
14.34
8.37
11.05
16.89
80
737
317
1,267
1,758
Madsen/Foster (2.2/2.2)
Management Team
Foster/Shroff (3.2/2.5)
Management Team
Brugere-Trelat/Dudley (3.0/1.9)
7
8
1
7.0 24,165
5.1 2,684
5.4 38,257
0
0
100
2
1
0
98
0
0
0
0
0
0
99
0
0
0
0
44
91
529
23
53
9
0 100
6 92
0 98
0
0
0
0
2
2
NL
NL
NL
1.20
0.93
0.22
22.73
8.02
20.41
1,249
1,660
16,195
25
26
41
62
10
—
4.8 12,033
4
1
22
0
45
27
—
88
3
95
1
1
—
1.77
—
630
4
1
7
4
7
6.4
4.6
9.8
3.7
6.3
12,065
7,590
14,468
11,800
10,789
24
3
6
0
2
7
1
2
0
1
15
20
27
22
27
2
0
0
0
0
26
39
43
47
41
26
37
23
31
29
435
83
126
366
135
31
53
51
42
44
7
0
4
10
1
80
99
96
89
99
12
0
0
0
0
0
1
0
2
0
5.75
NL
5.75
NL
NL
0.96
1.47
1.32
1.24
1.20
31.39
11.05
15.89
11.51
16.34
9,253
4,116
4,685
1,703
2,184
4
4.9 14,140
4
1
23
0
52
21
837
9
0
94
0
6
NL
0.37
14.90
11,820
—
6.2 23,678
29
49
2
7
11
2
—
61
14
55
10
11
—
1.42
—
2,726
1
4
4
6.0 16,528
5.1 23,762
7.4 8,984
36
10
30
35
62
32
1
3
1
1
15
27
24
9
7
4
2
2
1,779
765
195
24
45
38
7
0
12
64
64
75
27
26
5
3
10
8
5.75
5.25
5.00
0.55
1.03
1.12
41.53
14.97
32.99
70,961
22,822
16,678
Equity Style Box
Val Blnd Grth
Creveling/Puff (3.1/0.9)
Management Team
Management Team
Management Team
OKeefe/Samra (1.1/1.1)
Jose Buck (0.0)
Frances Dydasco (12.2)
Kelly/O’Reilly (16.0/0.4)
—
Management Team
Management Team
Justin Leverenz (1.7)
Aham/McCarthy (15.5/10.6)
Alderson/Pangaro (13.8/0.3)
Kelly/Perre (14.0/0.4)
—
Management Team
Management Team
Management Team
Lrg Mid Sm
M500_0109.qxp
1/6/09
5:25 PM
Page 42
42
Historical Risk
Morningstar 500
Morningstar
Rating
vs. Category
55Best
Bond Funds
High-Quality Bond
Total Return %
12-31-08
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
—
0.9
0.9
3.2
3.2
4.4
—
— — — —
—
4.6
—
—
6.1
1.10 (56)
—
AmCent Ginnie Mae Inv BGNMX
Artio Tot Ret Bd A BJBGX
Baird Aggregate Bd Inst BAGIX
LDodge & Cox Income DODIX
Fidelity Ginnie Mae FGMNX
GI [ QQQ
CI QQQQ
CI QQQ
CI QQQQ
GI QQQQ
7.1
0.5
-2.4
-0.3
7.1
7.1
0.5
-2.4
-0.3
7.1
5.8
4.2
2.7
3.2
6.0
4.7
4.1
3.2
3.0
5.0
5.2
5.2
—
5.2
5.5
39
32
45
35
38
39
32
45
35
38
30
15
—
16
19
+Avg
+Avg
High
High
High
4.3
5.0
5.7
5.7
4.8
C
C
Z
C
-4
-6
-6
-6
-4
3.31
4.70
4.07
5.05
3.16
0.72 (74)
1.04 (82)
0.88 (82)
0.99 (65)
0.71 (81)
Avg
Avg
-Avg
+Avg
Avg
LFidelity Government Inc FGOVX
Fidelity Inflation-Protec FINPX
Fidelity Interm Bond FTHRX
Fidelity Interm Govt FSTGX
Fidelity Invt Grade Bond FBNDX
GI
IP
CI
GI
CI
QQQQQ
QQQ
QQQ
QQQQ
QQ
11.0
-2.3
-5.8
10.1
-7.1
11.0
-2.3
-5.8
10.1
-7.1
7.4
2.2
0.7
7.2
0.0
5.6
3.4
1.4
5.0
1.4
5.8
—
4.0
5.6
3.9
9
46
58
12
64
9 6 4 6
46 50 39 —
58 60 66 54
12 8 13 13
64 68 65 60
+Avg
High
Avg
+Avg
Avg
3.8
1.5
5.0
3.2
5.4
C
C
C
C
C
-6
-12
-8
-3
-9
4.02
8.02
4.18
3.14
4.57
0.92 (82)
1.55 (64)
0.70 (50)
0.67 (70)
0.78 (53)
+Avg
Avg
-Avg
Avg
Avg
Fidelity Mtg Sec FMSFX
LFidelity Total Bond FTBFX
Fidelity U.S. Bond Index FBIDX
LFPA New Income FPNIX
LHarbor Bond Instl HABDX
CI QQQ
CI QQQ
CI QQQQ
CI [ QQQQ
CI QQQQQ
1.3
-5.6
3.8
4.3
3.3
1.3
-5.6
3.8
4.3
3.3
1.9
1.1
4.5
5.0
5.3
2.5
2.2
4.0
3.9
4.8
4.6
—
5.3
5.7
5.9
28
57
17
14
19
28
57
17
14
19
48
55
17
10
8
44 35
49 —
14 12
18 5
4 3
Avg
+Avg
High
+Avg
+Avg
5.0
5.5
4.6
4.2
4.9
C
C
C
Z
-2
-9
-5
-3
-5
2.69
4.85
3.72
1.17
4.67
0.49 (54)
0.87 (57)
0.91 (98)
0.21 (53)
0.94 (67)
Low
Avg
-Avg
Low
Avg
LHarbor Real Return Instl HARRX
Managers Fremont Bond MBDFX
LMetro West Total Ret MWTRX
Payden Core Bond PYCBX
Payden GNMA PYGNX
IP
CI
CI
CI
GI
QQQ
QQQQQ
QQQQ
QQQ
QQQQ
-4.1
4.2
-1.5
-0.2
7.7
-4.1
4.2
-1.5
-0.2
7.7
2.2
5.5
3.9
2.5
6.1
—
4.9
4.0
2.8
5.1
—
6.0
5.3
4.6
—
72
16
41
35
30
72
16
41
35
30
55
7
26
42
23
—
2
15
39
11
—
2
13
31
—
-Avg
+Avg
High
+Avg
High
3.7
8.9
5.6
4.9
5.0
-15
-5
-7
-6
-2
8.96
4.92
3.94
4.83
3.38
1.64 (57)
0.88 (55)
0.82 (76)
1.15 (95)
0.74 (74)
+Avg
Avg
-Avg
Avg
Avg
Payden Limited Maturity PYLMX
PIMCO Low Duration D PLDDX
PIMCO Real Ret D PRRDX
PIMCO Short-Term D PSHDX
PIMCO Total Ret D PTTDX
UB QQQ
CS ] QQQQ
IP ] QQQQ
UB QQQ
CI QQQQQ
-2.1
-1.6
-6.8
-1.6
4.5
-2.1
-1.6
-6.8
-1.6
4.5
1.4
3.1
1.1
2.3
5.6
1.6
2.5
2.8
2.1
4.8
2.9
4.0
6.4
3.3
5.9
39
45
85
31
13
39
45
85
31
13
45
31
81
35
5
51
28
69
39
3
58
31
10
47
3
Avg
+Avg
High
+Avg
+Avg
3.2
4.2
3.9
3.9
4.8
X
X
C
X
-3
-6
-17
-4
-3
1.60 -0.05 (2)
3.98 0.53 (31)
9.45 1.60 (49)
2.34 0.03 (0)
4.63 1.01 (78)
-Avg
+Avg
High
Avg
Avg
T. Rowe Price Corp Inc PRPIX
T. Rowe Price GNMA PRGMX
T. Rowe Price New Inc PRCIX
T. Rowe Price S/T Bond PRWBX
T. Rowe Price US Try L/T PRULX
CL QQ
GI [ QQQ
CI QQQQ
CS QQQQ
GL QQQQ
-10.0 -10.0 -0.7
5.6
5.6 5.3
1.4
1.4 3.9
1.2
1.2 3.7
23.3 23.3 11.1
1.5
4.5
3.9
2.9
8.9
4.1
5.2
5.0
4.2
7.3
76
55
28
24
48
76
55
28
24
48
78
46
24
18
39
67
34
18
17
55
57
29
20
16
53
High
+Avg
High
High
High
6.2
4.7
4.8
4.3
3.5
X
X
X
Z
X
-15
-4
-5
-3
-8
7.95
3.00
4.21
2.16
10.63
1.54 (64)
0.69 (84)
0.99 (93)
0.43 (71)
2.40 (83)
Avg
-Avg
Avg
Avg
-Avg
LTCW Total Return Bond I TGLMX
USAA Income USAIX
LVanguard GNMA VFIIX
LVanguard Infl-Prot Secs VIPSX
Vanguard Int-Tm Treas VFITX
CI
CI
GI
IP
GI
QQQQQ
QQQ
QQQQQ
QQQQ
QQQQQ
1.1
-5.0
7.2
-2.9
13.3
1.1
-5.0
7.2
-2.9
13.3
4.3
1.3
6.2
2.9
8.7
4.3
2.3
5.2
3.9
6.3
5.7
4.1
5.8
—
6.5
29
55
37
57
3
29
55
37
57
3
20
54
22
34
2
10 5
49 51
10 7
16 —
1 1
High
High
High
High
High
6.7
6.0
4.9
5.3
3.6
X
Z
X
-7
-8
-3
-12
-6
2.77
4.60
3.35
8.09
5.36
0.34 (27)
0.86 (62)
0.75 (79)
1.53 (61)
1.17 (77)
Low
Avg
Avg
Avg
High
Vanguard Intm Bd Idx VBIIX
Vanguard IntTm Inv-Gr Fd VFICX
LVanguard Long-Tm InvGrde VWESX
LVanguard Long-Tm US Try VUSTX
LVanguard Sh-Tm Bd Idx VBISX
CI ] QQQQQ
CI QQQ
CL QQQ
GL QQQQ
CS QQQQQ
4.9
-6.2
2.3
22.5
5.4
4.9 5.5
-6.2 1.3
2.3 3.0
22.5 10.8
5.4 5.6
4.7
2.1
4.6
9.2
3.9
5.8
4.5
5.6
7.8
4.9
11
60
43
56
4
11 7 5 4
60 54 52 36
43 22 10 29
56 50 50 27
4 2 1 1
High
+Avg
High
+Avg
High
4.7
5.9
5.9
3.8
3.8
X
X
X
X
X
-7
-12
-13
-9
-2
6.51
6.70
12.32
10.46
2.47
1.57 (96)
1.40 (76)
2.83 (88)
2.39 (85)
0.54 (75)
+Avg
High
Avg
-Avg
Avg
Vanguard Short-Tm Trs VFISX
Vanguard Sht-Tm Inv-Grade VFSTX
LVanguard ShtTm Fed VSGBX
LVanguard Total Bd Idx VBMFX
Western Asset Cr Bd Inst WATFX
GS QQQQ
CS [ QQQ
GS ] QQQQQ
CI [ QQQQ
CI QQ
6.7
6.7 6.1
-4.7 -4.7 1.9
7.0
7.0 6.3
5.1 5.4
5.1
-11.5 -11.5 -1.5
4.2
2.0
4.4
4.6
0.5
5.0
3.9
5.1
5.4
3.9
26
66
23
10
82
26
66
23
10
82
15 15 12
51 46 35
10 8 5
8 6 10
82 79 59
High
+Avg
High
High
Avg
2.7
5.1
3.8
4.7
6.8
X
Z
X
X
-2
-7
-2
-5
-13
2.10
3.36
2.14
4.07
7.34
0.34 (40)
0.50 (41)
0.47 (73)
1.00 (99)
0.99 (32)
Avg
Avg
Avg
Avg
High
-9.9 -0.4
1.7
4.6
75
75 73 61 31
Avg
6.1
-12
7.06
1.04 (38)
High
5.2 5.5
5.2
-26.2 -26.2 -5.3
4.7
-0.6
5.6
2.9
Western Asset CrPlBd Inst WACPX
CS First Boston High Yield Index
E New this month
LAnalyst Pick
CI
QQQ
-9.9
Categories
CI
CL
CS
GI
Intermediate-Term Bond
Long-Term Bond
Short-Term Bond
IntermediateGovernment Bond
32
21
41
34
27
GL
GS
IP
UB
24
13
29
32
15
Long Government Bond
Short Government Bond
Inflation-Protected Bond
Ultrashort Bond
M500_0109.qxp
1/6/09
5:25 PM
Page 43
Costs
Current
Bond Avg
Style Duration
Box
Years
Cat
Avg
Duration
Years
High
Med
Low
Other
Turnover
%
—
5.3
5.3
—
83
14
2
1
231
-10
4
4
4
4
4
4.0
4.8
4.5
3.8
4.3
4.2
4.6
4.6
4.6
4.2
AAA
AA
AA
AA
AAA
100
77
72
68
100
0
23
28
21
0
0
0
1
11
0
0
0
0
0
0
338
433
34
27
227
4
7
4
1
4
4.7
6.1
3.9
3.5
4.7
4.2
6.4
4.6
4.2
4.6
AAA
AAA
AA
AAA
AA
90
99
61
92
69
0
0
32
0
27
0
0
4
0
4
10
1
3
8
0
4
4
4
1
4
4.0
4.4
4.6
1.3
5.3
4.6
4.6
4.6
4.6
4.6
AAA
AA
AA
AAA
AA
97
67
83
100
85
3
21
15
0
12
0
12
0
0
3
0
4
4
4
4
—
5.3
4.4
4.6
4.0
6.4
4.6
4.6
4.6
4.2
—
AA
AA
AA
AAA
—
83
86
60
100
—
12
10
40
0
1
1
0
1
4
0.4
2.6
—
0.9
5.3
0.7
2.1
6.4
0.7
4.6
AA
AA
—
AAA
AAA
69
85
—
87
87
5
4
4
1
7
5.9
3.6
4.4
1.9
11.0
9.0
4.2
4.6
2.1
13.0
BBB
AAA
AA
AA
AAA
4
4
4
7
4
4.3
4.6
3.8
7.5
4.7
4.6
4.6
4.2
6.4
4.2
7
5
8
7
1
6.1
4.7
11.0
10.0
2.6
1
1
1
4
4
4
Credit Quality
Breakdown (% of Bonds)
Recent
Composition
(% of Assets)
NAV($)
Total
Assets
($Mil)
0 101
2
—
0.89
—
801
12
14
10
7
4
0
0
0
0
0
88
85
89
93
96
0
1
1
0
0
NL
NL
NL
NL
NL
0.52
0.69
0.30
0.44
0.45
10.54
12.66
9.74
11.79
11.15
1,335
1,278
841
13,520
4,009
269
35
80
318
231
20
0
12
5
4
0 80
0 100
0 85
0 95
0 93
0
0
3
0
3
NL
NL
NL
NL
NL
0.45
0.45
0.44
0.45
0.44
10.95
10.50
9.09
10.95
6.35
7,598
2,126
5,913
1,485
8,488
William Irving (2.0)
Ford O’Neil (10.5)
Bill Irving (0.8)
Jeffrey Moore (4.1)
0
0
2
0
0
397
122
151
32
213
4
6
21
44
59
0
0
0
0
0
0
5
0
0
1
NL
NL
NL
3.50
NL
0.45
0.45
0.32
0.61
0.56
10.07
9.20
10.79
10.96
11.30
1,069
8,954
8,790
2,314
3,817
Bill Irving (0.8)
O’Neil/Conti (4.1/1.4)
Ford O’Neil (7.3)
Atteberry/Rodriguez (4.2/24.5)
William H. Gross (21.0)
—
2
4
0
0
—
2
0
0
0
661
249
124
244
40
29
45
15
3
3
0 70
1
5 282 -232
0 85
0
0 96
1
0 97
0
NL
NL
NL
NL
NL
0.56
0.60
0.65
0.46
0.50
9.07
9.40
9.01
9.68
10.07
75
1,017
5,244
406
271
Mihir Worah (0.9)
Management Team
Ceva/Sarni (0.9/0.9)
Ballantine/Greenberg (9.4/9.4)
31
14
—
12
9
0
1
—
1
4
0
0
—
0
0
100
141
806
191
226
42
***
***
***
***
0
0
0
0
0
16
100
76
68
100
76
0
20
31
0
7
0
5
1
0
2
0
0
0
0
39
90
128
59
65
AAA
AA
AAA
AAA
AAA
100
67
100
100
100
0
32
0
0
0
0
1
0
0
0
0
0
0
0
0
4.6
4.6
9.0
13.0
2.1
AA
A
A
AAA
AA
65
38
43
100
82
35
58
56
0
18
0
1
0
0
0
1.8
1.7
1.8
4.5
4.4
2.4
2.1
2.4
4.6
4.6
AAA
AA
AAA
AAA
AAA
100
57
100
85
84
0
40
0
15
14
4.6
4.6
AA
81
12
Fixed Income Style Box
Sht Int Long
Avg
Credit
Quality
96
90
79
56
40
Sales
Charge
%
43
Operations
Expense
Ratio%
—
Management Team
Pell/Quigley (10.5/7.4)
Management Team
Management Team
58
546
377
423
577
0
5
5
2
4
NL
NL
NL
NL
NL
0.41
0.75
0.90
0.75
0.75
9.09
9.42
9.45
9.22
10.14
89
9,771
11,148
3,640
128,392
Ballantine/Syal (0.9/0.9)
Mihir Worah (1.0)
Paul McCulley (9.4)
5
1
1
21
0
1 88
0 99
0 96
0 77
0 100
5
0
2
2
0
NL
NL
NL
NL
NL
0.74
0.62
0.64
0.55
0.53
8.08
9.57
8.63
4.59
13.75
242
1,327
6,769
1,833
399
18
16
21
21
52
4
2
2
0
7
0 96
0 93
0 98
0 100
0 93
0
5
0
0
0
NL
NL
NL
NL
NL
0.44
0.63
0.21
0.20
0.26
9.10
10.86
10.58
11.52
12.10
2,244
1,769
27,987
15,640
7,387
Barach/Gundlach (15.3/15.6)
Margaret Weinblatt (8.9)
Garrett/Pappas (9.0/14.0)
Hollyer/Volpert (8.5/8.5)
David R. Glocke (7.6)
0
2
1
0
0
72
48
15
37
79
1
3
1
7
1
0
1
0
0
0
98
94
98
93
98
1
2
0
0
0
NL
NL
NL
NL
NL
0.18
0.21
0.22
0.26
0.18
10.50
8.65
8.72
13.38
10.28
8,125
5,730
4,973
3,612
9,246
Barrickman/Volpert (0.7/14.9)
Auwaerter/Nassour (15.2/0.6)
Lucius T. Hill, III (0.9)
Gregory Davis (3.9)
0
1
0
0
2
0
2
0
0
0
120
48
70
54
455
21
12
11
2
26
0
0
0
0
0
79
85
89
98
59
0
3
0
0
14
NL
NL
NL
NL
NL
0.22
0.21
0.20
0.19
0.44
10.92
9.67
10.87
10.18
9.08
6,899
17,550
3,451
62,494
4,082
Auwaerter/Nassour (26.0/0.6)
Ronald Reardon (4.0)
Davis/Volpert (0.7/16.1)
Management Team
6
0
488
30
0
56
14
NL
0.43
8.68
9,359
David Tiberii (5.3)
Andrew McCormick (0.8)
Daniel O. Shackelford (6.1)
Edward A. Wiese (14.0)
Brian Brennan (5.2)
Management Team
Hi Med Lo
M500_0109.qxp
1/6/09
5:25 PM
Page 44
44
Historical Risk
Morningstar 500
Bond Funds
Morningstar
Rating
vs. Category
55Best
High-Yield Bond
—
Total Return %
12-31-08
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
-27.1 -27.1 -6.6
-1.7
1.1
—
— — — —
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
[ QQQ
QQQ
QQQQ
-27.5
-30.3
-31.9
-23.7
-19.3
-27.5
-30.3
-31.9
-23.7
-19.3
-6.2
-7.4
-7.2
-4.7
-3.2
-1.3
-1.9
-1.1
-0.4
0.4
2.7
2.0
2.5
1.2
3.2
67
84
87
38
11
67
84
87
38
11
60
78
75
31
8
51
68
48
25
9
17
34
20
59
8
+Avg
+Avg
+Avg
High
+Avg
12.0
12.8
10.5
10.5
11.1
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
QQQQ
QQ
QQQQ
QQQQ
QQQ
-21.6
-37.3
-24.0
-24.5
-21.3
-21.6
-37.3
-24.0
-24.5
-21.3
-4.3
-11.0
-5.1
-5.1
-4.6
-0.2
-3.8
-0.6
-0.5
-0.6
—
-0.4
2.3
2.8
1.9
23
94
41
45
22
23
94
41
45
22
23
96
37
38
28
22
94
30
27
33
—
85
26
14
36
+Avg
Avg
+Avg
High
+Avg
—
-19.9 -19.9 -3.3
—
— — — —
45 45 32 20 26
5
5 6 6 3
54 54 43 45 —
100 100 86 79 23
1
1 1 1 —
Specialty Bond
Amer Funds CapWrldBd A CWBFX
Calamos Convertible A CCVIX
LEaton Vance Fltg Rt A EVBLX
Fidelity Convertible Sec FCVSX
LFidelity Float Rt Hi Inc FFRHX
IB ] QQQQ
CV QQQQQ
BL QQQ
CV QQ
BL QQQQQ
LFidelity New Markets Inc FNMIX
LFidelity Strategic Inc FSICX
LLoomis Sayles Bond Ret LSBRX
LLoomis Sayles GlbBd Ret LSGLX
LPIMCO Emerg Mkts Bd D PEMDX
EB
MU
MU
IB
EB
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
LVanguard Convertible Sec VCVSX
IB QQQ
IB QQQ
IB ] QQQQ
MU QQQQ
CV QQQQ
Municipal Bond—National
QQQ
QQQQ
QQQ
QQQ
QQQ
— 11.1
Worst
3-Mo
Return
%
Standard
Deviation
Beta (R 2)
Risk
Relative
to
Category
—
—
12.6
0.81 (9)
X
C
C
V
-29
-30
-31
-28
-22
12.60
13.08
13.55
12.24
10.39
0.75 (6)
0.57 (3)
0.44 (2)
0.81 (8)
0.86 (12)
Avg
+Avg
+Avg
Avg
-Avg
—
11.8
13.4
10.0
10.3
10.2
X
X
X
-23
-33
-27
-26
-26
9.61 0.44 (4)
14.20 -0.08 (0)
12.04 1.14 (16)
11.62 0.75 (7)
12.47 1.32 (19)
Low
+Avg
Avg
Avg
Avg
—
6.6
—
—
11.4
1.06 (40)
—
High
+Avg
-Avg
High
High
4.3
0.7
8.1
5.5
6.2
X
-12
-26
-25
-47
-18
7.85
13.45
11.03
23.17
7.87
1.47 (59)
1.12 (95)
0.03 (0)
1.78 (81)
0.26 (2)
Avg
Low
Avg
High
Low
13.88
7.56
12.80
8.91
12.69
2.07 (38)
1.06 (34)
1.82 (35)
1.59 (55)
2.17 (50)
Avg
Avg
High
+Avg
Avg
0.3
4.4
-0.6
-25.9
-30.4
-47.8
-16.5
-0.6
-25.9
-30.4
-47.8
-16.5
5.1
-3.9
-9.1
-11.3
-3.0
4.7
-0.4
-4.1
-4.0
-0.1
5.7
5.0
—
3.4
—
-18.2
-11.4
-22.1
-8.8
-14.3
-18.2 -1.1
-11.4 0.4
-22.1 -2.2
-8.8 2.1
-14.3 -0.5
3.9
2.7
1.6
2.1
4.2
11.5
5.7
5.8
5.7
—
57
32
85
84
37
57
32
85
84
37
35
14
13
24
—
+Avg
High
+Avg
+Avg
+Avg
7.3
6.4
9.3
7.9
7.4
C
C
C
-37
-15
-25
-17
-23
-4.5 -4.5 3.7
-2.8 -2.8 1.0
1.8
1.8 6.4
-9.4 -9.4 1.4
-29.8 -29.8 -4.3
—
2.9
4.3
2.8
0.1
—
4.3
4.4
4.8
4.6
74
65
32
21
25
74 53 — —
65 77 62 52
32 16 28 50
21 8 12 25
25 7 2 6
Avg
Avg
High
High
High
4.2
3.6
3.7
5.3
4.2
C
C
X
Z
X
-15
-7
-13
-12
-31
10.33
4.50
9.02
6.13
15.26
1.61 (41)
0.76 (50)
1.60 (53)
0.88 (37)
1.25 (92)
High
-Avg
+Avg
-Avg
Avg
—
4.8
—
—
5.3
0.79 (67)
—
3.84
4.95
4.25
3.36
4.88
0.75 (93)
0.92 (90)
0.76 (74)
0.66 (94)
0.96 (98)
-Avg
+Avg
Avg
Low
-Avg
53
19
62
69
37
42
15
49
75
32
C
C
—
-9.1
-9.1 -1.5
0.4
2.3
—
— — — —
QQQQ
QQ
QQQQQ
QQQQQ
QQQQQ
-0.3
-7.1
6.4
1.0
-4.6
-0.3 2.4
-7.1 -0.3
6.4 5.0
1.0 3.0
-4.6 1.0
2.5
1.3
3.8
3.0
2.3
3.9
3.3
—
4.3
4.2
35
87
1
20
21
35
87
1
20
21
25 22 14
88 73 58
1 1 —
13 4 4
11 5 2
High
Avg
High
High
High
4.0
4.7
3.4
3.9
4.5
C
X
C
X
-4
-7
-4
-6
-7
AmCent Tax-Free Bond Inv TWTIX
Amer Funds T/E Bd A AFTEX
EBaird Intm Muni Bd Inst BMBIX
LFidelity Interm Muni Inc FLTMX
LFidelity Municipal Income FHIGX
MI
MI
MI
MI
ML
LFidelity Sh-Int Muni Inc FSTFX
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
MS QQQQ
ML QQQQQ
ML QQQQ
HM QQQQ
HM [ QQQ
3.5
3.5 3.6
-3.4 -3.4 1.5
-7.1 -7.1 0.1
-17.2 -17.2 -3.9
-21.5 -21.5 -6.1
2.7
2.6
2.0
0.0
-1.2
3.7
—
3.4
2.1
1.4
17
12
41
10
32
17 10 6 2
12 5 2 —
41 30 13 15
10 8 8 4
32 38 32 34
+Avg
High
High
High
High
3.2
4.4
5.0
6.6
6.8
C
X
C
C
X
-2
-6
-8
-14
-16
2.33
5.03
5.29
6.83
8.14
0.40 (67)
1.00 (99)
1.02 (94)
1.02 (58)
0.96 (36)
+Avg
Avg
Avg
-Avg
Avg
T. Rowe Price T/F Inc PRTAX
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
ML QQQQ
MS QQQQ
MI [ QQQ
ML [ QQQ
MS QQQQ
-5.8 -5.8 0.4
3.0 3.4
3.0
-7.3 -7.3 -0.4
-12.5 -12.5 -2.7
1.3 2.7
1.3
1.8
2.5
1.2
0.2
2.3
3.5
3.5
3.1
2.8
3.2
28
30
89
77
65
28
30
89
77
65
22
24
90
75
55
16
19
80
69
44
11
12
67
39
37
High
+Avg
Avg
Avg
High
4.9
3.4
5.1
5.9
4.4
X
X
-7
-2
-7
-11
-1
5.04
2.44
5.18
6.57
1.64
0.98 (95)
0.44 (75)
0.95 (87)
1.15 (78)
0.28 (72)
-Avg
+Avg
+Avg
+Avg
Avg
LVanguard Hi-Yld T/E VWAHX
LVanguard IntTm T/E VWITX
LVanguard Lg-Tm T/E VWLTX
LVanguard LtdTm T/E VMLTX
LVanguard Sht-Tm TE VWSTX
MI [ QQ
MI ] QQQQQ
ML QQQQQ
MS ] QQQQQ
MS QQQQ
-10.5 -10.5 -1.4
-0.1 -0.1 2.6
-4.8 -4.8 0.9
2.9
2.9 3.5
3.7
3.7 3.7
1.0
2.6
1.9
2.6
2.8
3.1
3.9
3.8
3.6
3.1
97
32
23
33
15
97
32
23
33
15
96
23
13
17
7
86 71
18 15
13 5
14 8
5 42
Avg
High
High
High
High
5.5
4.2
4.9
3.4
3.2
X
X
X
X
Z
-10
-4
-7
-2
0
5.78
4.38
5.50
2.08
0.92
1.03 (81)
0.87 (97)
1.09 (98)
0.38 (77)
0.15 (47)
High
+Avg
Avg
Avg
-Avg
WF Adv S/T Muni Bd Inv STSMX
MS [ QQQQ
85
85 77 36 33
+Avg
4.3
V
-3
1.98
0.32 (74)
Avg
Lehman Bros. Municipal Index
E New this month
LAnalyst Pick
-1.4
-1.4
2.0
2.4
3.2
-2.5
-2.5
1.9
2.7
4.3
Categories
BL
CV
EB
HM
IB
Bank Loan
Convertibles Bond
Emerging Market Bond
High-Yield Muni
World Bond
MI
ML
MS
MU
Muni National, Intermediate
Muni National, Long
Muni National, Short
Multisector Bond
M500_0109.qxp
1/6/09
5:25 PM
Page 45
Costs
Current
Bond Avg
Style Duration
Box
Years
Cat
Avg
Duration
Years
High
Med
Other
Turnover
%
NAV($)
Total
Assets
($Mil)
—
3.9
3.9
—
4
6
87
3
79
6
1
88
3
—
1.20
—
601
6
3
0
0
6
3.6
3.4
—
—
3.7
3.9
3.9
3.9
3.9
3.9
BB
B
B
B
B
15
0
0
0
1
11
1
6
2
8
74
98
62
89
91
0
1
32
9
1
35
54
48
33
114
12
11
15
6
15
1
1
7
0
0
81
80
70
93
83
6
8
8
0
2
3.75
4.75
NL
NL
NL
0.67
1.07
0.74
0.74
0.86
7.82
3.92
5.46
6.04
6.79
8,629
1,365
6,170
3,820
357
Management Team
Huggins/Weilheimer (9.0/13.0)
Mark Notkin (5.5)
Fred Hoff (8.6)
Smith/Watters (5.1/0.5)
3
0
6
6
6
2.8
—
5.0
3.5
4.5
3.9
3.9
3.9
3.9
3.9
BB
B
BB
B
BB
7
0
12
0
5
11
7
15
5
7
81
86
73
92
89
0
7
0
3
0
120
35
187
69
26
9
5
***
8
2
0 83
11 83
0 296
1 79
0 97
9
1
12
12
1
NL
NL
NL
NL
NL
0.80
0.68
0.90
0.76
0.25
7.35
4.11
6.69
4.69
4.27
109
460
5,765
4,005
6,264
Management Team
Monrad/Monrad (16.0/48.6)
Mark Hudoff (1.7)
Mark Vaselkiv (12.5)
Michael Hong (0.9)
Avg
Credit
Quality
Credit Quality
Breakdown (% of Bonds)
45
Operations
Low
Recent
Composition
(% of Assets)
Expense
Ratio%
—
—
3.3
3.3
—
27
25
43
6
122
-8
90
13
—
1.29
—
663
4
5
3
0
3
5.2
3.8
0.1
—
0.0
4.8
1.1
0.2
1.1
0.2
AA
BBB
B
—
BB
75
6
0
—
0
19
67
2
—
6
6
28
82
—
77
0
0
17
—
17
87
93
61
24
69
5
12
-9
2
9
0 91
14 36
0 102
7 27
0 89
4
38
7
65
2
3.75
4.75
2.25
NL
NL
0.86
1.13
1.05
0.79
0.72
18.85
14.51
6.35
14.00
7.58
8,381
529
1,750
1,439
1,840
0
0
8
5
9
—
—
6.1
5.7
6.1
5.6
4.5
4.5
4.8
5.6
—
—
BBB
A
BB
—
—
21
49
0
—
—
52
39
41
—
—
24
12
59
—
—
2
0
0
65
140
26
60
148
4
16
9
8
***
4 92
0 79
1 82
0 85
0 429
0
5
8
7
9
NL
NL
NL
NL
NL
0.88
0.73
0.94
1.00
1.25
11.24
8.72
10.35
13.38
8.47
1,352
4,030
11,110
1,652
2,435
John H. Carlson (13.6)
Bewick/Young (0.8/3.4)
Management Team
Management Team
Michael Gomez (3.2)
0
0
7
5
6
—
—
6.0
4.9
4.3
4.8
4.8
4.8
4.5
1.1
—
—
AA
A
BB
—
—
80
60
0
—
—
14
16
21
—
—
6
22
43
—
—
0
2
37
798
969
78
9
116
*** 131 412
*** 164 301
-1
0 98
6 15 76
5
1 51
25
28
2
3
43
NL
NL
NL
NL
NL
0.95
0.95
0.82
0.68
0.77
8.58
9.08
9.57
10.33
9.30
2,156
3,113
2,415
4,345
716
Scott Mather (0.8)
Scott Mather (0.9)
Ian Kelson (8.0)
Larry Keele (12.2)
—
6.3
6.3
—
54
29
6
11
48
4
0
93
0
—
0.96
—
908
4
4
4
4
7
6.1
6.7
4.8
5.2
8.0
5.5
5.5
5.5
5.5
8.0
AA
AA
AAA
AA
AA
71
60
98
60
58
27
31
2
37
39
0
9
0
0
1
1
0
0
3
2
62
20
6
18
22
1
5
6
2
1
0
0
0
0
0
99
96
94
98
99
0
0
0
0
0
NL
3.75
NL
NL
NL
0.49
0.53
0.30
0.37
0.44
10.29
10.89
10.98
9.68
11.49
1,051
7,279
182
2,904
4,536
Management Team
Management Team
Management Team
Mark Sommer (2.4)
Christine Jones Thompson (6.6)
1
7
0
0
8
2.8
7.9
—
—
8.8
2.3
8.0
8.0
9.0
9.0
AA
AA
AA
A
BBB
65
59
72
34
14
31
37
26
33
39
0
1
1
18
17
4
3
1
15
31
23
12
15
20
31
4
1
3
2
2
0
0
0
0
0
96
99
97
98
98
0
0
0
0
0
NL
NL
4.25
4.25
NL
0.49
0.18
0.60
0.62
0.72
10.34
9.90
10.61
8.20
8.50
1,897
1,151
7,737
5,011
1,204
Mark Sommer (5.5)
Christine Jones Thompson (7.7)
Management Team
Management Team
James M. Murphy (6.9)
8
1
5
8
2
8.1
2.8
6.6
8.7
2.4
8.0
2.3
5.5
8.0
2.3
A
AA
A
A
A
50
67
53
47
38
40
29
44
49
58
4
2
3
4
4
5
2
0
0
0
30
43
21
32
26
3
3
0
0
7
0 97
0 97
0 100
0 100
0 93
0
0
0
0
0
NL
NL
NL
NL
NL
0.52
0.51
0.51
0.48
0.55
8.84
5.34
11.36
11.07
10.25
1,654
579
2,359
1,995
1,108
Mallas/Miller (1.0/11.8)
Charles B. Hill (13.9)
Gladson/Shafer (15.8/5.6)
John Bonnell (2.4)
Gladson/Shafer (14.7/5.6)
8
4
7
1
1
8.1
5.6
7.4
2.4
1.1
5.5
5.5
8.0
2.3
2.3
A
AA
AA
AA
AA
55
84
75
85
90
36
16
25
14
9
2
0
0
0
0
6
0
0
0
1
22
12
13
32
51
1
1
0
7
9
0
0
0
0
0
98
99
99
93
90
1
1
0
0
1
NL
NL
NL
NL
NL
0.15
0.15
0.15
0.15
0.15
9.00
12.70
10.07
10.74
15.76
5,302
19,039
2,933
7,959
5,309
2
2.3
2.3
A
54
33
1
12
94
1
0
99
0
NL
0.66
9.26
950
Fixed Income Style Box
Sht Int Long
3
Sales
Charge
%
—
Management Team
Management Team
Page/Russ (7.9/1.2)
Thomas T. Soviero (3.5)
Christine McConnell (6.4)
—
Reid Smith (12.0)
Kobs/Smith (0.4/1.0)
Reid Smith (1.0)
Marlin G. Brown (0.9)
Pam Wisehaupt-Tynan (12.0)
Casetta/Fitterer (1.2/8.9)
Hi Med Lo
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46
Fund Index
Area code is 800 unless otherwise indicated.
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 36
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 Gr 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 SMCP 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
Ariel Focus ARFFX 28
Artio Global 387-6977
Artio Intl Eq II A JETAX 38
Artio Intl Eqty A BJBIX 38
Artio Tot Ret Bd A BJBGX 42
Artisan 344-1770
Artisan Glb Val Inv ARTGX 40
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 792-2473
Baird Aggregate Bd Inst BAGIX 42
Baird Intm Muni Bd Inst BMBIX 44
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
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 28
Brandywine Blue BLUEX 24
Bridgeway 661-3550
Bridgeway Aggr Inv 2 BRAIX 28
Bridgeway Balanced BRBPX 34
Bridgeway Blue-Chip 35 BRLIX 26
Bridgeway Large-Cap Gr BRLGX 24
Bridgeway Sm-Cap Val BRSVX 32
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
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
Fidelity Exp & Multinatl FEXPX 24
Fidelity Float Rt Hi Inc FFRHX 44
Fidelity Freedom 2010 FFFCX 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 30
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 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
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 Mid Cap Adv 866-773-3238 CIPMX 30
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 34
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 Inv 582-6757 DSEFX 26
Dreyfus Appreciation 645-6561 DGAGX 26
Eaton Vance 262-1122
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
Fidelity Total Bond FTBFX 42
Fidelity U.S. Bond Index FBIDX 42
Fidelity Value FDVLX 30
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 40
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
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 Commdty Rel Rtrn ST Inst HACMX 36
Harbor Intl Growth Inv HIIGX 38
Harbor Intl Instl HAINX 38
Harbor Real Return Instl HARRX 42
Hartford Global Health A HGHAX 36
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 34
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
Index_0109.qxp
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Page 47
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 34
Mairs & Power Growth MPGFX 26
Managers Funds 548-4539
Managers Fremont Bond MBDFX 42
Managers Fremont Mic-Cap MMCFX 32
Skyline Special Eq SKSEX 34
Manning & Napier 466-3863
M & N Pro-Blend Mod S EXBAX 34
Manning & Napier Equity EXEYX 26
Manning & Napier WrldOp A EXWAX 38
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 366-6223 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 34
Meridian 446-6662
Meridian Growth MERDX 30
Meridian Value MVALX 30
Metropolitan West Funds 241-4671
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 30
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 32
RS Value A 766-3863 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 32
Royce Premier Invt RYPRX 30
Royce Special Equity Invt RYSEX 34
Royce Total Return Invt RYTRX 34
Royce Value Plus Svc RYVPX 32
Royce Value Svc RYVFX 32
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 32
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 Rl 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 Glbl Val TBGVX 38
Tweedy, Browne Value 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 26
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
January 2009
47
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 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 38
Vanguard Intl Value VTRIX 38
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 36
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 38
Vanguard Tax-Mgd SmCap Iv VTMSX 34
Vanguard Tot Stk VTSMX 26
Vanguard Total Bd Idx VBMFX 42
Vanguard Total Intl Stk VGTSX 38
Vanguard Tx-Mgd App VMCAX 26
Vanguard Tx-Mgd Gr VTGIX 26
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
WF Adv S/T Muni Bd Inv 222-8222 STSMX 44
WHG LargeCap Value Instl WHGLX 28
Wasatch 551-1700
Wasatch Core Growth WGROX 32
Wasatch Heritage Growth WAHGX 30
Wasatch Small Cap Growth WAAEX 32
Wasatch Small Cap Value WMCVX 34
Wasatch Ultra Growth WAMCX 32
Wasatch-1st Source Inc Eq FMIEX 28
Weitz 304-9745
Weitz Hickory WEHIX 30
Weitz Partners Value WPVLX 28
Weitz Value WVALX 28
Westcore MIDCO Growth 392-2673 WTMGX 30
Western Asset 888-425-6432
Western Asset Cr Bd Inst WATFX 42
Western Asset CrPlBd Inst WACPX 42
William Blair 635-2886
William Blair Intl Gr N WBIGX 38
William Blair Sm-Cp Gr N WBSNX 32
R1_0109.qxp
1/6/09
4:14 PM
Page 48
Volume 17, Number 5
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, John Coumarianos,
Daniel Culloton, Hilary Fazzone,
Lawrence Jones
Copy Editors
Elizabeth Bushman, Janice Frankel,
Jennifer Ferone Gierat
Senior Designer
Christopher Cantore
Design Intern
Meghan Tweedie
Programmers
Ask Russ
Eider Deleoz
Quality Assurance Analysts
Sandra Benedict, Scott Kauffman,
Carol Yook
Send your questions for Russ to [email protected].
Senior Product Manager
Jeannie Bernier
Q: I’m worried about the sale of Neuberger &
Berman. Is it likely that any Neuberger & Berman
managers will leave?
A: After the original plan of a purchase by third
parties, the deal was restructured in a way that should
please most managers, but there’s certainly no
guarantee. A group of senior executives and portfolio
managers will acquire a majority interest in the firm,
with the deal expected to close in early 2009. Because
managers now own the firm, they ought to stick
around. In fact, the CEO of Neuberger is leaving for
Legg Mason.
Q: Fidelity Contrafund FCNTX and Low-Priced
Stock FLPSX have reopened. Are they buys?
Publisher
Maureen Dahlen
Chief of Securities Analysis
Haywood Kelly
A: Although both funds still suffer from asset bloat,
they are among the best in Fidelity’s domestic-stock
lineup. I’d rather have its two best managers with big
asset bases than middling managers with smaller
asset bases. Even with a smaller asset base, Fidelity’s
managers are still hemmed in by moves of their
bigger brethren. Moreover, the middle tier of Fidelity’s
stock funds has done rather poorly. If you’re not
confined to Fidelity funds, though, there are plenty of
strong options as you can see from our picks list in
the data pages. œ
President, Securities Research
Catherine Gillis Odelbo
© 2009 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.
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are subject to change without notice.
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FundInvestor PMS 185 U

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