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MutualFunds - The Seattle Times
D4 Business | 2R | SUNDAY, JANUARY 11, 2015 MutualFunds NOTABLE 2014 FUNDS THAT BIT THE DUST Your Funds Chuck Jaffe Syndicated columnist If the mutualfund world was a meritocracy, thousands of funds would die tomor row. As it is, only the unloved, unfortunate, unlucky and unnoticed typically get killed off in any year, and no one mourns their loss. This past year was no exception, as funds that took the big dirt nap in 2014 mostly were a mix of the uninspired, goofy, medio cre, the marketing failures and the big mistakes. Still, a few of these funds created legacies or lessons that investors should re member. With that in mind, let’s whistle past the mutu alfund graveyard for a few tales from the crypt. Among the funds that shuffled off their mortal coil this past year: Oceanstone One of the most mysteri ous funds ever with a supe rior track record, Ocean stone failed to survive the sudden death of its manag er, James Wang, this past summer. But in death as in life, the fund left more ques tions than it answered. If you invested $10,000 in Oceanstone at its 2006 inception, you got nearly $80,000 back when the fund liquidated in August. The mystery is how Wang did it. He never gave inter views, reportedly didn’t even take phone calls and the fund’s directors never said anything about his management style or tech nique. Wang’s portfolio disclo sures were as barebones as the fund’s website; what’s clear from disclosures and research analysis is that he bought U.S. stocks large and small, and traded them heavily. When Oceanstone won a Lipper Fund Award in 2012, Wang was the only manag er who failed to show up to receive the prize; his ab sence wasn’t surprising, however, as representatives from Lipper reported that they couldn’t reach Wang to tell him that he had won. Wang wasn’t just the fund manager, he was treasurer, secretary and chief compli ance officer; an SEC filing noted that the headquarters address for Oceanstone was a residence, presumably Wang’s (though the docu ment didn’t say). The little information available about the fund leaves a real question as to whether Wang was good — as he looked in 2009 when Oceanstone gained 264 percent — or just lucky. Morningstar showed the fund as having a standard deviation — a measure of how wide a fund’s potential swings could be — of nearly 40; that’s 1.5 times higher than the standard deviation of the average emerging markets fund, considered to be among the mostvolatile asset classes, and it suggests that despite Wang’s success he just as easily could have been down massive amounts if he kept on going. His death means we will never know if he was doing management magic or was just lucky enough to keep rolling 7s in the stock mar ket’s game of craps. iShares TargetDate ETFs When iShares knocked off 18 of its issues in Octo ber, the surprise of the an nouncement was that the firm killed off its entire line of targetdate exchange traded funds — nine in all, running from the 2010 vintage in fiveyear inter vals up to iShares Target Date 2050. The company is not the only one to get out of the targetdate game, as both Legg Mason and Hartford killed lineups of traditional funds with targetdate agendas, but when its funds failed to attract big assets, management took it as a sign that retirement savers aren’t yet ready to commit to the ETF lifestyle. If the biggest ETF provider can’t make it work, no one else will; if and when retire ment savers join the ETF revolution, expect iShares to manage a resurrection. Virginia Equity This fund planned to be the latest issue focused on a tight geographic area when the fund was ready to open its doors in January. The idea was to invest at least 80 percent of the fund’s assets in securities for companies headquartered in Virginia or with a signifi cant impact on the economy of the Commonwealth. There have been other regional funds — exchange traded funds focused on Oklahoma and Texas re spectively were killed off in 2010 after less than a year in business — but the idea that any fund can gain a true investing edge by knowing their homebase area better than anyone else is anachronistic. While the companies may be local, they function in the global marketplace and are typically affected more by events far afield than by what’s happening at home. Today, only the Lo calShares Nashville Area ETF (NASH) — started in 2013 — is trying the strate gy, and it has less than $10 million in assets. That’s better than the Virginia fund could muster, however. Last summer, the fund’s investment adviser — also the fund’s sole share holder — said that based on an inability to raise money, the fund would be liquidat ed before it actually com menced operations. BMO Global Natural Resources Fund This fund liquidated last week, less than seven months from when it opened, down more than 20 percent in its short, misera ble existence. When a fund opens and sinks immediately to the very bottom of its peer group, shareholders should wonder if it had any re deeming qualities to begin with; when management closes it in months, they have stopped wondering. GL Macro Performance The sister fund to GL Beyond Income — an un known fund until portfolio manager Daniel Thibeault’s December arrest on fraud charges — was itself anony mous throughout its 19 month existence, mostly flat until a spectacular flameout sent it to the very bottom of its Morningstar peer group. In its last year of exis tence, the fund was down about 37.5 percent, but 36 points of that loss came in the last two months. Thibeault actually sent shareholders a note saying that the fund’s “rigid struc ture results in adverse per formance for certain alter native investment strate gies,” promising that, “We will be taking two actions to rectify this matter going forward and shelter you from potential losses which resulted from it.” Instead, Thibeault shel tered investors from future losses by shutting down the fund, which hardly “recti fied” the matter with inves tors. Chuck Jaffe is senior columnist for MarketWatch. He can be reached at [email protected] or at P.O. Box 70, Cohasset, MA 020250070. Copyright 2015, MarketWatch Fund Tracker Weekly spotlight on mutual fund performance Winners and losers: A mutualfund scorecard Fund Wkly % YTD % obj return return Biggest funds American Funds A AmcpA p American Funds A AMutlA p American Funds A BalA p American Funds A BondA p American Funds A CapIBA p American Funds A CapWGA p American Funds A FdInvA p American Funds A GwthA p American Funds A IncoA p American Funds A ICAA p American Funds A N PerA p American Funds A SmCpA p American Funds A WshA p Artisan Funds Intl BlackRock Instl StrIncoOpp BlackRock Instl EquityDv BlackRock Instl GlbAlloc r Dimensional Fds EmMCrEq Dimensional Fds EmMktV Dimensional Fds USLgVa Dodge&Cox Balanced Dodge&Cox Income Dodge&Cox IntlStk Dodge&Cox Stock DoubleLine Funds TRBd I FPA Funds FPACres Fidelity Freedom FF2020K Fidelity Freedom FF2030K Fidelity Invest Balanc Fidelity Invest Contra Fidelity Invest GroCo Fidelity Invest LowP r Fidelity Invest Puritn Fidelity Invest TotalBd Fidelity Spart Adv 500IdxAdv Fidelity Spart Adv TotMktAd r Frank/Temp Frnk A IncomA p Frank/TmpFrnkAdv GlbBdAdv Harbor Funds CapApInst Harbor Funds Intl r Loomis Sayles LSBondI MFS Funds I ValueI Metro West Fds TotRtBdI Oakmark Funds I EqtyInc r Oakmark Funds I Intl Oakmark Funds I Oakmark Oppenheimer Y DevMktY PIMCO Instl PIMS AllAsset PIMCO Instl PIMS TotRt PIMCO Funds Instl Income Price Funds BlChip Price Funds CapApp Price Funds EqInc Price Funds EqIndex Price Funds Growth Price Funds MidCap Price Funds N Horiz Price Funds N Inc Price Funds Ret2020 Price Funds Ret2030 Price Funds Value Schwab Funds S&P Sel Vanguard Admiral 500Adml Vanguard Admiral GNMA Ad Vanguard Admiral HlthCr Vanguard Admiral ITAdml Vanguard Admiral ITGrAdm Vanguard Admiral LtdTrAd Vanguard Admiral MCpAdml Vanguard Admiral PrmCap r Vanguard Admiral STIGrAd Vanguard Admiral SmCAdm Vanguard Admiral TtlBAdml Vanguard Admiral WellslAdm Vanguard Admiral WelltnAdm Vanguard Admiral WdsrIIAd Vanguard Fds TotIntBInv Vanguard Fds DivdGro Vanguard Fds STAR Vanguard Fds TgtRe2015 Vanguard Fds TgRe2020 Vanguard Fds TgtRe2025 Vanguard Fds TgRe2030 Vanguard Fds TgtRe2035 Vanguard Fds TgtRe2040 Vanguard Fds TgtRe2045 Vanguard Idx Fds TotlIntl Bloomberg News Bill Gross, the former manager of the world’s largest bond fund, said with global expansion still sput tering after years of interest rates near zero, investors will gradually seek alterna tives to risky assets in 2015. “When the year is done, there will be minus signs in front of returns for many asset classes,” Gross wrote in an investment outlook for Janus Capital Group, where he runs the Janus Global Unconstrained Bond Fund. “The good times are over.” 0.8 0.6 0.3 +0.7 0.2 0.8 0.9 1.0 0.1 0.8 0.9 0.2 0.6 0.4 0.0 1.2 0.6 +0.8 +0.9 1.5 0.7 +0.3 1.2 1.2 NA 0.4 0.4 0.6 0.4 0.8 +0.1 1.0 0.2 +0.4 0.6 0.7 0.4 +0.5 0.6 2.1 +0.3 0.7 +0.6 0.8 2.0 1.6 0.5 NA +0.5 NA 0.5 0.3 1.5 0.6 0.7 0.4 0.8 +0.6 0.4 0.6 0.8 0.6 0.6 0.1 +2.1 +0.5 +0.8 +0.1 0.6 0.7 +0.2 0.9 +0.7 +0.3 0.2 1.0 +0.3 0.0 0.3 0.1 0.2 0.4 0.4 0.6 0.6 0.6 1.2 0.9 0.6 0.3 +0.9 0.3 1.0 1.1 1.1 0.1 0.9 1.0 0.4 0.8 0.8 +0.1 1.2 0.6 +0.5 +0.5 1.6 0.7 +0.4 1.6 1.3 NA 0.7 0.5 0.8 0.4 1.0 0.0 1.6 0.2 +0.6 0.6 0.7 0.4 +0.1 0.7 2.7 +0.1 1.0 +0.8 1.1 2.4 1.9 1.0 NA +1.0 NA 0.5 0.2 1.5 0.6 0.8 0.4 1.1 +0.9 0.3 0.6 0.7 0.7 0.6 +0.2 +2.3 +0.6 +1.1 +0.2 0.5 0.6 +0.3 1.1 +1.0 +0.5 0.1 1.0 +0.6 0.2 0.3 0.1 0.2 0.4 0.4 0.6 0.7 0.8 1.5 +14.4 +13.2 +11.6 +4.6 +8.5 +8.2 +12.5 +12.6 +10.8 +12.6 +9.7 +10.5 +14.3 +8.3 +5.5 +12.1 +6.0 +1.9 0.9 +15.5 +12.0 +5.1 +6.8 +14.5 NS +9.9 +7.7 +8.7 +11.0 +14.2 +17.2 +14.6 +11.1 +5.3 +14.6 +14.8 +8.8 +5.5 +14.0 +4.3 +8.1 +13.6 +6.8 +9.3 +8.2 +15.2 +4.9 NA +5.2 NA +16.1 +12.7 +12.2 +14.4 +15.2 +16.6 +20.4 +4.5 +9.6 +10.7 +15.1 +14.6 +14.6 +4.3 +20.4 +4.7 +6.4 +2.1 +16.0 +15.6 +2.9 +15.8 +4.5 +9.5 +10.9 +13.3 NS +14.3 +9.6 +8.5 +9.1 +9.6 +10.1 +10.5 +10.8 +10.8 +3.3 Best performers 0.7 +14.7 0.6 +14.7 0.7 +14.9 Fund Wkly % YTD % obj return return SQ AU AU AU AU AU AU AU AU AU AU AU AU AU AU AU AU AU SQ AU SQ LU RE GT RE RE RE RE RE RE 24.3 14.4 14.4 11.5 13.9 15.4 15.4 14.6 11.9 12.2 14.2 9.8 14.7 11.2 9.4 NS 23.5 19.0 20.1 12.3 +21.3 +17.2 +18.6 +12.4 +18.8 +17.8 +16.8 NS +17.7 +18.1 Fund Wkly % YTD % obj return return 5yr % return Direxion Fds NatRBull2X Rydex Investor EnrgySer ICON Fds Energy S BlackRock A Eng&ResA ProFunds Inv Cl UltraJapan Baron Funds Energy Fidelity Selects EngSv ProFunds Inv Cl Oil&Gas Fidelity Selects NtGas Waddell & Reed Adv EnergyA t Ivy Funds EnergyA t Oppenheimer A StlpthAlpha Rydex Investor Energy Guinness Atkinson GlbEnrgy r Fidelity Selects Banking Invesco Funds A Energy p BlackRock A ACEngRsA Prudential Fds A FinServA Ivy Funds GlNatRsA p ProFunds Inv Cl RRatesOpp Oppenheimer Y Alpha Y Fidelity Selects Enrgy Fairholme Invest Managers TowleDpV John Hancock A RgBkA Fidelity Adv Foc A EnergyA p Integrity Viking WillBasA p Voya Funds Cl A GlbNatRs Vanguard Admiral Energy Rydex H Class S&PSCpV SE NR NR NR SQ NR NR SQ NR NR NR NR NR NR FS NR NR FS NR SQ NR NR XV SV FS NR NR NR NR SV +9.2 +8.9 +8.7 +8.5 +8.0 +7.9 +7.8 +7.8 +7.8 +7.4 +7.3 +7.0 +6.6 +6.6 +6.3 +6.3 +5.9 +5.5 +5.1 +4.3 +4.2 +4.2 +4.0 +4.0 +3.9 +3.8 +3.8 +3.7 +3.7 +3.7 5yr % return +12.5 +12.0 +11.8 +11.0 +10.5 +9.6 +10.1 +10.6 +10.1 +10.2 +10.5 +8.7 +9.4 +10.6 +9.2 +7.7 +9.1 +5.9 0.7 +5.7 +6.4 +5.9 +5.5 +5.7 +5.4 +5.2 +5.3 +5.1 +5.2 +5.1 ProFunds Inv Cl PrecMetal Fidelity Selects Gold r USAA Group PrecMM OCM Funds GoldInv t Amer Century Inv GlGold Deutsche Trust Gold&Prc US Global Investors Gld&Mtls Rydex Investor PrecMet GAMCO Funds GoldAAA Wells Fargo Adv A PrecMtlA Oppenheimer A Gold p First Eagle SGenGld p Frank/TempFrnkA GoldPrM A Invesco Funds A GoldPrec p Tocqueville Fds Gold t Invest Managers EuroPGld A Midas Funds Midas Fd t US GlobalInvestorsWldPrcMn Direxion Fds LatAmBull Vanguard Fds PrecMtls r ProFunds Inv Cl RealEst Vanguard Instl Fds ExDurTreas Principal Inv RealEstScI ProFunds Serv USGovPlus Amer Century Inv RealEstI Virtus Funds A ReE A p Ivy Funds RealEstA p Fidelity Invest REEq F SSgA Funds ClarionRE p Fidelity Advisor I AdvReEstI Worst performers 0.6 0.6 0.6 7.3 6.9 6.4 6.4 6.1 6.1 5.9 5.7 5.5 5.5 5.5 5.3 5.1 5.1 4.8 4.8 4.2 4.2 4.1 4.1 4.1 4.0 4.0 4.0 4.0 4.0 3.9 3.9 3.9 3.8 6.3 6.8 5.8 5.8 4.5 5.4 5.8 5.0 5.0 4.9 4.9 3.6 4.7 5.2 5.3 4.5 4.2 4.2 3.7 5.6 2.7 3.5 3.6 4.4 5.0 3.5 3.3 3.5 3.5 4.4 5.2 3.1 +0.7 7.1 +9.2 NS 1.1 +5.6 1.4 +2.3 +2.3 NS +0.8 1.3 +11.1 1.1 1.9 +7.4 5.4 17.9 NS +2.6 +6.7 NS +11.6 +2.4 +11.0 1.1 +1.2 +11.1 Footnotes: e: Ex capitalgains distribution. f: Previous day{rsquo}s quote. n or nl: No upfront sales charge. p: Fund assets are used to pay for distribution costs. r: redemption fee or contingent deferred sales load may apply. s: Stock dividend or split. t: Both p and r. x: Ex cash dividend. NE: Data in question. NS: Fund did not exist at the start date. NA: No information available. Key to abbreviations and footnotes: Fund objectives: AB: Longterm topgrade corporate and govern ment bonds. AU: Gold oriented. BL: Balanced. EI: Equity income. EM: Emerging markets. EU: European region. GL: Global (includes U.S.). GM: General municipal bond. GT: General taxable bond. HB: Health and biotech. HC: Highyield taxable bond. HM: Highyield municipal bond. IB: Intermediateterm investmentgrade corporate bond. IG: Intermediateterm Treasury/government debt. IL: International (outside U.S.). IM: Intermediateterm municipal bond. LC: Largecap core. LG: Largecap growth. LT: Latin American. LU: Longterm Treasury/government debt. LV: Largecap value. MC: Midcap core. MG: Midcap growth. MP: Mixed portfolio (stocks and bonds). MT: Mortgage. MV: Midcap value. NM: Insured municipal bond. NR: Natural resources. PR: Pacific region. SB: Shortterm investmentgrade corporate bond. SC: Smallcap core. SE: Sector (specific industries). SG: Smallcap growth. SM: Shortterm munici pal debt. SP: S&P 500. SQ: Specialty diversified equity. SS: Single state municipal debt. SU: Shortterm Treasury/government debt. SV: Smallcap value. TK: Science and technology. UN: Unclassified. UT: Utility. WB: World bond. XC: Multicap core. XG: Multicap growth. XV: Multicap value 5year % return: Annualized performance over the past five years. Top 5 mutual funds by objective, yeartodate % return Emerging markets Voya Funds Cl A Price Funds Frank/Temp Frnk A WM Blair Fds Inst WM Blair Fds Inst RussiaA p EmEurop T BRIC A t EmMkGrI r EmMLdrGr Equity income City Nat Rochdale Federated Instl Invesco Funds A Paydenfunds Columbia Class A Div&Inc N StrValDvIS Utilities p ValLdrs DivOpptyA Health | biotech Fidelity Selects Fidelity Advisor A Rydex Investor Prudential Fds A Hartford Fds A Biotch Biotech A Biotech HlthSciA Hlthcare p Global Mkt Mster100 Invest Managers Lazard Instl Vanguard Fds APIEfFrInc KnoLdr Ins GblInfra I GblMnVInv Wasatch Columbia Class Z EuroPac Funds Westcore John Hancock Fds IntlOppt r AcnIntSIZ IntlValue IntlFrntr r IntlGrw I Largecap core Fidelity Invest Invesco Fds Invest BMO Funds Amer Century Inv Eaton Vance A YTD % return StrDvIn Exch LowVolEq I LegFocLC DivBldrA x YTD % return Midcap core +3.9 +2.6 +2.0 +1.5 +1.3 Davenport Funds Touchstone Family JPMorgan Sel Cls Wright Funds Vanguard Admiral YTD % return Smallcap core +0.4 +0.2 +0.1 +0.1 0.0 Invesco Funds A Touchstone Family GoldmanSachsInst Principal Inv Touchstone Family YTD % return Fidelity Invest Dreyfus Guinness Atkinson Oppenheimer A Center Coast YTD % return Pacific region +1.5 +0.9 +0.7 +0.5 +0.2 EuroPac Funds Columbia Class A Oberweis Funds Guinness Atkinson Dreyfus USAA Group Ivy Funds Waddell&Reed Adv Oak Assoc Fds Allianz Fds Instl YTD % return Gold oriented Fidelity Selects USAA Group OCM Funds Rydex Investor Invesco Funds A 0.1 0.2 0.3 0.5 0.5 YTD % return SmallC p SmCapGr Y SmCapEqty SmCBldJ t SCCoreInst GlbCmdty r NatResA AltEnergy r Income A MLPFoc I 0.0 0.3 0.4 0.5 0.6 YTD % return 0.2 0.7 1.2 1.5 2.1 YTD % return AsiaSmCoA GrChinaA ChinaOpp ChinaHK GrChinaA r Science | technology +1.1 +0.7 +0.7 +0.6 +0.3 +0.8 +0.6 +0.5 +0.2 +0.1 EqtyOpps MidCap Y IntpdMCp SlBlCh MCpAdml Natural resources +4.3 +4.1 +3.9 +3.7 +3.4 YTD % return International Bill Gross: ‘Good times are over’ XC LV BL IB BL GL LC LG BL LC GL GL LC IL GT EI MP EM EM LV BL IB IL LV MT MP MP MP BL LG XG MC BL IB SP XC BL WB LG IL GT LC IB BL IL LC EM MP IB GT LG BL EI SP LG MG SG IB MP MP LV SP SP MT HB IM IB SM MC LC SB SC IB BL BL LV WB EI BL MP MP MP MP MP MP MP IL XC SP XC Vanguard Idx Fds TotStk Vanguard Instl Fds InstIdx Vanguard Instl Fds InsTStPlus 5yr % return SciTech SciTchA p ScTechA BlkOkEm GlblTech I +3.6 +3.6 +3.5 +3.3 +3.2 YTD % return +1.1 +0.6 +0.6 +0.5 +0.4 YTD % return Sector AQR Funds NewAlt Rydex Investor Invest Managers Price Funds MgdFutSt I MgdFutStr MgdFutSt I RealAsset YTD % return Balanced StrTotRet r Perpetual t StrReRt r RetInc IdxAstAll A Hussman Funds Midas Funds Fidelity Invest Advance Capital I Wells Fargo Adv A Intermediate bond ITExQual ITBdAdml ITGrAdm StraFxdP BdIdxInst Dimensional Fds Vanguard Admiral Vanguard Admiral PACE Funds P TIAACREF Funds Longterm bond LTBnd LTGrAdml ExtDrGS4 ExtDurI CorpBd Vanguard Idx Fds Vanguard Admiral GuideStone Funds Del Inv Instl Fidelity Invest Longterm U.S. VanguardInstlFds Wasatch Fidelity Spartan Vanguard Admiral Price Funds YTD % return Mortgage Gold r +12.0 PrecMM +11.8 GoldInv t +11.0 PrecMet +10.6 GoldPrec p +10.6 Legg Mason A Victory Funds Wright Funds BMO Funds TCW Funds +2.2 +2.2 +2.1 +1.7 +1.4 ExDurTreas USTryFd SpLTTrAd r LTsyAdml USTLg +2.0 +1.0 +0.8 +0.7 +0.5 YTD % return +1.5 +1.4 +1.1 +1.0 +1.0 YTD % return +2.8 +2.5 +2.1 +1.9 +1.2 YTD % return +5.9 +4.2 +3.7 +3.7 +3.5 YTD % return WAMtgBkA FundFInc I CurIn MtgeIncY TotRetBdI +0.9 +0.8 +0.7 +0.6 +0.6 A WORD ON OWNING COMPANY STOCK Investing Scott Burns Syndicated columnist Q: I recently began employ ment with Ama zon.com in one of its fulfillment centers. I have the oppor tunity to participate in the company 401(k) plan, which is managed by Van guard. I am 29 years old. The company plan offers many investment options, and I don’t know which ones to choose. Amazon does company matching contributions — 50 cents for every dollar I contribute, up to 4 percent of my eligible compensa tion in a payroll period. I am paid weekly. I plan to contribute 8 percent of my salary to the plan. Amazon’s matching contributions are initially invested in the company stock. I read that company stock is considered riskier than a stock mutual fund. Is that true? I have the option of transferring my matching contributions from the company stock fund to any other investment option offered by the company 401(k) plan. Should I do that? The plan offers a long list of moderate to aggressive funds, managed funds and index funds. And there is a wide range of expense ratios, with the highest at nearly 1 percent. The plan states that none of the funds have a sales charge, redemption fee or a de ferred sales charge. A: Your plan compares favorably with the vast majority of plans available to employees. I’d call it a model plan except for one thing. Owning company stock in your company 401(k) is generally a bad idea. So don’t interpret anything I say as negative about Amazon as a compa ny. The problem is that shares of an individual stock greatly increase the risk of your retirement account. Here’s why. Definedcontribution plans such as 401(k) plans were created to supple ment or replace employer pension plans. For the most part, pen sions are now being closed, and few workers your age will retire with a pension that guarantees lifetime income. Instead, you will have a taxdeferred sav ings plan, and you are responsible for all your saving and investment decisions. How much you save and your Social Secu rity benefits will be the source of your retirement income. That change alone is a big increase in risk. The loss of pension in come makes reasonable risk and stability an impor tant part of your 401(k) plan. And owning compa ny shares isn’t a reasonable risk. It will greatly increase the ups and downs of your savings because the price of a single stock is a lot more volatile than the price of a portfolio of stocks. Significantly, moving your matching contribu tion to a broad stock fund, such as Vanguard Institu tional Index Fund or Van guard Windsor II Fund, would be a major reduc tion in risk for you. At the same time, you would still have a commitment to future growth. When it doubt, always go for the lowcost index fund. There are two rea sons for this. The first is that lowcost index funds are a known advantage. The managed fund that costs nearly 1 percent a year has to overcome that added cost just to keep up with an index fund. Questions: [email protected] Copyright 2015, Universal Press Syndicate
