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Thursday, August 13, 2009

WSJ Looks at How Three Funds Escaped Catastrophe

by: John Alzate

Despite most mutual fund struggling with their investments in financial-services stocks, Dryden Financial Services, FBR Small Cap Financial Fund and Burnham Financial Services Fund have posted single- and even double-digit returns, wrote Sam Mamudi in Wednesday's Fund Track in the WSJ.

As of yesterday's close, Morningstar reported Dryden was up 19 percent in the past year, FBR was up 11 percent and Burnham was up 4.8 percent. Financial-sector funds overall are down 22 percent in the past 12 months.

Several fund managers quoted in the article attributed their success to factors such as "judicious stock selection...socking assets in cash, shorting a chunk of the portfolio or placing stocks in overseas firms."

Those quoted in the article include Mark Lynch, senior vice president at Wellington Management Co., Anton Schutz, manager of the Burnham fund, and David Ellison, manager of the FBR fund. 

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