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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