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Rating:Odd Lots, April 20, 1999 Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, April 20, 1999

Odd Lots, April 20, 1999

Reported by Sean Hanna, Editor in Chief

What's Happening to Cash Flow?
From The Mutual Fund Cafe
"Net inflow to fixed-income funds is up, while net inflow to equity funds is down, on both a relative and an absolute basis." So says FRC in this week's Blue Plate Special. Since 1996 flows to fixed-income funds have grown to 34% of all flows from just 2%. The key here is not new sales, argues FRC. Instead it is redemptions that are driving the change in the mix. In short, equity fund redemptions are up big. The bottom line: focus on customer service and stem redemptions.

Does Fund Signal Emerging Markets Bottom?
From The Wall Street Journal
Capital Research & Management is preparing a new emerging market fund, the New World Fund. This is only the sixth fund launched by the company in the 1990s (compared to more than 50 at Vanguard and more than 75 at Fidelity). In the past the fund company has been uncanny in launching funds as their objective bottoms -- perhaps this is the first sign of a bottom in emerging markets. A second WSJ article notes that Latin American funds have had cash inflows for five consecutive weeks.

Banc One Changes Name Too Soon
From The New York Post
Even as tech stocks continue to sell off, fund reporters are taking a new look at value funds. Beth Peskora writes a review of Banc One's One Group Diversified Equity Fund as a strong value fund. Ironically, Banc One changed the name from the Value Growth fund just a month ago. The lesson: don't play the name game, the market will make you look foolish.

Dreman Wins in "Meeker's Meltdown"
From The Washington Post
The Washington Post pins the blame for yesterday's tech sell-off on Morgan Stanley Dean Witter analyst Mary Meeker. She predicted a "big correction" in Internet stocks in this week's New Yorker. This is the first time we have heard of that the New Yorker moved the market. The article also points to David Dreman as one of the few fund managers who had a good day yesterday.

More Safe Fund Picks
From TheStreet.com
TheStreet.com picks up on today's safety theme. It looks at three funds that it says should side-step the tech train wreck. The funds picked are Legg Mason Focus, U.S. Global Leaders Growth and Ameristock. Each beat the S&P 500 last year, says the publication.

Nasdaq Extended Hours
From The Washington Post
The Nasdaq picked the seventh worst day in its history to float a trial balloon on its extended hours plan. A second session starting at either 5 pm 6 pm would keep the exchange open four additional hours each day. Uncovered in reports is the impact this would have on funds which need to calculate NAVs in time for newspaper deadlines and 401k system cutoffs.

Fund Woes Threaten Hancock IPO
From InvestmentNews
Sales of John Hancock's Regional Bank and Financial Industries funds are off more than 40% so far this year. If this keeps up it may impact the insurer's planned IPO. Hancock is responding with a number of efforts aimed at improving sales and investment performance in its fund group, the paper reports. "Plans include hiring more research analysts, increasing pay for wholesalers who sell particular funds and sending managers on a cross-country crusade to meet with investors," it says. Hancock is even trying to attract attention by changing the name of some of its funds -- just like Banc One. The insurer has doubled the commission it pays wholesalers on five funds: Independence Equity, Strategic Income, Growth and Income, Sovereign Investors and Emerging Growth.

Deutsche Bank to Revamp Fund Marketing
From InvestmentNews
Deutsche Bank is planning on combining the marketing of mutual funds for Deutsche Bank, Bankers Trust, BT Alex. Brown and Morgan Grenfell Capital Management after its acquisition of Bankers Trust closes next month. Jim Grifo, former head of mutual fund marketing and sales for Morgan Grenfell will run the effort and Matthew Connors, head of mutual fund sales at Bankers Trust, will report to Grifo as national sales manager.

Short Takes
Citigroup posted strong earnings, according to American Banker. TheStreet.com reports that the go-go tech managers are viewing yesterday's setback as a buying opportunity rather than reflecting a fundemental change in market cycles.Worldly Investor looks at Matthews Japan Fund. Interestingly, yesterday's article on Morgan Stanley Dean Witter analyst Mary Meeker in the New Yorker is being credited with creating the sell-off, but you can't read it on the Internet. The Conde Nast owned magazine only uses the net as a brochure.  

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