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Rating:S&P's Newest Select Funds Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, June 07, 1999

S&P's Newest Select Funds

Reported by Jason Shank

*List at end of article*

Standard & Poor's today announced the latest group of Select Funds, identifying 19 funds with consistent superior performance and quality of management in the small-cap value category.

The small-cap value list is the fourth group of Select Funds identified by Standard & Poor's, and signifies the company's first appraisal of funds that utilize a predominantly value-investing approach. Select Funds are identified in a new sector each month. The next sectors will be mid-cap value in July and large-cap value in September.

"The performance of small-cap value funds has greatly improved in the last few months," said Philip Edwards, managing director at Standard & Poor's Fund Services responsible for the Select Funds. "Small-cap value stocks were the best performers overall during May, up 3.99%*. Nevertheless, in the longer term, they still lag behind large-caps stocks, although they have outperformed small-cap growth stocks in this time."

The 19 Select Funds in the small-cap value category have underperformed the Standard & Poor's SmallCap 600/BARRA Value Index over the past five years, returning an annualized 12.97% compared with the benchmark's average annual gain of 16.54%. The S&P 500 index returned an annualized 25.87% during this period.

Over the last year, however, small-cap value stocks have declined by 9.46% while the small-cap value 'Select Funds' have declined by only 5.2% overall. This compares against a 5.37% decline in small-cap growth stocks and a 21.03% gain in the S&P 500.

"Just looking at past performance is no longer sufficient for most advisers and investors, and the Select Fund process goes beyond this, to take into account the quality of the fund's management," Edwards noted.

"For those funds that pass the quantitative screen, we conduct in-person interviews, focusing on the experience, expertise, and style of the fund manager, the stability and depth of the fund management team, and also of the fund sponsor organization," Edwards continued. "We also analyze the fund's current and historical holdings to ensure that they match the stated philosophy and requirements of the fund."

Once the Select Fund status has been designated, the funds are kept under monthly surveillance to ensure that the managers are continuing to adhere to their polices.

The funds designated as 'Select' are those that, in the opinion of Standard & Poor's Fund Services, can clearly illustrate that the past performance is directly attributable to the deliberate and disciplined activities of the management team, rather than luck.

S&P's Small-Cap Value Select Funds
Fund Name Ticker Fund Group
Babson Enterprise Fund II BAETX Babson Funds
Babson Shadow Stock SHSTX  Babson Funds
Berger Small Cap Value/Instl BSVIX Berger Funds
Delaware Small Cap Value/A DEVLX Delaware Funds
Delaware Small Cap Value/I DEVIX Delaware Funds
Eclipse Funds Small Cap Value EEQFX  Eclipse Funds 
Enterprise Small Co Value/A ENSPX Enterprise Funds
Enterprise Small Co Value/B ESCBX  Enterprise Funds 
Enterprise Small Co Value/Y EIGYX Enterprise Funds
Galaxy Small Cap Value/Ret A SSCEX Galaxy Funds
Galaxy Small Cap Value/Trust SMCEX Galaxy Funds
Keeley Small Cap Value KSCVX Keeley Funds
Loomis Sayles Small Cap Value/I LSSCX Loomis Sayles Funds
MAS Small Cap Value/Instl MPSCX MAS Funds
PIMCO Small Cap Value/Admin PVADX PIMCO Funds
PIMCO Small Cap Value/Instl PSVIX PIMCO Funds
Royce Total Return RYTRX Royce Funds
SEI Instl Mgd Small Cap Value/A SESVX SEI Institutional Funds
Skyline Special Equities SKSEX Skyline Funds
State St Research Aurora/A SSRAX State Street Research Funds
State St Research Aurora/B SSSRBX State Street Research Funds
State St Research Aurora/C SSRDX State Street Research Funds
State St Research Aurora/S SSRCX State Street Research Funds
Texas Cap Value & Growth TCVGX Texas Capital Value Funds
Third Avenue Value TAVFX Third Avenue Funds
UAM ICM Small Company/Instl ICSCX UAM Funds
Van Kampen Fd American Value/A MSAVX Van Kampen Funds
Van Kampen Fd American Value/B MGAVX Van Kampen Funds
Van Kampen Fd American Value/C MSVCX Van Kampen Funds
 

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