Big winners all around
From The Wall Street Journal
Through Wednesday, 59 mutual funds had returned more than 100% year-to-date. That's more than twice the number of funds that had at least a one-year doubling in the previous 30 years combined. The Internet Fund had another sizzling gain with a 136% gain for 1999 through Wednesday. But that looks cool compared with Nicholas-Applegate Global Technology Fund. That portfolio, which requires a minimum investment of $250,000, is up 325% year-to-date. Other investors are smiling at Warburg Pincus Japan Small Company Fund, Van Wagoner Emerging Growth Fund, tiny Nevis Fund and MAS Small Cap Growth Institutional Shares, all up more than 200% so far this year.
Active managers strike gold
From Investor's Business Daily
Actively managed funds are outperforming the S&P 500 at a better rate than at any time since 1993. For the year-to-date as of Oct. 31, nearly half of all diversified U.S. stock funds beat the S&P 500's 13% return, according to Morningstar. That's almost triple the percentage of funds that beat the benchmark all of last year. In 1997, only 11% of diversified funds exceeded the S&P 500. For the six months ended Oct. 31, 47% of diversified U.S. stock funds out paced the S&P 500's return of 2.7%, according to Morningstar up from the 35% of diversified funds that beat the S&P 500's 22% gain in the six months ended April 30.
Activists blast Hancock
From The Boston Herald
John Hancock was blasted by consumer activists yesterday who said at a state hearing that the insurer isn't giving policyholders crucial details about its plan to issue stock. The New York activist said the plan that was mailed to policyholders doesn't explain that mutual companies are run for the benefit of policyholders, while stock companies are run for stockholders. Policyholders are being given the choice of stock in the new company or a cash equivalent, in return for giving up ownership in the old one.
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