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Rating:Odd Lots, January 12, 2000 Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, January 12, 2000

Odd Lots, January 12, 2000

Reported by Paul Braverman

We're number one! We're number one!
From The Wall Street Journal
Unless Magellan stages a big rally, the Vanguard 500 Index is expected to become the world's biggest fund in a matter of weeks or even days. The two funds have been neck and neck for several months now, with Vanguard expected to take the lead late last year, but the markets continued strength delayed the change in leader. The two were virtually tied as of Friday, separated only by tens of millions of dollars, a drop in the bucket for these $100 billion-plus heavyweights. Magellan scored more heavily in the market earlier this week, but Vanguard is boosted daily by new investment money, while Magellan is closed to most new investors. The change would end Magellan's 11-year reign as the biggest mutual fund. The change would also signify a change in investor preference to the low-cost Vanguard operation that merely mimics the market, as opposed to active stock-picking.

Janus spinoff on hold
From The Wall Street Journal
Kansas City Southern Industries said the planned spinoff of Stilwell Financial would be delayed, possibly for months, because the Securities and Exchange Commission was reviewing financial-reporting practices of its subsidiary, Janus. According to KCS, the SEC is considering whether Janus should continue to be considered a consolidated subsidiary for financial-reporting purposes or a separate equity investment. KCS officials said changing the reporting requirements wouldn't affect the company's earnings, but would force Stilwell to amend its filings.

Operating expenses decline
From The New York Times
Many mutual funds are charging their investors less, according to The Investment Company Institute, a Washington, D.C. research group. The group also found that operating expenses generally decline as a fund gets bigger, and that large funds generally have much lower operating expenses than small funds. But many of the newer, more exotic charge higher expense fees because they require more management. This report rebuts critics' allegations that industry fees haven't reflected the economies of scale caused by the rise in fund assets in recent years.  

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