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Rating:May 3, 2000 Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, May 3, 2000

May 3, 2000

Reported by Paul Braverman

Getting Active Online
From CBS Marketwatch.com
The Allied Owners Action fund, a new activist mutual fund, has announced its first "Internet raid" target as part of its plan to buy significant stakes in troubled companies, then organize shareholders online to rescue those companies. The target is Employee Solutions,a Phoenix, Ariz.-based firm that provides human resources functions to other companies. The Allied Owners fund is the first to seek activist investors from within a public, open-ended mutual fund.

Morningstar matters
From The Wall Street Journal
Mutual-fund companies know that a top rating from Morningstar can be the keys to the kingdom. Funds with high Morningstar ratings dominate the list of funds pulling in the most money from investors, although the exact effect of the rating is hard to quantify. Funds with four- and five-star ratings took in $223 billion in net new cash last year, according to Financial Research Corp. of Boston, while funds with three or fewer stars had overall net outflows of $132 billion. Besides the rating, those numbers are a result of the strong performance posted by the top-rated funds.

Biotech blues
From TheStreet.com
Investors and biotech funds make for a flighty couple. In February, with biotech booming, investors piled more than $4 billion into those funds. But in March, when the sector cooled, just $33 million flowed into the 60-odd health care funds, according to Financial Research. Fund veterans say that last month's money drop was a classic case of performance chasing. Now that biotechs are on a tear again, experts say that investors aren't likely to come back into the funds with the same amount of enthusiasm they did early this year.

RS opens and closes
From Morningstar
In keeping with the announcement it made in February, RS Funds closed the popular Emerging Growth fund to new investors at the end of business Friday. The fund currently has $5 billion in assets--enormous by small-cap standards. But investors who want some of the Jim Callinan magic can look at RS Aggressive Growth. Callinan will lead the team that will manage the new fund, assisted by the five analysts that help him run Emerging Growth. The new fund will employ essentially the same investment philosophy as RS Emerging Growth, but it will have a more concentrated portfolio, which could mean more volatility.

 

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