Morningstar today is shedding some light on funds that had their days in the sun but may face
dark times ahead, according to the ratings agency,
Specifically, analyst Katie Rushkewicz Reichart gave the
AllianceBernstein Large Cap Growth [see profile] Negative Analyst Rating, citing its above-average volatility and a boom-and-bust performance pattern. The
Buffalo Micro Cap [see profile] fund fared slightly better, earning an Analyst Rating of Neutral because of "management's sensible approach to navigating the universe of tiny companies."
Also, the
Putnam Voyager [see profile] fund's strong showings in 2009 and 2010 under new manager
Nick Thakore, and its reasonable expenses relative to other funds' in its peer group, earned it a Neutral rating. Morningstar reasoned that Thakore's emphasis on small- and mid-cap stocks helped the fund's performance in the small-cap-led rally of 2009 and 2010, leading to an increase in the portfolio's volatility level and contributed to a 19 percent loss for the year to date. Guess you can't please them all. 
Edited by:
Hung Tran
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