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Monday, December 05, 2011

Morningstar's "Winners" are Losing

News summary by MFWire's editors

Five out of eight winners of the prestigious Morningstar’s manager of the year awards have been suffering slumps since early last year, reports Mark Jewell of the Associated Press. Only one among the awardees currently deserves any type of accolades.

The awards do not intend to dictate the fund equivalent of a “buy” rating for a stock, says Morningstar’s research director Russel Kinnel. He also emphasized that the fund manager’s prior performances are also considered in dispensing the honors.

Out of the five Morningstar winners, Bruce Berkowitz of the Fairholme Fund [see profile] has the steepest drop off of 29 percent this year, which is the worst among Fairholme’s large-value stock category. Following him is Michael Hasentab of Templeton Global Bond [see profile], which placed in the bottom three percent in the world bond category with a 2.4 percent loss this year.

Next is Brent Lynn of Janus Overseas Fund [see profile] suffering a loss of roughly 29 percent this year, which made a part of the bottom three percent of the foreign large growth category. Bill Gross of the Pimco Total Return Fund [see profile] has experienced his lowest gaining year, with only a two percent gain this year. Oakmark International Fund’s [see profile] David Herro suffered a 13 percent drop in this year’s gain, bringing it down to the bottom 25 precent when it finished as the second leading fund in its category last year.

Only Sequoia Fund has been doing well and has been included in the top 1 percent among the large-growth funds with a 12 percent return this year. 

Edited by: Hung Tran


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