Despite the redemptions experienced by money market funds in the past few months, Morningstar analyst Bridget Hughes reports that Dreyfus Appreciation [see profile] took in more than $1.5 billion net of new money, making it the Dreyfus' largest mutual fund by a margin of more than 25 percent.

What investors find attractive in this portfolio is its low, low turnover ratio, according to Hughes, who also enumerates a number of reasons why the fund has been performing well given its partnership with subadvisor Fayez Sarofim.

The Dreyfus fund represents the only way to gain access to that advisor; it has negotiated a 0.55 percent management fee, which is lesser than what investors would pay if they directly pay to Sarofim.  

Edited by: Hung Tran


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