MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, August 4, 1999 Odd Lots, August 4, 1999 Vanguard could overthrow Magellan by Thanksgiving From Investor's Business Daily Just about two weeks ago Fidelity Magellan Fund surpassed $100 billion in assets. That milestone was a reminder that Magellan is the world's biggest mutual fund. But the day when it loses that status is fast approaching. The king might be looking right at a coup d'etat. Vanguard 500 Index Fund, the second-largest fund, has been chiseling at Magellan's lead. Vanguard 500 had $92.64 billion as of June 30, according to the fund company. This puts Vanguard 500 within $4.95 billion of Magellan's $97.59 billion in assets at the close of June. Based on the official current sizes of both funds, the Vanguard fund should eclipse Magellan by Thanksgiving of this year. Funds do IPOs too From Individual Investor The gains of the past year's Internet initial public offerings have investors clamoring for IPOs of all chords, with mutual funds joining the chorus. According to Morningstar, 150 funds have at least 5% of their assets in stocks that have come public during the past year. Whereas most IPO-heavy funds are small and aggressive, new issues also appear in more cautious choices, including Fidelity Destiny I, a large-cap value fund. So far, the rewards have been rich. IPO Plus Aftermarket, with more than 40% of assets in new companies, has returned 30% year-to-date, outdoing the S&P 500 by more than eight percentage points; BlackRock Micro-Cap Equity, with about 30% of assets in IPOs, has returned 65.3%. Nuveen will be a pure money management firm by fall From The Chicago Tribune John Nuveen Co., known for helping finance growth, is shedding the last vestiges of that business this summer to become a pure money-management firm. The firm is selling the remnants of its investment bank to U.S. Bancorp in Minneapolis, a deal announced June 30, and painting a different picture of itself to clients. Nuveen is building its reputation as a pure money manager, and moving beyond bond investments into the equities markets. Nuveen handles investments of $70 billion, including $12 billion in more than 50 mutual funds. Printed from: MFWire.com/story.asp?s=24496 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |