q3 2008 performance among the most popular mutual funds in ... · q2 of 2008, q1 of 2008, q4 of...

© C

opyr

ight

200

8, A

dvis

or P

ersp

ectiv

es, I

nc. A

ll rig

hts

rese

rved

.

Q3

2008

Per

form

ance

am

ong

the

Mos

t Pop

ular

Mut

ual F

unds

in th

e A

dvis

or

Pers

pect

ives

Uni

vers

e O

ctob

er 2

8, 2

008

E

ach

quar

ter w

e lo

ok a

t the

per

form

ance

of t

he to

p 25

act

ivel

y m

anag

ed M

ost P

opul

ar M

utua

l Fun

ds in

the

AP

(Adv

isor

P

ersp

ectiv

es) u

nive

rse

in e

ach

of fo

ur a

sset

cla

sses

. Th

is is

the

fifth

suc

h st

udy:

pre

viou

s st

udie

s w

ere

done

at t

he e

nds

of Q

2 of

200

8 , Q

1 of

200

8, Q

4 of

200

7, Q

3 of

200

7, a

nd Q

2 of

200

7. T

his

stud

y an

alyz

es th

e m

ost p

opul

ar fu

nds

as o

f M

arch

31,

200

7, a

nd lo

oks

at p

erfo

rman

ce d

urin

g Q

3 of

200

8 an

d fo

r the

18

mon

th p

erio

d en

ding

Jun

e 30

, 200

8.

Per

form

ance

num

bers

for t

he 1

8 m

onth

per

iod

have

bee

n an

nual

ized

. Th

e go

al o

f thi

s st

udy,

as

with

prio

r stu

dies

, is

to d

eter

min

e w

heth

er th

ese

activ

ely

man

aged

fund

s ou

tper

form

thei

r ap

prop

riate

ben

chm

arks

. O

ur re

sults

so

far s

how

that

adv

isor

s ha

ve s

elec

ted

fund

s w

hich

del

iver

alp

ha (b

y ou

tper

form

ing

thei

r ben

chm

ark)

with

in th

e fo

reig

n eq

uity

and

mun

icip

al b

ond

cate

gorie

s.

Ove

r the

18

mon

th p

erio

d, fo

reig

n eq

uity

fund

s an

d m

unic

ipal

bon

d fu

nds

in th

e A

P u

nive

rse

outp

erfo

rmed

thei

r be

nchm

arks

. Fo

reig

n eq

uity

fund

s be

at th

eir b

ench

mar

k by

a s

igni

fican

t mar

gin

(483

bas

is p

oint

s), d

eliv

erin

g an

ave

rage

pe

rform

ance

of -

12.2

2%, c

ompa

red

to -1

7.05

% fo

r the

ir be

nchm

ark,

the

EFA

exc

hang

e tra

ded

fund

(ETF

). M

unic

ipal

bo

nd fu

nds

beat

thei

r ben

chm

ark

(the

TFI E

TF) b

y 8

basi

s po

ints

(-0.

66%

ver

sus

-0.7

4%).

O

f the

top

25 fo

reig

n eq

uity

fund

s, 1

9 ou

tper

form

ed th

eir b

ench

mar

k ov

er th

is 1

8 m

onth

per

iod,

with

two

fund

s (A

NW

PX

, an

d FI

CD

X) o

utpe

rform

ing

the

benc

hmar

k in

all

six

quar

ters

. A

noth

er th

ree

fund

s be

at th

eir b

ench

mar

k in

five

of t

he s

ix

quar

ters

.

Of t

he to

p 25

US

mun

icip

al b

ond

fund

s, 1

6 ou

tper

form

ed th

eir b

ench

mar

k ov

er th

is 1

8 m

onth

per

iod,

alth

ough

no

fund

ou

tper

form

ed it

s be

nchm

ark

in a

ll si

x qu

arte

rs.

One

fund

(JN

YIX

) bea

t its

ben

chm

ark

in fi

ve o

f the

six

qua

rters

. D

etai

led

findi

ngs

of th

e cu

rrent

stu

dy a

re a

s fo

llow

s:

© C

opyr

ight

200

8, A

dvis

or P

ersp

ectiv

es, I

nc. A

ll rig

hts

rese

rved

.

• U

S Eq

uitie

s: F

or Q

3 of

200

8, th

e to

p 25

fund

s un

derp

erfo

rmed

the

S&

P 5

00 b

y 27

9 ba

sis

poin

ts (-

11.6

6% v

ersu

s -8

.87%

), w

ith o

nly

2 of

25

fund

s be

atin

g th

e be

nchm

ark.

For

the

18 m

onth

per

iod,

thes

e 25

fund

s un

derp

erfo

rmed

th

e S

&P

500

by

86 b

asis

poi

nts

(-12.

07%

ver

sus

-11.

21%

), w

ith 1

2 of

25

fund

s be

atin

g th

e be

nchm

ark.

No

fund

s ou

tper

form

ed in

all

six

quar

ters

. Th

e m

ost p

opul

ar fu

nd, t

he G

row

th o

f Am

eric

a Fu

nd (A

GTH

X),

and

the

Vic

tory

D

iver

sifie

d S

tock

Fun

d (S

RV

EX

) wer

e th

e on

ly fu

nds

to o

utpe

rform

the

inde

x in

five

of t

he s

ix q

uarte

rs.

Of t

he 2

5 fu

nds,

11

outp

erfo

rmed

thei

r sec

onda

ry, s

tyle

box

-spe

cific

ben

chm

arks

for t

he 1

8 m

onth

per

iod.

•

Fore

ign

Equi

ties:

For

Q3

of 2

008,

13

of th

e 25

fund

s ou

tper

form

ed th

e be

nchm

ark,

and

ave

rage

per

form

ance

ac

ross

all

25 fu

nds

was

96

basi

s po

ints

abo

ve th

e be

nchm

ark

(-19

.55%

ver

sus

-20.

51%

). A

s w

e no

te a

bove

, for

th

e 18

mon

th p

erio

d, fo

reig

n eq

uitie

s co

nsis

tent

ly o

utpe

rform

ed th

eir b

ench

mar

k, th

e E

FA.

Thre

e of

the

25 fu

nds

(FE

MK

X, S

SE

MX

, and

HLE

MX

) are

em

ergi

ng m

arke

t fun

ds, a

nd th

ese

fund

s un

derp

erfo

rmed

the

EEM

exc

hang

e tra

ded

fund

, a m

ore

appr

opria

te b

ench

mar

k.

•

Taxa

ble

Bon

ds:

For Q

3 of

200

8, 4

of 2

5 fu

nds

outp

erfo

rmed

the

Lehm

an A

GG

ben

chm

ark,

and

the

25 fu

nds

on

aver

age

outp

erfo

rmed

the

AG

G b

y 38

6 ba

sis

poin

ts (-

4.47

% v

ersu

s -.6

1%).

For

the

18 m

onth

per

iod,

per

form

ance

ac

ross

the

25 fu

nds

has

been

dis

appo

intin

g, w

ith o

nly

5 of

25

fund

s ou

tper

form

ing

the

AG

G.

The

25 fu

nds

unde

rper

form

ed th

e AG

G b

y 12

7 ba

sis

poin

ts o

ver t

he 1

8 m

onth

s (-

1.88

% v

ersu

s -0

.61%

)

• M

unic

ipal

Bon

d Fu

nds:

For

Q3

of 2

008,

16

of 2

5 m

unic

ipal

bon

d fu

nds

outp

erfo

rmed

the

Lehm

an m

uni b

ond

exch

ange

trad

ed fu

nd T

FI (w

e be

gan

usin

g th

is E

TF a

s th

e be

nchm

ark

on 1

/1/0

8).

The

25 fu

nds

outp

erfo

rmed

the

TFI b

y 77

bas

is p

oint

s (-2

.56%

ver

sus

3.33

%).

For

the

18 m

onth

per

iod,

16

of 2

5 fu

nds

outp

erfo

rmed

the

benc

hmar

k, a

nd o

vera

ll th

e 25

fund

s ou

tper

form

ed th

e be

nchm

ark

by 8

bas

is p

oint

s (-

0.66

% v

ersu

s -0

.74%

).

© C

opyr

ight

200

8, A

dvis

or P

ersp

ectiv

es, I

nc. A

ll rig

hts

rese

rved

.

The

resu

lts fo

r Q3

of 2

008

are

sum

mar

ized

bel

ow:

A

vera

ge R

etur

nB

ench

mar

k R

etur

nB

ench

mar

k#

of F

unds

Out

perfo

rmin

g B

ench

mar

kU

S Eq

uitie

s -1

1.66

%-8

.87%

SP

Y2

of 2

5Fo

reig

n E

quiti

es

-19.

55%

-20.

51%

EFA

13 o

f 25

Taxa

ble

Bon

ds

-4.4

7%-0

.61%

AG

G4

of 2

5M

uni B

onds

-2

.56%

-3.3

3%TF

I16

of 2

5 Th

e re

sults

for t

he p

rior 1

8 m

onth

s (a

nnua

lized

) are

sum

mar

ized

bel

ow:

A

vera

ge R

etur

nB

ench

mar

k R

etur

nB

ench

mar

k#

of F

unds

Out

perfo

rmin

g B

ench

mar

kU

S Eq

uitie

s -1

2.07

%-1

1.21

%S

PY

12 o

f 25

Fore

ign

Equ

ities

-1

2.22

%-1

7.05

%E

FA19

of 2

5Ta

xabl

e B

onds

-1

.88%

-0.6

1%A

GG

5 of

25

Mun

i Bon

ds

-0.6

6%-0

.74%

TFI

16 o

f 25

Bac

kgro

und

and

Met

hodo

logy

Th

e A

dvis

or P

ersp

ectiv

es u

nive

rse

track

s th

e in

vest

men

ts o

f hig

h- a

nd u

ltra-

high

net

wor

th in

vest

ors

who

se a

sset

s ar

e m

anag

ed b

y R

egis

tere

d In

vest

men

t Adv

isor

s. T

he s

ize

of th

e un

iver

se is

app

roxi

mat

ely

$50

billio

n an

d th

e av

erag

e ac

coun

t siz

e is

app

roxi

mat

ely

$900

,000

. H

owev

er, 9

4% o

f the

ass

ets

are

conc

entra

ted

in a

gro

up o

f acc

ount

s w

ith a

n av

erag

e ac

coun

t siz

e of

app

roxi

mat

ely

$4 m

illion

, so

data

from

the

univ

erse

is b

iase

d by

this

dem

ogra

phic

, and

ther

efor

e re

pres

ents

the

inve

stm

ent d

ecis

ions

of u

ltra-

high

net

wor

th in

vest

ors.

Th

e m

ost p

opul

ar m

utua

l fun

ds a

re d

eter

min

ed b

ased

on

the

AU

M (a

sset

s un

der m

anag

emen

t) fo

r eac

h fu

nd w

ithin

the

Adv

isor

Per

spec

tives

uni

vers

e. T

he in

cept

ion

of th

e Ad

viso

r Per

spec

tives

ser

vice

was

in Q

1 of

200

7. T

he fi

rst c

ompl

ete

cale

ndar

qua

rter o

f dat

a w

as Q

2 of

200

7.

© C

opyr

ight

200

8, A

dvis

or P

ersp

ectiv

es, I

nc. A

ll rig

hts

rese

rved

.

The

fund

s us

ed in

this

stu

dy w

ere

the

mos

t pop

ular

fund

s as

of M

arch

31,

200

7. O

nly

activ

ely

man

aged

fund

s w

ere

cons

ider

ed; i

ndex

fund

s, e

nhan

ced

inde

x fu

nds,

and

ETF

s w

ere

not i

nclu

ded

in th

is s

tudy

. To

cal

cula

te th

e A

UM

of e

ach

fund

, ass

ets

are

cons

olid

ated

acr

oss

all s

hare

cla

sses

hel

d in

the

Adv

isor

Per

spec

tives

un

iver

se.

For t

his

stud

y, p

erfo

rman

ce d

ata

was

obt

aine

d fo

r the

sha

re c

lass

mos

t app

ropr

iate

for a

dvis

ors

(eith

er a

load

-w

aive

d sh

are

clas

s or

an

inst

itutio

nal s

hare

cla

ss).

Per

form

ance

dat

a an

d st

yle-

box

clas

sific

atio

ns w

ere

obta

ined

from

Mor

ning

star

. D

etai

led

data

is p

rese

nted

in th

e fo

ur ta

bles

bel

ow.

US

Equi

ties

(LC

= L

arge

Cap

; MC

= M

id C

ap; S

C =

Sm

all C

ap)

(G =

Gro

wth

; B =

Ble

nd; V

= V

alue

)

Perfo

rman

ce

Ti

cker

Fu

nd

Sty

le

Q2-

07

Q3-

07

Q4-

07

Q1-

08

Q2-

08

Q3-

08

T18

Per

f. v.

SP

Y P

erf.

v.

Scn

dry

Indx

A

GTH

X.lw

G

RO

WTH

OF

AM

ER

ICA

FU

ND

LC

/G

7.71

4.43

-2.7

2 -7

.88

1.24

-15.

04-9

.07

2.14

-0.8

6 D

OD

GX

D

OD

GE

AN

D C

OX

STO

CK

FU

ND

LC

/B

5.41

-1.9

2-4

.78

-11.

93-4

.48

-12.

10-1

9.08

-7.8

6-7

.86

FRIA

X

FRA

NK

LIN

TE

MP

LETO

NC

US

TOD

IAN

INC

OM

E F

UN

D

LC/B

2.47

1.39

-2.1

0-5

.58

0.71

-15.

49-1

2.58

-1.3

7-1

.37

SR

VE

X.lw

VIC

TOR

Y D

IVE

RS

IFIE

D S

TOC

K

FUN

D

LC/G

9.10

3.43

-1.6

4-9

.31

3.77

-10.

92-4

.69

6.52

3.52

FEQ

IX

FID

ELI

TY E

QU

ITY

INC

OM

E FU

ND

LC

/B

7.31

-0.4

1-6

.12

-9.7

0-5

.29

-10.

92-1

6.40

-5.1

9-5

.19

FCN

TX

FID

ELI

TY C

ON

TRA

FUN

D F

UN

D

LC/G

7.

507.

162.

53

-1

1.21

3.44

-14.

02-4

.54

6.68

3.67

AB

ALX

.lw

B

ALA

NC

ED F

UN

D

LC/G

5.02

2.77

-1.9

7-5

.90

-2.7

5-5

.12

-5.5

05.

712.

71JE

NIX

JE

NS

EN

FU

ND

LC

/G

5.13

3.41

0.06

-7.1

0-4

.47

2.40

-0.7

610

.45

7.45

TAV

FX

THIR

D A

VE

NU

E V

ALU

E F

UN

D

MC

/B

4.45

2.97

-4.7

0

-12.

05-6

.01

-13.

66-1

8.81

-7.6

0-5

.95

© C

opyr

ight

200

8, A

dvis

or P

ersp

ectiv

es, I

nc. A

ll rig

hts

rese

rved

.

FMC

SX

FI

DE

LITY

MID

CA

P S

TOC

K

FUN

D

MC

/G7.

67-0

.19

-5.5

4-1

3.17

11.5

7-2

4.04

-17.

67-6

.46

-5.2

3

UM

BIX

E

XC

ELS

IOR

VA

LUE

AN

DR

ES

TRU

CTU

RIN

G F

UN

D

LC/V

10.0

5-1

.55

-1.4

3-7

.99

8.76

-24.

37-1

3.23

-2.0

20.

64

FRE

SX

FI

DE

LITY

REA

L E

STA

TE

INV

ES

TME

NT

FUN

D

LC/B

-1

1.14

0.59

-15.

194.

75-6

.04

0.34

-17.

55-6

.34

-6.3

4

MX

XIX

M

AR

SIC

O 2

1ST

CE

NTU

RY

FU

ND

LC

/G

10.3

26.

360.

59-1

4.11

-3.0

0-1

1.42

-8.7

92.

42-0

.58

PR

WC

X

TRO

WE

PR

ICE

CA

PIT

AL

AP

PR

EC

IATI

ON

FU

ND

LC

/B5.

83-1

.08

-1.5

9-3

.87

0.47

-6.9

7-5

.02

6.19

6.19

FLM

VX

JP

MO

RG

AN

MID

CA

P V

ALU

E

FUN

D

MC

/V

4.22

-1.2

1-3

.45

-8.3

2-0

.80

-5.8

7-1

0.20

1.02

4.05

AW

SH

X.lw

W

AS

HIN

GTO

N M

UTU

AL F

UN

D

LC/B

6.

711.

80-5

.18

-7.9

7-4

.60

-4.4

9-9

.30

1.91

1.91

FD

CA

X

FID

ELI

TY C

APIT

AL

AP

PR

EC

IATI

ON

FU

ND

LC/B

7.50

3.09

-5.7

3-1

2.41

3.24

-17.

77-1

5.49

-4.2

8-4

.28

FDV

LX

FID

ELI

TY V

ALU

E F

UN

D

MC

/V

6.35

-1.6

0-6

.78

-9

.19

-2.2

9-1

1.78

-16.

45-5

.24

-2.2

1M

PM

CX

M

ELL

ON

MID

CA

P S

TOC

K

FUN

D

MC

/G7.

330.

41-0

.06

-1

0.86

6.01

-15.

89-9

.84

1.37

2.60

DN

VY

X

DA

VIS

NE

W Y

OR

K V

EN

TUR

E

FUN

D

LC/B

6.

56-0

.26

-1.9

8-9

.12

-2.8

0-9

.85

-11.

71-0

.49

-0.4

9

PA

MC

X

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