q3 2008 performance among the most popular mutual funds in ... · q2 of 2008, q1 of 2008, q4 of...
TRANSCRIPT
© 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
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© C
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nc. A
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© C
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nc. A
ll rig
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INTE
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81
© C
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200
8, A
dvis
or P
ersp
ectiv
es, I
nc. A
ll rig
hts
rese
rved
.
Mun
i Bon
ds
(ST
= S
hort
Term
; MT
= M
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m T
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rform
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