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Path: utzoo!linus!decvax!wivax!guarini
From: guarini@wivax.UUCP
Newsgroups: net.invest
Subject: Re: no-load mutual funds
Message-ID: <18518@wivax.UUCP>
Date: Thu, 18-Aug-83 15:22:48 EDT
Article-I.D.: wivax.18518
Posted: Thu Aug 18 15:22:48 1983
Date-Received: Fri, 19-Aug-83 01:58:06 EDT
Sender: guarini@wivax.UUCP
Organization: Wang Institute, Tyngsboro, Ma.
Lines: 45



I recently performed some calculations to determine which no-load mutual
funds performed the best during the recent bull market.  The funds I
considered, 74 in all, can all be classified as either maximum capital gain
or growth funds (as opposed to growth-and-income or income funds).  The first
figure I calculated was the percent rise in each fund's price from the stock
market low in August 1982, to the market high in June 1983; these values are
labeled "rise" in the table below.  Next, I computed the amount each fund 
dropped from the market high in June to the recent low last week (labeled
"chg").  Finally, the net rise in price from last August to last week was 
computed (labeled "net_rise").  Note that in none of these calculations was
the distribution of capital gains or dividends taken into consideration.

The following table shows the top ten funds in terms of net rise (one key
omission from this table is Fidelity Select Portfolio-Technology, because
I was unable to find a price quotation from last August; the April issue of
Money magazine reported it was the top-performing fund since August at that
time.  Also, 20th Century Ultra does have a small load, 1%):

|fund                |rise      |chg       |net_rise  |
|-----------------------------------------------------|
|Constellation Growth|   185.774|   -14.458|   144.456|
|20th Cent Ultra     |   188.251|   -15.924|   142.350|
|Hartwell Leverage   |   162.993|   -15.770|   121.520|
|Hartwell Growth     |   139.235|    -8.289|   119.405|
|Quasar              |   130.351|    -8.650|   110.427|
|Weingarten Equity   |   139.252|   -12.134|   110.221|
|USAA Sunbelt        |   132.910|   -11.601|   105.889|
|SteinRoe Cap Opp    |   137.458|   -15.059|   101.700|
|20th Cent Select    |    98.865|     0.937|   100.729|
|Vanguard Explorer   |   117.930|    -8.004|   100.486|
|-----------------------------------------------------|

Even though the top-performing funds from August to June fell the most during
the recent dip, they still had the best gains overall.  However, if an
investor in these funds thought the market had peaked and was entering a long
downward trending phase, it would probably be best to get out of the funds
before they dropped too much in price.  The addresses for all of these
funds can be found in the April issue of Money magazine.

Joe Guarini
Wang Institute of Graduate Studies
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