Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Mutual Funds Tumble In Attack Aftermath
Last year, US diversified equity funds slipped an average 1.7%, while in 1999 that sector gained 28.3%.
Among the most popular funds, Fidelity Magellan is down 25.1% this year, while the Vanguard 500 Index is down 24.8%. Of the 25 largest mutual funds tracked by Lipper, the only one to post a year-to-date gain is the $47 billion PIMCO Total Return fund, now up 8.5%.
Week’s Worth
Once again Science & Technology funds led the way, sliding over 14% over the past week. Tech funds have fallen more than 53% since the beginning of the year, according to the report.
Communications funds, having already been battered down 45% this year, fell just 5.2% in the past week. Large-cap growth funds are down 36.2% in 2001.
Bear funds also fared extremely well over the week, though Lipper does not track them separately as their own group, according to CBSMarketWatch.
Gold funds, up 17% for the year, were the only segment tracked by Lipper to gain ground for the week. The sector rose 4% for the week.
Lipper Leader
Separately, on Friday Lipper appointed managing director Michael Peace as its new chief executive officer. Peace succeeds Sarah Dunn, who was appointed the head of a new corporate and media customer division at London-based Reuters in July.
Peace has served as managing director of Lipper Asia since 1999 and has worked at Reuters for 14 years.