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Monday, December 03, 2012

M* Focuses on Floundering Funds

News summary by MFWire's editors

Morningstar's latest Fund Spy column by Michelle Canavan looks at three mutual funds that have lost more than half their AUM in the last year.

First up, the Artio International Equity and Artio Internatioinal Equity II [profile] funds, which have lost 63 and 76 percent of their assets, respectively, in the past 12 months. They now hold a combined $3.1 billion, compared to $35 billion at the end of 2007.

Next, Columbia Value & Restructuring [profile] is down to $2.5 billion in AUM, less than half of its asset base a year ago. Long-time PM David Williams stepped down in May, which, Canavan claims with assurance, was "no doubt" the reason for the outflows.

The last of the hexed funds Morningstar highlights is the Brandywine's Blues [profile] fund, which is down to $553 million in AUM, 60 percent of what it held 12 months ago. Canavan says that it is an open question whether this fund, "which has also lost several research team leaders, can once again produce peer-beating results." But at the very least Brandywine management should be grateful that she restrains herself from making a "blues" pun. 

Edited by: Chris Cumming

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