MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
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Monday, July 19, 1999 Odd Lots, July 19, 1999 Fund manager believes financial stocks overreacted From The Boston Globe Financial stocks, a market sector that has been hobbled by rising interest rates and concern over global economies has caught the attention of David Thompson, co-manager of the First Funds Growth & Income Portfolio. Some of the worst performers in the fund this year have been insurance and banking stocks, which make up about 25% of assets. However, Thompson believes investors have overreacted to bad news, creating compelling values for those willing to look past what he considers short-term problems. He believes the recent rise in interest rates has run its course, and that banks with low exposure to foreign loans are sufficiently protected from global economic turmoil. U.S. District court says okay to Scudder's redemption fee From The Individual Investor A New York U.S. District court judge turned down a shareholder's attempt to prevent a combined shareholder vote to charge a 2% redemption fee and open-end the $350 million Scudder New Europe fund. New Europe fund shareholders are scheduled to vote Tuesday on whether to open end the fund and assess a 2% redemption fee on shareholders who wish to redeem their shares within a year. An attorney representing Scudder said, "The court has affirmed that the board of directors have the right to determine how an open-ended transaction should occur, including that it can impose a redemption fee." Fidelity moves away from Internet and into blue chip tech From SmartMoney Fidelity has moved away from the Internet but cyber stocks aside, Fidelity has not abandoned technology. The fund giant actually upped its tech holdings in many of its funds, according to its second-quarter report. The moves at the top of many portfolios appear to be in tech subsectors outside the Internet. A movement has been made into blue-chip Internet infrastructure plays like Microsoft, Lucent, AT&T and Cisco Systems. This may be part of a broader shift by Fidelity into higher-quality, lower-valuation stocks and sectors like energy and industrial equipment that began in February and appeared to end in mid-June. Mutual funds requireing less than $500 initial investment From Mutual Funds Magazine As retail investors wish to enter the mutual fund market place slowly, funds requiring a low initial investment are becoming more popular. Mutual Fund Magazine has searched the world of retail mutual funds for those requiring $500 or less minimum initial investments. Among those included in the list are Fidelity Destiny I "0", requiring a $25 initial investment, GE Elfun Trust, requiring a $100 investment and Alliance Premier Growth "A", requiring a $250 initial investment. New supermarkets grand opening From The Wall Street Journal Neuberger Berman LLC and USAA Investment Management Co. -- to develop alternative distribution channels and broaden their product line -- said they will be entering the competitive area of mutual fund supermarkets this year and next spring, respectively. But analysts say such fund firms could encounter difficulty building market share against more established giants such as Fidelity Investments and Charles Schwab Corp. The great expense and resources needed to make such a move are causing some skepticism. Printed from: MFWire.com/story.asp?s=24333 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |