Things aren't always what they seem in the fund world.
By Kunal Kapoor, CFA | 06-23-05 | 06:00 AM | Email Article

Back by popular demand, here's our semiannual listing of 10 interesting fund stats. For our early 2005 version, click here.

Kunal Kapoor, CFA, is chief executive officer of Morningstar.

36%, 43%, and 19%
The percent of assets in closed funds in the small-cap value, small-cap blend, and small-cap growth categories. Yes, indeed, most of the best managers are more off-limits to investors after a furious rally in small caps over the past few years.

The cash stake of  Longleaf Partners Small-Cap , a fund run by a team for which we have tremendous respect. It's the third-largest cash stake among small-cap value funds. Only CM Advisers and Aegis Value have larger allocations to cash.

At $102 billion in assets,  American Funds Growth Fund of America  is 79 times as large as the average large-growth fund. And it's bigger than the next three largest large-growth funds-- Fidelity Contrafund ,  Fidelity Growth Company , and  Fidelity Blue Chip Growth --combined.

The highest expense ratio for an exchange-traded fund, it belongs to iShares MSCI Taiwan Index .

 Janus Twenty  didn't favor energy stocks in 2004, when it had no exposure to the group. At the end of April 2005, however, the fund's energy weighting had mushroomed to 20% of assets.

For the year to date through June 17, 2005, the best return from a non-energy fund belonged to a long government-bond fund, American Century Target Maturity 2030 . Yes, indeed, interest-rate movements continue to vex investors.

For the year to date, our three domestic large-cap categories were leading their smaller-cap style counterparts. Another false alarm, or is this finally a sign that large caps may be ready to start outperforming?

-18.34% and 20.97%
The annualized five-year returns of the specialty-tech and precious metals categories through June 17, 2005.

$117 billion and $45 billion; $4 billion and $19 billion
Since 1999, the average market cap of  Marsico Focus portfolio has been more than halved. Meanwhile, the average market cap of  Oakmark Select  has almost increased fourfold. What's happened with these funds' average market caps is symptomatic of the trend in the large-cap growth and large-cap value categories and a likely sign that the line between growth and value--both in terms of holdings and performance--is likely to continue blurring.

0.56% and 9.65%
Year-to-date returns of the MSCI Europe in dollar terms versus local currency terms, driven largely by a resurgence in the dollar. More proof that currency movements are hard to predict and futile in most cases.

Securities mentioned in this article



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Kunal Kapoor, CFA has a position in the following securities mentioned above: OAKLX Find out about Morningstar's editorial policies.
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