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巴曙松教授,博士,国务院发展研究中心金融研究所副所长,研究员,博士生导师,享受国务院特殊津贴。    巴曙松教授在银行、证券、基金、企业年金等领域有过10余年的实践工作经验,熟悉商业银行风险管理、基金与年金运作,参与中银香港海外重组上市项目,主持起草了《中银香港风险管理政策与流程》。目前的主要研究领域为金融机构风险管理与金融市场监管、企业融资问题与货币政策决策,出版了国内第一本系统研究巴塞尔新资本协议的《巴塞尔新资本协议研究》(中国金融出版社2003年版)

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bear market alters mutual fund landscape  

2009-01-14 01:42:41|  分类: 默认分类 |  标签: |举报 |字号 订阅

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USA TODAY

 

The bear market has utterly transformed the mutual fund landscape.

The largest mutual fund is no longer the American Funds' Growth Fund of America. It's Fidelity Cash Reserves, a $130.7 billion money fund.

The largest fund company is no longer Fidelity Investments. It's the Vanguard Group.

Only one stock fund remains among the five largest mutual funds.

The bear market has hit stock fund assets with a double whammy. This year alone, the Standard & Poor's 500-stock index has fallen 40%. And investors have fled the funds in record numbers.

Consider the Vanguard 500 Index fund, the largest stock fund five years ago, with $88.9 billion in assets in three share classes. Today, the fund has $80.7 billion, making it the seventh-largest fund.

The Vanguard 500 fund had $121.9 billion at the start of this year. Although the fund has fallen 41.1% this year through Thursday, it still has seen more investor money flowing in than flowing out.

What about Fidelity Magellan, the largest fund throughout much of the 1980s and 1990s? It now has $21.9 billion in assets, well below many other Fidelity stock funds, including Fidelity Growth Company ($25.2 billion) and Fidelity Contrafund ($51.5 billion).

Fidelity has slipped to the No. 2 spot among all fund companies, ranked by assets in stock, bond and money funds tracked by Lipper. Fido now tips the scales at $1.10 trillion, vs. $1.11 trillion for rival Vanguard. Third place belongs to American Funds, which has $806.7 billion in assets.

Only a few fund companies have seen their assets grow. Pimco, which specializes in bonds, has gained about 3%, to $220.3 billion, this year. And the ProFunds group, which offers a number of funds that rise when the stock market falls, has seen its assets soar 120% to $23 billion.

Fund companies charge investors a percentage of the fund's assets for their services, which means most fund companies have seen sharply reduced revenue this year. Many investors have moved their money to money market funds, which often charge less than stock or bond funds do.

To cut costs, fund companies are liquidating or merging small or unpopular funds out of existence. This year, 560 funds have been sent to oblivion, vs. 498 for all of last year, according to Lipper. "We have to assume that next year we'll see more fund companies eliminating funds that are persistently below $25 (million) to $50 million," says Geoff Bobroff, a Rhode Island mutual fund consultant.

 

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