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The Federal Reserve came to the rescue in November. The central bank cut short-term rates a half percentage point on Nov. 6 to jump-start the economic recovery, which it said had hit a "soft patch." That move also jump-started the stock market. The Standard & Poor's 500-stock index gained 5.9% in November, and the average diversified U.S. stock fund did a notch better, with a 6% gain (see BW Online's Interactive Mutual Fund Scoreboard for complete results of more than 4,000 funds).
The stock market's riskiest sectors performed the best in November. Technology and communications funds soared, gaining 17.3% and 13.7%, respectively. One exchange-traded fund, iShares Goldman Sachs Networking Index (IGN
), was up 41% -- making it the top-performing fund in November. Firsthand Technology Innovators (TIFQX
) rose 35%. Still, both funds are down more than 30% for the year.
Small-cap funds also fared especially well in November, gaining 7% on average. Large-cap funds, with an average gain of 5%, underperformed the S&P. Emerging markets funds gained 6.3% on average, while international and world funds gained 4.5%.
COMING UP SHORT. No equity-fund categories were in the red in November, but precious-metals funds brought up the rear, gaining only 1.1%. The beleaguered health-care sector picked up just 2.6%. The worst-performing stock funds, not surprisingly, were those that short stocks. Both ProFunds UltraShort OTC (USPSX
) and Rydex Dynamic Venture (RYVNX
) fell 25% in November (however, year-to-date they're up 18% and 20%, respectively).
In similar fashion to the equity funds, the riskiest bond-fund groups performed the best. Convertible and high-yield funds had stellar one-month results, up 8% and 9%, respectively. Fidelity Advisor High Income Advantage (FAHDX
), a junk-bond fund, was 12.2% higher and was the top-performing bond fund in November (year-to-date it's down 8%). Harris Insight Convertible Securities (HICAX
) rose 9.6% in the month (it's down 8% year-to-date).
Long-term government bond funds did the worst of fixed-income categories as mid- and long-term rates rose even while short-term rates fell thanks to the Fed's move. The worst-performing bond fund was Comstock Strategy (CPFAX
), which had a 5.5% loss in November (it's up 8.8% this year). Flex-Fund U.S. Government Bond (FLXBX
) lost 2% in November but is up 9.3% this year.
A-Rated Funds in November
AIM European Growth A
AIM Global Health Care A
AIM Small Cap Growth A
ARK Small Cap Equity Retail A
Advisors Inner Circle FMC Select
Amer Century Equity Inc Inv
Ameristock
Ariel
Ariel Appreciation
Armada Small Cap Value I
Artisan International
Artisan Mid Cap
Artisan Small Cap Value
BNY Hamilton Sm Cap Gr Inv
Baron Growth
Baron Small Cap
Berger Small Cap Value Inv
Bjurman Micro Cap Growth
BlackRock Intl Sm Cap Eq Inv A
Bridgeway Aggressive Investors I
Bridgeway Ultra Small Company
Bridgeway Ultra Small Company Tax Adv
CGM Focus
Calamos Growth A
California Investment S&P Mid Cap Index
Chesapeake Core Growth
Clipper
Conseco Equity Y
Delafield
Diamond Hill Bank & Financial A
Dodge & Cox Balanced
Dodge & Cox Stock
Dreyfus Index Fds Midcap Index
Dreyfus Premier Technology Growth A
Eaton Vance Wldwd Hlth Sciences A
FBR Small Cap Financial A
FBR Small Cap Value A
FMI Focus
Fenimore Equity Income
Fidelity Advisor Mid Cap T
Fidelity Export & Multinational
Fidelity Fifty
Fidelity Japan Small Co
Fidelity Low Priced Stock
Fidelity Mid Cap Stock
Fidelity New Millennium
Fidelity Select Brokerage & Investment
Fidelity Select Insurance
Fidelity Select Multimedia
Fidelity Select Software & Computer
First American MicroCap Y
First Eagle Fund Of America Y
First Eagle SoGen Global A
First Eagle SoGen Gold
First Eagle SoGen Overseas A
Fremont US Micro Cap
Fremont US Micro Cap Instl
Gabelli Gold
Gabelli Investor ABC
Growth Fund of America A
Heartland Select Value
Hennessy Cornerstone Growth
Heritage Mid Cap Stock A
Hotchkis & Wiley Mid-Cap Value I
ICON Energy
ICON Financial
ICON Healthcare
ICON Information Technology
ICON Leisure and Consumer
IMS Capital Value
ING International Small Cap Growth A
INVESCO Leisure Inv
J Hancock Classic Value A
JPMorgan Mid Cap Value I
Janus Adviser Balanced I
Janus Adviser Capital Appreciation I
Janus Aspen Cap Appreciation Instl
Janus Aspen Core Equity Instl
Janus Balanced
Jensen
Julius Baer International Equity A
Kinetics Internet
Legg Mason Eq Tr Special Invmnt Prim
Liberty Acorn Z
Longleaf Partners
Longleaf Partners Small Cap
Lord Abbett Mid Cap Value A
MFS International New Discovery A
Mairs & Power Growth
Marshall Mid Cap Value Inv
Matrix Advisors Value
Matthew 25
Matthews Asian Growth & Income
Matthews Korea
Meridian Growth
Meridian Value
Merrill Lynch Global Small Cap B
Merrill Lynch Healthcare B
Merrill Lynch Master Small Cap Value B
Morgan Stanley Health Sciences Trust B
Morgan Stanley Instl Small Company Gr B
Mosaic Equity Tr Mid Cap
Mutual European Z
Mutual Financial Services A
Navellier Perf Mid Cap Growth
Needham Growth
Neuberger Berman Genesis Inv
North Track PSE Tech 100 Idx A
Oakmark Equity & Income I
Oakmark International Small Cap I
Olstein Financial Alert C
Osterweis
PBHG Large Cap Value
PBHG Mid Cap Value
PIMCO PEA Renaissance A
PIMCO RCM Global Health Care
Parnassus Income Equity Inc
Prudential Natural Resources A
Quaker Aggressive Growth A
RS Diversified Growth A
Reserve Private Eqty Small Cap Growth R
Rockland Small Cap Growth
Royce Low Priced Stock
Royce Opportunity Inv
Royce Pennsylvania Mutual Inv
Royce Premier
Royce Total Return
Royce Trust & Giftshares Inv
Salomon Brothers Capital II
Santa Barbara Bender Growth C
Schroder Capital Ultra Inv
Scudder Micro Cap Invest
Security Mid Cap Value A
Sentinel Small Company A
Sequoia
Smith Barney Aggressive Growth A
Standard & Poor's MidCap 400 Depositary Rcpt
State Street Research Aurora A
T Rowe Price Capital Appreciation
T Rowe Price Financial Services
T Rowe Price Health Sciences
T Rowe Price Media & Telecommunications
T Rowe Price Mid-Cap Value
TCW Galileo Value Opportunities I
Thompson Plumb Balanced
Thompson Plumb Growth
Tocqueville Small Cap Value
Touchstone Emerging Growth A
Transamerica Premier Balanced Inv
Transamerica Premier Growth Oppt Inv
Turner Small Cap Value
USAA Precious Metals & Minerals
Value Line Emerging Opportunities
Vanguard Capital Opportunity
Vanguard Health Care
Vanguard International Explorer
Vanguard Precious Metals
Vontobel US Value
WM West Coast Equity A
Waddell & Reed Adv Science & Technology A
Wasatch Core Growth
Wasatch Micro Cap
Wasatch Small Cap Growth
Wasatch Ultra Growth
Weitz Partners Value
Weitz Value
William Blair International Growth N
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