Mutual Funds' Specter: Inflation


By Amey Stone By Amey Stone By Amey Stone By Amey Stone By Amey Stone By Amey Stone Investing in March was dominated by inflation fears. As the price of crude oil spiked and interest rates rose, most stocks fell. Bonds struggled, too, as investors worried that rising energy prices would trigger higher costs for businesses and consumers as well as inspire more rate hikes by the Federal Reserve.

The average U.S. diversified equity fund fell 1.9% in the month, slightly more than the S&P 500-stock index, which declined 1.8%. International equities suffered, falling 3.1% on average, as the dollar rebounded. Emerging markets tanked by a painful 6.7% as investors sought to take profits and reduce risk. (For complete results of more than 5,000 funds, see "BW Online's Interactive Mutual Fund Scoreboard".)

SHORT-SELLERS BENEFIT. All categories of U.S. diversified equity funds lost money in March, according to research from Standard & Poor's mutual-fund database. Small-cap growth funds -- which have outperformed in the past year -- were hit hardest, losing 3.1% in March. Large-cap value funds held up the best, down just 1.6%.

Roseanne Pane, mutual-fund strategist at S&P, expects this trend to continue. "In 2005 large-cap funds should provide stronger performance relative to smaller-company funds, since large-cap companies can weather a rising-rate environment better than smaller companies," she said in an Apr. 4 report. Pane also expects large-caps to benefit as the dollar's decline resumes, because they tend to have more international exposure.

A few funds managed to turn in strong results in March. The top performer was Oppenheimer Real Asset (QRAAX), a unique fund that invests in physical commodities (not stocks) and has more than 70% weighting in energy. It gained 7.7%. Other funds that notched increases were those that short stocks, profiting from declines in share prices. Potomac Small Cap/Short (POSSX) rose 7.6%, and ProFunds UltraShort Small Cap (UCPIX) climbed 6.3%.

BONDS DENTED, TOO. The only category of sector fund not to lose money in March was utilities, where returns were flat. Health and real estate funds were the sectors that held up next best, losing 1.7% and 1.8% on average, respectively.

Fixed-income funds offered little safety for investors. The only category of bond fund not to lose money was so-called ultrashort funds (just a notch longer in duration than money market funds), which were flat for the month. The average taxable bond fund lost 0.9% in March, and the average tax-free bond fund fell 0.7%.

Overall, March demonstrated clearly that when fear of inflation is in the air, investors find few places to hide.

A-List Equity Funds

Fund

Symbol

5-Year Annualized Pre-tax Return (%)

ABN AMRO Real Estate N

ARFCX

18.6

AIM Energy Inv

FSTEX

15.4

AIM Gold & Precious Metals Inv

FGLDX

19.1

AIM Real Estate A

IARAX

21.3

AXP Precious Metals A

INPMX

18.0

Adelante US Real Estate Securities Y

LLUYX

19.2

Aegis Value

AVALX

19.9

AllianceBernstein Real Est Invstmnt Adv

ARSYX

19.3

AllianceBernstein Real Est Invstmnt Instl I

ARIIX

18.2

Alpine International Real Estate Equity Y

EGLRX

19.7

Alpine Realty Income & Growth Y

AIGYX

22.3

Alpine US Real Estate Equity Y

EUEYX

32.7

Amer Beacon Small Cap Value PlanAhead

AVPAX

21.2

Amer Century Glbl Gold Inv

BGEIX

22.0

Amer Century Real Estate Inv

REACX

20.1

Amer Century Sm Cap Vl Inv

ASVIX

19.9

Amer Century Sm Company Inv

ASQIX

14.5

Ariel

ARGFX

17.8

Armada Small Cap Value I

AMRIX

16.9

Artisan Small Cap Value

ARTVX

17.9

Berwyn

BERWX

19.0

BlackRock Global Resources Inv A

SSGRX

34.4

Boston Company International Small Cap

SDISX

14.2

Boston Company Small Cap Value

STSVX

16.5

Boston Partners Long Short Equity Inv

BPLEX

15.6

Boston Partners Small Cap Value II Inv

BPSCX

23.1

Brazos Real Estate Securities Y

BJRSX

18.0

Bridgeway Micro Cap Limited

BRMCX

16.0

Bridgeway Ultra Small Company

BRUSX

23.1

Bridgeway Ultra Small Company Market

BRSIX

18.3

Bruce

BRUFX

30.5

Buffalo Small Cap

BUFSX

14.9

Burnham Financial Serv A

BURKX

28.6

CGM Focus

CGMFX

31.5

CGM Realty

CGMRX

28.9

CRM Small Cap Value Instl

CRISX

15.9

Century Small Cap Select Instl

CSMCX

19.7

Cohen & Steers Realty Focus Instl

CSSPX

19.4

Cohen & Steers Realty Income C

CSCIX

18.7

Cohen & Steers Realty Shares

CSRSX

19.3

Cohen & Steers Reatly Shares Instl

CSRIX

19.4

Columbia Real Estate Equity Z

CREEX

17.7

Columbia Small Cap Z

SMCEX

14.2

Consulting Grp Cap Mkts SmCp Vl Eq

TSVUX

15.2

CornerCap Small Cap Value

CSCVX

14.4

Davis Real Estate A

RPFRX

18.6

Delafield

DEFIX

18.9

Delaware RE Inv Tr A

DPREX

18.8

Delaware Small Cap Value A

DEVLX

15.7

Diamond Hill Bank & Financial A

BANCX

22.1

Dreyfus Premier Sm Cap Val A

DSVAX

16.4

EII Realty Securities Instl

EIIRX

17.3

Emerald Select Banking & Finance A

HSSAX

21.5

Evergreen Precious Metals A

EKWAX

27.0

Excelsior Real Estate

UMREX

18.8

FBR Small Cap

FBRVX

15.9

FBR Small Cap Financial

FBRSX

26.7

FMC Strategic Value

19.2

Fairholme

FAIRX

18.3

Fidelity Low Priced Stock

FLPSX

18.2

Fidelity Real Estate Investment

FRESX

20.2

Fidelity Select Chemicals

FSCHX

14.7

Fidelity Select Construction & Housing

FSHOX

17.9

Fidelity Select Gold

FSAGX

18.3

Fidelity Select Home Finance

FSVLX

15.8

Fidelity Select Industrial Materials

FSDPX

14.8

Fidelity Select Medical Delivery

FSHCX

25.4

Fidelity Select Natural Gas

FSNGX

15.1

Fifth Third Micro Cap Value Instl

MXAIX

17.3

First American Real Estate Securities Y

FARCX

20.7

First Eagle Global A

SGENX

17.0

First Eagle Gold A

SGGDX

27.4

First Eagle Overseas A

SGOVX

17.0

Forward Uniplan Real Estate Investment

FFREX

17.3

Franklin Balance Sheet Invmt A

FRBSX

16.5

Franklin Gold & Precious Metals A

FKRCX

17.7

Franklin MicroCap Value

FRMCX

19.8

Franklin Real Estate Sec A

FREEX

19.3

Franklin Small Cap Value A

FRVLX

15.5

Gabelli Gold AAA

GOLDX

24.9

Goldman Sachs Mid Cap Value A

GCMAX

17.5

Goldman Sachs Real Estate Sec A

GREAX

19.7

Goldman Sachs Small Cap Value A

GSSMX

16.9

Harris Insight Small Cap Value N

HSVAX

17.5

Heartland Select Value

HRSVX

14.9

Heartland Value

HRTVX

16.0

Heitman REIT PBHG

PBRTX

19.1

Hilliard Lyons Senbanc

SENBX

19.1

HomeStead Small Company Stock

HSCSX

14.7

Hotchkis & Wiley Mid-Cap Value I

HWMIX

22.4

Hotchkis & Wiley Small Cap Value I

HWSIX

27.9

ICON Energy

ICENX

21.1

ICON Leisure and Consumer

ICLEX

15.2

ING Precious Metals

LEXMX

19.6

ING Russia A

LETRX

22.5

Ivy Global Natural Res A

IGNAX

21.8

Ivy Real Estate Securities A

IRSAX

19.9

Ivy Small Cap Value A

IYSAX

15.9

J Hancock Classic Value A

PZFVX

16.9

J Hancock Real Estate A

JREAX

17.5

JPMorgan Small Cap Value Sel

PSOPX

19.2

JPMorgan US Real Estate A

SUSIX

19.0

James Advantage Small Cap

JASCX

15.8

Janus Mid Cap Value Inv

JMCVX

15.1

Jennison Natural Resources A

PGNAX

19.5

Keeley Small Cap Value

KSCVX

16.9

Kensington Strategic Realty A

KSRAX

21.3

Legg Mason Eq Tr US Small Cap Vl Prim

LMSVX

16.4

Longleaf Partners Small Cap

LLSCX

15.2

Lord Abbett Mid Cap Value A

LAVLX

15.9

Lord Abbett Small Cap Value A

LRSCX

15.7

MainStay Small Cap Opportunity I

MOPIX

14.5

Managers Real Estate Securities

MRESX

17.1

Marshall Mid Cap Value Inv

MRVEX

15.8

Matthews Asian Growth & Income

MACSX

16.1

Merrill Lynch Natural Resources A

MDGRX

17.9

Morgan Stanley Instl European Real Estate A

MSUAX

22.2

Morgan Stanley Instl US Real Estate A

MSUSX

19.9

Morgan Stanley Real Estate B

REFBX

18.6

Munder Real Estate Eq Invmnt A

MURAX

18.1

Munder Small Cap Value Y

MCVYX

18.2

Mutual Financial Services A

TFSIX

17.1

Neuberger Berman Genesis Inv

NBGNX

16.0

OCM Gold

OCMGX

21.9

Oakmark Global I

OAKGX

18.5

Oakmark International Small Cap I

OAKEX

16.3

Oppenheimer Gold & Special Minerals A

OPGSX

20.5

Oppenheimer Small Cap Value A

QVSCX

16.1

PIMCO NFJ Small Cap Value A

PCVAX

19.5

Pacific Advisors Small Cap A

PASMX

17.0

Pacific Capital Small Cap Y

PSCYX

21.4

Perritt Micro Cap Opportunities

PRCGX

16.0

Phoenix Mid Cap Value Fund A

FMIVX

18.5

Phoenix-Duff & Phelps Real Estate Sec A

PHRAX

21.0

Phoenix-Seneca Equity Income A

REALX

17.1

Pioneer Real Estate Shares A

PWREX

18.8

Principal Real Estate Securities A

PRRAX

20.0

Putnam Small Cap Value A

PSLAX

15.8

RS Global Natural Resources

RSNRX

24.2

RS Partners

RSPFX

26.4

RS Value

RSVAX

18.0

Royce Pennsylvania Mutual Inv

PENNX

15.7

Royce Special Equity

RYSEX

18.7

Royce Total Return Inv

RYTRX

15.1

Russell Real Estate Securities S

RRESX

19.3

STI Classic Small Cap Value Equity L

STCEX

18.7

Scudder Gold & Precious Metals S

SCGDX

27.4

Scudder Small Company Value S

SCSUX

15.9

Security Mid Cap Value A

SEVAX

15.8

Skyline Special Equities

SKSEX

15.4

Smith Barney Small Cap Value A

SBVAX

16.4

Spirit of America Real Estate A

SOAAX

19.2

Strategic Partners Real Estate Securities A

PURAX

21.2

Stratton Growth

STRGX

14.6

Stratton Monthly Dividend REIT

STMDX

18.5

Stratton Small Cap Value

STSCX

19.2

Strong Advisor Small Cap Value Z

SSMVX

15.4

T Rowe Price Capital Appreciation

PRWCX

14.1

T Rowe Price Mid-Cap Value

TRMCX

15.5

T Rowe Price New Era

PRNEX

14.4

T Rowe Price Real Estate

TRREX

20.2

T Rowe Price Small Cap Value

PRSVX

18.3

TAMARACK Enterprise S

TETSX

16.1

TAMARACK Microcap Value S

TMVSX

14.8

TCW Galileo Value Opportunities I

TGVOX

15.2

Texas Capital Value & Growth

TCVGX

18.8

Third Avenue Real Estate Value

TAREX

21.3

Third Avenue Small Cap Value

TASCX

14.2

Third Millennium Russia

TMRFX

17.0

Tocqueville Gold

TGLDX

26.1

UBS PACE Sm/Med Co Val Eq P

PCSVX

14.3

UMB Scout Small Cap

UMBHX

14.9

US Global Accolade Eastern European

EUROX

21.0

US Global Inv Global Resources

PSPFX

28.1

US Global Inv Gold Shares

USERX

20.9

US Global Inv World Prec Minerals

UNWPX

23.2

USAA Precious Metals & Minerals

USAGX

26.3

Undiscovered Managers REIT Instl

URTLX

20.0

Van Eck Intl Investors Gold A

INIVX

21.8

Van Kampen Real Estate Securities A

ACREX

18.9

Vanguard Energy Inv

VGENX

19.8

Vanguard Precious Metals

VGPMX

26.6

Vanguard REIT Index

VGSIX

18.7

Vanguard Selected Value

VASVX

15.2

Wasatch Core Growth

WGROX

17.5

Wasatch Micro Cap

WMICX

20.9

Wasatch Small Cap Value

WMCVX

17.4

Wells S&P REIT Index A

WSPAX

18.5

Westwood Realty AAA

WESRX

18.0

Wilshire Target Small Co Vl Inv

DTSVX

15.6

Yacktman

YACKX

18.9

Yacktman Focused

YAFFX

17.9

iShares MSCI Australia Index

EWA

14.4

iShares MSCI Austria Index

EWO

25.1

n/i numeric investors Small Cap Value

NISVX

25.4

Investing in March was dominated by inflation fears. As the price of crude oil spiked and interest rates rose, most stocks fell. Bonds struggled, too, as investors worried that rising energy prices would trigger higher costs for businesses and consumers as well as inspire more rate hikes by the Federal Reserve.

The average U.S. diversified equity fund fell 1.9% in the month, slightly more than the S&P 500-stock index, which declined 1.8%. International equities suffered, falling 3.1% on average, as the dollar rebounded. Emerging markets tanked by a painful 6.7% as investors sought to take profits and reduce risk. (For complete results of more than 5,000 funds, see "BW Online's Interactive Mutual Fund Scoreboard".)

SHORT-SELLERS BENEFIT. All categories of U.S. diversified equity funds lost money in March, according to research from Standard & Poor's mutual-fund database. Small-cap growth funds -- which have outperformed in the past year -- were hit hardest, losing 3.1% in March. Large-cap value funds held up the best, down just 1.6%.

Roseanne Pane, mutual-fund strategist at S&P, expects this trend to continue. "In 2005 large-cap funds should provide stronger performance relative to smaller-company funds, since large-cap companies can weather a rising-rate environment better than smaller companies," she said in an Apr. 4 report. Pane also expects large-caps to benefit as the dollar's decline resumes, because they tend to have more international exposure.

A few funds managed to turn in strong results in March. The top performer was Oppenheimer Real Asset (QRAAX), a unique fund that invests in physical commodities (not stocks) and has more than 70% weighting in energy. It gained 7.7%. Other funds that notched increases were those that short stocks, profiting from declines in share prices. Potomac Small Cap/Short (POSSX) rose 7.6%, and ProFunds UltraShort Small Cap (UCPIX) climbed 6.3%.

BONDS DENTED, TOO. The only category of sector fund not to lose money in March was utilities, where returns were flat. Health and real estate funds were the sectors that held up next best, losing 1.7% and 1.8% on average, respectively.

Fixed-income funds offered little safety for investors. The only category of bond fund not to lose money was so-called ultrashort funds (just a notch longer in duration than money market funds), which were flat for the month. The average taxable bond fund lost 0.9% in March, and the average tax-free bond fund fell 0.7%.

Overall, March demonstrated clearly that when fear of inflation is in the air, investors find few places to hide.

A-List Equity Funds

Fund

Symbol

5-Year Annualized Pre-tax Return (%)

ABN AMRO Real Estate N

ARFCX

18.6

AIM Energy Inv

FSTEX

15.4

AIM Gold & Precious Metals Inv

FGLDX

19.1

AIM Real Estate A

IARAX

21.3

AXP Precious Metals A

INPMX

18.0

Adelante US Real Estate Securities Y

LLUYX

19.2

Aegis Value

AVALX

19.9

AllianceBernstein Real Est Invstmnt Adv

ARSYX

19.3

AllianceBernstein Real Est Invstmnt Instl I

ARIIX

18.2

Alpine International Real Estate Equity Y

EGLRX

19.7

Alpine Realty Income & Growth Y

AIGYX

22.3

Alpine US Real Estate Equity Y

EUEYX

32.7

Amer Beacon Small Cap Value PlanAhead

AVPAX

21.2

Amer Century Glbl Gold Inv

BGEIX

22.0

Amer Century Real Estate Inv

REACX

20.1

Amer Century Sm Cap Vl Inv

ASVIX

19.9

Amer Century Sm Company Inv

ASQIX

14.5

Ariel

ARGFX

17.8

Armada Small Cap Value I

AMRIX

16.9

Artisan Small Cap Value

ARTVX

17.9

Berwyn

BERWX

19.0

BlackRock Global Resources Inv A

SSGRX

34.4

Boston Company International Small Cap

SDISX

14.2

Boston Company Small Cap Value

STSVX

16.5

Boston Partners Long Short Equity Inv

BPLEX

15.6

Boston Partners Small Cap Value II Inv

BPSCX

23.1

Brazos Real Estate Securities Y

BJRSX

18.0

Bridgeway Micro Cap Limited

BRMCX

16.0

Bridgeway Ultra Small Company

BRUSX

23.1

Bridgeway Ultra Small Company Market

BRSIX

18.3

Bruce

BRUFX

30.5

Buffalo Small Cap

BUFSX

14.9

Burnham Financial Serv A

BURKX

28.6

CGM Focus

CGMFX

31.5

CGM Realty

CGMRX

28.9

CRM Small Cap Value Instl

CRISX

15.9

Century Small Cap Select Instl

CSMCX

19.7

Cohen & Steers Realty Focus Instl

CSSPX

19.4

Cohen & Steers Realty Income C

CSCIX

18.7

Cohen & Steers Realty Shares

CSRSX

19.3

Cohen & Steers Reatly Shares Instl

CSRIX

19.4

Columbia Real Estate Equity Z

CREEX

17.7

Columbia Small Cap Z

SMCEX

14.2

Consulting Grp Cap Mkts SmCp Vl Eq

TSVUX

15.2

CornerCap Small Cap Value

CSCVX

14.4

Davis Real Estate A

RPFRX

18.6

Delafield

DEFIX

18.9

Delaware RE Inv Tr A

DPREX

18.8

Delaware Small Cap Value A

DEVLX

15.7

Diamond Hill Bank & Financial A

BANCX

22.1

Dreyfus Premier Sm Cap Val A

DSVAX

16.4

EII Realty Securities Instl

EIIRX

17.3

Emerald Select Banking & Finance A

HSSAX

21.5

Evergreen Precious Metals A

EKWAX

27.0

Excelsior Real Estate

UMREX

18.8

FBR Small Cap

FBRVX

15.9

FBR Small Cap Financial

FBRSX

26.7

FMC Strategic Value

19.2

Fairholme

FAIRX

18.3

Fidelity Low Priced Stock

FLPSX

18.2

Fidelity Real Estate Investment

FRESX

20.2

Fidelity Select Chemicals

FSCHX

14.7

Fidelity Select Construction & Housing

FSHOX

17.9

Fidelity Select Gold

FSAGX

18.3

Fidelity Select Home Finance

FSVLX

15.8

Fidelity Select Industrial Materials

FSDPX

14.8

Fidelity Select Medical Delivery

FSHCX

25.4

Fidelity Select Natural Gas

FSNGX

15.1

Fifth Third Micro Cap Value Instl

MXAIX

17.3

First American Real Estate Securities Y

FARCX

20.7

First Eagle Global A

SGENX

17.0

First Eagle Gold A

SGGDX

27.4

First Eagle Overseas A

SGOVX

17.0

Forward Uniplan Real Estate Investment

FFREX

17.3

Franklin Balance Sheet Invmt A

FRBSX

16.5

Franklin Gold & Precious Metals A

FKRCX

17.7

Franklin MicroCap Value

FRMCX

19.8

Franklin Real Estate Sec A

FREEX

19.3

Franklin Small Cap Value A

FRVLX

15.5

Gabelli Gold AAA

GOLDX

24.9

Goldman Sachs Mid Cap Value A

GCMAX

17.5

Goldman Sachs Real Estate Sec A

GREAX

19.7

Goldman Sachs Small Cap Value A

GSSMX

16.9

Harris Insight Small Cap Value N

HSVAX

17.5

Heartland Select Value

HRSVX

14.9

Heartland Value

HRTVX

16.0

Heitman REIT PBHG

PBRTX

19.1

Hilliard Lyons Senbanc

SENBX

19.1

HomeStead Small Company Stock

HSCSX

14.7

Hotchkis & Wiley Mid-Cap Value I

HWMIX

22.4

Hotchkis & Wiley Small Cap Value I

HWSIX

27.9

ICON Energy

ICENX

21.1

ICON Leisure and Consumer

ICLEX

15.2

ING Precious Metals

LEXMX

19.6

ING Russia A

LETRX

22.5

Ivy Global Natural Res A

IGNAX

21.8

Ivy Real Estate Securities A

IRSAX

19.9

Ivy Small Cap Value A

IYSAX

15.9

J Hancock Classic Value A

PZFVX

16.9

J Hancock Real Estate A

JREAX

17.5

JPMorgan Small Cap Value Sel

PSOPX

19.2

JPMorgan US Real Estate A

SUSIX

19.0

James Advantage Small Cap

JASCX

15.8

Janus Mid Cap Value Inv

JMCVX

15.1

Jennison Natural Resources A

PGNAX

19.5

Keeley Small Cap Value

KSCVX

16.9

Kensington Strategic Realty A

KSRAX

21.3

Legg Mason Eq Tr US Small Cap Vl Prim

LMSVX

16.4

Longleaf Partners Small Cap

LLSCX

15.2

Lord Abbett Mid Cap Value A

LAVLX

15.9

Lord Abbett Small Cap Value A

LRSCX

15.7

MainStay Small Cap Opportunity I

MOPIX

14.5

Managers Real Estate Securities

MRESX

17.1

Marshall Mid Cap Value Inv

MRVEX

15.8

Matthews Asian Growth & Income

MACSX

16.1

Merrill Lynch Natural Resources A

MDGRX

17.9

Morgan Stanley Instl European Real Estate A

MSUAX

22.2

Morgan Stanley Instl US Real Estate A

MSUSX

19.9

Morgan Stanley Real Estate B

REFBX

18.6

Munder Real Estate Eq Invmnt A

MURAX

18.1

Munder Small Cap Value Y

MCVYX

18.2

Mutual Financial Services A

TFSIX

17.1

Neuberger Berman Genesis Inv

NBGNX

16.0

OCM Gold

OCMGX

21.9

Oakmark Global I

OAKGX

18.5

Oakmark International Small Cap I

OAKEX

16.3

Oppenheimer Gold & Special Minerals A

OPGSX

20.5

Oppenheimer Small Cap Value A

QVSCX

16.1

PIMCO NFJ Small Cap Value A

PCVAX

19.5

Pacific Advisors Small Cap A

PASMX

17.0

Pacific Capital Small Cap Y

PSCYX

21.4

Perritt Micro Cap Opportunities

PRCGX

16.0

Phoenix Mid Cap Value Fund A

FMIVX

18.5

Phoenix-Duff & Phelps Real Estate Sec A

PHRAX

21.0

Phoenix-Seneca Equity Income A

REALX

17.1

Pioneer Real Estate Shares A

PWREX

18.8

Principal Real Estate Securities A

PRRAX

20.0

Putnam Small Cap Value A

PSLAX

15.8

RS Global Natural Resources

RSNRX

24.2

RS Partners

RSPFX

26.4

RS Value

RSVAX

18.0

Royce Pennsylvania Mutual Inv

PENNX

15.7

Royce Special Equity

RYSEX

18.7

Royce Total Return Inv

RYTRX

15.1

Russell Real Estate Securities S

RRESX

19.3

STI Classic Small Cap Value Equity L

STCEX

18.7

Scudder Gold & Precious Metals S

SCGDX

27.4

Scudder Small Company Value S

SCSUX

15.9

Security Mid Cap Value A

SEVAX

15.8

Skyline Special Equities

SKSEX

15.4

Smith Barney Small Cap Value A

SBVAX

16.4

Spirit of America Real Estate A

SOAAX

19.2

Strategic Partners Real Estate Securities A

PURAX

21.2

Stratton Growth

STRGX

14.6

Stratton Monthly Dividend REIT

STMDX

18.5

Stratton Small Cap Value

STSCX

19.2

Strong Advisor Small Cap Value Z

SSMVX

15.4

T Rowe Price Capital Appreciation

PRWCX

14.1

T Rowe Price Mid-Cap Value

TRMCX

15.5

T Rowe Price New Era

PRNEX

14.4

T Rowe Price Real Estate

TRREX

20.2

T Rowe Price Small Cap Value

PRSVX

18.3

TAMARACK Enterprise S

TETSX

16.1

TAMARACK Microcap Value S

TMVSX

14.8

TCW Galileo Value Opportunities I

TGVOX

15.2

Texas Capital Value & Growth

TCVGX

18.8

Third Avenue Real Estate Value

TAREX

21.3

Third Avenue Small Cap Value

TASCX

14.2

Third Millennium Russia

TMRFX

17.0

Tocqueville Gold

TGLDX

26.1

UBS PACE Sm/Med Co Val Eq P

PCSVX

14.3

UMB Scout Small Cap

UMBHX

14.9

US Global Accolade Eastern European

EUROX

21.0

US Global Inv Global Resources

PSPFX

28.1

US Global Inv Gold Shares

USERX

20.9

US Global Inv World Prec Minerals

UNWPX

23.2

USAA Precious Metals & Minerals

USAGX

26.3

Undiscovered Managers REIT Instl

URTLX

20.0

Van Eck Intl Investors Gold A

INIVX

21.8

Van Kampen Real Estate Securities A

ACREX

18.9

Vanguard Energy Inv

VGENX

19.8

Vanguard Precious Metals

VGPMX

26.6

Vanguard REIT Index

VGSIX

18.7

Vanguard Selected Value

VASVX

15.2

Wasatch Core Growth

WGROX

17.5

Wasatch Micro Cap

WMICX

20.9

Wasatch Small Cap Value

WMCVX

17.4

Wells S&P REIT Index A

WSPAX

18.5

Westwood Realty AAA

WESRX

18.0

Wilshire Target Small Co Vl Inv

DTSVX

15.6

Yacktman

YACKX

18.9

Yacktman Focused

YAFFX

17.9

iShares MSCI Australia Index

EWA

14.4

iShares MSCI Austria Index

EWO

25.1

n/i numeric investors Small Cap Value

NISVX

25.4

Investing in March was dominated by inflation fears. As the price of crude oil spiked and interest rates rose, most stocks fell. Bonds struggled, too, as investors worried that rising energy prices would trigger higher costs for businesses and consumers as well as inspire more rate hikes by the Federal Reserve.

The average U.S. diversified equity fund fell 1.9% in the month, slightly more than the S&P 500-stock index, which declined 1.8%. International equities suffered, falling 3.1% on average, as the dollar rebounded. Emerging markets tanked by a painful 6.7% as investors sought to take profits and reduce risk. (For complete results of more than 5,000 funds, see "BW Online's Interactive Mutual Fund Scoreboard".)

SHORT-SELLERS BENEFIT. All categories of U.S. diversified equity funds lost money in March, according to research from Standard & Poor's mutual-fund database. Small-cap growth funds -- which have outperformed in the past year -- were hit hardest, losing 3.1% in March. Large-cap value funds held up the best, down just 1.6%.

Roseanne Pane, mutual-fund strategist at S&P, expects this trend to continue. "In 2005 large-cap funds should provide stronger performance relative to smaller-company funds, since large-cap companies can weather a rising-rate environment better than smaller companies," she said in an Apr. 4 report. Pane also expects large-caps to benefit as the dollar's decline resumes, because they tend to have more international exposure.

A few funds managed to turn in strong results in March. The top performer was Oppenheimer Real Asset (QRAAX), a unique fund that invests in physical commodities (not stocks) and has more than 70% weighting in energy. It gained 7.7%. Other funds that notched increases were those that short stocks, profiting from declines in share prices. Potomac Small Cap/Short (POSSX) rose 7.6%, and ProFunds UltraShort Small Cap (UCPIX) climbed 6.3%.

BONDS DENTED, TOO. The only category of sector fund not to lose money in March was utilities, where returns were flat. Health and real estate funds were the sectors that held up next best, losing 1.7% and 1.8% on average, respectively.

Fixed-income funds offered little safety for investors. The only category of bond fund not to lose money was so-called ultrashort funds (just a notch longer in duration than money market funds), which were flat for the month. The average taxable bond fund lost 0.9% in March, and the average tax-free bond fund fell 0.7%.

Overall, March demonstrated clearly that when fear of inflation is in the air, investors find few places to hide.

A-List Equity Funds

Fund

Symbol

5-Year Annualized Pre-tax Return (%)

ABN AMRO Real Estate N

ARFCX

18.6

AIM Energy Inv

FSTEX

15.4

AIM Gold & Precious Metals Inv

FGLDX

19.1

AIM Real Estate A

IARAX

21.3

AXP Precious Metals A

INPMX

18.0

Adelante US Real Estate Securities Y

LLUYX

19.2

Aegis Value

AVALX

19.9

AllianceBernstein Real Est Invstmnt Adv

ARSYX

19.3

AllianceBernstein Real Est Invstmnt Instl I

ARIIX

18.2

Alpine International Real Estate Equity Y

EGLRX

19.7

Alpine Realty Income & Growth Y

AIGYX

22.3

Alpine US Real Estate Equity Y

EUEYX

32.7

Amer Beacon Small Cap Value PlanAhead

AVPAX

21.2

Amer Century Glbl Gold Inv

BGEIX

22.0

Amer Century Real Estate Inv

REACX

20.1

Amer Century Sm Cap Vl Inv

ASVIX

19.9

Amer Century Sm Company Inv

ASQIX

14.5

Ariel

ARGFX

17.8

Armada Small Cap Value I

AMRIX

16.9

Artisan Small Cap Value

ARTVX

17.9

Berwyn

BERWX

19.0

BlackRock Global Resources Inv A

SSGRX

34.4

Boston Company International Small Cap

SDISX

14.2

Boston Company Small Cap Value

STSVX

16.5

Boston Partners Long Short Equity Inv

BPLEX

15.6

Boston Partners Small Cap Value II Inv

BPSCX

23.1

Brazos Real Estate Securities Y

BJRSX

18.0

Bridgeway Micro Cap Limited

BRMCX

16.0

Bridgeway Ultra Small Company

BRUSX

23.1

Bridgeway Ultra Small Company Market

BRSIX

18.3

Bruce

BRUFX

30.5

Buffalo Small Cap

BUFSX

14.9

Burnham Financial Serv A

BURKX

28.6

CGM Focus

CGMFX

31.5

CGM Realty

CGMRX

28.9

CRM Small Cap Value Instl

CRISX

15.9

Century Small Cap Select Instl

CSMCX

19.7

Cohen & Steers Realty Focus Instl

CSSPX

19.4

Cohen & Steers Realty Income C

CSCIX

18.7

Cohen & Steers Realty Shares

CSRSX

19.3

Cohen & Steers Reatly Shares Instl

CSRIX

19.4

Columbia Real Estate Equity Z

CREEX

17.7

Columbia Small Cap Z

SMCEX

14.2

Consulting Grp Cap Mkts SmCp Vl Eq

TSVUX

15.2

CornerCap Small Cap Value

CSCVX

14.4

Davis Real Estate A

RPFRX

18.6

Delafield

DEFIX

18.9

Delaware RE Inv Tr A

DPREX

18.8

Delaware Small Cap Value A

DEVLX

15.7

Diamond Hill Bank & Financial A

BANCX

22.1

Dreyfus Premier Sm Cap Val A

DSVAX

16.4

EII Realty Securities Instl

EIIRX

17.3

Emerald Select Banking & Finance A

HSSAX

21.5

Evergreen Precious Metals A

EKWAX

27.0

Excelsior Real Estate

UMREX

18.8

FBR Small Cap

FBRVX

15.9

FBR Small Cap Financial

FBRSX

26.7

FMC Strategic Value

19.2

Fairholme

FAIRX

18.3

Fidelity Low Priced Stock

FLPSX

18.2

Fidelity Real Estate Investment

FRESX

20.2

Fidelity Select Chemicals

FSCHX

14.7

Fidelity Select Construction & Housing

FSHOX

17.9

Fidelity Select Gold

FSAGX

18.3

Fidelity Select Home Finance

FSVLX

15.8

Fidelity Select Industrial Materials

FSDPX

14.8

Fidelity Select Medical Delivery

FSHCX

25.4

Fidelity Select Natural Gas

FSNGX

15.1

Fifth Third Micro Cap Value Instl

MXAIX

17.3

First American Real Estate Securities Y

FARCX

20.7

First Eagle Global A

SGENX

17.0

First Eagle Gold A

SGGDX

27.4

First Eagle Overseas A

SGOVX

17.0

Forward Uniplan Real Estate Investment

FFREX

17.3

Franklin Balance Sheet Invmt A

FRBSX

16.5

Franklin Gold & Precious Metals A

FKRCX

17.7

Franklin MicroCap Value

FRMCX

19.8

Franklin Real Estate Sec A

FREEX

19.3

Franklin Small Cap Value A

FRVLX

15.5

Gabelli Gold AAA

GOLDX

24.9

Goldman Sachs Mid Cap Value A

GCMAX

17.5

Goldman Sachs Real Estate Sec A

GREAX

19.7

Goldman Sachs Small Cap Value A

GSSMX

16.9

Harris Insight Small Cap Value N

HSVAX

17.5

Heartland Select Value

HRSVX

14.9

Heartland Value

HRTVX

16.0

Heitman REIT PBHG

PBRTX

19.1

Hilliard Lyons Senbanc

SENBX

19.1

HomeStead Small Company Stock

HSCSX

14.7

Hotchkis & Wiley Mid-Cap Value I

HWMIX

22.4

Hotchkis & Wiley Small Cap Value I

HWSIX

27.9

ICON Energy

ICENX

21.1

ICON Leisure and Consumer

ICLEX

15.2

ING Precious Metals

LEXMX

19.6

ING Russia A

LETRX

22.5

Ivy Global Natural Res A

IGNAX

21.8

Ivy Real Estate Securities A

IRSAX

19.9

Ivy Small Cap Value A

IYSAX

15.9

J Hancock Classic Value A

PZFVX

16.9

J Hancock Real Estate A

JREAX

17.5

JPMorgan Small Cap Value Sel

PSOPX

19.2

JPMorgan US Real Estate A

SUSIX

19.0

James Advantage Small Cap

JASCX

15.8

Janus Mid Cap Value Inv

JMCVX

15.1

Jennison Natural Resources A

PGNAX

19.5

Keeley Small Cap Value

KSCVX

16.9

Kensington Strategic Realty A

KSRAX

21.3

Legg Mason Eq Tr US Small Cap Vl Prim

LMSVX

16.4

Longleaf Partners Small Cap

LLSCX

15.2

Lord Abbett Mid Cap Value A

LAVLX

15.9

Lord Abbett Small Cap Value A

LRSCX

15.7

MainStay Small Cap Opportunity I

MOPIX

14.5

Managers Real Estate Securities

MRESX

17.1

Marshall Mid Cap Value Inv

MRVEX

15.8

Matthews Asian Growth & Income

MACSX

16.1

Merrill Lynch Natural Resources A

MDGRX

17.9

Morgan Stanley Instl European Real Estate A

MSUAX

22.2

Morgan Stanley Instl US Real Estate A

MSUSX

19.9

Morgan Stanley Real Estate B

REFBX

18.6

Munder Real Estate Eq Invmnt A

MURAX

18.1

Munder Small Cap Value Y

MCVYX

18.2

Mutual Financial Services A

TFSIX

17.1

Neuberger Berman Genesis Inv

NBGNX

16.0

OCM Gold

OCMGX

21.9

Oakmark Global I

OAKGX

18.5

Oakmark International Small Cap I

OAKEX

16.3

Oppenheimer Gold & Special Minerals A

OPGSX

20.5

Oppenheimer Small Cap Value A

QVSCX

16.1

PIMCO NFJ Small Cap Value A

PCVAX

19.5

Pacific Advisors Small Cap A

PASMX

17.0

Pacific Capital Small Cap Y

PSCYX

21.4

Perritt Micro Cap Opportunities

PRCGX

16.0

Phoenix Mid Cap Value Fund A

FMIVX

18.5

Phoenix-Duff & Phelps Real Estate Sec A

PHRAX

21.0

Phoenix-Seneca Equity Income A

REALX

17.1

Pioneer Real Estate Shares A

PWREX

18.8

Principal Real Estate Securities A

PRRAX

20.0

Putnam Small Cap Value A

PSLAX

15.8

RS Global Natural Resources

RSNRX

24.2

RS Partners

RSPFX

26.4

RS Value

RSVAX

18.0

Royce Pennsylvania Mutual Inv

PENNX

15.7

Royce Special Equity

RYSEX

18.7

Royce Total Return Inv

RYTRX

15.1

Russell Real Estate Securities S

RRESX

19.3

STI Classic Small Cap Value Equity L

STCEX

18.7

Scudder Gold & Precious Metals S

SCGDX

27.4

Scudder Small Company Value S

SCSUX

15.9

Security Mid Cap Value A

SEVAX

15.8

Skyline Special Equities

SKSEX

15.4

Smith Barney Small Cap Value A

SBVAX

16.4

Spirit of America Real Estate A

SOAAX

19.2

Strategic Partners Real Estate Securities A

PURAX

21.2

Stratton Growth

STRGX

14.6

Stratton Monthly Dividend REIT

STMDX

18.5

Stratton Small Cap Value

STSCX

19.2

Strong Advisor Small Cap Value Z

SSMVX

15.4

T Rowe Price Capital Appreciation

PRWCX

14.1

T Rowe Price Mid-Cap Value

TRMCX

15.5

T Rowe Price New Era

PRNEX

14.4

T Rowe Price Real Estate

TRREX

20.2

T Rowe Price Small Cap Value

PRSVX

18.3

TAMARACK Enterprise S

TETSX

16.1

TAMARACK Microcap Value S

TMVSX

14.8

TCW Galileo Value Opportunities I

TGVOX

15.2

Texas Capital Value & Growth

TCVGX

18.8

Third Avenue Real Estate Value

TAREX

21.3

Third Avenue Small Cap Value

TASCX

14.2

Third Millennium Russia

TMRFX

17.0

Tocqueville Gold

TGLDX

26.1

UBS PACE Sm/Med Co Val Eq P

PCSVX

14.3

UMB Scout Small Cap

UMBHX

14.9

US Global Accolade Eastern European

EUROX

21.0

US Global Inv Global Resources

PSPFX

28.1

US Global Inv Gold Shares

USERX

20.9

US Global Inv World Prec Minerals

UNWPX

23.2

USAA Precious Metals & Minerals

USAGX

26.3

Undiscovered Managers REIT Instl

URTLX

20.0

Van Eck Intl Investors Gold A

INIVX

21.8

Van Kampen Real Estate Securities A

ACREX

18.9

Vanguard Energy Inv

VGENX

19.8

Vanguard Precious Metals

VGPMX

26.6

Vanguard REIT Index

VGSIX

18.7

Vanguard Selected Value

VASVX

15.2

Wasatch Core Growth

WGROX

17.5

Wasatch Micro Cap

WMICX

20.9

Wasatch Small Cap Value

WMCVX

17.4

Wells S&P REIT Index A

WSPAX

18.5

Westwood Realty AAA

WESRX

18.0

Wilshire Target Small Co Vl Inv

DTSVX

15.6

Yacktman

YACKX

18.9

Yacktman Focused

YAFFX

17.9

iShares MSCI Australia Index

EWA

14.4

iShares MSCI Austria Index

EWO

25.1

n/i numeric investors Small Cap Value

NISVX

25.4

Investing in March was dominated by inflation fears. As the price of crude oil spiked and interest rates rose, most stocks fell. Bonds struggled, too, as investors worried that rising energy prices would trigger higher costs for businesses and consumers as well as inspire more rate hikes by the Federal Reserve.

The average U.S. diversified equity fund fell 1.9% in the month, slightly more than the S&P 500-stock index, which declined 1.8%. International equities suffered, falling 3.1% on average, as the dollar rebounded. Emerging markets tanked by a painful 6.7% as investors sought to take profits and reduce risk. (For complete results of more than 5,000 funds, see "BW Online's Interactive Mutual Fund Scoreboard".)

SHORT-SELLERS BENEFIT. All categories of U.S. diversified equity funds lost money in March, according to research from Standard & Poor's mutual-fund database. Small-cap growth funds -- which have outperformed in the past year -- were hit hardest, losing 3.1% in March. Large-cap value funds held up the best, down just 1.6%.

Roseanne Pane, mutual-fund strategist at S&P, expects this trend to continue. "In 2005 large-cap funds should provide stronger performance relative to smaller-company funds, since large-cap companies can weather a rising-rate environment better than smaller companies," she said in an Apr. 4 report. Pane also expects large-caps to benefit as the dollar's decline resumes, because they tend to have more international exposure.

A few funds managed to turn in strong results in March. The top performer was Oppenheimer Real Asset (QRAAX), a unique fund that invests in physical commodities (not stocks) and has more than 70% weighting in energy. It gained 7.7%. Other funds that notched increases were those that short stocks, profiting from declines in share prices. Potomac Small Cap/Short (POSSX) rose 7.6%, and ProFunds UltraShort Small Cap (UCPIX) climbed 6.3%.

BONDS DENTED, TOO. The only category of sector fund not to lose money in March was utilities, where returns were flat. Health and real estate funds were the sectors that held up next best, losing 1.7% and 1.8% on average, respectively.

Fixed-income funds offered little safety for investors. The only category of bond fund not to lose money was so-called ultrashort funds (just a notch longer in duration than money market funds), which were flat for the month. The average taxable bond fund lost 0.9% in March, and the average tax-free bond fund fell 0.7%.

Overall, March demonstrated clearly that when fear of inflation is in the air, investors find few places to hide.

A-List Equity Funds

Fund

Symbol

5-Year Annualized Pre-tax Return (%)

ABN AMRO Real Estate N

ARFCX

18.6

AIM Energy Inv

FSTEX

15.4

AIM Gold & Precious Metals Inv

FGLDX

19.1

AIM Real Estate A

IARAX

21.3

AXP Precious Metals A

INPMX

18.0

Adelante US Real Estate Securities Y

LLUYX

19.2

Aegis Value

AVALX

19.9

AllianceBernstein Real Est Invstmnt Adv

ARSYX

19.3

AllianceBernstein Real Est Invstmnt Instl I

ARIIX

18.2

Alpine International Real Estate Equity Y

EGLRX

19.7

Alpine Realty Income & Growth Y

AIGYX

22.3

Alpine US Real Estate Equity Y

EUEYX

32.7

Amer Beacon Small Cap Value PlanAhead

AVPAX

21.2

Amer Century Glbl Gold Inv

BGEIX

22.0

Amer Century Real Estate Inv

REACX

20.1

Amer Century Sm Cap Vl Inv

ASVIX

19.9

Amer Century Sm Company Inv

ASQIX

14.5

Ariel

ARGFX

17.8

Armada Small Cap Value I

AMRIX

16.9

Artisan Small Cap Value

ARTVX

17.9

Berwyn

BERWX

19.0

BlackRock Global Resources Inv A

SSGRX

34.4

Boston Company International Small Cap

SDISX

14.2

Boston Company Small Cap Value

STSVX

16.5

Boston Partners Long Short Equity Inv

BPLEX

15.6

Boston Partners Small Cap Value II Inv

BPSCX

23.1

Brazos Real Estate Securities Y

BJRSX

18.0

Bridgeway Micro Cap Limited

BRMCX

16.0

Bridgeway Ultra Small Company

BRUSX

23.1

Bridgeway Ultra Small Company Market

BRSIX

18.3

Bruce

BRUFX

30.5

Buffalo Small Cap

BUFSX

14.9

Burnham Financial Serv A

BURKX

28.6

CGM Focus

CGMFX

31.5

CGM Realty

CGMRX

28.9

CRM Small Cap Value Instl

CRISX

15.9

Century Small Cap Select Instl

CSMCX

19.7

Cohen & Steers Realty Focus Instl

CSSPX

19.4

Cohen & Steers Realty Income C

CSCIX

18.7

Cohen & Steers Realty Shares

CSRSX

19.3

Cohen & Steers Reatly Shares Instl

CSRIX

19.4

Columbia Real Estate Equity Z

CREEX

17.7

Columbia Small Cap Z

SMCEX

14.2

Consulting Grp Cap Mkts SmCp Vl Eq

TSVUX

15.2

CornerCap Small Cap Value

CSCVX

14.4

Davis Real Estate A

RPFRX

18.6

Delafield

DEFIX

18.9

Delaware RE Inv Tr A

DPREX

18.8

Delaware Small Cap Value A

DEVLX

15.7

Diamond Hill Bank & Financial A

BANCX

22.1

Dreyfus Premier Sm Cap Val A

DSVAX

16.4

EII Realty Securities Instl

EIIRX

17.3

Emerald Select Banking & Finance A

HSSAX

21.5

Evergreen Precious Metals A

EKWAX

27.0

Excelsior Real Estate

UMREX

18.8

FBR Small Cap

FBRVX

15.9

FBR Small Cap Financial

FBRSX

26.7

FMC Strategic Value

19.2

Fairholme

FAIRX

18.3

Fidelity Low Priced Stock

FLPSX

18.2

Fidelity Real Estate Investment

FRESX

20.2

Fidelity Select Chemicals

FSCHX

14.7

Fidelity Select Construction & Housing

FSHOX

17.9

Fidelity Select Gold

FSAGX

18.3

Fidelity Select Home Finance

FSVLX

15.8

Fidelity Select Industrial Materials

FSDPX

14.8

Fidelity Select Medical Delivery

FSHCX

25.4

Fidelity Select Natural Gas

FSNGX

15.1

Fifth Third Micro Cap Value Instl

MXAIX

17.3

First American Real Estate Securities Y

FARCX

20.7

First Eagle Global A

SGENX

17.0

First Eagle Gold A

SGGDX

27.4

First Eagle Overseas A

SGOVX

17.0

Forward Uniplan Real Estate Investment

FFREX

17.3

Franklin Balance Sheet Invmt A

FRBSX

16.5

Franklin Gold & Precious Metals A

FKRCX

17.7

Franklin MicroCap Value

FRMCX

19.8

Franklin Real Estate Sec A

FREEX

19.3

Franklin Small Cap Value A

FRVLX

15.5

Gabelli Gold AAA

GOLDX

24.9

Goldman Sachs Mid Cap Value A

GCMAX

17.5

Goldman Sachs Real Estate Sec A

GREAX

19.7

Goldman Sachs Small Cap Value A

GSSMX

16.9

Harris Insight Small Cap Value N

HSVAX

17.5

Heartland Select Value

HRSVX

14.9

Heartland Value

HRTVX

16.0

Heitman REIT PBHG

PBRTX

19.1

Hilliard Lyons Senbanc

SENBX

19.1

HomeStead Small Company Stock

HSCSX

14.7

Hotchkis & Wiley Mid-Cap Value I

HWMIX

22.4

Hotchkis & Wiley Small Cap Value I

HWSIX

27.9

ICON Energy

ICENX

21.1

ICON Leisure and Consumer

ICLEX

15.2

ING Precious Metals

LEXMX

19.6

ING Russia A

LETRX

22.5

Ivy Global Natural Res A

IGNAX

21.8

Ivy Real Estate Securities A

IRSAX

19.9

Ivy Small Cap Value A

IYSAX

15.9

J Hancock Classic Value A

PZFVX

16.9

J Hancock Real Estate A

JREAX

17.5

JPMorgan Small Cap Value Sel

PSOPX

19.2

JPMorgan US Real Estate A

SUSIX

19.0

James Advantage Small Cap

JASCX

15.8

Janus Mid Cap Value Inv

JMCVX

15.1

Jennison Natural Resources A

PGNAX

19.5

Keeley Small Cap Value

KSCVX

16.9

Kensington Strategic Realty A

KSRAX

21.3

Legg Mason Eq Tr US Small Cap Vl Prim

LMSVX

16.4

Longleaf Partners Small Cap

LLSCX

15.2

Lord Abbett Mid Cap Value A

LAVLX

15.9

Lord Abbett Small Cap Value A

LRSCX

15.7

MainStay Small Cap Opportunity I

MOPIX

14.5

Managers Real Estate Securities

MRESX

17.1

Marshall Mid Cap Value Inv

MRVEX

15.8

Matthews Asian Growth & Income

MACSX

16.1

Merrill Lynch Natural Resources A

MDGRX

17.9

Morgan Stanley Instl European Real Estate A

MSUAX

22.2

Morgan Stanley Instl US Real Estate A

MSUSX

19.9

Morgan Stanley Real Estate B

REFBX

18.6

Munder Real Estate Eq Invmnt A

MURAX

18.1

Munder Small Cap Value Y

MCVYX

18.2

Mutual Financial Services A

TFSIX

17.1

Neuberger Berman Genesis Inv

NBGNX

16.0

OCM Gold

OCMGX

21.9

Oakmark Global I

OAKGX

18.5

Oakmark International Small Cap I

OAKEX

16.3

Oppenheimer Gold & Special Minerals A

OPGSX

20.5

Oppenheimer Small Cap Value A

QVSCX

16.1

PIMCO NFJ Small Cap Value A

PCVAX

19.5

Pacific Advisors Small Cap A

PASMX

17.0

Pacific Capital Small Cap Y

PSCYX

21.4

Perritt Micro Cap Opportunities

PRCGX

16.0

Phoenix Mid Cap Value Fund A

FMIVX

18.5

Phoenix-Duff & Phelps Real Estate Sec A

PHRAX

21.0

Phoenix-Seneca Equity Income A

REALX

17.1

Pioneer Real Estate Shares A

PWREX

18.8

Principal Real Estate Securities A

PRRAX

20.0

Putnam Small Cap Value A

PSLAX

15.8

RS Global Natural Resources

RSNRX

24.2

RS Partners

RSPFX

26.4

RS Value

RSVAX

18.0

Royce Pennsylvania Mutual Inv

PENNX

15.7

Royce Special Equity

RYSEX

18.7

Royce Total Return Inv

RYTRX

15.1

Russell Real Estate Securities S

RRESX

19.3

STI Classic Small Cap Value Equity L

STCEX

18.7

Scudder Gold & Precious Metals S

SCGDX

27.4

Scudder Small Company Value S

SCSUX

15.9

Security Mid Cap Value A

SEVAX

15.8

Skyline Special Equities

SKSEX

15.4

Smith Barney Small Cap Value A

SBVAX

16.4

Spirit of America Real Estate A

SOAAX

19.2

Strategic Partners Real Estate Securities A

PURAX

21.2

Stratton Growth

STRGX

14.6

Stratton Monthly Dividend REIT

STMDX

18.5

Stratton Small Cap Value

STSCX

19.2

Strong Advisor Small Cap Value Z

SSMVX

15.4

T Rowe Price Capital Appreciation

PRWCX

14.1

T Rowe Price Mid-Cap Value

TRMCX

15.5

T Rowe Price New Era

PRNEX

14.4

T Rowe Price Real Estate

TRREX

20.2

T Rowe Price Small Cap Value

PRSVX

18.3

TAMARACK Enterprise S

TETSX

16.1

TAMARACK Microcap Value S

TMVSX

14.8

TCW Galileo Value Opportunities I

TGVOX

15.2

Texas Capital Value & Growth

TCVGX

18.8

Third Avenue Real Estate Value

TAREX

21.3

Third Avenue Small Cap Value

TASCX

14.2

Third Millennium Russia

TMRFX

17.0

Tocqueville Gold

TGLDX

26.1

UBS PACE Sm/Med Co Val Eq P

PCSVX

14.3

UMB Scout Small Cap

UMBHX

14.9

US Global Accolade Eastern European

EUROX

21.0

US Global Inv Global Resources

PSPFX

28.1

US Global Inv Gold Shares

USERX

20.9

US Global Inv World Prec Minerals

UNWPX

23.2

USAA Precious Metals & Minerals

USAGX

26.3

Undiscovered Managers REIT Instl

URTLX

20.0

Van Eck Intl Investors Gold A

INIVX

21.8

Van Kampen Real Estate Securities A

ACREX

18.9

Vanguard Energy Inv

VGENX

19.8

Vanguard Precious Metals

VGPMX

26.6

Vanguard REIT Index

VGSIX

18.7

Vanguard Selected Value

VASVX

15.2

Wasatch Core Growth

WGROX

17.5

Wasatch Micro Cap

WMICX

20.9

Wasatch Small Cap Value

WMCVX

17.4

Wells S&P REIT Index A

WSPAX

18.5

Westwood Realty AAA

WESRX

18.0

Wilshire Target Small Co Vl Inv

DTSVX

15.6

Yacktman

YACKX

18.9

Yacktman Focused

YAFFX

17.9

iShares MSCI Australia Index

EWA

14.4

iShares MSCI Austria Index

EWO

25.1

n/i numeric investors Small Cap Value

NISVX

25.4

Investing in March was dominated by inflation fears. As the price of crude oil spiked and interest rates rose, most stocks fell. Bonds struggled, too, as investors worried that rising energy prices would trigger higher costs for businesses and consumers as well as inspire more rate hikes by the Federal Reserve.

The average U.S. diversified equity fund fell 1.9% in the month, slightly more than the S&P 500-stock index, which declined 1.8%. International equities suffered, falling 3.1% on average, as the dollar rebounded. Emerging markets tanked by a painful 6.7% as investors sought to take profits and reduce risk. (For complete results of more than 5,000 funds, see "BW Online's Interactive Mutual Fund Scoreboard".)

SHORT-SELLERS BENEFIT. All categories of U.S. diversified equity funds lost money in March, according to research from Standard & Poor's mutual-fund database. Small-cap growth funds -- which have outperformed in the past year -- were hit hardest, losing 3.1% in March. Large-cap value funds held up the best, down just 1.6%.

Roseanne Pane, mutual-fund strategist at S&P, expects this trend to continue. "In 2005 large-cap funds should provide stronger performance relative to smaller-company funds, since large-cap companies can weather a rising-rate environment better than smaller companies," she said in an Apr. 4 report. Pane also expects large-caps to benefit as the dollar's decline resumes, because they tend to have more international exposure.

A few funds managed to turn in strong results in March. The top performer was Oppenheimer Real Asset (QRAAX), a unique fund that invests in physical commodities (not stocks) and has more than 70% weighting in energy. It gained 7.7%. Other funds that notched increases were those that short stocks, profiting from declines in share prices. Potomac Small Cap/Short (POSSX) rose 7.6%, and ProFunds UltraShort Small Cap (UCPIX) climbed 6.3%.

BONDS DENTED, TOO. The only category of sector fund not to lose money in March was utilities, where returns were flat. Health and real estate funds were the sectors that held up next best, losing 1.7% and 1.8% on average, respectively.

Fixed-income funds offered little safety for investors. The only category of bond fund not to lose money was so-called ultrashort funds (just a notch longer in duration than money market funds), which were flat for the month. The average taxable bond fund lost 0.9% in March, and the average tax-free bond fund fell 0.7%.

Overall, March demonstrated clearly that when fear of inflation is in the air, investors find few places to hide.

A-List Equity Funds

Fund

Symbol

5-Year Annualized Pre-tax Return (%)

ABN AMRO Real Estate N

ARFCX

18.6

AIM Energy Inv

FSTEX

15.4

AIM Gold & Precious Metals Inv

FGLDX

19.1

AIM Real Estate A

IARAX

21.3

AXP Precious Metals A

INPMX

18.0

Adelante US Real Estate Securities Y

LLUYX

19.2

Aegis Value

AVALX

19.9

AllianceBernstein Real Est Invstmnt Adv

ARSYX

19.3

AllianceBernstein Real Est Invstmnt Instl I

ARIIX

18.2

Alpine International Real Estate Equity Y

EGLRX

19.7

Alpine Realty Income & Growth Y

AIGYX

22.3

Alpine US Real Estate Equity Y

EUEYX

32.7

Amer Beacon Small Cap Value PlanAhead

AVPAX

21.2

Amer Century Glbl Gold Inv

BGEIX

22.0

Amer Century Real Estate Inv

REACX

20.1

Amer Century Sm Cap Vl Inv

ASVIX

19.9

Amer Century Sm Company Inv

ASQIX

14.5

Ariel

ARGFX

17.8

Armada Small Cap Value I

AMRIX

16.9

Artisan Small Cap Value

ARTVX

17.9

Berwyn

BERWX

19.0

BlackRock Global Resources Inv A

SSGRX

34.4

Boston Company International Small Cap

SDISX

14.2

Boston Company Small Cap Value

STSVX

16.5

Boston Partners Long Short Equity Inv

BPLEX

15.6

Boston Partners Small Cap Value II Inv

BPSCX

23.1

Brazos Real Estate Securities Y

BJRSX

18.0

Bridgeway Micro Cap Limited

BRMCX

16.0

Bridgeway Ultra Small Company

BRUSX

23.1

Bridgeway Ultra Small Company Market

BRSIX

18.3

Bruce

BRUFX

30.5

Buffalo Small Cap

BUFSX

14.9

Burnham Financial Serv A

BURKX

28.6

CGM Focus

CGMFX

31.5

CGM Realty

CGMRX

28.9

CRM Small Cap Value Instl

CRISX

15.9

Century Small Cap Select Instl

CSMCX

19.7

Cohen & Steers Realty Focus Instl

CSSPX

19.4

Cohen & Steers Realty Income C

CSCIX

18.7

Cohen & Steers Realty Shares

CSRSX

19.3

Cohen & Steers Reatly Shares Instl

CSRIX

19.4

Columbia Real Estate Equity Z

CREEX

17.7

Columbia Small Cap Z

SMCEX

14.2

Consulting Grp Cap Mkts SmCp Vl Eq

TSVUX

15.2

CornerCap Small Cap Value

CSCVX

14.4

Davis Real Estate A

RPFRX

18.6

Delafield

DEFIX

18.9

Delaware RE Inv Tr A

DPREX

18.8

Delaware Small Cap Value A

DEVLX

15.7

Diamond Hill Bank & Financial A

BANCX

22.1

Dreyfus Premier Sm Cap Val A

DSVAX

16.4

EII Realty Securities Instl

EIIRX

17.3

Emerald Select Banking & Finance A

HSSAX

21.5

Evergreen Precious Metals A

EKWAX

27.0

Excelsior Real Estate

UMREX

18.8

FBR Small Cap

FBRVX

15.9

FBR Small Cap Financial

FBRSX

26.7

FMC Strategic Value

19.2

Fairholme

FAIRX

18.3

Fidelity Low Priced Stock

FLPSX

18.2

Fidelity Real Estate Investment

FRESX

20.2

Fidelity Select Chemicals

FSCHX

14.7

Fidelity Select Construction & Housing

FSHOX

17.9

Fidelity Select Gold

FSAGX

18.3

Fidelity Select Home Finance

FSVLX

15.8

Fidelity Select Industrial Materials

FSDPX

14.8

Fidelity Select Medical Delivery

FSHCX

25.4

Fidelity Select Natural Gas

FSNGX

15.1

Fifth Third Micro Cap Value Instl

MXAIX

17.3

First American Real Estate Securities Y

FARCX

20.7

First Eagle Global A

SGENX

17.0

First Eagle Gold A

SGGDX

27.4

First Eagle Overseas A

SGOVX

17.0

Forward Uniplan Real Estate Investment

FFREX

17.3

Franklin Balance Sheet Invmt A

FRBSX

16.5

Franklin Gold & Precious Metals A

FKRCX

17.7

Franklin MicroCap Value

FRMCX

19.8

Franklin Real Estate Sec A

FREEX

19.3

Franklin Small Cap Value A

FRVLX

15.5

Gabelli Gold AAA

GOLDX

24.9

Goldman Sachs Mid Cap Value A

GCMAX

17.5

Goldman Sachs Real Estate Sec A

GREAX

19.7

Goldman Sachs Small Cap Value A

GSSMX

16.9

Harris Insight Small Cap Value N

HSVAX

17.5

Heartland Select Value

HRSVX

14.9

Heartland Value

HRTVX

16.0

Heitman REIT PBHG

PBRTX

19.1

Hilliard Lyons Senbanc

SENBX

19.1

HomeStead Small Company Stock

HSCSX

14.7

Hotchkis & Wiley Mid-Cap Value I

HWMIX

22.4

Hotchkis & Wiley Small Cap Value I

HWSIX

27.9

ICON Energy

ICENX

21.1

ICON Leisure and Consumer

ICLEX

15.2

ING Precious Metals

LEXMX

19.6

ING Russia A

LETRX

22.5

Ivy Global Natural Res A

IGNAX

21.8

Ivy Real Estate Securities A

IRSAX

19.9

Ivy Small Cap Value A

IYSAX

15.9

J Hancock Classic Value A

PZFVX

16.9

J Hancock Real Estate A

JREAX

17.5

JPMorgan Small Cap Value Sel

PSOPX

19.2

JPMorgan US Real Estate A

SUSIX

19.0

James Advantage Small Cap

JASCX

15.8

Janus Mid Cap Value Inv

JMCVX

15.1

Jennison Natural Resources A

PGNAX

19.5

Keeley Small Cap Value

KSCVX

16.9

Kensington Strategic Realty A

KSRAX

21.3

Legg Mason Eq Tr US Small Cap Vl Prim

LMSVX

16.4

Longleaf Partners Small Cap

LLSCX

15.2

Lord Abbett Mid Cap Value A

LAVLX

15.9

Lord Abbett Small Cap Value A

LRSCX

15.7

MainStay Small Cap Opportunity I

MOPIX

14.5

Managers Real Estate Securities

MRESX

17.1

Marshall Mid Cap Value Inv

MRVEX

15.8

Matthews Asian Growth & Income

MACSX

16.1

Merrill Lynch Natural Resources A

MDGRX

17.9

Morgan Stanley Instl European Real Estate A

MSUAX

22.2

Morgan Stanley Instl US Real Estate A

MSUSX

19.9

Morgan Stanley Real Estate B

REFBX

18.6

Munder Real Estate Eq Invmnt A

MURAX

18.1

Munder Small Cap Value Y

MCVYX

18.2

Mutual Financial Services A

TFSIX

17.1

Neuberger Berman Genesis Inv

NBGNX

16.0

OCM Gold

OCMGX

21.9

Oakmark Global I

OAKGX

18.5

Oakmark International Small Cap I

OAKEX

16.3

Oppenheimer Gold & Special Minerals A

OPGSX

20.5

Oppenheimer Small Cap Value A

QVSCX

16.1

PIMCO NFJ Small Cap Value A

PCVAX

19.5

Pacific Advisors Small Cap A

PASMX

17.0

Pacific Capital Small Cap Y

PSCYX

21.4

Perritt Micro Cap Opportunities

PRCGX

16.0

Phoenix Mid Cap Value Fund A

FMIVX

18.5

Phoenix-Duff & Phelps Real Estate Sec A

PHRAX

21.0

Phoenix-Seneca Equity Income A

REALX

17.1

Pioneer Real Estate Shares A

PWREX

18.8

Principal Real Estate Securities A

PRRAX

20.0

Putnam Small Cap Value A

PSLAX

15.8

RS Global Natural Resources

RSNRX

24.2

RS Partners

RSPFX

26.4

RS Value

RSVAX

18.0

Royce Pennsylvania Mutual Inv

PENNX

15.7

Royce Special Equity

RYSEX

18.7

Royce Total Return Inv

RYTRX

15.1

Russell Real Estate Securities S

RRESX

19.3

STI Classic Small Cap Value Equity L

STCEX

18.7

Scudder Gold & Precious Metals S

SCGDX

27.4

Scudder Small Company Value S

SCSUX

15.9

Security Mid Cap Value A

SEVAX

15.8

Skyline Special Equities

SKSEX

15.4

Smith Barney Small Cap Value A

SBVAX

16.4

Spirit of America Real Estate A

SOAAX

19.2

Strategic Partners Real Estate Securities A

PURAX

21.2

Stratton Growth

STRGX

14.6

Stratton Monthly Dividend REIT

STMDX

18.5

Stratton Small Cap Value

STSCX

19.2

Strong Advisor Small Cap Value Z

SSMVX

15.4

T Rowe Price Capital Appreciation

PRWCX

14.1

T Rowe Price Mid-Cap Value

TRMCX

15.5

T Rowe Price New Era

PRNEX

14.4

T Rowe Price Real Estate

TRREX

20.2

T Rowe Price Small Cap Value

PRSVX

18.3

TAMARACK Enterprise S

TETSX

16.1

TAMARACK Microcap Value S

TMVSX

14.8

TCW Galileo Value Opportunities I

TGVOX

15.2

Texas Capital Value & Growth

TCVGX

18.8

Third Avenue Real Estate Value

TAREX

21.3

Third Avenue Small Cap Value

TASCX

14.2

Third Millennium Russia

TMRFX

17.0

Tocqueville Gold

TGLDX

26.1

UBS PACE Sm/Med Co Val Eq P

PCSVX

14.3

UMB Scout Small Cap

UMBHX

14.9

US Global Accolade Eastern European

EUROX

21.0

US Global Inv Global Resources

PSPFX

28.1

US Global Inv Gold Shares

USERX

20.9

US Global Inv World Prec Minerals

UNWPX

23.2

USAA Precious Metals & Minerals

USAGX

26.3

Undiscovered Managers REIT Instl

URTLX

20.0

Van Eck Intl Investors Gold A

INIVX

21.8

Van Kampen Real Estate Securities A

ACREX

18.9

Vanguard Energy Inv

VGENX

19.8

Vanguard Precious Metals

VGPMX

26.6

Vanguard REIT Index

VGSIX

18.7

Vanguard Selected Value

VASVX

15.2

Wasatch Core Growth

WGROX

17.5

Wasatch Micro Cap

WMICX

20.9

Wasatch Small Cap Value

WMCVX

17.4

Wells S&P REIT Index A

WSPAX

18.5

Westwood Realty AAA

WESRX

18.0

Wilshire Target Small Co Vl Inv

DTSVX

15.6

Yacktman

YACKX

18.9

Yacktman Focused

YAFFX

17.9

iShares MSCI Australia Index

EWA

14.4

iShares MSCI Austria Index

EWO

25.1

n/i numeric investors Small Cap Value

NISVX

25.4

Investing in March was dominated by inflation fears. As the price of crude oil spiked and interest rates rose, most stocks fell. Bonds struggled, too, as investors worried that rising energy prices would trigger higher costs for businesses and consumers as well as inspire more rate hikes by the Federal Reserve.

The average U.S. diversified equity fund fell 1.9% in the month, slightly more than the S&P 500-stock index, which declined 1.8%. International equities suffered, falling 3.1% on average, as the dollar rebounded. Emerging markets tanked by a painful 6.7% as investors sought to take profits and reduce risk. (For complete results of more than 5,000 funds, see "BW Online's Interactive Mutual Fund Scoreboard".)

SHORT-SELLERS BENEFIT. All categories of U.S. diversified equity funds lost money in March, according to research from Standard & Poor's mutual-fund database. Small-cap growth funds -- which have outperformed in the past year -- were hit hardest, losing 3.1% in March. Large-cap value funds held up the best, down just 1.6%.

Roseanne Pane, mutual-fund strategist at S&P, expects this trend to continue. "In 2005 large-cap funds should provide stronger performance relative to smaller-company funds, since large-cap companies can weather a rising-rate environment better than smaller companies," she said in an Apr. 4 report. Pane also expects large-caps to benefit as the dollar's decline resumes, because they tend to have more international exposure.

A few funds managed to turn in strong results in March. The top performer was Oppenheimer Real Asset (QRAAX), a unique fund that invests in physical commodities (not stocks) and has more than 70% weighting in energy. It gained 7.7%. Other funds that notched increases were those that short stocks, profiting from declines in share prices. Potomac Small Cap/Short (POSSX) rose 7.6%, and ProFunds UltraShort Small Cap (UCPIX) climbed 6.3%.

BONDS DENTED, TOO. The only category of sector fund not to lose money in March was utilities, where returns were flat. Health and real estate funds were the sectors that held up next best, losing 1.7% and 1.8% on average, respectively.

Fixed-income funds offered little safety for investors. The only category of bond fund not to lose money was so-called ultrashort funds (just a notch longer in duration than money market funds), which were flat for the month. The average taxable bond fund lost 0.9% in March, and the average tax-free bond fund fell 0.7%.

Overall, March demonstrated clearly that when fear of inflation is in the air, investors find few places to hide.

A-List Equity Funds

Fund

Symbol

5-Year Annualized Pre-tax Return (%)

ABN AMRO Real Estate N

ARFCX

18.6

AIM Energy Inv

FSTEX

15.4

AIM Gold & Precious Metals Inv

FGLDX

19.1

AIM Real Estate A

IARAX

21.3

AXP Precious Metals A

INPMX

18.0

Adelante US Real Estate Securities Y

LLUYX

19.2

Aegis Value

AVALX

19.9

AllianceBernstein Real Est Invstmnt Adv

ARSYX

19.3

AllianceBernstein Real Est Invstmnt Instl I

ARIIX

18.2

Alpine International Real Estate Equity Y

EGLRX

19.7

Alpine Realty Income & Growth Y

AIGYX

22.3

Alpine US Real Estate Equity Y

EUEYX

32.7

Amer Beacon Small Cap Value PlanAhead

AVPAX

21.2

Amer Century Glbl Gold Inv

BGEIX

22.0

Amer Century Real Estate Inv

REACX

20.1

Amer Century Sm Cap Vl Inv

ASVIX

19.9

Amer Century Sm Company Inv

ASQIX

14.5

Ariel

ARGFX

17.8

Armada Small Cap Value I

AMRIX

16.9

Artisan Small Cap Value

ARTVX

17.9

Berwyn

BERWX

19.0

BlackRock Global Resources Inv A

SSGRX

34.4

Boston Company International Small Cap

SDISX

14.2

Boston Company Small Cap Value

STSVX

16.5

Boston Partners Long Short Equity Inv

BPLEX

15.6

Boston Partners Small Cap Value II Inv

BPSCX

23.1

Brazos Real Estate Securities Y

BJRSX

18.0

Bridgeway Micro Cap Limited

BRMCX

16.0

Bridgeway Ultra Small Company

BRUSX

23.1

Bridgeway Ultra Small Company Market

BRSIX

18.3

Bruce

BRUFX

30.5

Buffalo Small Cap

BUFSX

14.9

Burnham Financial Serv A

BURKX

28.6

CGM Focus

CGMFX

31.5

CGM Realty

CGMRX

28.9

CRM Small Cap Value Instl

CRISX

15.9

Century Small Cap Select Instl

CSMCX

19.7

Cohen & Steers Realty Focus Instl

CSSPX

19.4

Cohen & Steers Realty Income C

CSCIX

18.7

Cohen & Steers Realty Shares

CSRSX

19.3

Cohen & Steers Reatly Shares Instl

CSRIX

19.4

Columbia Real Estate Equity Z

CREEX

17.7

Columbia Small Cap Z

SMCEX

14.2

Consulting Grp Cap Mkts SmCp Vl Eq

TSVUX

15.2

CornerCap Small Cap Value

CSCVX

14.4

Davis Real Estate A

RPFRX

18.6

Delafield

DEFIX

18.9

Delaware RE Inv Tr A

DPREX

18.8

Delaware Small Cap Value A

DEVLX

15.7

Diamond Hill Bank & Financial A

BANCX

22.1

Dreyfus Premier Sm Cap Val A

DSVAX

16.4

EII Realty Securities Instl

EIIRX

17.3

Emerald Select Banking & Finance A

HSSAX

21.5

Evergreen Precious Metals A

EKWAX

27.0

Excelsior Real Estate

UMREX

18.8

FBR Small Cap

FBRVX

15.9

FBR Small Cap Financial

FBRSX

26.7

FMC Strategic Value

19.2

Fairholme

FAIRX

18.3

Fidelity Low Priced Stock

FLPSX

18.2

Fidelity Real Estate Investment

FRESX

20.2

Fidelity Select Chemicals

FSCHX

14.7

Fidelity Select Construction & Housing

FSHOX

17.9

Fidelity Select Gold

FSAGX

18.3

Fidelity Select Home Finance

FSVLX

15.8

Fidelity Select Industrial Materials

FSDPX

14.8

Fidelity Select Medical Delivery

FSHCX

25.4

Fidelity Select Natural Gas

FSNGX

15.1

Fifth Third Micro Cap Value Instl

MXAIX

17.3

First American Real Estate Securities Y

FARCX

20.7

First Eagle Global A

SGENX

17.0

First Eagle Gold A

SGGDX

27.4

First Eagle Overseas A

SGOVX

17.0

Forward Uniplan Real Estate Investment

FFREX

17.3

Franklin Balance Sheet Invmt A

FRBSX

16.5

Franklin Gold & Precious Metals A

FKRCX

17.7

Franklin MicroCap Value

FRMCX

19.8

Franklin Real Estate Sec A

FREEX

19.3

Franklin Small Cap Value A

FRVLX

15.5

Gabelli Gold AAA

GOLDX

24.9

Goldman Sachs Mid Cap Value A

GCMAX

17.5

Goldman Sachs Real Estate Sec A

GREAX

19.7

Goldman Sachs Small Cap Value A

GSSMX

16.9

Harris Insight Small Cap Value N

HSVAX

17.5

Heartland Select Value

HRSVX

14.9

Heartland Value

HRTVX

16.0

Heitman REIT PBHG

PBRTX

19.1

Hilliard Lyons Senbanc

SENBX

19.1

HomeStead Small Company Stock

HSCSX

14.7

Hotchkis & Wiley Mid-Cap Value I

HWMIX

22.4

Hotchkis & Wiley Small Cap Value I

HWSIX

27.9

ICON Energy

ICENX

21.1

ICON Leisure and Consumer

ICLEX

15.2

ING Precious Metals

LEXMX

19.6

ING Russia A

LETRX

22.5

Ivy Global Natural Res A

IGNAX

21.8

Ivy Real Estate Securities A

IRSAX

19.9

Ivy Small Cap Value A

IYSAX

15.9

J Hancock Classic Value A

PZFVX

16.9

J Hancock Real Estate A

JREAX

17.5

JPMorgan Small Cap Value Sel

PSOPX

19.2

JPMorgan US Real Estate A

SUSIX

19.0

James Advantage Small Cap

JASCX

15.8

Janus Mid Cap Value Inv

JMCVX

15.1

Jennison Natural Resources A

PGNAX

19.5

Keeley Small Cap Value

KSCVX

16.9

Kensington Strategic Realty A

KSRAX

21.3

Legg Mason Eq Tr US Small Cap Vl Prim

LMSVX

16.4

Longleaf Partners Small Cap

LLSCX

15.2

Lord Abbett Mid Cap Value A

LAVLX

15.9

Lord Abbett Small Cap Value A

LRSCX

15.7

MainStay Small Cap Opportunity I

MOPIX

14.5

Managers Real Estate Securities

MRESX

17.1

Marshall Mid Cap Value Inv

MRVEX

15.8

Matthews Asian Growth & Income

MACSX

16.1

Merrill Lynch Natural Resources A

MDGRX

17.9

Morgan Stanley Instl European Real Estate A

MSUAX

22.2

Morgan Stanley Instl US Real Estate A

MSUSX

19.9

Morgan Stanley Real Estate B

REFBX

18.6

Munder Real Estate Eq Invmnt A

MURAX

18.1

Munder Small Cap Value Y

MCVYX

18.2

Mutual Financial Services A

TFSIX

17.1

Neuberger Berman Genesis Inv

NBGNX

16.0

OCM Gold

OCMGX

21.9

Oakmark Global I

OAKGX

18.5

Oakmark International Small Cap I

OAKEX

16.3

Oppenheimer Gold & Special Minerals A

OPGSX

20.5

Oppenheimer Small Cap Value A

QVSCX

16.1

PIMCO NFJ Small Cap Value A

PCVAX

19.5

Pacific Advisors Small Cap A

PASMX

17.0

Pacific Capital Small Cap Y

PSCYX

21.4

Perritt Micro Cap Opportunities

PRCGX

16.0

Phoenix Mid Cap Value Fund A

FMIVX

18.5

Phoenix-Duff & Phelps Real Estate Sec A

PHRAX

21.0

Phoenix-Seneca Equity Income A

REALX

17.1

Pioneer Real Estate Shares A

PWREX

18.8

Principal Real Estate Securities A

PRRAX

20.0

Putnam Small Cap Value A

PSLAX

15.8

RS Global Natural Resources

RSNRX

24.2

RS Partners

RSPFX

26.4

RS Value

RSVAX

18.0

Royce Pennsylvania Mutual Inv

PENNX

15.7

Royce Special Equity

RYSEX

18.7

Royce Total Return Inv

RYTRX

15.1

Russell Real Estate Securities S

RRESX

19.3

STI Classic Small Cap Value Equity L

STCEX

18.7

Scudder Gold & Precious Metals S

SCGDX

27.4

Scudder Small Company Value S

SCSUX

15.9

Security Mid Cap Value A

SEVAX

15.8

Skyline Special Equities

SKSEX

15.4

Smith Barney Small Cap Value A

SBVAX

16.4

Spirit of America Real Estate A

SOAAX

19.2

Strategic Partners Real Estate Securities A

PURAX

21.2

Stratton Growth

STRGX

14.6

Stratton Monthly Dividend REIT

STMDX

18.5

Stratton Small Cap Value

STSCX

19.2

Strong Advisor Small Cap Value Z

SSMVX

15.4

T Rowe Price Capital Appreciation

PRWCX

14.1

T Rowe Price Mid-Cap Value

TRMCX

15.5

T Rowe Price New Era

PRNEX

14.4

T Rowe Price Real Estate

TRREX

20.2

T Rowe Price Small Cap Value

PRSVX

18.3

TAMARACK Enterprise S

TETSX

16.1

TAMARACK Microcap Value S

TMVSX

14.8

TCW Galileo Value Opportunities I

TGVOX

15.2

Texas Capital Value & Growth

TCVGX

18.8

Third Avenue Real Estate Value

TAREX

21.3

Third Avenue Small Cap Value

TASCX

14.2

Third Millennium Russia

TMRFX

17.0

Tocqueville Gold

TGLDX

26.1

UBS PACE Sm/Med Co Val Eq P

PCSVX

14.3

UMB Scout Small Cap

UMBHX

14.9

US Global Accolade Eastern European

EUROX

21.0

US Global Inv Global Resources

PSPFX

28.1

US Global Inv Gold Shares

USERX

20.9

US Global Inv World Prec Minerals

UNWPX

23.2

USAA Precious Metals & Minerals

USAGX

26.3

Undiscovered Managers REIT Instl

URTLX

20.0

Van Eck Intl Investors Gold A

INIVX

21.8

Van Kampen Real Estate Securities A

ACREX

18.9

Vanguard Energy Inv

VGENX

19.8

Vanguard Precious Metals

VGPMX

26.6

Vanguard REIT Index

VGSIX

18.7

Vanguard Selected Value

VASVX

15.2

Wasatch Core Growth

WGROX

17.5

Wasatch Micro Cap

WMICX

20.9

Wasatch Small Cap Value

WMCVX

17.4

Wells S&P REIT Index A

WSPAX

18.5

Westwood Realty AAA

WESRX

18.0

Wilshire Target Small Co Vl Inv

DTSVX

15.6

Yacktman

YACKX

18.9

Yacktman Focused

YAFFX

17.9

iShares MSCI Australia Index

EWA

14.4

iShares MSCI Austria Index

EWO

25.1

n/i numeric investors Small Cap Value

NISVX

25.4

Stone is a senior writer at BusinessWeek Online and covers the markets as a Street Wise columnist Stone is a senior writer at BusinessWeek Online and covers the markets as a Street Wise columnist Stone is a senior writer at BusinessWeek Online and covers the markets as a Street Wise columnist Stone is a senior writer at BusinessWeek Online and covers the markets as a Street Wise columnist Stone is a senior writer at BusinessWeek Online and covers the markets as a Street Wise columnist Stone is a senior writer at BusinessWeek Online and covers the markets as a Street Wise columnist


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