QikReview: Top Specialty-Natural Resources Mutual Funds

Below is a brief review of three Specialty-Natural Resources mutual funds.

T. Rowe Price New Era (PRNEX)

Category: Specialty-Natural Resources
Rating: 4
Capital Gains Exposure: 45%
Assets: $6.2 bil
Expense Ratio: 0.66%
Turnover Ratio: 16%
Yield: 0.93%
Redemption Period: 0 days
Redemption Fee: 0.0%
3-Year Total Cost: $211
Minimum Investment: $3,000
Comments: Although absolute returns are solid (31% 5-year returns and 15% 10-year returns), relatively speaking this fund is in the middle of the pack as it ranks a measly #50 among peers in 10-year returns and #55 in 5-year returns. Volatility seems to be relatively low. This Large-cap Growth fund invests into Giant (34), Large (39), and Medium (24) companies. Has 6% in Cash and 30% fo total assets in Foreign Stocks. Invests in Industrials (24) and Energy (66) sectors. Specifically, it invests into Oil & Gas (28), Oil & Gas Services (31), Utilities (6), Misc. Industrials (10). It has a large number of holdings, 106, and a low-level of concentration into particular stocks (only 28% of assets in the Top 10 holdings), but turnover ratio is tiny at 16%. I recognize most of the companies on their top 25 holdings list. I think this is a solid fund with a diversified focus that I'll keep an eye on, but ignore for the time being because of the run-up of prices in the energy and natural resources companies.

Excelsior Energy & Natural Resources (UMESX)

Category: Specialty-Natural Resources
Rating: 4
Capital Gains Exposure: 10%
Assets: $0.7 bil
Expense Ratio: 1.12%
Turnover Ratio: 279%
Yield: 0.10%
Redemption Period: 30 days
Redemption Fee: 2.0%
3-Year Total Cost: $359
Minimum Investment: $2,500
Comments: Middle-of-the-pack performance with a significant volatility. Even though absolute returns are respectable, relative to its peers it's fairly average. This Large-cap Growth fund invests into Giant (20), Large (43), Medium (26), and Small (9) companies. It invests into Industrials (23) and Energy (73). More specifically: Oil & Gas (51), Oil & Gas Services (25), and Hard Commodities (6). It has 3.3% of assets in Cash. It has a reasonable number of holdings at 55, but a very high turnover ratio of 279%. It's probably a decent choice as far as energy/mining funds go, but I wouldn't touch it at this point.

U.S. Global Investor (PSPFX)

Category: Specialty-Natural Resources
Rating: 4
Capital Gains Exposure: 14%
Assets: $1.5 bil
Expense Ratio: 0.94%
Turnover Ratio: 122%
Yield: 5.17%
Redemption Period: 30 days
Redemption Fee: 0.3%
3-Year Total Cost: $316
Minimum Investment: $5,000
Comments: One of the best funds in its category by returns: it's #1 in 5-year returns, #13 in 10-year returns, and #11 in 3-year returns. It is definitely a cyclical fund as it was pretty much non-performing from 1998 until it roared back in 2003 and has been making amazing returns until now. So, for five years it was useless and for another 5 years it was stunning. I'm not sure how many more years it can yank out great returns, but I would think it's closer to the end of the booming cycle than the beginning. This is a Large-cap Growth fund that invests into the Industrial Materials/Energy sectors: Oil & Gas (29), Oil/Gas Productions (4), Oil & Gas Services (33), Utilities (4), Hard Commodities (19), and Misc Industries (3). It has 5% in Cash. It invests into Giant (26), Large (24), Medium (35) and Small (12) companies. 55% of assets are in the Foreign Stocks. It has 190 holdings, 122% turnover ratio, and only 26% of assets in the Top 10 holdings. I think this fund has too many holdings and is toward the end of its cycle. So, even though it's good fund to keep in mind in the future, at this time I will most certainly pass on it although it may very well post solid returns in 2008.

Other QikReviews:
Top Domestic Mutual Funds
Top Foreign Mutual Funds
Top Europe Stock Mutual Funds
Top Pacific/Asia ex-Japan Mutual Funds
Top Other Foreign Mutual Funds
Top Specialty-Precious Metals Mutual Funds

QikReview: Top Specialty-Precious Metals Mutual Funds

Below is a brief review of three Specialty-Precious Metals mutual funds.

USAA Precious Metals (USAGX)

Category: Specialty-Precious Metals
Rating: 4
Capital Gains Exposure: 50%
Assets: $1.1 bil
Expense Ratio: 1.21%
Turnover Ratio: 29%
Yield: 1.56%
Redemption Period: 0 days
Redemption Fee: 0.0%
3-Year Total Cost: $384
Minimum Investment: $3,000
Comments: This fund's returns are nothing short of outstanding: it ranks #1 in 10-year returns and in the top 10 for 3-year and 5-year returns; although it is only #35 in 1-year returns. Absolute returns though is what really caught my attention: 23% annually over 10 years, 34% over 5 years, 41% over 3 years, and 33% over 1 year! Volatility is certainly present though: it lost 11% in 2004 and I'm sure it wasn't so hot when the gold prices weren't plowing through the roof in other decades. This is a Mid-cap Growth fund that invests into Giant (5), Large (53), Medium (30), and Small (12) companies. It holds 5% in Cash and the rest in Stocks, with 80% of assets in Foreign Stocks. Its exposure is in Canda (51), the U.S. (15), South Africa (10), Australia (9), Peru (5), and Asia ex-Japan (11). With 46 holdings this fund is relatively concentrated. Turnover is also relatively low at 29%. It has 57% of assets in the Top 10 holdings. This is a good specialty fund, but it's definitely speculative. One of the key components for a success of such funds is a weak dollar. As the Fed will be forced to raise the rates back at the end of 2008 / beginning of 2009, dollar may strengthen. Also, this fund in particular, and gold in general, has been having too much fun lately, and I expect it to end or at least tamper off in 2008/2009.

U.S. Global Investor (UNWPX)

Category: Specialty-Precious Metals
Rating: 3
Capital Gains Exposure: 24%
Assets: $1.0 bil
Expense Ratio: 0.99%
Turnover Ratio: 54%
Yield: 10.51%
Redemption Period: 30 days
Redemption Fee: 0.5%
3-Year Total Cost: $332
Minimum Investment: $5,000
Comments: This fund is #1 among peers in the 5-year returns at 40%, but it is a horrible #68 in 10-year returns. It is very volatile, altough does perform very well when the market does well.
This Small-cap Growth fund invests into Large (12), Medium (45), Small (29), and Micro (15) companies. It invests into Industrial Materials (97). It has 6% in Cash. It has exposure in Canada (63), the U.S. (8), the U.K. (7), South Africa (3), and Australia (2). It has a very large number of holdings, 234, and reasonable turnover ratio of 54%. Fund's 36% of assets are in the top 10 holdings, which is not concentrated. This funds focus on small-cap stocks in the precious metals sector seems very risky in general and at this time in particular.

DWS Gold & Precious (SCGDX)

Category: Specialty-Precious Metals
Rating: 3
Capital Gains Exposure: 24%
Assets: $0.8 bil
Expense Ratio: 1.26%
Turnover Ratio: 52%
Yield: 3.51%
Redemption Period: 15 days
Redemption Fee: 2.0%
3-Year Total Cost: $397
Minimum Investment: $2,500
Comments: Middle-of-the-pack performance with high volatility. Although, arguably, rewards provided by this fund justify the volatility, I don't think so. This Mid-Growth fund invests into Giant (14), Large (38), Medium (31), and Small (17) companies. It has exposure in Canada (31), Australia (14), South Africa 913), the U.K. (6), and the U.S. (4). It has zero in Cash. It has a modest number of holdings - 43, and reasonable turnover ratio of 52%. This fund is a tier-2, in my opinion. Although, worth considering for various portfolio allocation models.

Other QikReviews:
Top Domestic Mutual Funds
Top Foreign Mutual Funds
Top Europe Stock Mutual Funds
Top Pacific/Asia ex-Japan Mutual Funds
Top Other Foreign Mutual Funds
Top Specialty-Natural Resources Mutual Fund

QikReview: Top Other Foreign Mutual Funds

Below is a brief review of the three other foreign-oriented mutual funds (World Stock, Latin America, and Diversified Emerging markets).

Polaris Global Value (PGVFX)

Category: World Stock
Rating: 3
Capital Gains Exposure: 5%
Assets: $0.5 bil
Expense Ratio: 1.23%
Turnover Ratio: 5%
Yield: 1.46%
Redemption Period: 180 days
Redemption Fee: 1.0%
3-Year Total Cost: $390
Minimum Investment: $2,500
Comments: Middle-of-the-pack returns, which are great in absolute terms, but not so great relative to its peers. Capital gains exposure is negligible at 5%. It invests into Mid-cap Value companies. It holds no Cash. It invests into Financials (24), Consumer Goods (9), Industrial Materials (34), and Business Services (10). It's in the U.S. (33), Japan (14), Finland (7), Ireland (6), South Africa (6), and the rest of Asia (6). This fund has performed terribly in 2007 in absolute terms and relative to its peers (it lost about 4% while most peers gained in double digits). I don't think I like this fund's style too much.

T. Rowe Price Latin (PRLAX)

Category: Latin America
Rating: 4
Capital Gains Exposure: 51%
Assets: $3.3 bil
Expense Ratio: 1.24%
Turnover Ratio: 35%
Yield: 0.77%
Redemption Period: 90 days
Redemption Fee: 2.0%
3-Year Total Cost: $393
Minimum Investment: $2,500
Comments: It's #1 in 10-yr, 3-yr returns, and #8 in 5-year returns. Absolute returns are just unbelievable. Invests in Large-cap Growth; Telecom (10), Consumer Services (12), Financials (22), Industrial Materials (23), Energy (21). Geographically, it's in Brazil (67), Mexico (24), and Chile (3.5). It has 46 holdings with 65% of assets int Top 10 holdings. It's largest positions are in the two companies that I've actually heard of: Petroleo Brasileiro, which recently discovered a huge oil field, and America Movil, which is the top wireless operator in Mexico and is controlled by the world's second wealthiest man, Carlos Slim. It has only 1.4% in Cash. This fund has provided investors with exceptional returns during the past 5 years, the music has to stop at some point and I don't want to be a part of the Latin America sell-off, which tends to be prolonged from what I hear. As much as I'd like to have exposure to countries such as Brazil and Mexico, right now simply may not be the best time to do so with valuations soaring and global boom has become questionable.

T. Rowe Price Emerging (PRMSX)

Category: Diversifed Emerging Markets
Rating: 3
Capital Gains Exposure: 33%
Assets: $4.3 bil
Expense Ratio: 1.25%
Turnover Ratio: 44%
Yield: 0.74%
Redemption Period: 90 days
Redemption Fee: 2.0%
3-Year Total Cost: $400
Minimum Investment: $2,500
Comments: This fund has produced respectable returns and is in the top 20 among peers for 1-, 3-, 5-, and 10-year total returns. This fund moves with its category and doesn't do very well in the bear markets. It may lose somewhat less than some of its peers, but it will still lose and last time it stayed negative for 3 years after the market drop. This Large-cap Growth funds invests into Giant (30), Large (45), and Medium (24) companies. It invests into Telecom (6), Consumer Services (9), Business Services (8), Financials (36), Consumer Goods (7), Industrials (20), and Energy (8). It has exposure in Brazil (14), China (12), South Korea (11), India (10) Taiwan (8). This fund has a large number of holdings, 134, and reasonable annual turnover ratio of 44%. This fund makes for an interesting choice in the global bull market, but at this time I deem it too risky.

Other QikReviews:
Top Domestic Mutual Funds
Top Foreign Mutual Funds
Top Europe Stock Mutual Funds
Top Pacific/Asia ex-Japan Mutual Funds
Top Specialty-Precious Metals Mutual Funds
Top Specialty-Natural Resources Mutual Fund

QikReview: Top Pacific/Asia ex-Japan Mutual Funds

Below is a brief review of three Pacific/Asia ex-Japan mutual funds.

Matthews Korea (MAKOX)

Category: Pacific/Asia ex-Japan
Rating: 3
Capital Gains Exposure: 45%
Assets: $0.2 bil
Expense Ratio: 1.28%
Turnover Ratio: 26%
Yield: 0.27%
Redemption Period: 90 days
Redemption Fee: 2.0%
3-Year Total Cost: $412
Minimum Investment: $2,500
Comments: This fund is #1 among peers in 10-year returns, but it's at the bottom of the pack for all other rankings. It's pretty volatile and I can see it crashing before starting to make a new streak of gains. This is a Large-cap Value fund that invests into Giant (22), Large (41), Medium (29), and Small (7) companies. It invests into Telecom (7), Healthcare (15), Consumer Services (8), Business Services (15), Financials (25), Consumer Goods (16), and Industrials (6). It has exposure to South Korea only. This fund is way to volatile and one-country dependant. Although the fund's long-term strategy seems to work, it's very volatile in the short-term. This fund is something to keep an eye on for now.

Fidelity Southeast Asia

Category: Pacific/Asia ex-Japan
Rating: 4
Capital Gains Exposure: 27%
Assets: $4.2 bil
Expense Ratio: 1.04%
Turnover Ratio: 72%
Yield: 0.77%
Redemption Period: 90 days
Redemption Fee: 1.5%
3-Year Total Cost: $347
Minimum Investment: $2,500
Comments: Although absolute returns are incredible (35% 5-year returns and 17% 10-year returns), relatively speaking this fund is in the middle of the pack as it ranks a measly #29 among peers in 10-year returns and a decent #8 in 5-year returns. It is very volatile and doesn't strike me as a great bear-market performer. This Large-cap Blend fund invests into Giant (35), Large (47), and Medium (18) companies. It has exposure in China (27), South Korea (25), Hong Kong (11), Taiwan (8), and Singapore (7). It has only 1.4% in Cash. It invests into Telecom (8), Business Services (20), Financials (21), Consumer Goods (8), and Industrial Materials (21).
It has a large number of holdings, 124, a low-level of concentration into particular stocks (only 22% of assets in the Top 10 holdings), and a low level of commitment to its investments (turnover rate of 72%). This seems to be a decent fund, but it's not doing anything for me. Absolute performance is off the charts, but there are plenty of better-performing peers. I may revisit the fund once the Asian markets cool off a bit, but it's not just the overpriced markets, I'm not sure that I like this fund all that much.

T. Rowe Price New Asia

Category: Pacific/Asia ex-Japan
Rating: 4
Capital Gains Exposure: 29%
Assets: $4.8 bil
Expense Ratio: 1.05%
Turnover Ratio: 53%
Yield: 0.96%
Redemption Period: 90 days
Redemption Fee: 2.0%
3-Year Total Cost: $334
Minimum Investment: $2,500
Comments: A very volatile fund with very respectable returns. It is #3 in 1-year returns, #6 in 5-year returns, but only #30 in 3-year and #34 in 10-year returns. This Large-cap Growth fund invests into Giant (9), Large (54), and Medium (35) companies. It invests into Business Services (11), Financials (31), Consumer Goods (20), Industrials (19), and Utilities (8). It has exposure to India (37), China (28), South Korea (13), Taiwan (8), and Singapore (3). It has 86 holdings and a 53% turnover ratio. Only 24% of assets are in the Top 10 holdings. It doesn't seem to be investing in the hottest companies right now since I didn't recognize any of the holdings in the top 25. Once I'll be convinced that Asia is worth investing in, this fund will on my on short list of candidates.

Other QikReviews:
Top Domestic Mutual Funds
Top Foreign Mutual Funds
Top Europe Stock Mutual Funds
Top Other Foreign Mutual Funds
Top Specialty-Precious Metals Mutual Funds
Top Specialty-Natural Resources Mutual Fund

QikReview: Top Europe Stock Mutual Funds

Below is a brief review of two Europe Stock mutual funds.

ING Russia A LW (LETRX.LW)

Category: Europe Stock
Rating: 3
Capital Gains Exposure: -%
Assets: $0.8 bil
Expense Ratio: 1.98%
Turnover Ratio: 12%
Yield: 0.00%
Redemption Period: 365 days
Redemption Fee: 2.0%
3-Year Total Cost: $1,198
Minimum Investment: $1,000
Comments: It is #4 for 1-year returns. #1 for 5- and 3-year returns! After its humongous crash in 1998, fund returns have been outstanding ranging from 80% in 2001 to 5% in 2004. So far it's down by 13%, but Russia should keep on soaring. Invests into Large Growth companies; Telecom (14), Financial (16), Industrial Materials (16), and Energy (42); only 1% in Cash. It has only 30 holdings, with the largest stake of 14% in the Sberbank, Russia's central bank. It is definitely very expensive. It doesn't seem possible to get this fund without the load or maybe I just don't know how to get it waived. A 5.75% front load + 365 day redemption makes this fund a no-go for me.

Fidelity Nordic (FNORX)

Category: Europe Stock
Rating: 4
Capital Gains Exposure: 16%
Assets: $0.8 bil
Expense Ratio: 1.10%
Turnover Ratio: 62%
Yield: 4.03%
Redemption Period: 90 days
Redemption Fee: 1.5%
3-Year Total Cost: $337
Minimum Investment: $2,500
Comments: This is a decent fund for it's category with a relative performance that is not too bad at #16 for 5-years and #9 for 3-years, although 1-year returns rank it only #27. I don't like anything that falls for a long, long time and this fund was down in 2002, 2001, and 2000. This downward spiral isn't very inspiring, especially with the bear market bearing over us. This Large-cap Growth fund invests into Giant (30), Large (41), Medium (17), and Small (11) companies. It invests into Hardware (20), Telecom (14), Healthcare (10), and Indistrials (29). It has exposure to Sweden (35), Finland (21), Norway (18), Denmark (7), and Switzerland (3). It has only 1% of assets in Cash. This fund has an interesting niche with decent returns, but it is far from being a top pick on my list.

Other QikReviews:
Top Domestic Mutual Funds
Top Foreign Mutual Funds
Top Pacific/Asia ex-Japan Mutual Funds
Top Other Foreign Mutual Funds
Top Specialty-Precious Metals Mutual Funds
Top Specialty-Natural Resources Mutual Fund

QikReview: Top Foreign Mutual Funds

Continuing the QikReview series of mutual funds reviews, below are brief reviews of top "Foreign" mutual funds. In addition to these "Foreign" funds, I will also post reviews of "Europe," "World," and some other region-specific mutual funds.

Dodge & Cox International Stock (DODFX)

Category: Foreign Large Value
Rating: 5
Capital Gains Exposure: 10%
Assets: $50 bil
Expense Ratio: 0.66%
Turnover Ratio: 9%
Yield: 2.88%
Redemption Period: 0 days
Redemption Fee: 0.0%
3-Year Total Cost: $211
Minimum Investment: $2,500
Comments: Top-notch management team has produced outstanding returns over time. I like their interest in emerging markets, long-term value approach, and low costs. It's #1 in 5-year returns. It invests into Giant, Large, and Medium companies. It has only 2% in Cash. It has big presence in Japan (20), UK (14) and Western Europe. I don't think I like its very significant exposure to Japan. I like their top 25 holdings.

Fidelity Canada (FICDX)

Category: Foreign Large Blend
Rating: 5
Capital Gains Exposure: 30%
Assets: $4.3 bil
Expense Ratio: 0.97%
Turnover Ratio: 42%
Yield: 0.67%
Redemption Period: 90 days
Redemption Fee: 1.5%
3-Year Total Cost: $306
Minimum Investment: $2,500
Comments: This fund has done very well over time. Its ranks #1 among peers in 1-year, 5-year, and 10-year returns. It's #2 in 3-year returns. One concern is that it took a while for it to rebound from the last bear market, it was down in both 2001 and 2002. It invests into Giant (50), Large (36), and Medium (13) growth companies. 89% of assets are in Canada and 3% are in the U.S. Its major holdings are in Telecom (7), Business Services (10), Financials (26), Industrial Materials (17), and Energy (26). It has about 5% in Cash. I'm not too sure about its holdings, although some of its top holdings are showing up CGM Focus as well. If anything, I would pick CGM over Fidelity here.

Masters' Select International (MSILX)

Category: Foreign Large Blend
Rating: 5
Capital Gains Exposure: 8%
Assets: $1.9 bil
Expense Ratio: 1.06%
Turnover Ratio: 98%
Yield: 0.98%
Redemption Period: 180 days
Redemption Fee: 2.0%
3-Year Total Cost: $369
Minimum Investment: $5,000
Comments: This fund's returns are solid: #2 for 10-year returns and #5 for 3- and 5-year returns among peers. It invests into Giant (31), Large (41), and Medium (20) companies. It holds 5% in Cash. It invests in Healthcare (13), Consumer Services (12), Financials (21), Consumer Goods (12), and Industrial Materials (18). It has presence in Japan (13), the U.K. (12), France (12), Switzerland (9), China (7), Latin America (7), and North America (5). I'm not sure how much I like the Top 25 holdings. Also, it has 75 total holdings and only 25% of total assets in the Top 10 holdings. I don't think that I like 10 people managing a $1.9 billion fund, too many cooks in one kitchen.

T. Rowe Price International Discovery (PRIDX)

Category: Foreign Small/Mid Growth
Rating: 3
Capital Gains Exposure: 12%
Assets: $2.6 bil
Expense Ratio: 1.24%
Turnover Ratio: 68%
Yield: 0.68%
Redemption Period: 90 days
Redemption Fee: 2.0%
3-Year Total Cost: $393
Minimum Investment: $2,500
Comments: Middle-of-the-pack performance as far as total returns go. I'm not at all impressed by it's returns and volatility. This is a Mid-cap Growth fund that invests into Large (6), Medium (61), and Small (31) companies. It has exposure in Japan (16), the U.K. (15), India (7), Germany (6), and China (6). It's diversified among different categories with larger holdings in Consumer Services (11), Business Services (20), and Indistrial Materials (18). It holds 9% of assets in Cash. It has a whopping 207 holdings with a turnover rate of 68% and only 10% of total assets in the Top 10 holdings. It looks and acts more like an index fund although with a higher expense ratio.
I don't see much merit to this fund, it's not to say that it's inferior, but in my eyes it's rather average.

Other QikReviews:
Top Domestic Mutual Funds
Top Europe Stock Mutual Funds
Top Pacific/Asia ex-Japan Mutual Funds
Top Other Foreign Mutual Funds
Top Specialty-Precious Metals Mutual Funds
Top Specialty-Natural Resources Mutual Fund

QikReview: Top Domestic Mutual Funds

Below is a brief review of several top domestic mutual funds. They are all large-cap funds since I viewed small-caps as a risky proposition to invest in this year when I started looking into mutual funds. At this point though, it may be a good idea to revisit top small-cap funds as they're bound to come back strongly when the economy starts climbing back from the current stock market bear levels.

CGM Focus (CGMFX)

Category: Large Blend
Rating: 5
Capital Gains Exposure: 26%
Assets: $5.5 bil
Expense Ratio: 1.02%
Turnover Ratio: 333%
Yield: 0.09%
Redemption Period: 0 days
Redemption Fee: 0.0%
3-Year Total Cost: $381
Minimum Investment: $2,500
Comments: Returns are absolutely and relatively outstanding: this fund is #1 among peers in 1-year, 3-year, 5-year, and 10-year returns! They are 53%, 30%, 36%, and 25%, respectively.
It has been volatile, but it seems to reward well those who can handle moderate volatility, which is how I view the extent of this fund's volatility. It invests into Giant (54) and Large (39) companies. It invests into relatively few sectors: Hardware (4), Telecom (9), Business Services (7), Industrial Materials (43), and Energy (36). It has 63% of assets in foreign stocks. It has only 25 total holdings, two of them are shorts. This may actually be a good time to buy into this fund since there is a strong possibility of a strong rebound. Fund has minimal Cash and shorts 10% of the assets. This fund and its manager, Kenneth Heebner, are nothing short of phenomenal.

Fairholme (FAIRX)

Category: Large Blend/Growth
Rating: 5
Capital Gains Exposure: 12%
Assets: $6.8 bil
Expense Ratio: 1.00%
Turnover Ratio: 20%
Yield: 0.68%
Redemption Period: 60 days
Redemption Fee: 2.0%
3-Year Total Cost: $318
Minimum Investment: $2,500
Comments: It's #3 in 5-year returns, #1 in 3-year returns, and top 10 in all other rankings. It invests into Giant, Large, and Medium companies. It has 21% in Cash, which is excellent since it can pounce on opportunities in this down market and not have to sell its long-term holdings. For a domestic fund, it has a large position of 25% in foreign stocks. It has only 22 stocks in its portfolio. It is heavily invested into Berkshire Hathaway and Canadian Natural Resources, at 17% each. I'm not too sure about their portfolio of stocks although their track record is pretty impressive.

Selected American (SLASX)

Category: Large Blend
Rating: 4
Capital Gains Exposure: 35%
Assets: $12 bil
Expense Ratio: 0.90%
Turnover Ratio: 9%
Yield: 1.07%
Redemption Period: 0 days
Redemption Fee: 0.0%
3-Year Total Cost: $287
Minimum Investment: $1,000
Comments: Although it received Domestic Fund Manager of Year in 2005, all I see is middle-of-the-pack performance across the board. Capital gains exposure is very high as well at 35%. With most sector weights similar to S&P 500, this fund has a higher exposure to Financials and Consumer Goods - yep, the two of the worst categories to be in according to the market sentiment. It has only 1% in Cash. It tends to invest into Large/Giant companies. Although it is a solid fund with a long-term value investing approach that I can appreciate, I'm just not impressed with its returns.

T. Rowe Price Equity (PRFDX)

Category: Large Value
Rating: 4
Capital Gains Exposure: 17%
Assets: $23 bil
Expense Ratio: 0.69%
Turnover Ratio: 17%
Yield: 2.02%
Redemption Period: 0 days
Redemption Fee: 0.0%
3-Year Total Cost: $221
Minimum Investment: $2,500
Comments: Another fund with a mediocre performance relative to peers. Potential capital gains exposure is sizable at 17%. Sector weightings are very similar to the S&P 500. Cash is at 5%. It has some solid stocks among its Top 25 holdings, but it just has too many total holdings - 124.
What is, without a doubt, impressive, is the fact that this fund has had only 2 years of negative returns out of the past 21. That is outstanding, but I'd still prefer a more concentrated portfolio of great companies than 100 best from the S&P 500 list that this fund seems to be holding, in my opinion.

American Century (TWSAX)

Category: Large Blend
Rating: 5
Capital Gains Exposure: 11%
Assets: $1.5 bil
Expense Ratio: 1.18%
Turnover Ratio: 172%
Yield: 1.45%
Redemption Period: 0 days
Redemption Fee: 0.0%
3-Year Total Cost: $373
Minimum Investment: $2,500
Comments: This fund's returns are simply not acceptable, even though Morningstar gives it five stars. Its 10-yr return is 7% and 5-yr return is 10%, that absolutely pales in comparison to the likes of CGM Focus and Fairholme. So, I'm not even going to spend any more time researching it.


Permanent Portfolio (PRPFX)

Category: Conservative Allocation
Rating: 5
Capital Gains Exposure: 16%
Assets: $1.7 bil
Expense Ratio: 1.11%
Turnover Ratio: 7%
Yield: 0.43%
Redemption Period: 0 days
Redemption Fee: 0.0%
3-Year Total Cost: $387
Minimum Investment: $1,000
Comments: Relative returns are certainly impressive: this fund is #1 among peers in 1-year, 3-year, 5-year, and 10-year returns! It's also consistent from year to year as it's in the top 5 all the time. Absolute results though aren't quite as impressive as some top funds other categories: it returned 14% annually over the last 5 years and 10% over the last 10 years. This is a Large-cap Blend fund that invests into Giant (21), Large (33), Medium (32), and Small (13) companies. It holds 19% in Cash, 33% in Stocks, 26% in Bonds, and 23% in Other. Foreign stocks are only 2% of the total assets. It invests bond assets almost purely in AAA bonds (98.7% of total bonds holdings). As far as stocks ago, it's allocation is similar to the S&P 500 except for overweight Industrial Materials (21) and Energy (20). Upon further research, it looks like their Other category consists of investments into Gold and Silver. It has a total of 70 stock holdings and 19 bond holdings with a very low turnover ratio of 7%. It is a very steady fund with limited volatility and returns are actually quite respectable considering how stable it has been. I usually don't like funds with this many holdings, but this tenured manager clearly knows what he is doing. I think this fund will perform relatively (to other investments) well in this 2008 bear market. At the very least I'm very doubtful it would lose investors' money. It certainly has done well so far this year.

Other QikReviews:
Top Foreign Mutual Funds
Top Europe Stock Mutual Funds
Top Pacific/Asia ex-Japan Mutual Funds
Top Other Foreign Mutual Funds
Top Specialty-Precious Metals Mutual Funds
Top Specialty-Natural Resources Mutual Fund