(PUB) Morningstar FundInvestor

February 2 014

Morningstar FundInvestor

13

Tech and Health-Care Power Top Performers Leaders & Laggards | Flynn Murphy

Laggards Artisan Value ARTLX

Slumping materials firms weighed on this large-value fund’s results during the past 12 months. The fund’s 13 . 2% return lagged 95% of category peers, partly because of holdings such as gold-mining firm New- mont Mining NEM and potash producer Mosaic MOS , which both suffered double-digit losses during the period. The fund’s energy holdings also proved a headwind. Top- 10 holding Chevron CVX eked out a 0 . 3% gain, while National Oilwell Varco NOV managed just a 2 . 4% return in the trailing one-year period. In late 2013 , comanager Scott Satterwhite announced he will retire in 2016 , though lead manager George Sertl and comanager Jim Kieffer will con- tinue to run the fund. Appleseed APPLX This all-cap value fund’s bet on gold dragged on per- formance during the trailing year. Its 10 . 7% return lagged both the S & P 500 Index and the mid-value category average by more than 10 percentage points. The fund’s five-person management team follows a socially responsible mandate and makes concen- trated investments in a portfolio of just 25 stocks. They’ve also held roughly one fourth of the fund’s assets in cash and gold since mid- 2009 . That’s helped the fund weather downdrafts, but it has weighed on results during recent rallies. The fund’s top holding, Central GoldTrust GTU , a closed-end fund hold- ing gold bullion, declined in price by 30 . 5% during the past 12 months. This foreign large-value fund tends to lag during equity rallies. The trailing one-year period was no exception as the fund’s 9 . 3% gain lagged more than 85% of peers. A sizable cash stake (more than 10% of assets as of late 2013 ) served as a head- wind as international equities generally rose. A number of the fund’s multinational holdings strug- gled, too. Consumer-goods firm Unilever UL lost 1 . 7% , while Philip Morris International PM lost more than 7% during the period. œ Contact Flynn Murphy at flynn.murphy@morningstar.com Tweedy, Browne Worldwide High Dividend Yield Value TBHDX

Leaders Fidelity OTC FOCPX

Ten Best-Performing Funds

Ten Worst-Performing Funds Harding Loevner Internati 100 Vanguard Managed Payout I 100 Vanguard Precious Metals 100 Royce Special Equity Mult 99 Wasatch Core Growth 99 CGM Realty 98 Dreyfus Appreciation Inve 98 Loomis Sayles Investment 98 Templeton Global Bond A 98 Third Avenue Internationa 98 Fund Name YTD Cat Rank % DoubleLine Total Return B 1 Fidelity Independence 1 Fidelity OTC 1 Fidelity Strategic Real R 1 First Eagle Overseas A 1 Janus Contrarian T 1 Oppenheimer Global Opport 1 PRIMECAP Odyssey Growth 1 Vanguard Capital Opportun 1 Weitz Value 1 Fund Name YTD Cat Rank %

This large-growth fund’s hefty stake in technology stocks helped drive its peer-topping 43 . 3% return during the past 12 months. The fund uses the tech- heavy Nasdaq Composite Index as its benchmark and holds more than half of its assets in technology stocks. The fund’s top performers included social- media titan Facebook FB and video-game developer Electronic Arts EA , which returned roughly 100% and 68% , respectively, during the 12 months through January 2014 . A slug of strong-performing biotech- nology firms, such as Gilead Sciences GILD , added to returns. PRIMECAP Odyssey Aggressive Growth POAGX This contrarian growth fund’s 47% gain trounced the Russell Mid Cap Growth Index by more than 20 percentage points during the trailing one-year period. Strong stock selections within the technology and health-care sectors pushed the fund to the top of the mid-growth pack as well. Top contributors included memory-chip manufacturer Micron Technology MU and biotechnology firm Biogen Idec BIIB , which gained 205% and 100% , respectively, during the period. It benefited from its stake in Tesla Motors TSLA , which returned more than 360% during the period. Following a run of strong performance, the fund closed to new investors in January 2014 . Oppenheimer Global Opportunities OPGIX This world-stock offering’s 35 . 3% gain during the past 12 months beat 98% of category peers. Manager Frank Jennings willingness to take concentrated posi- tions in small caps paid off. Top holding Nektar Therapeutics NKTR , a clinical-stage biotech firm, was the fund’s leading contributor. Other top con- tributors included London-based clothing retailers SuperGroup SEPGY and Asos ASOMY , which each posted triple-digit returns.