(PUB) Vanguard Advisor
index to the market basically hugs 1.00, suggesting the sector never really outperforms or underperforms by very much for very long. By contrast, you can see a wicked period of outperfor- mance followed by a gut-wrenching decline for the MSCI Information Technology index. It won’t surprise you to learn these coincide with the >
mance. But the end result for both of these active funds is substantially better than the lines for, say, the MSCI Energy index or the MSCI Health Care index. Precious Metals & Mining’s relative dive the past three years has been stun- ning. The fund is off 54.5% over the past three years versus a gain of 50.8% for Total Stock Market. While the fund
run-up to the tech bubble and its sub- sequent bursting. Third, notice that the lines for the actively managed Energy and Health Care funds have fairly steady inclines, meaning that over time they’ve outper- formed the market without lots of nasty back-tracking. Not always, of course. Just look at Energy’s recent perfor-
Energy
Health Care
Prec. Metals andMining
MSCI Consumer Disc.
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50
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MSCI Energy
MSCI Financials
MSCI Health Care
MSCI Consumer Staples
4/00
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4/94
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MSCI Industrial
MSCI Materials
MSCI REIT
MSCI Information Tech.
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MSCI Telecom
MSCI Utilities
S&PGlobal ex-U.S. Prop.
4/00
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14 • Fund Family Shareholder Association
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