22
We are adding
RiverPark/Wedgewood
RWGFX
to
the Morningstar
500
. The Bronze-rated large-
growth fund is a little under three years old, but we
like its pedigree. Manager David Rolfe has been
at Wedgewood since
1992
, and he has a
20
-year
record on a separate account there that has tripled
the return of the Russell
1000
Growth Index. That
record is before fees but still quite impressive after
fees. So far, this fund is modestly ahead of its
peer group.
Rolfe is a fairly patient, focused investor. The fund
holds just
22
names, and the top one,
Apple
AAPL
,
accounts for
9%
of assets. Rolfe looks for com-
panies with strong competitive advantages that will
enable them to produce superior growth rates
and strong returns on equity. See the facing page
for more.
In order to make room, we are dropping
Davis
Appreciation & Income
RPFCX
, which has been
dropped from coverage.
Hollow Stars and Returns in Italics
You may notice some funds have either a hollow star
rating or return figures in italics. In such cases,
we apply a fund’s expenses to the returns of the older
share class. Here is our definition.
Morningstar provides adjusted historical returns and
an Extended Performance Rating for some mutual
funds in its universe. This means that any share class
that doesn’t have a one-, three-, five-, or
10
-year
performance history may receive a hypothetical
Morningstar Rating based on the oldest surviving
share class of the fund.
First, Morningstar computes the funds’ new return
stream by appending an adjusted return history of the
oldest share class.
Next, the Extended Performance Rating is determined
by comparing the adjusted historical returns with
the current open-end mutual fund universe to identify
placement in the bell curve used to assign the
Morningstar Rating.
Morningstar Ratings that are based on extended
performance returns appear as hollow stars.
œ
Summary of Changes
Add
Drop
RiverPark/Wedgewood
Davis Appreciation & Income A
Rating Change
To
From
ASTON/Montag & Caldwell Growth
• Œ
Royce Value Service
´ •
Third Avenue Int’l Value Instl
ˆ •
Vanguard FTSE All-Wrld ex-US Idx In
Œ •
Vanguard International Explorer
‰ ´
A Focused Fund Joins the 500
Changes to the 500
|
Russel Kinnel
What is Morningstar
FundInvestor
500
?
The Morningstar FundInvestor
500
features the industry’s
best and most notable funds.
Use the list to get new
investment ideas and track
the funds you already own.
FundInvestor
subscribers have
access to one-page monthly
reports on all 500 funds on
mfi.morningstar.com. Just type
in the name or ticker of the
fund in the search box.
