4
Two Fidelity funds are next on the list. Fidelity wasn’t
as extreme as Janus, but it does have a lot of growth
funds that tend to win the rallies and lose the cor-
rections.
Fidelity Select Technology
FSPTX
and
Fidelity Growth Discovery
FDSVX
have respect-
able total returns, yet they didn’t make investors any
money. Growth Discovery’s path hasn’t really been
exceptional, but it did switch to a growth strategy
from a core strategy when Jason Weiner returned for
a second run in
2007
. That came following a poor
stretch as a large-blend fund under Adam Hetnarski.
Weiner had a good
2007
only to have dismal
2008
and
2009
. Thus, too many investors had given up
before the fund’s strong
2009
and
2010
.
For Fidelity Select Technology, returns and managers
have both been too volatile for most investors.
The fund had eight managers over the past
15
years.
Nearly all of its returns in the past
10
years have
come in
2003
and
2009
, so it required either great
patience or great timing.
Conclusion
As you can see, getting good results for investors
requires effort from investors and fund companies
alike. Fund companies need to provide stability in
management and process and close funds in a timely
manner. Investors need to understand a fund’s risks,
set expectations appropriately, and lean toward more-
conservative funds when in doubt. If an asset class
has had a great run, consider trimming or at least re-
balancing to where you were before. Patience is one
of the greatest virtues in investing.
œ
15 Years of Funds and Investors
Continued From Page 3
The Largest and Smallest 15-Year Investor Returns
Top 20
Ticker
Category
15-Yr Total Rtrn 15-Yr Investor Rtrn
Yacktman Focused Svc
YAFFX
Large Blend
8.85
14.12
Vanguard Energy Inv
VGENX Equity Energy
11.61
12.53
Matthews Asian Grw & Inc Inv
MACSX Pacific/Asia ex-Japan Stk
14.70
11.70
Yacktman Svc
YACKX
Large Blend
9.50
11.57
Wasatch Core Growth
WGROX Small Growth
10.13
11.16
Royce Special Equity Invmt
RYSEX
Small Blend
9.87
11.15
T. Rowe Price Health Sciences
PRHSX
Health
12.15
11.07
ASTON/Fairpointe Mid Cap N CHTTX
Mid-Cap Blend
10.81
10.63
Westport R
WPFRX Mid-Cap Growth
10.17
10.46
Vanguard Health Care Inv
VGHCX Health
11.20
10.33
Royce Premier Invmt
RYPRX
Mid-Cap Growth
10.67
10.03
CGM Realty
CGMRX Real Estate
14.30
9.91
T. Rowe Price New Asia
PRASX
Pacific/Asia ex-Japan Stk
13.30
9.83
Fidelity Low-Priced Stock
FLPSX
Mid-Cap Blend
10.70
9.28
Columbia Acorn Z
ACRNX Mid-Cap Growth
10.13
9.18
Perkins Small Cap Value T
JSCVX
Small Value
9.89
9.12
Vanguard Dividend Growth Inv
VDIGX
Large Blend
5.36
9.10
T. Rowe Price Media & Telecom PRMTX Communications
12.77
9.08
FPA Crescent
FPACX
Moderate Allocation
8.66
9.05
Fidelity New Millennium
FMILX
Large Growth
9.90
8.93
Bottom 20
Janus Research T
JAMRX Large Growth
5.84
-2.53
Vanguard Growth Equity Inv
VGEQX Large Growth
2.51
-2.19
Janus T
JANSX Large Growth
2.98
-0.95
Fidelity Select Technology
FSPTX
Technology
6.99
-0.49
Fidelity Growth Discovery
FDSVX
Large Growth
5.72
-0.27
Turner Midcap Growth Investor
TMGFX Mid-Cap Growth
6.96
0.06
Fidelity Spartan Int’l Index Inv
FSIIX
Foreign Large Blend
3.71
1.05
Janus Twenty T
JAVLX
Large Growth
5.19
1.15
FPA Paramount
FPRAX
World Stock
4.98
1.26
American Century Ultra ® Inv
TWCUX Large Growth
3.09
1.27
Domini Social Equity Inv
DSEFX
Large Blend
3.16
1.39
Fidelity Magellan
FMAGX Large Growth
2.60
1.41
PIMCO Short-Term D
PSHDX Ultrashort Bond
3.24
1.53
Vanguard Short-Term Tx-Ex
VWSTX Muni National Short
2.67
1.63
Vanguard Global Equity Inv
VHGEX World Stock
7.52
1.78
American Beacon Lg Cap Value Inv AAGPX Large Value
5.48
1.79
Caldwell & Orkin Market Opp
COAGX Long/Short Equity
3.83
1.79
Thornburg Value A
TVAFX
Large Blend
5.12
1.81
Marsico Growth
MGRIX Large Growth
4.90
1.97
Fidelity
FFIDX
Large Growth
4.02
2.04
Data through June 30, 2013.
