14
•
Fund Family Shareholder Association
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
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-
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
Energy
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Prec. Metals andMining
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Health Care
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
MSCI Consumer Disc.
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
MSCI Consumer Staples
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
MSCI Energy
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
MSCI Financials
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
MSCI Health Care
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
MSCI Industrial
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
MSCI Information Tech.
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
MSCI Materials
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
MSCI REIT
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
MSCI Telecom
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
MSCI Utilities
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
S&PGlobal ex-U.S. Prop.
4/94
4/96
4/98
4/00
4/02
4/04
4/06
4/08
4/10
4/12
4/14
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
>
