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Funds Hit by Major Bank Stocks |
HenryTo
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Joined: 06 Aug 2004
Posts: 11735
Location: Los Angeles, California
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 Posted: Sat Jan 24, 2009 5:03 pm Post subject: Funds Hit by Major Bank Stocks |
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Courtesy of Morningstar. Note that CGM Focus is among the list:
http://news.morningstar.com/articlenet/article.aspx?id=272083
| Quote: | Several of these stocks are widely held by mutual funds, and their collapse has naturally had an effect on these funds. Way back in November 2007, we took a look at funds that had the biggest stakes in Merrill Lynch and Citigroup, back when Merrill was still an independent company and Citigroup was trading at more than 10 times its current price. As the crisis unfolded over the following year, we took a look at funds with the biggest stakes in regional banks, investment banks, Fannie Mae and Freddie Mac, and various other troubled financial stocks. The concerns in some of these articles seem almost quaint now, given all the bad things that have happened since then.
Now we thought it would be interesting to see which funds have the largest percentage of their portfolio in six of the hardest-hit U.S. and European bank stocks: Citigroup, Bank of America, Royal Bank of Scotland, Barclay's, Deutsche Bank, and UBS. All six of these are in Morningstar's international banks industry, and all are down more than 70% over the past year, as of January 22. Not surprisingly, most of the biggest holders of these stocks are specialty financial funds, and even within that beleaguered category these funds have struggled. The fund topping the list, ICON Financial (ICFSX), has 19% of its portfolio in these six bank stocks and has lost 58% over the past year, putting it in the specialty financial category's bottom quartile. |
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Funds Hit by Major Bank Stocks Replies |
rffrydr
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Joined: 30 Oct 2005
Posts: 16932
Location: Sunny California
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| Posted: Mon Jan 26, 2009 6:26 pm Post subject: |
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Hedge Funds started as "absolute return" funds are now all "relative return." As the chinese say, all extremes become their opposite.
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