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WorldCom: Small Part Of Many Funds 773 Funds Held Shares Stock price plunge cut size of funds' positions before reports of fraud.(MUTUAL FUNDS)
Byline: CLAIRE MENCKE
If you're concerned that WorldCom stock is among your diversified mutual fund's holdings, you should be. It's probably there.
WorldCom was sued by the Securities and Exchange Commission for fraud last week.
As of March, 773 funds owned a total of 403 million shares of WorldCom, according to William O'Neil-Data Analysis. That's 16% of shares outstanding.
Chances are, though, the stock is now just a tiny portion of overall assets in any fund. Loss of value by these shares might have hurt substantially if a fund had bought and held them any time over the past two years through April 30. In that time, they dropped to about 2.50 a share from the mid-40s.
But at 6 cents a share now, probably WorldCom can't damage you much more.
Two types of fund managers have held or added positions in WorldCom since the stock broke down from the $15-$20 range where it lingered for most of 2001. It traded as high as 60 in mid-1999.
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