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Top Funds Off Beaten Paths Schroder Ultra Up 74% Hedge fund traits swept portfolio past average fund's 10% drop in '01.(MUTUAL FUNDS)
Byline: KEN HOOVER
Most mutual fund investors would just as soon forget 2001, and so would most of the managers who run the funds. The average of 5,217 diversified U.S. funds was down 10.26% for the year through Dec. 28, according to Morningstar Inc.
It was the second bad year in a row. In fact, the three-year annualized return for the average diversified fund was a measly 4.06%. You could have done almost as well leaving your money in the bank.
Funds that specialized in large-cap growth stocks were the hardest hit in 2001: falling 22.75%. Small-cap growth funds took a 8.18% hit.
The S&P 500 took a 12.1% dive for the year, through Dec. 28. The Dow Jones industrials were down 6%. The Nasdaq slumped 19.6%.
The bright spot among diversified funds was small-cap value, rising an average 17.84%. Large-cap value was down 4.92%.
What was the top performing fund for the year? It was a micro-cap fund, Schroder Ultra Fund, run by Ira Unschuld. The fund rose 73.76% for the year, far outdistancing most of the field.
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