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Continued from B1
its high, but still up 28% through 2000. In 1999, Corning rose 189%.
A host of factors played in utility stocks' favor this year. That was to the benefit of Galaxy II Utility Index Fund. It was another top performer, up more than 60%. Manager Jay Evans cites heavy power demand as a starting point.
"People don't realize how much power we are using for tech," he said. "And deregulation has allowed these companies to earn a lot
more. Environmental concerns mean we aren't building enough. And these are capital-intensive companies, so an anticipated interest rate drop helps them a lot."
Buying Enron
Evans made Enron a top holding, banking on another utilities and energy angle. Enron is among the top natural gas resellers in the U.S. Playing off rising prices, it was up 92% in 2000.