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Turner Uses Three-Pronged Analysis; Fund Favoring Gaming; Mid-Cap Growth wields fundamental, technical and quantitative tools.(MUTUAL FUNDS)(MUTUAL FUND PROFILE)
Byline: KEN HOOVER
Turner Mid-Cap Growth Fund doesn't make sector bets. It keeps its sector weightings the same as its benchmark, the Russell Midcap Growth Index.
So the $950 million fund has 26% of its assets in consumer discretionary stocks, 22% in health care and 19% in tech, just like the Russell index. It adjusts the weightings each month when the index is rebalanced.
The fund does make bets on industries and companies. Now, gaming and casinos as well as telecom equipment are two industries manager Christopher McHugh likes.
This sector-neutral, industry-weighted approach has served the no-load fund well. It was up 3.09% this year going into Wednesday vs. 3.79% for its mid-cap growth peers tracked by Morningstar Inc. and 1.35% for the S&P 500.
The fund returned an average annual 1.83% for three years and 4.98% for five years.
Regarding gaming and casinos, McHugh says cash-starved state governments are eager to expand slot machine use, seeing it as a revenue source. Also, the gambling industry is doing well these days in places like Las Vegas, he says.
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