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Century Shares Retooling For Growth Fund Broadens Scope One of country's oldest value stock funds opens portfolio to wider range.(MUTUAL FUNDS)(MUTUAL FUND PROFILE)
Byline: MURRAY COLEMAN
By age 76, most mutual funds are long gone.
But Century Shares Trust, which opened in 1928, is still kicking. In fact, it's amid a complete makeover.
Three years ago, the fund started to diversify into growth. No longer is it simply an insurance specialty fund aimed at value investors.
"We wanted to make this fund something our investors could use as a core holding," said Alexander Thorndike, Century Shares Trust's co-manager. The change has been gradual. Morningstar still classifies the fund as specialty-financial.
However it's viewed, the fund's results have been positive. This year heading into Wednesday, Century Shares Trust was up 3.09% vs. 2.62% for its financial funds tracked by Morningstar and 0.25% for the S&P 500. In the past three years, the fund produced an average annual 5.24% vs. 7.02% for financial funds and 0.74% for the S&P 500.
Thorndike expects even better results in the future as the fund continues to spread its wings. He says the fund should get down to 30% to 40% of net assets in financials within two years. It's now around 50%.
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