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Funds Fight Through Snags To Post Gains.(FUNDS & PERSONAL FINANCE)
Byline: KEN HOOVER
It won't go down as one of the great markets in history, but stocks and the mutual funds that buy them sputtered to a gain in 2004 on the back of a smart rally that began Aug. 13 and got smarter after Election Day.
The prospect of decent corporate earnings and a sharp drop in oil prices appeared to be the driving forces behind the move up.
For the year, the Dow Jones industrial average was up 3.2%. The S&P 500 was up 9%. The Nasdaq composite gained 8.6%. And as small-cap stocks continued their outperformance, the S&P 600 rose 21.6%
Stock funds rode the market up. The average diversified U.S. stock fund tracked by Morningstar was up 12.29% through Dec. 30.
The best performing U.S. diversified stock fund was the $287 million Baron Partners, run by Ron Baron. The fund was up 42.26% for the year on the back of a 34.8% gain in 2003. The 25-stock mid-cap growth fund had almost 15% of its assets in casino developer Wynn Resorts as of Sept. 30. Another 11% was in commercial fraud prevention provider ChoicePoint.
A couple of other funds that had excellent years were RS Partners and RS Value (formerly RS Contrarian Value). The former was up 31.59%; the latter rose 28.96%.
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