高级商务英语阅读补充时文SupplementaryReadingforChapter14TheMutualFundMessAGreenLightForBlue-ChipFundsReturnshavebeenofflately,butfundsinvestinginbig-capstocksaresettoreboundByLaurenYoungBigisback.Inthepastsixyearslarge-capstockshavetoiledwhilesmallercompaniesledthemarketshigheramidaneconomicrebound.Manymutual-fundstatementsreflectthisdiscrepancy:Thetypicalsmall-capvaluefundsoaredanannualized15%inthepastfiveyears,whiletheaveragelarge-capgrowthfundisamongtheworstfundperformers,withanannualizedlossofalmost9%.Butdon'tletsuchdismalnumbersscareyouaway.Manyfinancialadvisers,suchasAdamBold,presidentoftheMutualFundStoreinOverlandPark,Kan.,saythetimeisrighttoinvestinfundsthatownbluechipswithmarketcapsabove$10billionbecausetheyhavemoreearningsmomentumthansmallcapsinthelaterstagesofaneconomiccycle.Boldisoverweighinghisclients'portfoliosinlarge-capgrowthfunds."Fromavaluationandmarketcyclestandpoint,largecapslookreallygoodrightnow,"hesays.Butwithsomanylaggardsamonglarge-capgrowthfundssince2000,howdoyousiftthroughtherubbletofindtherightone?BusinessWeek'sMutualFundScoreboardranksfundsbytheirfive-yeartrackrecordsandadjuststhemfordownsiderisk.EachfundisgivenanoverallgradefromAtoF.WeupdatethelisteverymonthatBusinessWeekOnline.Wealsoratefundsagainsttheirpeers.Amongthe62largecapswegrade,we'velookedatthe24A-ratedlarge-capgrowthfundsandcheckedonthefundmanagerstoseehowthey'retuningtheirportfoliosforalarge-capturnaround.Themanagershave高级商务英语阅读补充时文differentstrategies--somefocusonmegacapslikeMicrosoft,(MSFT)GeneralElectric,(GE)andCitigroup(C),whileothersseethebestbuysinthesmaller"big"companiessuchasGoogle,theonlinegiant;EnCana(ECH),anenergyproducer;andPulteHomes(PHM),ahomebuilder.Althoughtheirgameplansaredifferent,themanagersagreethatlarge-capstocksoffergoodbargainsoverall."Namesthatusedtobethehallmarkofgrowtharescoringwellongrowthandvaluecharacteristics,"saysJamesP.O'Shaughnessy,managerofthe$400millionDreyfusPremierAlphaGrowthFund,(BSFAX)whousescomputerscreenstoidentifystockst...
