WHAT WE'RE UP TO
All looked just great for mutual fund investors at mid-year, with lots of widely held funds posting double-digit gains over the previous 12 months. Today? You know about the overall stock market devastation of the past few months, but what about those funds that looked so good at mid-year. How have they held up since the market tanked in the late summer?
We've ranked funds in the Canadian equity, Canadian focused and Canadian dividend and income equity categories by their returns for the 12 months to June 30 - the good old days, in other words - and then displayed their returns for the calendar year through Oct. 20. You'll also find the year-to-date quartile ranking for each listed fund, which tells you how its returns compare to peer funds. First quartile means it ranks among the top 25 per cent of performers, second quartile means the second 25 per cent and so on.
SO WHAT DID WE TURN UP?
Two kinds of funds, one of which we'll classify under the heading "how the mighty have fallen." These are funds that were coming off very strong 12-month returns at mid-year, but have since plunged to the extent that their year-to-date losses are worse than most. Take Dynamic Power Canadian Growth, for example. This colossally good performer in the past bull market was down 42.8 per cent for the year through Oct. 20.
The other kind of fund that emerged in our screen has somehow managed to maintain comparatively good returns in the market plunge. Note the word comparatively. Everything's down lately, and success is measured in terms of how little a fund has lost.
By this standard, a fund like IA Clarington Canadian Conservative Equity stands out. It provided first-quartile returns for the 12 months to June 30, and it has remained first quartile for the current year to date. The loss to Oct. 20 came in at 11.4 per cent, which these days represents a very good outcome from a mainstream equity fund.
Note that Canada's largest exchange-traded fund, the iShares Cdn LargeCap 60 Index Fund, also managed the trick of delivering top-quartile returns in the 12 months to June 30 and the year to date. ETFs, which track stock indexes, are sometimes derided as a bad choice for down markets, but the LargeCap 60 fund is hanging in comparatively well.
|Top Cdn Equity, Cdn Focused Equity and Cdn Dividend & Income Equity funds with 1-year return as of June 30 '08|
|As of June 30||As of June 30|
|Net Assets ('000)||return||quartile||% return||quartile rank|
|Fund name||Category||As of Sep '08||MER||%||rank||(as of Oct 20)||(as of Sep 30)|
|iShares CDN Growth Index||Canadian Equity||39,068||0.50||26.4||1||-29.2||3|
|Dynamic Power Canadian Growth||Cdn Focused Equity||1,372,748||3.56||21.0||1||-42.8||4|
|Altafund Investment Corp.||Canadian Equity||60,799||2.71||18.2||1||-24.8||1|
|Fidelity Canadian Large Cap-A||Canadian Equity||55,253||2.45||16.1||1||-20.5||1|
|Desjardins Environment||Canadian Equity||118,970||2.35||15.5||1||-22.8||1|
|Altamira Capital Growth||Canadian Equity||72,949||2.13||14.7||1||-23.1||1|
|TD Canadian Equity||Canadian Equity||2,631,828||2.07||14.2||1||-32.0||3|
|RBC Cdn Diversified Income Trust||Canadian Equity||23,558||2.04||13.6||1||-11.8||1|
|Lakeview Disp Leadership Cdn Eq-A||Cdn Focused Equity||144,210||2.27||13.6||1||-14.5||2|
|Altamira Equity||Cdn Focused Equity||576,908||2.63||12.0||1||-25.3||3|
|Dynamic FocusPlus Equity||Cdn Focused Equity||264,655||2.47||11.6||1||-13.0||1|
|United Cdn Equity Growth Pool-W||Cdn Focused Equity||112,718||0.21||11.6||1||-24.9||2|
|FrontierAlt Oasis Canada-A||Canadian Equity||2,136||11.0||1||-36.0||1|
|Investors Canadian Growth-A||Canadian Equity||128,275||2.77||10.8||1||-42.2||4|
|imaxx Canadian Equity Growth||Canadian Equity||20,433||2.68||10.4||1||4|
|iShares CDN LargeCap 60 Index||Canadian Equity||7,943,784||0.17||10.2||1||-21.8||1|
|Altamira Precision Cdn Index||Canadian Equity||169,135||0.53||9.8||1||-22.1||1|
|Investors Canadian Growth Class-A||Canadian Equity||10,634||2.90||9.7||1||-44.5||4|
|Fidelity Cdn Disciplined Equity-A||Canadian Equity||597,866||2.40||9.6||1||-27.3||2|
|National Bank Canadian Index||Canadian Equity||16,271||1.14||9.1||1||-22.4||1|
|IA Clarington Canadian Leaders||Canadian Equity||100,683||2.36||9.1||1||-19.2||1|
|IA Clarington Cdn Conservative Eqty||Canadian Equity||244,837||2.39||9.0||1||-11.4||1|
|IG FI Canadian Equity-A||Canadian Equity||494,502||2.70||8.9||1||-27.4||2|
|Marquis Enhanced Canadian Equ Pl-C||Canadian Equity||44,732||2.53||8.9||1||-28.0||3|
|Manulife F.I. Can Disciplined Eq Cl||Canadian Equity||37,097||2.76||8.9||1||-27.2||2|
|imaxx Canadian Dividend||Cdn Div & Incm Eq||4,016||2.49||8.8||1||4|
|TD Cdn Quantitative Research Port-A||Canadian Equity||85,709||2.07||8.7||1||-20.2||1|
|Fidelity True North-A||Canadian Equity||984,971||2.39||8.6||1||-26.5||2|
|Standard Life Cdn Equity Focus-A||Canadian Equity||7,695||2.44||8.5||1||-27.0||3|
|Premiere Stable Growth||Canadian Equity||9,267||2.50||8.5||1||4|
|National Bank Canadian Index Plus||Canadian Equity||19,943||1.58||8.2||1||-23.2||1|
|Bissett All Cdn Focus F||Canadian Equity||5,810||1.44||7.7||1||-30.7||4|
|Educators Growth||Canadian Equity||1.30||7.4||1||-20.1||1|
|Manulife Sector Rotation Fund||Canadian Equity||100,381||2.67||7.1||2||-23.7||1|
|Dynamic Value Fund of Canada||Cdn Focused Equity||698,444||2.46||7.1||1||-23.6||2|
© 2007 The Globe and Mail. All rights reserved.
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