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A two-month tumble they'd like to forget

swon@globeandmail.com

WHAT ARE WE LOOKING FOR?

Biggest losers during the May-June market tumble.

THE SEARCH

We screened for funds that have lost the most, in percentage terms, during the two months. U.S. dollar, segregated, pooled, alternative strategy and duplicate versions of funds were excluded.

WHAT DID WE FIND?

An eclectic mix of hard-hit funds.

Investor jitters ranged from concerns over the euro zone debt crisis to weaker global growth. Some losers were natural resources funds. The BMO S&P/TSX Equal Weight Global Base Metals exchange-traded fund lost 18.3 per cent.

Axis Investments Fund, a technology-oriented retail venture capital [labour-sponsored] fund, took the biggest hit with a 34.6-per-cent loss as it took writedowns in the valuation of its investments. Redemptions in the fund were suspended last November, and "we are reviewing strategic options available," said John Richardson, president of BEST Investment Counsel Ltd.

RBC O'Shaughnessy U.S. Growthshed 21.6 per cent. He uses quantitative analysis to look for stocks with strong price momentum. During the recent correction, consumer discretionary stocks in the fund such as La-Z-Boy Inc. "hurt the portfolio pretty hard," said Chris Meredith, director of research and portfolio management at O'Shaughnessy Asset Management.

Invesco Trimark's PowerShares Global Clean Energy Class, which invests in a U.S.-listed ETF that tracks the performance of the WilderHill New Energy Global Innovation Index, lost 19.3 per cent. With the price of oil still sharply off its peak of around $150 (U.S.) a barrel, the clean energy sector continues to be out of favour, Invesco Trimark's spokeswoman Aysha Mawani said in an e-mail.

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Biggest losers in May and June, 2010
Assets asof June 30 (millions)
Name Category As of June 30 (%)
Latest MER 2-mo YTD 1-yr 3-yr 5-yr 10-yr Incpt
Axis Investment Fund Inc. Ser. IRetail Venture Capital1.16.78-34.6-38.0-64.1-54.9-40.5-25.3
RBC O'Shaughnessy U.S. GrwthU.S. Sml/Mid Cap Eqty178.21.47-21.6-8.92.6-27.0-12.0-3.5-0.1
PwrSh Global Clean Energy Cl AGlobal Equity1.11.23-19.3-29.9-30.0
Floyd Growth-NetCdn. Sml/Md Cap Eqty0.92.89-18.8-12.86.6-14.2-6.0-5.2-5.3
BMO S&P/TSX EW Glbl Bs Mtls ETFNat. Res. Equity27.0-18.3-17.1-12.4
AIC American AdvantageFin. Srvcs Equity25.92.89-18.3-15.25.0-21.1-10.8-7.0-2.2
Mavrix Strategic Small CapCdn. Sml/Md Cap Eqty11.63.28-18.2-13.66.7-18.64.7-3.66.8
Investors Cdn. Nat. Res.-CNat. Res. Equity714.02.87-18.1-12.422.2-0.17.710.28.8
RBC Global ResourcesNat. Res. Equity242.52.16-17.8-8.117.9-9.811.311.7
Claymore Jap. Indx ETF C$ HdgdJpnese Equity11.20.68-16.9-9.7-13.4-25.1-22.4
Investors Global Nat. Res. Cl-ANat. Res. Equity265.92.84-16.6-18.13.9-6.89.113.0
Middlefield Uranium Fcsd MtlsNat. Res. Equity1.32.71-16.5-23.6-17.1-21.5-21.6
PwrSh Global Agriculture Cl AGlobal Equity2.11.23-16.5-21.1-18.3
DFA U.S. Vector Equity A(H)U.S. Equity1.77-16.30.0
Front Street Small Cap-BCdn. Sml/Md Cap Eqty17.02.50-16.3-6.038.136.6
MSCI World ($ Cdn)-8.3-8.31.1-11.0-2.3-3.8
S&P/TSX Total Return-7.1-2.512.0-3.95.53.3
Source: Globe Investor

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