| Abstrakt: |
This article reports on the first-quarter performance of mutual funds in the U.S. in 1993. Bond funds rallied, with the largest gains going to the funds with the longest maturity bonds. And the sorts of equity funds that prospered were those with interest-sensitive stocks, such as financial, utilities, and real estate specialty funds. Other big winners were conservative balanced and income funds, which typically keep a big chunk of their assets in bonds. The average equity fund delivered a total return of 4.56%, slightly better than the return of the Standard & Poor's 500-stock index and already more than half of what the average equity fund earned for all of 1992. Investors also enjoyed bountiful returns from abroad. The only big losers were health-care funds, which sank more in the first quarter than they did in all of last year. |
