Word: fund
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Dates: during 1950-1959
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...Investors Management Co., of Elizabeth, N.J., runs one balanced and two common stock funds with total assets of $711 million. The shares of all three are sold by Hugh W. Long & Co., which did such a fine job that Hugh Long is now president of all the funds. ¶ Continental Research Corp., of Kansas City, Mo., manages four U.S. funds (including an income and a science fund) and participates in the management of a Canadian fund; it has 145,000 shareholders and total assets of $634 million. Founded in 1950 to take over management of the United Fund series...
Giant Challengers. The mutual fund industry has waxed so prosperous that several giants have grown up to challenge M.I.T.'s supremacy. Many of them have gathered several mutual funds under their wing. The other top fund managers: ¶ Investors Diversified Services, Inc., of Minneapolis, handles five different mutual funds. The biggest: Investors Mutual, Inc., a balanced fund with assets of $1.4 billion. Scholarly I.D.S. President Joseph Fitzsimmons likes to quote Don Quixote to explain his investment philosophy (" 'Tis the part of a wise man not to venture all his eggs in one basket"), but he keeps...
...biggest funds are not necessarily the best performers. Over the past ten years the average fund has increased about 300%. M.I.T.'s gain over that period: 365%. Thus $1,000 invested in M.I.T. shares ten years ago would be worth $3,650 today v. $1,417 if it had been placed in a savings bank at $%. But many a smaller fund that has less to invest, and thus can get in and out of the market more easily, has done much better. Among the top performers in each fund category, the best record of all was turned...
Nevertheless, some critics insist that buying a mutual fund is just buying a piece of the Dow-Jones industrial average, point out that the top five common stock funds just kept pace with the averages in the seven-year bull market. But Broker Arthur Weisenberger, the Boswell of the industry, whose brokerage house puts out the definitive yearbook of the funds, argues that an investor could pick a slow mover even in the stocks in the blue-chip Dow-Jones averages. Only 14 of the 30 stocks have done as well as the 229% gain in the averages...
...biggest attraction of the mutual fund to dealers and salesmen alike is the hefty "load" charge, or commission, usually 71% to 81% (compared with the 1% commission for round-lot purchases on the New York Stock Exchange). Many a customer howls when told of it. But the funds have a quick rejoinder: they argue that the charge includes the cost of selling out as well as buying, is the price of broad diversification and professional management. If an investor with $4,200 (the average size of a mutual fund holding) tried to buy a diversified portfolio of stocks...