Word: funds
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Dates: during 1960-1969
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...cost Harvard a great deal of money. However, that is true of nearly all projects and programs. The real issue is one of intellectual and social priorities. We believe that our area of concern should have no difficulty in moving near the top of any priority list. A special fund drive in support of the Committee's recommendations would be a most appropriate step...
...fund managers, 1968 proved the general rule that the bigger they are, the more difficult they find it to grow through investment. "It's been a tough year," says Grady Green, vice president of the $351 million Channing Growth Fund. Channing ranked high in 1967, when it grew 47%; last year, with a growth of 2.6%, it was 296th. Like the Manhattan Fund and many other big funds, Channing was heavily invested in the more seasoned glamour stocks-Ling-Temco-Vought, Fairchild Camera, Polaroid-that declined during the stock slump before Lyndon Johnson's March 31 renunciation...
Unfortunately, that record is more than a little misleading. The 69 funds that failed to outperform the Big Board's index account for some $21 billion-or more than 38%-of all the money in funds. Investors Mutual Fund, the industry's biggest (assets: $3 billion), grew a disappointing 8.45%. A sister fund, Investors Stock ($2.3 billion), gained 8.3%, while Wellington Fund ($1.8 billion) rose only 8%. Fidelity Trend ($1.4 billion), which registered a 34% increase in 1967, achieved no more than a 1.76% rise last year...
Deep Tsai. Eight funds actually declined in value. Among them was Gerald Tsai's $454 million Manhattan Fund. It rose 39% in 1967 but slumped nearly 7% in 1968-to wind up at the very bottom of the list. Though Tsai's 1967 performance was certainly above average, many investors expected much greater growth; in 1968, his fund was hit with higher than normal redemptions...
...last year's ten fastest-growing funds, only four exceeded $10 million in assets. Fastest rising was the Neuwirth Fund, which has assets of $94 million and achieved 90% growth. In 1967 -a year in which it was hard to do badly-Neuwirth grew 300%. But 1968, as 36-year-old Manager Henry Neuwirth says, "was more on the selective side." Neuwirth selected a number of long-depressed insurance stocks (CNA Financial, Safeco) early in the year, then rode them up as insurance companies became sought-after merger candidates...