Word: mutually
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Dates: during 1970-1979
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...Mutual funds are being shaken by an investor revolt. In seven of the past 13 months, the sale of new fund shares to the public has slipped behind redemptions, and the trend is accelerating. In April the excess of redemptions over purchases rose to $250 million, up from the record $194 million in March. Investors are cashing in their shares partly because the funds performed poorly in 1969 and 1970, though they did better than the market averages last year. However, some funds have been able to prosper in the face of the industry depression...
Isolated in downtown Baltimore, 187 miles from Wall Street, T. Rowe Price & Associates is taking in more money than it can handle. The firm manages the best-performing U.S. mutual fund. According to the Wiesenberger Services, the industry's leading chronicler, the Rowe Price New Horizons Fund increased the net asset value of each of its shares by 287% in the past decade. To the individual investors, that means an investment of $2,500 in 1962 would today be worth $9,675. As a result, the fund has been receiving as much as $1.3 million...
...firm was started in 1937 by Thomas Rowe Price, now 74 and retired, as an investment-counseling outfit. It was not until 1950 that Price started his first mutual fund, the T. Rowe Price Growth Stock Fund. It was the industry's best performer in the 1950s and still ranks high among large growth funds. Price has one other fund in his fold, the Rowe Price New Era, started in 1969. All of Price's funds are "no loads," meaning that the funds have no salesmen and the buyer does not pay a sales commission. Price...
Four years ago, it seemed impossible that Madelon Talley could climb to the top in mutual funds. She had no college degree and had worked only briefly as an ad-agency receptionist before becoming a Manhattan housewife and the mother of three children. Landing a job was no problem. She and her husband, a trade-book publisher, were friends of Dreyfus Corp. Chairman Howard Stein. But that friendship-and some courses in economics at Columbia -got her a job only as a $6,000-a-year statistician. It was enough to give her a chance to show that...
...running the mutual funds is not Price's biggest business. The firm manages almost twice as much money -about $3 billion-in private portfolios. Until recently these belonged to individuals rich enough to make a $1,000,000 minimum investment, or to the pension funds of such corporations as American Cyanamid, Bristol-Myers, Duke Power and Ford Motor...