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...domestic equity funds that at least doubled the market's return, only 12% are ranked as S&P five-star funds. In fact, 19% are now ranked with a one- or two-star rating, effectively placing them in the bottom half of funds on overall attractiveness. "These funds have relatively weak fundamentals that contribute negatively to the ranking," S&P's analysts note in their report. The reasons cited for such low star rankings: many own overvalued or risky stocks, have managers with short tenures, have high costs or offer poor long-term performance...
...P research team cited Hotchkis & Wiley Mid-Cap Value Fund, Legg Mason Capital Management Opportunities Trust and Fidelity Select Automotive Portfolio as examples of funds that had eye-popping 2009 returns, but are currently ranked as two-star funds by the S&P...
...Hotchkis & Wiley Mid-Cap Value Fund is up 52% so far this year, making it the fifth-best performing mid-cap value fund this year, according to Morningstar. However, S&P believes the fund's "volatile longer-term performance should give investors cause for concern." It noted that the fund significantly lagged its peer average in 2007 and 2008, pushing it into the bottom quartile on a three- and five-year total return basis. Also, S&P analysts contend the fund's securities are currently overvalued and pose risk based on their growth and consistency when it comes to historical...
...positive side, S&P named the Pin Oak Aggressive Stock fund as an example of a fund that performed strongly in 2009 and remains a good bet for 2010. The fund is up 71% so far in 2009 and "scored positively on S&P Fair Value and for its low-cost factors-components in the S&P fund ranking." The fund's portfolio manager, Mark Oelschlager, says his fund always seeks out stocks based on valuation and long-term investment. His fund started moving into cyclical stocks and increasing risk late last year at a time when "fear was rampant...
Such factors are the ones to consider, says S&P analyst Todd Rosenbluth, along with fundamentals, risk, performance track record and cost factors. "Before making a selection, make sure to look at not just the gains the fund may have achieved this year, but also aim to understand the fundamentals of its performance, risk and cost factors," he said, in a statement. "This year's top fund could repeat their success in 2010 or be next year's bottom funds...