Word: scudders
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...story for more and more mutual-fund investors as fund companies have ushered more than 1,100 funds out of existence over the past two years, either by shutting them down and sending whatever money is left back to investors or by merging the assets into other funds. Remember Scudder Growth Opportunity? It has been liquidated. How about Federated Aggressive Growth and Stein Roe International? They have been merged into Federated Kaufmann and Columbia International Stock, respectively. Still to come: the probable disappearance of $1.3 billion worth of growth and international funds from the Berger fund family now that Janus...
...portfolio of short-to intermediate-term bonds with an insurance feature that guarantees you will not lose money. Since 1999 the typical stable-value fund has returned more than 6% annually. This year the funds are not on track to perform quite that well. One large fund, Scudder Preservation Plus Income, is up just 3% year to date. Still, that's a heck of a lot better than you could have done in a money-market fund...
...because it was a logical extension of Henry Luce's concept of the newsmagazine: to record history by seeing it through its most important personalities. To celebrate 75 years of Person of the Year and to launch a traveling exhibition that will tour the country, TIME and sponsor Scudder Investments threw a party last week at the U.S. Custom House in Manhattan, where we gathered many of the past cover subjects and, in some cases, their descendants. This was one party where you didn't need that photographer who could produce a framed picture of your face in a Person...
...They've all opened offices; they've all got advisers," says John Sodergreen, editor in chief of Scudder Publishing, a group of energy-industry newsletters based in Annapolis, Md. He expects five midsize U.S. companies to be bought by Europeans by the end of the year. The objects of their desire don't look very sexy today, but that will probably change once the economy starts growing faster and demand for power surges...
...loans. Incredibly, a third of all outstanding mortgages were originated last year--testament to the tidal wave of home refinancings that, on average, lowered homeowners' monthly payments by $100. Those who refinanced cashed out $100 billion of equity, says Frank Nothaft, chief economist at Freddie Mac. But, says Zurich Scudder's Allyn, the cash outs "are a little like eating your seed corn. It's not a long-term solution." Moreover, the refi boom is over, and many homeowners have larger mortgages and can no longer count on rapid appreciation to build equity. "I'm scratching my head over...