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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host
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To: Lars who wrote (579)5/28/1997 10:04:00 AM
From: Justa Werkenstiff   of 42834
 
Lars: My sentiments exactly, although I will have to modify my thinking somewhat with respect to the Vista Fund.

The median market capitalization for the S & P 500 is $27.859 b and for the Extended Market Fund (70% large caps and 30% mid and small caps) the median market capitalization is $1.148 b. For the basis of comparison, the median market capitalization for Vanguard Index Small Cap Fund is $562 m.

The median market capitalization for the Vista Fund is $1.228 b. (You are right that Vista advertises itself as as small cap aggressive investment but I think this is inaccurate). The median market capitalization for the Kaufman Fund is $738 m.

With respect to them both, I believe it is inaccurate to compare these funds to the S & P 500. You are comparing apples to oranges. With respect to the Kaufman Fund, it is incorrect to compare it to the Vanguard Extended Market Fund. The Kaufman Fund seems to be more of small cap fund and comparison to the Vanguard Index Small Cap Fund is warranted. I think you can make the Vista comparison to the Extended Market Fund.

For what it is worth, does anyone remember Bob stating his belief that the small cap funds would outperfrom during this latest leg in the bull market? The performance for the S & P 500 Fund has been 17.08% for the past 5 years ending March '97 and the performance of the Vanguard Index Small Cap Stock Fund has been 14.10% for the same time period.
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