intc news: Peregrine's Nussbaum touts Intel
Growth equity fund eyes long-term value
By Steve Gelsi, CBS.MarketWatch.com
Last Update: 12:02 AM ET July 1, 2002
NEW YORK (CBS.MW) - Peregrine Capital fund manager Gary Nussbaum touts a wise adage often drowned out in the current doom and gloom -- buy low.
Despite investor pessimism and solid losses among most mutual funds this year, he sees plenty of opportunity in stocks that fit his criteria: Companies that can achieve high growth and profitability and sustain both for the long-term.
Nussbaum co-manages the Minneapolis-based Peregrine Capital Growth Equity Fund, which includes the Wells Fargo Large Company Growth open end mutual fund (NVLCX: news, chart, profile), (NVLAX: news, chart, profile). Wells Fargo (WFC: news, chart, profile) owns Peregrine Capital.
The $6.3 billion Peregrine Growth Equity fund was down 12.33 percent as of May 31, compared to a 12.07 drop by the Russell 1000 Growth Index. Over the past three years, the fund has lost an average 5.33 percent, compared to a 11.4 percent decline by the Russell index.
Nussbaum's top pick is chip giant Intel (INTC: news, chart, profile), which is "coming out of the downturn in better competitive shape than ever," he said. Intel has spent heavily on research and development, and capital expenditures, even as competitors have been forced to cut back. The stock also is priced attractively, he said. Shares fell 38 cents to close at $18.27 on Friday. |
