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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: AltLar who wrote (3702)11/25/1997 7:12:00 AM
From: MoneyPenny  Read Replies (1) of 95453
 
The select funds stay fully invested in their given sector. They are not allowed by charter to take their sector fund to cash. This is why you get the outrageous swings and why they exist in the first place. On any given year, the Fido select funds are always the majority of the top ten in return for any given period. The selling going on is from Contra, New Millenium as well as some others who made big energy bets. Will Danoff's record in making sector bets is one reason I have Contrafund. Schlumberger had been one of his largest holdings for a few years. Energy was 24% of his portfolio. Contra is so enormous (31 billion)that it can move markets just like Magellan. New Millenium fund probably was thrilled to have me buy my last block of GLM from them in October. I am sure the selling has been going on for months. Those incredibly important year end return statements must stand tall this year for FIDO.
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