Article Mentioning Chromatics Today in Barrons
Left in the Dust
Making money this year is a piece of cake, right?
Not for a lot of funds
In this year's raging bull market, where the average diversified U.S. stock fund is up 21.7%, you'd think making money would be a layup. Now, we're not talking about funds focusing on gold stocks or Asian companies. Nor even about beating the S&P 500, though that's been tough this year, as usual. We're talking simply about ending the year in the black instead of the red.
In fact, it wasn't that easy, a glance at Lipper Analytical's year-to-date ranking shows....
.......Among those hardest hit was Dreyfus Aggressive Growth and its sibling, Dreyfus Premier Aggressive Growth, which Michael Schonberg, a onetime hedge-fund manager, took on in late '95 as part of his mandate to revive Dreyfus's aggressive-growth stock portfolios.
Instead, investors have gotten pummeled. Health care and tech account for more than 50% of assets at both funds. Both portfolios are underexposed to oil services -- one of the year's gainers -- and finance. In an interview Friday, Schonberg allowed that he underestimated the strength of drillers' earnings, and was light on finance because of interest-rate uncertainty. And declines in remaining positions were too big to offset winners like Chromatics Color. The five largest holdings in Aggressive Growth, as of June 30, are off sharply from their 52-week highs..........
Jane |
