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Strategies & Market Trends : PBHG Funds

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To: Michael W. Brom who wrote (108)	1/24/1997 12:11:00 PM
From: Mark	of 268

I believe that you are overlooking one MAJOR point. When you invest with several funds within one fund group, there is much overlap between several different funds within their growth funds, within their small caps, etc. This is only natural, since the analysts send reports to all the fund managers. Fidelity would be a perfect example. Last June, Contrafund was 35% overlapped with Blue Chip. Magellen was nearly 30% overlapped with contrafund. Equity Income II, Equity Income I, and Growth & Income were overlapped over 20% with each other. This leads the funds to move up & down in tandem. You do not gain much diversity this way. The Janus groups are examples of funds that don't overlap as much. No fund, as of last september, was overlapped by more then 15% with any other fund. And quite a few were below that number. Just my opinion. Been there. Saw the way these guys work. Still have good contacts within the Fund community. Mark

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