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Strategies & Market Trends : PBHG Funds
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To: Tom Simpson who wrote (132)2/27/1997 3:03:00 PM
From: Bill Murray   of 268
 
To Anyone: The Feb. 24 issue of Barron's first Mailbag item was
a letter from two Durham, N.C. writers saying:
"It was reported in Barron's (Feb.17) that Pilgrim
Baxter is introducing three more funds. This is not good news
for investors. Since Pilgrim was acquired a little over a year ago by
United Asset Management, the number of Pilgrim funds has grown from
two to 11, assets have mushroomed and performance has nosedived,
particularly in the small-cap funds that are hard to manage when
assets grow inordinately.
"Pilgrim is a classic case of the conflict between the
interests of management, whose fees depend on the dollar value of
assets, and the interests of shareholders. We wonder if Gary
Pilgrim still knows how to spell fiduciary obligation."

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