Oldest Mutual Funds Still in Existence

hank

Interestingly, DODGX (Dodge and Cox Stock) wasn’t opened for more than 30 years (1965) after the inception of DODBX (Dodge and Cox Balanced) in 1931. I’m thinking that 1931 probably wasn’t an opportune year in which to try and sell the public on a stock fund.

1 MFS Massachusetts Investors Fund (MITTX) 1924
2 Putnam Investors Fund (PINVX) 1925
3 Pioneer Fund (PIODX) 1928
4 Century Shares Fund (CENSX) 1928
5 Vanguard Wellington Fund (VWELX) 1929
7 CGM Mutual Fund (LOMMX) 1929
8 Fidelity Fund (FFIDX) 1930
9 Dodge & Cox Balance Fund (DODBX) 1931

https://www.investopedia.com/ask/answers/08/oldestmutualfunds.asp

msf

Unfortunately, one can usually count on articles like this to not really dig into details. Especially those concerning fund changes.

MFO doesn't generate a link for #4 (Century Shares Trust), because that fund no longer exists. It was merged into an already existing fund in 2017. Here's the proxy statement on the merger.

Century Shares, with AUM of $223,701,378.25 was merged into the smaller CMLIX, with AUM of $49,242,957. For accounting purposes, Century Shares Trust was considered the survivor and thus its history prior to the merger is now shown as the history for CMLIX. (See Accounting Survivor and Reporting History in this RR Donnelley paper, Merger of Investment Companies.) Accounting tricks aside, CMLIX was designated the acquiring fund, and Century Shares was absorbed.

Similarly, albeit more simply, Putnam Investors Fund was merged into Putnam Multi-Cap Core Fund (PMYAX and other share classes) last year, with the latter being the surviving fund; Investors Fund's record was merged out of existence.
https://mutualfundobserver.com/discuss/discussion/39698/putnam-investors-fund-reorganization

On the other hand, this list omits the first no load fund sold. Scudder launched it on April 24, 1928 as Norfolk Investment Corp. On May 24, it was renamed First Investment Counsel Corp. On Sept. 5, 1939, its name was changed to Scudder, Stevens & Clark Fund, Inc.

Somewhere along the line its name was changed to Scudder, Stevens & Clark Balanced Fund. In 1970, it changed its investment objective and became Scudder Income Fund. (See Bogle, Clash of the Cultures, pdf p. 187.) Then things got really convoluted. Scudder was bought by Zurich (which owned Kemper) in 1995 but the fund retained its Scudder name. Deutsche Bank acquired Scudder Investments from Zurich in 2001.

The Scudder funds retained their names until 2006, when Deutsche Bank renamed all of them with DWS. Scudder Income Fund was renamed DWS Core Plus Income Fund. Then on 10/30/17, it was renamed again, to DWS Total Return Bond Fund (SZIAX and other share classes).

Unlike Century Shares Trust, no mergers or acquisitions. Just enough name changes to get dropped from its rightful place on this list.

hank

@msf, Thanks for the clarification. I was doing some comparisons of longer term returns on various funds I own when that 1931 inception date jumped out at me. Tossed-up a hastily unearthed Investopedia link which you correctly took to task.

I knew there were some mutual funds around at the time of the Great Depression, but didn’t realize any would still be around or be recognizable today. (I’ll see if I can come up with a copy of the 1931 Prospectus for DODBX - assuming they even existed in 1931.) Per Lipper DODBX has returned +9.50% annually since inception June 26, 1931.)

Nice words about the firm from Ed in the April 1 Commentary. Definitely not for everyone. 2008 was a real eye-opener for at least some of their funds. Certainly low profile, considering their sizable foot print in the investing community. I wouldn’t be able to name a single manager there. Can’t recall ever reading / viewing an ad for any of their funds. Can’t even remember the last time one of their reps appeared on CNBC or Bloomberg.

Ted

@MFO Members: And don't forget Voya, Lexingtion, Corporate Fund LEXCX
with an equal number of common stock shares of leading U.S. companies at the time; currently invested in a total of 22 leading U.S. corporations.

New stocks can’t be purchased, so holdings have changed only due to spin-offs or mergers since fund inception 11/18/35, and is ranked #11 in the LCV category by U.S. News & World Report.

Also, contrary to popular belief, the first index fund was not created by John Bogle. The Qualidex Fund was lanuched in 1972. It was based on the DJIA, and in 1979 was acquired by John Galbraith and renamed the American Industry Shares. In 1984 it became part of Templeton Funds, but because of John Templeton's aversion to the index concept the fund was liquidated. Bogle started his Vanguard Fund based on the S&P 500 Index on 8/31/76 !
Regards,
Ted

davidrmoran

CENSX and the work of Allan Fulkerson made for an interesting story for someone invested heavily with them for 20y or so starting early 1980s, as I was.

There are some history and background here:

https://www.sec.gov/Archives/edgar/containers/fix044/1093439/0000891804-08-002063.txt

Reading about them on M* and elsewhere was an object lesson in niche research and stock selection; even with the usual broad charter they invariably focused on financials, some energy, iirc, but above all on insurance and reinsurers.

LewisBraham

There are also old closed-end funds, which really are mutual funds precursors:
generalamericaninvestors.com/
GAM
CET
TY
ADX
PEO
All were founded prior to 1930.

Ted

Thanks Lewis:
Regards,
Ted
GAM: 2/1/27
CET: 10/1/29
TY: 1/14/29
ADX: 0/11/29
PEO: 1/30/29