https://www.barrons.com/topics/mutual-funds-quarterly(Performance data quoted in this Supplement are for 2022/Q4 and YTD to 12/31/22)
Pg L2: BOND and INCOME funds are back after a disastrous 2022 in which the FED hiked rates rapidly. The Fed isn’t done yet and there may be a recession, so stick to quality short/intermediate-term funds (core, corporates, munis, convertibles/preferreds). Mentioned are ABNDX, AGG, BND, DFCF, DFNM, MDNLX, MUB, PFF, PPSIX, SBFMX, SHY, SLQD, SPTI, VCSH.
Pg L5: ESG funds struggled in 2022 as they missed the boat on energy and defense, while growth and tech stocks sank. Criticisms of the ESG grew and several states banned then from state funds. Inclusive/relative-ESG funds did better than exclusionary/absolute-ESG funds. Still, there were inflows into the ESG funds vs outflows from general funds. A Morningstar study of the ESG funds with 15-yr history found that 44/69 funds outperformed their peers and a list of 10 such funds follow (M* owns the ESG rating firm Sustainalytics): BOSOX, CLDAX, CSIEX, FIW, MMDEX, PARWX, PHO, PIO, PRBLX, VCSOX.
Pg L7: Investors started venturing into stock funds in 2022/Q4 with blend and value (IVV, SPYV, etc) outperforming growth; energy was a partial explanation. Foreign funds rebounded (CIVVX, FIVLX, OAKIX, PRESX, TRIGX, etc); weaker dollar was a partial explanation. Several funds had strong outflows (and high yearend CG distributions; FCNTX, TRBCX, etc); some of the outflows went into the ETFs in the categories (and into the related CITs). Inflow champions were IVV, VTI. Tesla/TSLA sank several previous highflyers (BPTRX, BFGFX, FSCPX, VCR, XLY, etc). Alternatives funds (PQTAX, etc) couldn’t play good offense in Q4 after playing good defense previously. Among the bond funds, HY had inflows (HYG, etc) while TIPS had outflows. (By
@LewisBraham at MFO)
Pg 10 (Fits better here): Cathie WOOD’s ARKK fell -67% in 2022 but she is mostly sticking with her convictions (EXAS, ROKU, SQ, TDOC, TSLA, ZM, etc). She believes that her holdings in innovative technologies will bounce back. She thinks that the US has been in recession since early-2022 and the Fed is overtightening. There is also a short-ARKK ETF SARK.
Pg L33: In 2022/Q4 (SP500 +7.37%): Among general equity funds, the best were LC-value +12.80%, multi-cap-value +12.63%, MC-value +12.39%, SC-value +12.01%, and the worst were multi-cap-growth +1.82%; ALL general equity categories were positive. Among other equity funds, the best were natural resources +19.76%, Europe +19.66%, international multi-cap-value +19.08%, and the worst were sc & tech +1.76%, real estate +3.44%; ALL “other equity” except short funds were positive. Among fixed-income funds, domestic long-term FI +2.03%, world income +5.71%; ALL FI categories were positive too (FI isn’t very refined in Lipper mutual fund categories listed in Barron’s). So, a good Q4, but still a bad 2022.
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