MUTUAL FUND Investor Guide THE Investor Guide TO FIDELITY ...€¦ · MUTUAL FUND Investor Guide...

mutualfundinvestorguide.com

MUTUAL FUND Investor Guide

THE Investor Guide TO FIDELITY FUNDS

OCTOBER 2014

1

Market Perspective: Global Stocks Retreat on Dollar StrengthThe story of September was the ever stronger U.S. dollar. The entire third quarter was one long U.S. dollar rally and the U.S. Dollar Index has posted its longest weekly winning streak, at 11 weeks, in its 41-year history. The move higher in the U.S. dol-lar was accompanied by losses in commodities and overseas markets. The largest losses were concen-trated in the resource-exporting countries, such as Brazil and Australia. Both equities and currencies sold off against the rising U.S. dollar, and positive economic data in the United States wasn’t enough to keep domestic shares elevated amid global selling. In the United States, the asset class seeing the most selling was high yield bonds. Interest rates increased in September, hurting several rate-sensitive asset classes. Average high yield bond funds were down about 2 percent in September. Also weak were small caps, with the Russell 2000 Index down 6.19 per-cent. Small caps historically do well in November and December, two strong months for the market, but September has historically been a bad month for stocks, and this asset class bore the brunt of equity selling. The other weak assets were foreign currencies, the flip side of the strong U.S. dollar. The euro fell an-other 3 percent in September and the Japanese yen fell nearly 5 percent. Many traders had been looking for a rebound in foreign currencies last month be-cause they were heavily oversold by early Septem-ber, but none came. It’s possible the small rebound in some currencies at the end of September is the beginning of a bounce, but it may take a few more weeks to see if this is the case.Even though markets were weak, economic data was strong in the United States. Second quarter GDP growth was revised from the initial estimate of 4.0 percent to a final estimate of 4.6 percent. Manu-facturing data remained strong, with the Purchasing Managers Index continuing to show robust expan-sion in that key sector of the economy. The Federal Reserve is poised to end quantitative easing this month. Interest rates haven’t broken

higher or lower in a meaningful way, but the Fed’s exit may be having some effect on the U.S. dollar. Both Europe and Japan have eased monetary policy in recent months, versus the relative tightening in the United States.Also helping the U.S. dollar is a boom in energy production. Domestic oil production is running neck and neck with Saudi Arabia, and with the boom in natural gas, we are gaining even more momentum as a major energy producer. This has a significant impact on the economy and foreign exchange mar-kets. One of the major ways the global economy obtains U.S. dollars is through trade, and one of the main American imports is crude oil. Imports peaked at 455 million barrels in August 2006, and in 2014 not a single month has seen even 300 mil-lion barrels in imports. The trade deficit has eased as a result, which makes U.S. dollars scarcer globally. Depending on how current projections play out, the U.S. could become the world’s largest oil producer within a few years. Domestic energy production also keeps spending and jobs at home, which helps grow the U.S. econ-omy and makes U.S. assets more attractive, further strengthening the dollar. There are knock-on effects of cheap energy as well – many petrochemical com-panies are building factories in the United States in order to be located close to cheap feedstock. In the coming years, U.S. exports will rise even further as the German and Japanese companies building fac-tories here export their production. Putting it all together, the United States has many factors working in its favor and creating a strong dollar environment. On the other side, a slowing Chinese economy is experiencing reduced demand for resources, causing a period of overproduction in some resources such as iron ore. In the past few years, China started mining projects around the world that are profitable when iron ore is above $300 a ton, but this year iron ore has plunged below $80 a ton. Looking ahead to October, earnings season is poised to be a good one. FactSet Research estimates growth at 4.7 percent in the third quarter. This overall growth rate is almost half of what was projected

(continued on next page)

mutualfundinvestorguide.com

MUTUAL FUND Investor Guide

OCTOBER 2014

Matthew D. SauerFounder & Chief Investment Officer

Matthew Sauer is the Founder and Chief Investment Officer of the Mutual Fund Investor Guide family of newsletters. Each month he analyzes and provides buy, sell and hold recommendations for hundreds of mutual funds and ETFs in three newsletters: The Investor Guide to Fidelity Funds, The ETF Investor Guide and The Investor Guide to Vanguard Funds.

Prior to starting the Mutual Fund Investor Guide, Matthew was President and Chief Investment Officer of the Fidelity Independent Adviser, ETF Report & Sector Momentum Tracker newsletters.

In ThIs Issue 1 Perspective

2 Portfolio Updates

3 Model Portfolios

5 Data & Rankings

11 Bill Gross Leaves PIMCO for Janus


FFGuide1014.indd 1 10/6/14 2:15 PM

2 OCTOBeR 2014 | PhOne: (888) 252-5372

The Investor Guide To FideliTy Funds

at the end of June, when 8.7 percent growth was expected. Consumer discretionary remains the weak point, with a decline in expected earnings compared with the third quarter of 2013. Nevertheless, all other sec-tors are up. Because stocks have barely ad-vanced since the end of June, they are once again well positioned for a strong perfor-mance during earnings season. This would be very good news for the markets, and if the U.S. dollar rally at least pauses, it could

make for a strong month for stocks. That would in turn set up a strong fourth quarter for stocks, because November and Decem-ber tend to be two of the best months for equities. Although the stock market is likely to move higher, an increase in volatility is a likely reality. The CBOE Volatility Index (VIX) jumped 7.6 percent on September 24, the largest single-day jump since April of this

year. Much as the August rally was followed by a modest sell-off in September, we could continue to see this increasing volatility trend for some time to come. For that rea-son, we will not make significant changes to the Model Portfolios at this time. We continue to believe the portfolios are well positioned to outperform relative to their objectives as the markets move higher.

Portfolio UpdatesA historic rally in the U.S. dollar and con-cerns about China’s economic growth were the two main forces weighing on global markets in September. The blue chip Dow Jones Industrial Average fell 0.32 percent in September thanks to these factors, but in-vestors’ aversion to selling blue chips pre-vented a larger decline. The S&P 500 Index dipped 1.55 percent and the NASDAQ slid 1.90 percent. Behind them was the more volatile Russell 2000, which fell 6.19 per-cent. The MSCI EAFE fell 4.08 percent, hurt by the strong U.S. dollar. The MSCI EAFE Emerging Markets Index fell 7.59 percent in September.

Year to date, the NASDAQ remains the best of the major indexes, up 7.59 percent. Close behind is the S&P 500 Index, up 6.70 percent. The DJIA is up 2.81 percent. After last month’s losses, the Russell 2000 is now down 5.32 percent and the MSCI EAFE is down 3.63 percent.

We will make no changes to the Model Portfolios this month. The Fidelity Select Sector Portfolio fell 1.01 percent last month, reducing the 2014 return to 9.93 percent. Healthcare, financials and technology were among the strongest sectors recently and maintained their edge in September. Pharmaceuticals (FPHAX) gained 2.45 percent in September and Healthcare (FSPHX) added 0.10 percent. Financial Services (FIDSX) and Technol-ogy (FSPTX) kept their losses in check, each slipping less than 2 percent.

The Fidelity Straight Growth Portfolio declined 1.68 percent over the last month, lowering the return to 6.60 percent this year. Contrafund (FCNTX) and Dividend Growth (FDGFX) saw smaller losses in September due to investors sticking with blue chip dividend paying stocks. Large Cap Value (FSLVX) failed to benefit from a general move to value due to a large exposure to energy holdings.

The Fidelity Balanced Growth Portfolio slid 1.53 percent in September, lowering the return to 5.53 percent in 2014. The bond allocation in the portfolio didn’t provide protection as high yield bonds suffered as much as stocks. High Income (SPHIX) lost 2.23 percent and was the worst performer in the portfolio, followed by Strategic Income (FSICX). Mega Cap Stock (FGRTX) pro-vided some downside protection, with a loss of only 0.86 percent.

The Fidelity Global Portfolio lost 3.88 percent last month; it is now up 0.32 per-cent for the year. Fidelity Canada (FICDX) sank 5.61 percent, stung by currency losses and a drop in resource prices, especially en-ergy. International Small Cap Opportunities (FSCOX) was hit by the selling in small caps globally and fell 4.98 percent. How-ever, the two global funds in the portfolio have significant exposure to the U.S. market and that has kept this portfolio ahead of the MSCI EAFE.

The Fidelity Conservative Income Portfolio fell 1.31 percent in September, lowering the return to 3.63 percent for the year. Strategic Income (FSICX) declined 1.94 percent as

high income bonds faced selling pressure, but Floating Rate High Income (FFRHX) held up well and only slipped 0.82 percent. Equity Dividend Income (FEQTX) fell 1.60 percent, in line with the broad indexes. In-terest rates moved higher in early Septem-ber but reversed course midway through the month.

The Diversified Sector Portfolio declined 1.40 percent in September, bringing the 2014 return to 10.29 percent. Rydex Bio-technology (RYOIX) fell 3.31 percent and was the worst performer in the portfolio, which isn’t a bad result considering it gained more than 10 percent in August. ICON Healthcare (ICHCX) gained 0.49 percent, thanks to the broad strength throughout the sector. Fidelity Consumer Staples (FDFAX) fell only 0.22 percent as it benefited from defensive-minded investors.

The NTF Straight Growth Portfolio lost 3.11 percent in September; it is now up 2.81 percent in 2014. Adirondack Small Cap (ADKSX) was knocked for a 6.54 percent loss in a bad month for small caps and sank back into negative territory for the year. Wasatch Long/Short (FMLSX) was hurt by the selling in September too, losing 3.27 percent, and FAM Value (FAMVX) fell 3.36 percent due to large weights in con-sumer discretionary and industrials. Look for this portfolio to rebound over the com-ing months.

The NTF Balanced Growth Portfolio sank 2.52 percent in September; it is now up 4.61 percent in 2014. Third Avenue Focused

(continued on page 16)

Market Perspective: Global Stocks Retreat on Dollar Strength (continued)

FFGuide1014.indd 2 10/6/14 2:15 PM


www.MutualFundInvestorGuide.com | OCTOBeR 2014 3

Model Portfolios (Data provided as of 9/30/14)Fidelity Select Sector Fund PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFPHAX Pharmaceuticals 21.72 1641.75 21.93% 2.45% 24.93% $35,658.71FSPTX Technology 121.96 362.19 27.17% -1.94% 8.23% $44,172.24FIDSX Financial Services 85.29 190.23 9.98% -1.46% -1.46% $16,225.03FSPHX Healthcare 218.92 169.94 22.88% 0.10% 6.74% $37,203.87FSCGX Industrial Equipment 40.38 726.76 18.05% -4.67% -3.59% $29,346.71

TOTAL 100.00% -1.01% 9.93% $162,606.55

Fidelity BAlAnced GrowtH PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFGRTX Mega Cap Stock 16.18 2010.72 22.32% -0.86% 7.92% $32,533.49FFIDX Fidelity Fund 42.48 718.22 20.93% -1.60% 7.05% $30,509.84FSICX Strategic Income 10.98 2245.71 16.91% -1.94% 4.06% $24,657.85SPHIX High Income 9.18 3192.99 20.11% -2.23% 2.07% $29,311.62FCNTX Contrafund 101.10 284.51 19.73% -1.13% 6.24% $28,764.27

TOTAL 100.00% -1.53% 5.53% $145,777.07

Fidelity conServAtive incoMe PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFFRHX Floating Rate High Income 9.83 2916.41 24.63% -0.82% 0.94% $28,668.27FSTFX Limited Term Muni 10.73 1498.63 13.81% -0.05% 2.08% $16,080.25FSICX Strategic Income 10.98 3478.68 32.81% -1.94% 4.06% $38,195.89FEQTX Equity Dividend Income 25.81 1296.88 28.75% -1.60% 6.32% $33,472.46

TOTAL 100.00% -1.31% 3.63% $116,416.86

Fidelity StrAiGHt GrowtH PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFBGRX Blue Chip Growth 65.51 818.39 31.71% -1.85% 8.76% $53,612.97FDGFX Dividend Growth 33.12 1629.92 31.92% -1.33% 7.60% $53,982.95FCNTX Contrafund 101.10 299.54 17.91% -1.13% 6.24% $30,283.48FSLVX Large Cap Value 16.53 1888.67 18.46% -2.54% 3.51% $31,219.70

TOTAL 100.00% -1.68% 6.60% $169,099.09

Fidelity GloBAl PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFSCOX International Small Cap Opp 13.94 2705.09 27.15% -4.98% -0.14% $37,709.02FIGRX International Discovery 38.75 501.18 13.98% -3.20% -4.08% $19,420.91FGBLX Global Balanced 24.78 1156.26 20.63% -3.20% 0.16% $28,652.14FGILX Global Equity Income 12.68 2582.73 23.57% -2.46% -2.46% $32,749.07FICDX Canada 61.88 329.42 14.67% -5.61% 6.12% $20,384.82

TOTAL 100.00% -3.88% 0.32% $138,915.96

User GuideRank: Our proprietary ranking system uses both technical and fundamental analysis to identify those funds expected to outperform over the following 6 months, on a risk adjusted basis. advICe: Based on technical and funda-mental indicators, we issue buy, hold and sell recommendations based upon expected future performance. We often avoid recommending funds that are extraordinarily volatile or are exposed to significant market risk.

PeRFORManCe ReTuRns: YTD, 1-month, 3-month and 1-year returns are calculated each month based on the trailing returns. For 3-year and 5-year periods, returns are annualized.YIeld %: We use the 30-day SEC Yield to pro-vide the expected income generated by each fund, as reported by the fund in its most recent filing. BeTa: The 3-year Beta is the measure of the volatility, or systematic risk of the fund as compared to the market. A Beta of 1.3 will typ-ically be 30% more volatile than the market.

sTandaRd devIaTIOn (sd): Also used to measure volatility, is determined from the monthly returns of the fund over the previous 3 years. Those funds with higher standard de-viations are more volatile as compared to those with a lower standard deviation. exPense RaTIO: The expense ratio is the fee charged by the mutual fund. This charge is deducted from the return of the fund, impact-ing performance. Please note, funds may have different share classes with varying expenses associated with each class.

FFGuide1014.indd 3 10/6/14 2:15 PM

4 OCTOBeR 2014 | PhOne: (888) 252-5372


ntF StrAiGHt GrowtH PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnADKSX Adirondack Small Cap 21.16 1063.43 15.10% -6.54% -5.41% $22,502.24FDGFX Dividend Growth 33.12 990.98 22.02% -1.33% 7.60% $32,821.40FMLSX Wasatch Long/Short 16.29 2316.82 25.32% -3.27% 0.43% $37,741.06FAMVX FAM Value 64.06 427.85 18.39% -3.36% 3.64% $27,408.03PRBLX Parnassus Core Equity 39.10 730.74 19.17% -1.88% -1.06% $28,572.06

TOTAL 100.00% -3.11% 2.18% $149,044.80

tAx AdvAntAGe PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnPRBLX Parnassus Core Equity 39.10 505.25 14.36% -1.88% -1.06% $19,755.15FPURX Puritan 22.63 1563.87 25.73% -1.18% 7.07% $35,390.34PSHDX PIMCO Short-Term 9.91 2137.05 15.40% 0.06% 1.70% $21,178.12FLPSX Fidelity Low Price Stock 48.78 825.64 29.29% -3.15% 3.33% $40,274.50FCVSX Convertible Securities 32.51 643.73 15.22% -2.93% 5.28% $20,927.73

TOTAL 100.00% -1.95% 4.36% $137,525.83

ABSolute return/down MArket PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFMLSX Wasatch Long/Short 16.29 1533.36 25.19% -3.27% 0.43% $24,978.42FDFAX Fidelity Consumer Staples 94.25 100.86 9.58% -0.22% -0.22% $9,505.59FSUTX Fidelity Select Utilities 74.44 124.55 9.35% -2.68% 8.19% $9,271.45MWLDX MetWest Low Duration 8.82 5736.01 51.01% -0.01% 0.78% $50,591.63FCBFX Fidelity Corporate Bond 11.34 425.59 4.87% -1.40% 0.04% $4,826.21

TOTAL 100.00% -1.19% 0.88% $99,173.31

AGGreSSive vAlue PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFDFAX Fidelity Consumer Staples 94.25 408.80 27.75% -0.22% -0.22% $38,529.58ICTEX ICON Info Technology 13.55 2359.43 23.03% -0.88% 6.78% $31,970.25FCPGX Fidelity Sm Cap Growth 17.12 941.30 11.61% -4.82% -0.68% $16,115.11ICTRX ICON Industrials 11.67 2469.65 20.76% -2.75% 1.83% $28,820.84FSDCX Fidelity Comm Equipment 31.87 734.13 16.85% -1.54% 8.15% $23,396.57

TOTAL 100.00% -1.68% 9.19% $138,832.35

diverSiFied Sector PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnICHCX ICON Healthcare 22.42 2184.03 29.14% 0.49% 17.08% $48,965.89FSPTX Fidelity Select Technology 121.96 344.14 24.98% -1.94% 8.23% $41,971.06FDFAX Fidelity Consumer Staples 94.25 222.61 12.49% -0.22% -0.22% $20,980.61ICFSX ICON Financial 7.83 4613.95 21.50% -2.85% 1.03% $36,127.25RYOIX Rydex Biotechnology 76.55 261.24 11.90% -3.31% 19.55% $19,998.23

TOTAL 100.00% -1.40% 10.29% $168,043.04

ntF BAlAnced GrowtH PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFMILX Fidelity New Millennium 41.01 365.31 10.77% -2.57% 0.64% $14,981.39FDGFX Dividend Growth 33.12 1274.52 30.35% -1.33% 7.60% $42,212.16TFCVX Third Ave Focused Credit 11.10 1907.65 15.23% -4.69% 3.90% $21,174.89SPHIX Fidelity High Income 9.18 3363.23 22.20% -2.23% 2.07% $30,874.46FSTKX Federated MDT Stock 29.46 1012.42 21.45% -2.87% 6.58% $29,825.90

TOTAL 100.00% -2.52% 4.61% $139,068.80

FFGuide1014.indd 4 10/6/14 2:15 PM


FIDELITY GROWTH FUNDSFBCVX Fidelity® Blue Chip Value 15.21 82 Buy 4.96 -2.57 -0.94 16.55 21.24 11.13 1.13 12.20 0.62FBGRX Fidelity® Blue Chip Growth 65.51 89 Strong Buy 8.76 -1.85 1.49 20.68 24.35 17.74 1.18 13.61 0.74FCNTX Fidelity® Contrafund® 101.10 94 Strong Buy 6.24 -1.13 1.77 17.42 21.51 15.74 1.00 11.16 0.66FCPGX Fidelity® Small Cap Growth 17.12 72 Buy -5.27 -4.82 -6.77 3.04 20.54 14.85 1.29 15.67 0.88FCPVX Fidelity® Small Cap Value 17.28 77 Hold -4.32 -6.38 -7.82 4.65 22.83 14.40 1.21 14.35 1.06FDCAX Fidelity® Capital Appreciation 38.77 91 Strong Buy 7.16 -1.35 2.89 18.93 24.70 16.94 1.01 12.13 0.77FDEGX Fidelity® Growth Strategies 30.05 85 Buy 5.44 -2.15 -0.40 15.75 21.19 14.58 1.28 13.57 0.69FDEQX Fidelity® Disciplined Equity 34.46 82 Buy 6.62 -1.96 0.73 19.38 23.62 13.09 1.12 11.67 0.78FDFFX Fidelity® Independence 39.75 88 Buy 9.72 -4.19 -1.05 22.47 26.20 16.36 1.42 16.26 0.60FDGFX Fidelity® Dividend Growth 33.12 94 Strong Buy 7.60 -1.33 0.98 17.98 23.16 14.47 1.26 13.09 0.62FDGRX Fidelity® Growth Company 127.70 82 Buy 7.15 -2.11 0.64 15.73 23.48 17.87 1.18 14.33 0.83FDSCX Fidelity® Stock Selector Small Cap 24.95 72 Hold -4.70 -5.92 -7.35 3.50 19.03 13.95 1.28 14.94 0.91FDSSX Fidelity® Stock Selec All Cp 38.12 81 Buy 7.11 -2.31 -0.76 16.98 23.02 15.22 1.12 11.92 0.69FDSVX Fidelity® Growth Discovery 23.31 79 Buy 9.85 -1.85 1.09 18.74 23.39 17.83 1.07 12.74 0.87FDVLX Fidelity® Value 109.61 89 Strong Buy 5.82 -4.47 -3.17 15.64 25.63 15.99 1.16 12.66 0.65FEQIX Fidelity® Equity-Income 61.77 78 Buy 6.60 -2.05 -1.10 14.33 21.55 12.66 2.41 1.00 10.44 0.64FEQTX Fidelity® Equity Dividend Income 25.81 80 Strong Buy 6.32 -1.60 -0.88 16.06 21.83 12.52 2.20 1.01 10.49 0.63FEXPX Fidelity® Export & Multinational 25.37 68 Buy 4.23 -1.70 0.16 14.11 18.45 11.87 0.99 10.32 0.79FFIDX Fidelity 42.48 87 Strong Buy 7.05 -1.60 0.52 17.97 20.09 13.40 0.68 1.02 10.92 0.55FFTYX Fidelity® Fifty® 28.71 76 Buy 3.01 -2.48 -2.45 12.90 21.46 15.21 1.01 12.31 0.80FGRIX Fidelity® Growth & Income Portfolio 29.52 83 Buy 6.89 -1.04 0.50 16.83 24.20 15.65 1.82 1.01 10.74 0.67FGRTX Fidelity® Mega Cap Stock 16.18 96 Strong Buy 7.92 -0.86 1.22 19.11 24.66 16.32 0.83 1.05 11.20 0.70FLCEX Fidelity® Large Cap Core Enhanced Index 12.06 85 Buy 8.83 -1.23 2.38 21.83 23.44 15.75 0.99 10.59 0.45FLCSX Fidelity® Large Cap Stock 28.16 88 Strong Buy 7.08 -1.61 0.39 19.03 26.46 17.04 1.12 11.98 0.88FLPSX Fidelity® Low-Priced Stock 48.78 86 Strong Buy 3.33 -3.15 -1.49 11.46 21.61 15.85 1.06 11.90 0.79FLVCX Fidelity® Leveraged Company Stock 45.21 86 Buy 4.91 -5.27 -2.10 13.93 28.07 16.32 1.31 14.20 0.82FMAGX Fidelity® Magellan® 93.98 81 Buy 8.44 -1.60 1.62 19.87 23.21 12.36 1.17 11.96 0.50FMCSX Fidelity® Mid-Cap Stock 37.89 77 Strong Buy 2.90 -4.00 -3.86 11.44 21.48 15.65 1.08 12.31 0.78FMILX Fidelity® New Millennium 41.01 81 Strong Buy 4.75 -2.51 -2.21 14.71 22.05 16.06 0.97 11.09 0.87FNCMX Fidelity® Nasdaq Composite Index® 59.72 78 Buy 8.42 -1.82 2.21 20.38 24.35 17.32 1.08 12.85 0.33FOCPX Fidelity® OTC Portfolio 78.59 80 Buy 10.10 -1.65 3.13 18.90 24.04 18.39 1.14 15.99 0.74FSCRX Fidelity® Small Cap Discovery 28.91 81 Buy -3.28 -5.86 -7.04 4.79 25.50 17.91 1.26 14.62 1.01FSDIX Fidelity® Strategic Dividend & Income® 14.94 88 Strong Buy 8.58 -2.35 -0.83 14.38 17.19 13.50 2.34 7.72 0.76FSEMX Fidelity Spartan® Extended Mkt Index Inv 53.13 81 Buy 1.07 -5.09 -4.82 9.70 23.14 16.43 1.24 13.96 0.10FSLCX Fidelity® Small Cap Stock 18.96 64 Hold -0.16 -4.34 -4.77 7.42 18.21 9.87 1.41 15.86 0.67FSLSX Fidelity® Value Strategies 42.84 89 Buy 4.62 -3.40 -1.22 14.52 24.95 15.61 1.19 12.44 0.72FSLVX Fidelity® Stock Selec Lg Cp Val 16.53 85 Strong Buy 8.39 -2.54 -0.78 16.63 23.86 13.24 1.02 10.95 0.71FSMVX Fidelity® Mid Cap Value 23.87 89 Strong Buy 7.91 -3.20 -0.67 19.05 26.41 17.68 1.12 12.27 0.80FSTMX Fidelity Spartan® Total Market Idx Inv 57.66 88 Buy 6.83 -2.14 -0.07 17.59 22.92 15.75 1.05 11.07 0.10FTQGX Fidelity® Focused Stock 20.30 74 Buy 2.84 -2.54 -2.31 12.93 21.65 17.01 1.04 12.71 0.89FTRNX Fidelity® Trend 90.80 80 Buy 7.20 -1.56 1.03 19.01 22.51 17.18 1.08 12.43 0.78FUSEX Fidelity Spartan® 500 Index Inv 70.27 79 Buy 8.27 -1.42 1.10 19.61 22.88 15.60 1.00 10.57 0.10FVDFX Fidelity® Value Discovery 23.29 81 Buy 7.76 -2.49 -0.38 19.73 24.48 14.90 1.04 11.12 0.73ONEQ Fidelity® Nasdaq Composite Tr Stk ETF 173.34 86 Buy 8.54 -1.80 2.17 20.78 24.35 17.28 0.91 1.08 13.52 0.21

FIDELITY SELECT SECTOR FUNDSFBIOX Fidelity® Select Biotechnology Portfolio 216.01 92 Strong Buy 18.86 -1.32 7.85 23.38 45.40 28.41 0.70 21.33 0.75FBMPX Fidelity® Select Multimedia Portfolio 81.05 74 Buy 1.94 -1.65 -1.04 12.96 31.35 23.12 0.94 12.57 0.80FBSOX Fidelity® Select IT Services Portfolio 35.47 73 Sell -4.80 -0.84 -2.88 8.38 24.48 18.64 0.99 15.48 0.83FCYIX Fidelity® Select Industrials Portfolio 31.37 84 Buy -1.42 -3.18 -5.03 10.16 23.64 17.31 0.98 13.82 0.81FDCPX Fidelity® Select Computers Portfolio 79.68 85 Buy 7.70 -2.86 1.85 19.43 20.69 15.69 0.98 16.64 0.82FDFAX Fidelity® Select Consumer Staples Port 94.25 87 Strong Buy 8.05 -0.22 1.48 15.13 18.12 14.60 0.65 11.12 0.79FDLSX Fidelity® Select Leisure Portfolio 130.66 83 Buy 1.33 -0.31 -1.52 13.27 22.76 19.17 0.98 14.78 0.81FIDSX Fidelity® Select Financial Services Port 85.29 89 Strong Buy 4.43 -1.46 1.22 16.25 24.91 8.28 1.16 15.54 0.81FNARX Fidelity® Select Natural Resources Port 38.60 58 Buy 5.21 -9.67 -11.04 6.13 13.19 8.54 1.45 19.98 0.84FPHAX Fidelity® Select Pharmaceuticals Port 21.72 98 Strong Buy 19.54 2.45 3.58 34.25 28.98 22.94 0.61 10.38 0.81FSAGX Fidelity® Select Gold Portfolio 19.01 35 Hold 5.79 -18.73 -19.04 -10.96 -24.95 -11.81 0.79 33.79 0.91FSAIX Fidelity® Select Air Transportation Port 64.60 87 Buy 9.56 -1.87 -1.21 25.60 29.04 21.83 0.64 12.64 0.86FSAVX Fidelity® Select Automotive Port 49.64 75 Hold -2.99 -7.58 -8.41 2.24 24.76 16.55 1.26 19.35 0.84FSCGX Fidelity® Select Industrial Equip Port 40.38 78 Buy -3.59 -4.67 -5.87 7.45 21.45 15.30 1.17 16.37 0.78FSCHX Fidelity® Select Chemicals Portfolio 155.12 86 Buy 8.83 -0.23 1.46 20.18 29.30 20.81 1.24 14.94 0.80FSCPX Fidelity® Select Consumer Discret Port 31.54 79 Hold 0.16 -2.17 -1.50 9.30 23.65 18.77 0.92 13.04 0.81FSCSX Fidelity® Select Software & Comp Port 117.28 86 Buy 1.87 -0.61 -0.23 16.18 26.06 20.24 0.95 15.11 0.78FSDAX Fidelity® Select Defense & Aero Port 113.97 71 Sell -2.79 -1.17 -2.26 9.82 22.58 18.38 0.78 12.52 0.81FSDCX Fidelity® Select Comms Equip Port 31.87 91 Buy 8.15 -1.54 -1.33 15.98 16.38 10.03 1.03 17.10 0.90FSDPX Fidelity® Select Materials Portfolio 84.93 78 Hold 3.03 -3.83 -3.65 11.75 20.71 14.13 1.27 15.81 0.82FSELX Fidelity® Select Electronics Portfolio 78.96 84 Buy 25.17 -1.88 1.41 36.27 24.13 16.20 1.00 18.13 0.79FSENX Fidelity® Select Energy Portfolio 55.62 62 Buy 4.17 -8.44 -9.85 7.59 16.27 10.02 1.44 19.32 0.80FSESX Fidelity® Select Energy Service Port 85.22 60 Buy 3.96 -9.51 -13.24 6.31 16.73 9.46 1.60 22.21 0.80FSHCX Fidelity® Select Medical Delivery Port 78.78 91 Buy 12.41 -2.37 4.82 24.14 23.40 19.47 0.69 12.29 0.82FSHOX Fidelity® Select Construction & Hsg Port 54.56 77 Hold 4.85 -4.30 0.65 11.11 29.80 17.65 1.06 15.91 0.81FSLBX Fidelity® Select Brokerage & Invmt Mgmt 74.23 80 Hold 0.27 -1.67 1.60 16.38 27.59 9.55 1.29 17.87 0.80FSLEX Fidelity® Select Envir and Alt Engy Port 22.43 66 Hold -1.63 -4.43 -7.28 7.49 17.23 9.50 0.97 12.78 0.97FSMEX Fidelity® Select Medical Equip & Systems 37.44 87 Buy 10.71 -2.22 -1.81 23.27 21.90 15.62 0.70 13.09 0.79FSNGX Fidelity® Select Natural Gas Portfolio 41.35 75 Buy 9.62 -8.25 -10.38 14.28 17.09 6.75 1.18 16.95 0.84

Data & Rankings (Data provided as of 9/30/14)% return (3 and 5 years Annualized)

yield %Beta

3 yearSd

3 yearexpense

ratioSymbol name/Short term Fee nAv rank Advice ytd 1 Month 3 Month 1 year 3 year 5 year

FFGuide1014.indd 5 10/6/14 2:15 PM

6 OCTOBeR 2014 | PhOne: (888) 252-5372


FIDELITY SELECT SECTOR FUNDS (continued)

% return (3 and 5 years Annualized)yield %

Beta 3 year

Sd 3 year

expense ratioSymbol name/Short term Fee nAv rank Advice ytd 1 Month 3 Month 1 year 3 year 5 year

FSPCX Fidelity® Select Insurance Port 66.30 79 Hold 2.52 -2.10 -0.48 13.63 26.10 14.61 0.89 12.96 0.82FSPHX Fidelity® Select Health Care Portfolio 218.92 97 Strong Buy 22.79 0.10 5.93 38.95 36.68 25.59 0.66 12.63 0.76FSPTX Fidelity® Select Technology Portfolio 121.96 87 Buy 8.23 -1.93 0.62 18.05 20.66 16.35 0.96 15.32 0.77FSRBX Fidelity® Select Banking Portfolio 25.74 79 Buy 1.55 -0.81 -1.87 13.77 26.73 12.42 0.85 13.03 0.80FSRFX Fidelity® Select Transportation 84.41 87 Buy 16.03 -0.28 1.55 31.82 30.48 23.22 0.81 12.96 0.84FSRPX Fidelity® Select Retailing Portfolio 83.38 76 Hold -0.43 -2.27 2.93 9.45 23.32 20.62 0.86 14.82 0.82FSTCX Fidelity® Select Telecommunications Port 60.46 57 Buy 2.15 -1.88 -1.55 8.72 16.05 12.37 0.59 10.26 0.82FSUTX Fidelity® Select Utilities Portfolio 74.44 71 Buy 14.74 -2.68 -4.27 20.77 16.59 14.45 0.29 11.98 0.80FSVLX Fidelity® Select Consumer Finance Port 15.32 82 Buy 0.16 -1.61 -1.86 7.75 24.59 13.83 0.83 11.62 0.83FWRLX Fidelity® Select Wireless Portfolio 9.37 74 Hold 0.67 -1.37 -1.37 10.35 16.78 12.41 0.72 9.82 0.86

FIDELITY SECTOR ETFSFCOM Fidelity® MSCI Telecommunication Svc ETF 26.16 82 Buy 5.22 -0.85 -0.22 0.12FDIS Fidelity® MSCI Consumer Discret ETF 26.49 75 Hold 0.48 -2.72 -0.46 0.12FENY Fidelity® MSCI Energy ETF 26.00 71 Buy 3.60 -7.75 -8.83 0.12FHLC Fidelity® MSCI Health Care ETF 30.01 98 Strong Buy 15.45 -0.17 4.83 0.12FIDU Fidelity® MSCI Industrials ETF 26.77 88 Buy 0.86 -2.16 -2.61 0.12FMAT Fidelity® MSCI Materials ETF 27.20 82 Buy 6.72 -2.87 -1.30 0.12FNCL Fidelity® MSCI Financials ETF 26.90 91 Strong Buy 5.90 -1.21 0.87 0.12FSTA Fidelity® MSCI Consumer Staples ETF 27.16 92 Strong Buy 6.96 0.48 1.63 0.12FTEC Fidelity® MSCI Information Tech ETF 29.56 87 Buy 11.98 -1.25 3.46 0.12FUTY Fidelity® MSCI Utilities ETF 27.41 81 Buy 12.26 -2.60 -4.72 0.12

FIDELITY REAL ESTATE, COMMODITY & UTILITY FUNDS FFGCX Fidelity® Global Commodity Stock 14.02 32 Hold -0.78 -7.58 -8.07 2.93 3.62 1.84 1.42 18.64 1.09FIUIX Fidelity® Telecom and Utilities 24.03 67 Buy 11.60 -2.04 -2.03 18.99 17.11 15.91 2.00 0.36 10.60 0.76FRESX Fidelity® Real Estate Investment Port 36.24 65 Buy 14.38 -5.70 -2.56 13.48 16.79 16.04 2.28 0.87 15.00 0.80FRIFX Fidelity® Real Estate Income 11.50 73 Buy 8.03 -2.27 -1.21 9.21 12.33 11.99 3.85 0.30 5.48 0.84

FIDELITY INTERNATIONAL FUNDSFDIVX Fidelity® Diversified International 36.13 75 Hold -2.11 -3.27 -5.02 6.04 15.34 7.41 0.97 13.66 0.92FEDDX Fidelity® Emerging Markets Discovery 12.52 62 Hold 3.05 -4.28 -1.96 7.72 1.39FEMEX Fidelity® EMEA 9.11 59 Hold -0.87 -5.40 -4.91 1.70 8.72 6.23 1.06 15.84 1.38FEMKX Fidelity® Emerging Markets 24.75 67 Buy 2.74 -6.00 -3.85 6.67 8.42 4.44 1.12 15.98 1.03FGBLX Fidelity® Global Balanced 24.78 85 Strong Buy 0.16 -3.20 -4.07 4.73 10.37 7.75 8.08 1.00FGILX Fidelity® Global Equity Income 12.68 80 Strong Buy 3.84 -2.46 -2.40 12.25 1.37 1.19FHKCX Fidelity® China Region 33.44 71 Hold -0.95 -5.08 -1.07 8.32 16.10 8.50 1.02 15.64 0.98FICDX Fidelity® Canada 61.88 76 Strong Buy 6.12 -5.61 -3.82 11.93 10.08 6.96 0.80 11.42 0.86FIEUX Fidelity® Europe 37.08 70 Sell -4.65 -3.81 -8.26 3.36 16.79 7.00 1.05 15.31 1.02FIGFX Fidelity® International Growth 10.95 77 Hold -2.58 -2.84 -4.45 4.36 15.26 10.05 0.89 12.67 1.11FIGRX Fidelity® International Discovery 38.75 77 Buy -4.32 -3.20 -5.90 2.97 14.69 7.31 0.97 13.76 0.98FIREX Fidelity® International Real Estate 10.27 67 Hold 2.90 -5.30 -4.78 2.89 19.23 8.71 0.88 1.20 15.96 1.14FISMX Fidelity® International Small Cap 25.75 74 Hold -3.88 -4.49 -6.87 1.49 15.25 10.63 0.91 14.00 1.31FIVFX Fidelity® International Capital Apprec 16.86 80 Buy 0.66 -3.99 -3.44 8.80 18.56 9.99 1.06 15.01 1.12FIVLX Fidelity® International Value 8.74 67 Sell -3.43 -3.32 -5.62 3.49 13.84 4.87 0.93 13.63 1.02FJPNX Fidelity® Japan 11.63 50 Sell -3.41 -1.19 -4.44 -2.72 8.61 4.49 0.52 13.62 0.91FJSCX Fidelity® Japan Smaller Companies 13.14 44 Hold -2.23 -2.74 -3.52 -4.65 17.52 10.41 0.63 19.26 0.98FLATX Fidelity® Latin America 30.81 55 Hold -1.41 -12.47 -6.38 -4.31 -2.33 -1.15 1.21 20.65 1.03FNMIX Fidelity® New Markets Income 16.23 76 Buy 7.85 -3.10 -2.31 8.39 8.50 8.00 5.04 1.38 7.82 0.84FNORX Fidelity® Nordic 44.27 79 Buy -1.14 -3.87 -9.52 13.08 22.89 13.55 1.15 17.77 1.02FOSFX Fidelity® Overseas 39.08 82 Hold -2.93 -3.41 -6.64 5.15 17.69 6.68 1.06 14.83 1.06FPBFX Fidelity® Pacific Basin 28.18 72 Buy 1.88 -4.80 -3.23 5.76 16.54 12.30 0.93 13.73 1.21FSCOX Fidelity® International Small Cap Opp 13.94 86 Buy -0.14 -4.98 -6.51 5.26 17.25 12.78 0.84 12.57 1.38FSEAX Fidelity® Emerging Asia 32.34 77 Buy 5.55 -5.19 -1.04 10.86 11.66 7.71 1.06 15.44 1.05FSIIX Fidelity Spartan® International Idx Inv 39.81 69 Hold -1.46 -3.84 -6.06 4.15 13.90 6.58 0.96 14.05 0.20FTEMX Fidelity® Total Emerg Mkts 11.60 62 Hold 3.11 -5.31 -3.49 8.11 1.38FTIEX Fidelity® Total International Equity 7.98 69 Sell -2.56 -3.86 -4.89 3.16 13.34 6.94 0.94 13.06 1.07FWWFX Fidelity® Worldwide 24.53 78 Buy -0.37 -2.97 -4.10 8.47 18.07 12.19 0.80 12.45 1.08

FIDELITY INCOME FUNDSFAGIX Fidelity® Capital & Income 9.97 90 Strong Buy 5.65 -2.23 -1.51 11.21 12.27 10.89 4.04 0.61 6.59 0.71FBIDX Fidelity Spartan® US Bond Idx Investor 11.61 67 Sell 4.04 -0.67 0.16 3.66 2.21 3.92 1.99 1.04 2.76 0.22FBNDX Fidelity® Investment Grade Bond 7.85 75 Buy 4.18 -0.94 -0.14 4.47 3.25 5.29 2.32 1.07 2.97 0.45FCBFX Fidelity® Corporate Bond 11.34 83 Buy 6.06 -1.42 -0.21 7.17 5.46 2.58 1.55 4.56 0.45FCVSX Fidelity® Convertible Securities 32.51 94 Strong Buy 5.29 -2.93 -1.69 12.17 17.30 12.37 0.87 10.36 0.72FFFAX Fidelity Freedom® Income 11.62 70 Buy 2.71 -1.17 -0.68 4.65 5.41 5.13 3.19 0.49FFRHX Fidelity® Floating Rate High Income 9.83 85 Strong Buy 1.23 -0.84 -0.73 2.82 5.03 4.77 3.47 0.20 2.45 0.70FGMNX Fidelity® GNMA 11.54 58 Hold 4.68 -0.02 0.23 3.94 2.16 4.15 2.13 0.92 2.70 0.45FGOVX Fidelity® Government Income 10.39 43 Sell 3.57 -0.45 0.22 2.96 1.45 3.19 1.56 0.92 2.51 0.45FHIFX Fidelity® Focused High Income 8.81 88 Strong Buy 2.38 -2.11 -1.90 5.33 7.94 8.24 4.03 0.77 4.86 0.83FHIGX Fidelity® Municipal Income 13.41 79 Buy 8.66 0.12 1.66 9.09 5.11 5.01 2.12 1.06 4.11 0.46FIBIX Fidelity Spartan® Interm Tr Bd Idx Inv 10.81 42 Sell 3.99 -0.86 0.22 2.25 1.13 4.25 1.83 1.51 4.26 0.20FINPX Fidelity® Inflation-Protected Bond 12.22 54 Sell 3.52 -2.46 -2.02 1.21 0.91 4.03 1.71 5.37 0.45FLBIX Fidelity Spartan® L/T Tr Bd Idx Inv 12.36 62 Hold 15.44 -1.98 2.87 11.46 1.73 6.80 2.80 3.49 10.43 0.20FLTMX Fidelity® Intermediate Municipal Income 10.52 78 Hold 5.65 0.01 1.16 5.92 3.60 3.81 1.50 0.73 2.86 0.37FMSFX Fidelity® Mortgage Securities 11.23 58 Hold 4.53 -0.16 0.37 3.89 2.58 4.44 2.62 0.84 2.43 0.45FSBIX Fidelity Spartan® S/T Tr Bd Idx Inv 10.42 55 Hold 0.58 -0.23 -0.11 0.41 0.42 1.49 0.59 0.31 0.96 0.20FSHBX Fidelity® Short-Term Bond 8.59 73 Strong Buy 0.81 -0.05 -0.01 1.04 1.33 2.08 0.74 0.19 0.73 0.45FSICX Fidelity® Strategic Income 10.98 85 Strong Buy 4.07 -1.96 -1.77 5.65 6.02 6.45 3.36 0.91 4.38 0.69FSTFX Fidelity® Limited Term Municipal Income 10.73 75 Strong Buy 2.08 -0.06 0.34 2.43 1.76 2.18 0.59 0.32 1.36 0.48

FFGuide1014.indd 6 10/6/14 2:15 PM


FIDELITY INCOME FUNDS (continued)

FSTGX Fidelity® Intermediate Government Income 10.63 35 Sell 1.80 -0.37 -0.06 1.49 1.02 2.51 1.09 0.62 1.77 0.45FTABX Fidelity® Tax-Free Bond 11.60 87 Buy 8.76 0.10 1.70 9.15 5.28 5.07 2.20 1.08 4.18 0.25FTBFX Fidelity® Total Bond 10.66 74 Sell 4.27 -0.81 -0.06 4.77 3.85 5.49 2.47 1.04 2.97 0.45FTHRX Fidelity® Intermediate Bond 10.91 69 Sell 2.55 -0.47 -0.08 2.75 2.57 4.34 1.74 0.75 2.14 0.45SPHIX Fidelity® High Income 9.18 90 Strong Buy 2.08 -2.26 -2.09 5.65 10.00 9.31 4.85 0.74 5.97 0.72

FIDELITY ASSET ALLOCATION FUNDSFAMRX Fidelity Asset Manager® 85% 17.79 77 Hold 3.97 -2.68 -2.25 11.54 17.44 11.61 10.56 0.75FASGX Fidelity Asset Manager® 70% 21.30 72 Hold 3.80 -2.38 -1.93 9.98 14.83 10.59 8.89 0.73FASIX Fidelity Asset Manager® 20% 13.57 75 Sell 2.91 -1.12 -0.67 4.80 5.86 5.71 1.21 3.17 0.52FASMX Fidelity Asset Manager® 50% 18.05 76 Sell 3.76 -1.96 -1.43 8.27 11.41 9.00 6.51 0.66FBALX Fidelity® Balanced 24.14 74 Buy 6.97 -1.07 0.73 14.78 15.66 11.82 1.33 7.39 0.57FDYSX Fidelity® Global Strategies 9.53 69 Sell 2.18 -2.85 -2.31 6.31 9.58 7.35 7.94 0.39FFNOX Fidelity® Four-in-One Index 37.08 87 Buy 4.26 -2.37 -1.59 11.93 17.44 11.74 9.78 0.24FPURX Fidelity® Puritan® 22.63 76 Buy 7.47 -1.22 1.00 15.03 16.07 12.09 1.33 7.65 0.57FSANX Fidelity Asset Manager® 60% 11.59 74 Sell 3.95 -2.11 -1.61 9.26 13.09 9.73 7.66 0.73FSRRX Fidelity® Strategic Real Return 9.30 75 Hold 2.45 -3.13 -4.02 2.22 4.08 5.73 1.55 5.65 0.75

NTF GROWTH FUNDSAAGPX American Beacon Lg Cap Value Inv 29.17 92 Buy 7.02 -2.05 -0.57 17.48 24.17 14.93 1.08 11.73 0.93ACMVX American Century Mid Cap Value Inv 17.05 87 Buy 9.16 -2.78 -0.93 17.80 22.71 16.06 1.20 0.90 9.86 1.00ADKSX Adirondack Small Cap 21.16 82 Buy -5.41 -6.54 -7.11 6.53 20.30 14.89 1.14 14.41 1.41AMAGX Amana Growth Investor 34.24 75 Buy 7.00 -0.72 0.68 16.83 17.04 12.48 0.41 0.92 10.39 1.11AMANX Amana Income Investor 45.30 82 Buy 4.41 -1.26 -1.48 13.87 18.18 12.66 1.28 0.88 9.80 1.18ARGFX Ariel Investor 75.33 77 Hold 2.24 -4.60 -2.96 15.52 27.77 16.46 1.47 16.33 1.03ARTLX Artisan Value Investor 14.14 69 Buy 5.29 -5.80 -3.94 11.52 18.50 13.58 1.02 12.30 1.04AVPAX American Beacon Small Cp Val Inv 25.65 74 Hold -3.02 -5.97 -7.11 6.70 22.96 14.68 1.35 15.59 1.18BARAX Baron Asset Retail 63.74 75 Buy 2.67 -3.61 -1.47 13.57 21.65 15.45 1.79 1.19 13.28 1.32BEQGX American Century Equity Growth Inv 32.89 85 Buy 7.93 -1.89 0.77 19.84 23.42 15.95 1.20 1.06 11.36 0.68BGRFX Baron Growth Retail 70.46 70 Hold -2.64 -2.99 -3.33 5.11 20.76 15.83 1.11 12.52 1.30BIOPX Baron Opportunity Retail 18.61 61 Sell -5.05 -4.22 -4.37 2.87 16.21 13.67 1.17 16.09 1.37BPSCX Robeco Boston Partners Sm Cap Val II Inv 20.57 77 Buy -2.42 -5.60 -6.67 5.45 22.64 14.30 0.56 1.21 14.23 1.54BPTRX Baron Partners Retail 34.88 74 Hold 4.68 -5.32 -4.86 15.27 27.05 18.56 1.30 15.36 1.38BSCFX Baron Small Cap Retail 33.68 72 Hold -3.19 -4.05 -4.91 6.52 20.90 15.44 1.23 13.90 1.31BUFMX Buffalo Mid Cap 19.14 75 Buy 1.92 -3.96 -4.20 9.26 18.23 13.00 1.19 14.84 1.01CAAPX Ariel Appreciation Investor 56.12 83 Buy 0.72 -4.18 -2.97 12.22 25.63 16.54 1.42 15.63 1.11CAMSX Cambiar Small Cap Inv 21.86 72 Buy -3.70 -5.69 -7.69 7.67 21.36 15.96 1.42 16.80 1.30CFIMX Clipper 96.75 70 Hold 5.08 -1.93 -0.84 16.76 19.95 14.66 0.52 0.91 10.05 0.74CHDEX Cullen High Dividend Equity Retail 17.41 86 Buy 7.85 -1.67 -0.32 15.57 17.37 13.54 0.67 8.41 1.00CHTTX ASTON/Fairpointe Mid Cap N 46.22 85 Buy 5.12 -6.00 -4.72 14.79 27.50 17.84 3.80 1.39 16.19 1.11CRMAX CRM Small/Mid Cap Value Inv 17.89 80 Buy 1.25 -4.33 -4.13 10.89 22.48 14.42 1.13 12.44 1.08CRMSX CRM Small Cap Value Inv 22.13 72 Sell -4.78 -3.15 -5.99 4.41 19.29 12.31 1.17 13.80 1.08DEFIX Delafield Fund 36.34 77 Hold -4.47 -7.53 -8.95 3.39 20.17 12.80 1.36 16.39 1.20DGAGX Dreyfus Appreciation Investor 54.91 75 Buy 6.08 -1.60 15.36 16.60 13.37 0.98 10.94 0.94DISSX Dreyfus Small Cap Stock Index 28.42 73 Hold -4.02 -5.46 -6.88 5.34 22.48 15.90 1.24 14.43 0.50DREVX Dreyfus Fund Incorporated 12.38 82 Buy 6.01 -1.44 1.13 17.15 21.59 13.91 1.07 11.45 0.74DSEFX Domini Social Equity Inv 47.69 76 Buy 10.36 -2.90 1.52 20.81 21.02 14.77 0.71 1.08 12.02 1.24EGFFX Edgewood Growth Retail 19.95 79 Hold 8.37 -2.73 0.71 23.36 24.25 15.73 1.00 12.28 1.41EXEYX Manning & Napier Equity 21.13 66 Buy 7.37 -4.04 -2.76 17.41 21.05 12.95 1.07 12.38 1.05FAMEX FAM Equity-Income Inv 24.99 83 Buy 1.64 -2.89 -3.67 8.56 19.42 13.89 0.95 11.28 1.29FAMVX FAM Value Inv 64.06 90 Strong Buy 3.64 -3.36 -2.50 11.13 20.27 13.41 0.94 10.53 1.19FMIEX Wasatch Large Cap Value Investor 12.69 79 Buy 4.46 -3.71 -2.15 11.78 17.48 10.50 2.73 1.01 11.07 1.10FMIHX FMI Large Cap 22.21 84 Buy 6.47 -2.24 -1.77 15.77 20.89 14.25 0.94 10.28 0.96FMLSX Wasatch Long/Short Investor 16.29 79 Strong Buy 0.43 -3.27 -3.84 5.21 12.08 8.45 2.20 0.81 10.02 1.28FSCFX Strategic Advisers® Small-Mid Cap 12.72 73 Buy -2.21 -4.86 -5.78 5.95 20.38 13.76 0.14 1.22 13.77 0.45FSTKX Federated MDT Stock Svc 29.46 93 Strong Buy 9.21 -2.64 -0.54 22.46 28.32 16.49 1.13 1.20 13.62 0.99FVSAX Strategic Advisers® Value 18.83 84 Buy 7.16 -1.98 -0.02 18.40 23.10 14.26 1.03 10.94 0.33GABAX Gabelli Asset AAA 65.85 77 Hold 0.83 -4.02 -4.22 10.10 20.04 14.94 1.05 11.29 1.35GABEX Gabelli Equity Income AAA 28.55 79 Hold 5.38 -1.73 -1.26 14.09 19.68 13.97 0.98 10.39 1.39GABSX Gabelli Small Cap Growth AAA 46.91 81 Hold -2.88 -4.71 -6.50 5.47 20.54 14.62 1.11 12.66 1.39GATEX Gateway A 29.53 57 Hold 2.88 -0.44 0.47 6.40 7.13 5.37 1.11 0.33 3.83 0.94GTSIX Invesco Small Cap Growth Inv 41.67 79 Buy 1.71 -2.66 -2.84 11.42 23.58 16.98 1.19 14.16 1.21HCAIX Harbor Capital Appreciation Inv 59.19 83 Buy 6.17 -1.69 1.82 18.73 21.56 15.28 1.10 13.49 1.02HFCGX Hennessy Cornerstone Growth Investor 17.76 87 Buy 4.47 -3.27 -1.06 17.69 28.86 14.74 2.62 1.49 16.89 1.29HFCSX Hennessy Focus Investor 66.12 77 Buy 0.20 -3.56 -1.96 9.25 23.45 16.74 0.97 12.07 1.43HRSVX Heartland Select Value 33.54 73 Hold -0.71 -5.68 -5.60 8.72 18.62 12.14 1.55 1.17 13.55 1.20HRTVX Heartland Value 47.04 68 Sell -2.24 -7.20 -9.76 7.73 17.68 11.54 1.15 13.67 1.08ICMAX Intrepid Small Cap 16.19 70 Buy 2.21 -1.58 -1.64 6.14 10.63 9.54 0.59 7.05 1.40ICNZX ICON Fund S 14.52 75 Hold -3.26 -4.66 -3.78 3.71 18.34 10.33 1.18 13.62 1.23JAENX Janus Enterprise T 84.78 85 Buy 3.94 -2.45 -0.96 12.33 20.73 16.07 0.94 10.96 0.92JAMRX Janus Research T 46.80 88 Buy 7.14 -2.03 1.10 19.85 22.53 15.71 1.10 12.21 0.80JATTX Janus Triton T 23.48 75 Hold -0.63 -3.33 -3.26 8.35 21.40 17.80 1.06 12.51 0.92JAVTX Janus Venture T 64.25 73 Hold -2.00 -3.73 -4.03 6.31 22.13 17.55 1.07 12.92 0.94JENSX Jensen Quality Growth J 38.39 82 Buy 2.37 -0.96 0.28 13.43 18.84 13.32 0.90 10.08 0.90JMVSX JPMorgan Mid Cap Value Sel 36.96 87 Buy 6.18 -2.92 -1.73 15.29 24.03 17.42 0.96 10.47 0.98KAUFX Federated Kaufmann R 6.43 86 Buy 4.21 -3.74 -0.31 15.60 22.98 12.78 1.25 14.17 1.95LCEIX Invesco Diversified Dividend Investor 17.77 90 Strong Buy 6.16 -1.07 -1.45 15.38 21.01 14.14 1.63 0.83 9.33 0.86LCGRX Loomis Sayles Small Cap Growth Retail 23.10 65 Sell -6.85 -3.71 -5.44 -1.58 19.58 17.24 3.69 1.10 15.08 1.25MCGFX ASTON/Montag & Caldwell Growth N 28.97 69 Hold 2.69 -0.92 -0.52 13.65 17.32 11.95 0.39 0.86 9.91 1.04


Beta 3 year

Sd 3 year


FFGuide1014.indd 7 10/6/14 2:15 PM

8 OCTOBeR 2014 | PhOne: (888) 252-5372


MERFX Merger Investor 16.33 59 Sell 2.00 -1.21 -0.85 3.39 4.06 3.23 0.07 2.31 1.26MFCFX Marsico Flexible Capital 18.39 82 Hold 2.00 -2.34 -0.27 12.15 21.78 18.74 0.97 11.57 1.41MFLDX MainStay Marketfield I 16.85 66 Sell -9.02 -4.59 -5.71 -6.48 8.95 8.48 0.29 6.92 1.52MFOCX Marsico Focus 22.41 89 Buy 9.75 -0.80 4.09 22.27 23.15 15.75 1.11 13.01 1.35MGRIX Marsico Growth 23.63 80 Hold 6.92 -1.17 2.38 17.51 21.44 15.42 1.12 13.00 1.37MGSEX AMG Managers Special Equity Service 83.03 66 Hold -4.83 -4.06 -5.68 2.08 20.51 17.29 4.83 1.29 15.50 1.37MRVEX BMO Mid-Cap Value Y 17.01 86 Buy 5.46 -3.68 -2.35 15.30 25.13 15.54 0.15 1.24 13.22 1.22MUHLX Muhlenkamp 68.58 72 Hold 0.81 -4.74 -3.79 10.01 18.13 9.33 1.04 12.18 1.26MXXIX Marsico 21st Century 20.90 81 Buy 5.24 -1.46 0.82 15.79 22.53 12.57 1.17 13.23 1.43NBGEX Neuberger Berman Genesis Tr 60.92 61 Sell -5.62 -3.62 -6.19 3.01 16.95 13.96 1.08 12.63 1.10NESGX Needham Small Cap Growth 14.82 67 Hold -5.18 -3.07 -3.70 -0.74 13.02 10.05 1.09 15.51 1.96NMMCX Northern Multi-Manager Mid Cap 13.93 83 Buy 1.46 -3.80 -2.72 10.07 20.87 15.26 1.21 13.36 1.00NMMLX Northern Multi-Manager Lg Cap 10.37 90 Buy 5.98 -1.89 0.77 16.19 20.68 14.46 1.06 11.49 1.05NOLVX Northern Large Cap Value 13.58 79 Hold 5.19 -1.88 0.37 16.48 22.90 12.13 1.18 12.41 0.85NOSGX Northern Small Cap Value 20.09 69 Buy -3.37 -6.25 -7.55 6.37 20.60 14.03 1.26 14.72 1.00OAKLX Oakmark Select I 44.71 95 Strong Buy 11.61 -2.08 0.43 25.03 26.82 18.18 1.08 12.55 1.01OAKMX Oakmark I 68.46 92 Strong Buy 7.59 -1.84 0.18 20.01 25.66 17.10 1.24 1.04 11.53 0.95PARSX Parnassus Small-Cap 26.76 70 Sell -6.84 -5.31 -8.33 1.79 16.10 11.15 1.24 15.90 1.20PCKDX PIMCO Small Cap StocksPLUS® AR Strt D 9.22 81 Buy -3.51 -6.28 -7.50 5.13 25.53 18.53 0.37 1.34 15.78 1.09PEIDX AllianzGI NFJ Dividend Value D 17.01 83 Buy 7.76 -2.01 -0.81 17.47 21.16 14.67 2.72 1.01 11.04 1.06PEOPX Dreyfus S&P 500 Index 52.73 92 Buy 7.96 -1.44 1.02 19.16 22.41 15.17 1.00 10.55 0.50PESPX Dreyfus MidCap Index 37.80 79 Buy 2.94 -4.57 -4.06 11.40 21.84 15.82 1.20 13.33 0.50PIXDX PIMCO Fundamental IndexPLUS AR D 7.02 94 Buy 7.23 -2.96 -1.33 18.42 27.80 21.47 0.07 1.06 11.81 1.19PRBLX Parnassus Core Equity Investor 39.10 93 Strong Buy 7.71 -1.37 -0.55 18.32 22.74 15.42 1.47 0.82 9.34 0.87PSTDX PIMCO StocksPLUS Absolute Return D 10.87 93 Buy 8.77 -1.77 0.69 20.18 26.51 19.59 0.43 1.07 11.49 1.04RYLPX Royce Low Priced Stock Svc 13.39 53 Sell -1.69 -9.59 -9.83 2.21 7.75 6.70 1.44 17.86 1.49RYOCX Rydex NASDAQ-100® Inv 24.08 85 Buy 12.79 -0.82 5.20 25.87 23.85 18.54 1.01 12.86 1.29RYPFX Royce Pennsylvania Mutual Svc 13.82 62 Sell -5.92 -6.18 -7.62 2.99 17.91 12.23 1.28 14.86 1.25RYTFX Royce Total Return Svc 15.86 67 Hold -4.26 -5.57 -6.62 3.93 17.52 12.73 1.09 12.51 1.48RYVFX Royce Value Svc 13.16 64 Hold -2.37 -5.19 -5.60 5.87 15.16 10.44 1.40 16.08 1.48RYVPX Royce Value Plus Svc 16.47 65 Sell -2.72 -5.99 -6.53 5.12 18.30 10.55 1.44 17.06 1.46SDVSX Sit Dividend Growth S 18.67 75 Buy 6.53 -1.79 0.50 16.26 20.21 14.41 0.98 10.51 1.25SENTX Wells Fargo Advantage Enterprise Inv 47.22 76 Sell -2.52 -3.59 -3.48 5.21 21.39 15.35 1.25 15.36 1.24SLASX Selected American Shares S 47.64 73 Buy 2.73 -2.91 -2.32 13.21 19.64 12.05 0.32 1.04 11.12 0.94SOPFX Wells Fargo Advantage Opportunity Inv 50.62 85 Buy 4.61 -3.89 -2.73 14.27 19.59 13.03 1.12 12.46 1.29SSHFX Sound Shore Investor 52.23 89 Buy 8.55 -1.93 -0.19 20.39 27.11 14.81 2.77 1.15 12.58 0.93SSMVX Wells Fargo Advantage Small Cap Val Inv 33.97 68 Buy 1.01 -8.06 -9.39 2.66 13.94 9.93 1.11 15.20 1.33STCSX Wells Fargo Advantage Common Stock Inv 25.39 78 Hold 2.05 -4.84 -4.84 10.23 21.58 14.59 1.17 13.61 1.29STDIX Wells Fargo Advantage Discovery Inv 32.13 71 Sell -4.55 -4.32 -3.48 3.04 21.45 17.87 1.20 15.63 1.28TGCNX TCW Select Equities N 24.39 75 Hold 1.84 -2.83 -0.04 10.91 17.95 14.71 0.37 1.04 12.82 1.10TGDVX TCW Relative Value Large Cap N 21.62 91 Buy 5.31 -3.48 -1.59 17.41 24.82 14.60 0.74 1.24 13.57 1.13TGIGX TCW Relative Value Dividend Apprec N 16.74 92 Buy 4.78 -1.96 -0.51 16.22 24.53 15.89 1.31 1.19 12.94 1.11TWCIX American Century Select Inv 59.40 73 Hold 5.66 -1.23 1.92 17.89 20.15 14.49 1.16 12.84 1.00TWCUX American Century Ultra® Inv 35.90 82 Hold 5.06 -2.18 1.16 15.90 21.87 16.08 1.16 12.95 0.99TWGTX American Century All Cap Growth Inv 33.71 80 Buy 4.75 -1.46 1.14 13.12 18.90 14.63 1.13 12.85 1.00TWHIX American Century Heritage Inv 26.16 66 Buy 2.67 -2.93 -1.62 9.11 18.92 15.00 1.21 14.07 1.00TWVLX American Century Value Inv 8.84 87 Buy 8.63 -1.94 0.05 18.27 22.40 14.51 1.43 0.92 10.18 0.98UMBIX Columbia Value and Restructuring Z 52.66 83 Buy 7.79 -1.31 1.50 19.09 23.75 13.98 0.68 1.37 13.79 0.96UMBMX Scout Mid Cap 18.30 73 Buy 2.75 -4.24 -2.61 12.54 18.67 16.65 1.14 13.44 1.07WBGSX William Blair Growth N 14.99 75 Buy 1.35 -2.91 -2.03 13.16 20.28 13.46 1.12 13.01 1.19WOGSX White Oak Select Growth 58.87 83 Buy 3.55 -1.31 0.63 15.32 18.74 13.09 1.09 13.28 1.12WPVLX Weitz Partners Value Investor 33.23 88 Buy 2.85 -2.29 -1.39 10.84 21.09 15.93 0.83 9.11 1.18WVALX Weitz Value Investor 45.50 80 Buy 5.31 -0.09 14.56 20.51 15.59 0.60 0.79 8.95 1.18YAFFX AMG Yacktman Focused Service 26.49 84 Strong Buy 5.33 -0.86 0.49 12.64 17.18 13.89 0.70 7.86 1.25

NTF SECTORBGEIX American Century Global Gold Inv 9.03 32 Hold 3.20 -18.50 -18.50 -11.90 -24.20 -10.72 0.77 33.15 0.68CSRSX Cohen & Steers Realty Shares 69.68 70 Hold 13.52 -5.60 -3.23 13.38 15.71 14.77 4.25 0.86 14.65 0.97DGTNX AllianzGI Technology D 63.95 80 Buy 9.02 -1.80 2.01 17.70 21.30 17.49 0.93 14.87 1.57FSTEX Invesco Energy Inv 47.23 61 Hold 4.49 -9.17 -11.12 9.05 13.80 7.28 1.40 19.60 1.15FTCHX Invesco Technology Investor 40.51 74 Buy 6.47 -2.27 0.32 15.94 16.20 13.38 0.93 15.74 1.36GABUX Gabelli Utilities AAA 5.18 66 Hold 3.29 -4.20 -5.52 9.34 12.08 10.58 0.53 9.37 1.37GASFX Hennessy Gas Utility Index Investor 30.27 86 Strong Buy 16.07 -3.24 -2.25 23.55 21.15 19.29 2.28 0.56 11.88 0.80HSFNX Hennessy Small Cap Financial Investor 22.78 73 Sell -10.60 -3.68 -6.98 -2.00 18.98 7.74 0.05 0.90 14.12 1.46ICBMX ICON Materials S 15.09 77 Buy 3.50 -4.37 -2.90 12.86 20.03 12.12 1.19 1.30 15.97 1.45ICCCX ICON Consumer Discretionary S 15.55 77 Hold -1.95 -5.18 -3.12 7.24 21.02 18.86 1.42 0.69 11.89 1.38ICENX ICON Energy S 22.30 55 Sell -4.04 -8.72 -10.19 1.92 13.14 7.83 0.01 1.30 18.55 1.29ICFSX ICON Financial S 7.83 90 Buy 1.03 -2.85 -2.13 7.56 20.11 6.88 1.45 1.06 14.17 1.47ICHCX ICON Healthcare S 22.42 99 Strong Buy 17.08 0.49 4.38 32.27 30.16 19.90 3.50 0.60 9.76 1.39ICLEX ICON Consumer Staples S 11.55 81 Hold 5.48 -0.52 1.67 13.32 15.45 13.07 0.92 0.42 8.87 1.51ICTEX ICON Information Technology S 13.55 85 Strong Buy 6.78 -0.88 2.42 18.44 18.13 11.83 1.38 0.90 14.34 1.38ICTRX ICON Industrials S 11.67 81 Buy 1.83 -2.75 -3.79 11.14 20.97 14.17 1.91 1.01 14.29 1.46ICTUX ICON Utilities S 7.90 73 Buy 9.38 -3.37 -5.32 12.69 11.31 10.85 2.25 0.23 11.88 1.51JAGLX Janus Global Life Sciences T 52.47 95 Buy 21.99 -0.76 7.26 34.31 37.27 23.78 0.68 13.07 0.94JAGTX Janus Global Technology T 24.41 77 Buy 3.39 -3.63 -1.53 14.62 20.57 15.07 0.97 13.78 0.96MRESX AMG Managers Real Estate Securities 10.87 62 Hold 14.07 -5.79 -3.46 13.47 15.80 15.91 2.01 0.83 14.57 1.26NBRFX Neuberger Berman Real Estate Tr 13.82 64 Hold 11.06 -5.49 -2.78 11.76 14.85 15.31 0.83 13.97 1.04PCRDX PIMCO Commodity Real Ret Strat D 5.14 26 Sell -4.97 -7.53 -13.58 -7.17 -4.75 1.39 1.44 1.00 14.37 1.19


Beta 3 year

Sd 3 year


NTF GROWTH FUNDS (continued)

FFGuide1014.indd 8 10/6/14 2:15 PM


PETDX PIMCO Real Estate Real Return Strategy D 4.17 68 Hold 20.04 -9.41 -5.61 14.23 16.54 21.09 1.64 0.90 19.96 1.14REINX Invesco Real Estate Investor 24.38 67 Hold 13.49 -5.71 -2.32 13.01 15.75 14.06 0.67 0.83 14.09 1.25RYEIX Rydex Energy Inv 29.72 60 Buy 2.20 -9.72 -11.20 8.11 15.43 9.11 1.44 19.79 1.37RYHRX Rydex Real Estate H 33.91 52 Hold 9.25 -6.09 -3.99 9.54 14.58 12.45 0.86 13.94 1.64RYMIX Rydex Telecommunications Inv 46.81 63 Hold 3.20 -1.62 -0.62 11.67 10.80 5.32 0.84 10.96 1.38RYOIX Rydex Biotechnology Inv 76.55 92 Strong Buy 19.55 -3.31 5.38 23.15 40.77 24.96 0.72 20.73 1.36RYTIX Rydex Technology Inv 58.07 75 Buy 6.06 -2.63 0.69 17.53 19.86 12.38 1.06 15.69 1.37

NTF INTERNATIONAL FUNDSAAIPX American Beacon Intl Equity Inv 19.73 75 Hold -2.33 -2.99 -5.30 4.28 15.64 7.02 0.99 14.50 1.04AEMGX Acadian Emerging Markets Instl 19.04 64 Buy 3.82 -7.17 -3.05 3.88 8.04 5.39 1.13 17.35 1.48AFJDX AllianzGI NFJ International Value D 22.48 69 Hold -0.79 -5.92 -5.77 2.74 12.30 6.79 3.17 0.99 14.38 1.22ARTIX Artisan International Investor 30.04 88 Buy -1.44 -2.85 -4.73 5.85 19.22 9.52 3.87 1.00 14.07 1.20BJBIX Aberdeen Select International Eq A 28.49 80 Buy 2.59 -5.22 -4.84 4.49 9.78 2.25 1.03 14.41 1.25CIVVX Causeway International Value Inv 15.81 80 Hold -1.62 -2.29 -3.42 4.69 17.24 8.99 6.89 0.97 14.27 1.20DREGX Driehaus Emerging Markets Growth 32.46 68 Hold -0.22 -6.32 -3.82 3.54 10.21 8.12 1.00 14.38 1.64EGINX Invesco European Growth Investor 38.02 67 Hold -3.36 -3.84 -8.08 3.17 15.24 10.13 0.83 12.66 1.38EXWAX Manning & Napier World Opportunities A 8.47 65 Hold -5.10 -6.55 -9.69 -0.85 11.30 4.26 1.04 15.43 1.07FILFX Strategic Advisers® International 10.35 71 Hold -2.67 -3.45 -5.48 2.91 14.12 7.46 0.92 13.18 0.17HIINX Harbor International Investor 68.12 73 Hold -3.14 -4.10 -7.08 1.38 13.35 7.20 1.00 14.31 1.11HLEMX Harding Loevner Emerging Markets Advisor 49.89 63 Hold 2.30 -6.26 -4.75 7.01 11.67 6.83 1.08 15.72 1.47HLMNX Harding Loevner International Eq Inv 17.92 64 Hold -0.44 -4.88 -4.07 4.05 12.81 8.69 0.92 13.37 1.20ICARX ICON Emerging Markets S 13.72 82 Hold 0.44 -4.59 0.37 1.78 11.18 5.86 1.65 1.07 15.25 1.64ICHKX Guinness Atkinson China & Hong Kong 29.68 60 Hold -3.82 -6.31 -1.88 1.66 8.26 2.37 1.13 17.98 1.52JAOSX Janus Overseas T 35.20 52 Sell -4.48 -8.31 -8.69 2.98 6.48 0.08 1.39 23.07 0.68LISOX Lazard International Strategic Eq Open 14.43 77 Hold -0.06 -3.28 -5.81 6.38 17.86 10.03 0.94 13.58 1.10MACSX Matthews Asian Growth & Inc Investor 19.32 79 Buy 2.94 -4.55 -1.88 4.08 11.48 8.74 0.69 10.51 1.08MAKOX Matthews Korea Investor 6.36 68 Hold 6.89 -6.74 1.44 14.45 16.59 11.59 0.95 15.61 1.13MAPIX Matthews Asia Dividend Investor 15.79 72 Sell 3.14 -3.76 -2.05 3.33 12.41 10.65 0.70 10.75 1.06MAPTX Matthews Pacific Tiger Investor 28.27 82 Hold 13.13 -2.75 2.39 16.57 13.70 10.58 0.92 13.58 1.09MCHFX Matthews China Investor 21.38 64 Sell -6.39 -5.86 -1.29 -1.30 5.95 3.29 1.01 15.97 1.08MGLBX Marsico Global 14.45 85 Strong Buy 1.69 -2.69 -0.69 13.23 22.59 14.55 0.83 14.05 1.60MINDX Matthews India Investor 24.67 90 Hold 51.54 2.11 11.48 67.69 15.87 11.87 1.25 27.20 1.13MNILX Litman Gregory Masters Intl Inv 17.41 73 Sell -2.85 -4.29 -6.80 1.31 13.31 6.76 1.04 15.01 1.36NMIEX Northern Multi-Manager Intl Equity 10.74 71 Hold -1.83 -4.45 -5.46 3.28 11.56 5.36 0.95 13.61 1.29NMMEX Northern Multi-Manager Emerging Mkt Eq 19.34 68 Hold 1.52 -7.46 -3.54 4.48 8.87 5.87 1.08 16.25 1.33NMMGX Northern Multi-Manager Glbl Real Estate 16.86 67 Hold 4.04 -6.08 -5.34 4.26 13.33 9.23 1.01 14.13 1.10OAKEX Oakmark International Small Cap I 16.38 69 Hold -5.21 -7.46 -9.35 -2.14 14.17 8.80 3.21 0.90 14.89 1.35OAKGX Oakmark Global I 30.34 84 Buy 0.63 -3.53 -4.32 6.70 19.63 11.45 0.89 14.11 1.13OAKIX Oakmark International I 25.01 76 Hold -4.98 -3.99 -7.03 -0.64 17.98 10.61 0.31 0.93 15.46 0.98QFFOX Pear Tree PanAgora Dyn Emerg Mkts Ord 22.95 59 Hold 3.29 -6.78 -3.57 4.01 7.13 5.24 1.12 17.03 1.60SSEMX SSgA Emerging Markets N 17.73 59 Hold 0.14 -7.75 -3.76 0.11 5.68 3.03 1.31 1.16 17.15 1.25TAREX Third Avenue Real Estate Value Instl 31.11 75 Buy 7.95 -3.89 -2.29 12.11 21.98 12.14 1.04 12.93 1.08TAVFX Third Avenue Value Instl 59.99 89 Buy 4.75 -3.89 -3.20 8.87 18.03 8.38 0.80 1.01 14.30 1.10TAVIX Third Avenue International Value Instl 18.05 69 Sell -11.00 -7.81 -12.80 -6.03 9.17 4.28 0.86 13.86 1.40TWIEX American Century International Gr Inv 13.20 78 Sell -2.98 -2.51 -4.97 4.14 15.13 8.71 0.96 13.60 1.22UMBWX Scout International 35.77 69 Hold -3.01 -3.95 -5.40 0.99 12.11 6.54 1.08 0.90 13.02 1.01WBIGX William Blair International Growth N 25.91 81 Hold -1.48 -3.64 -4.32 5.65 14.81 9.17 0.93 13.40 1.44WGRNX Wintergreen Investor 17.53 70 Hold -0.40 -5.95 -7.20 4.70 11.02 9.73 4.32 0.70 11.47 1.85WWNPX Kinetics Paradigm No Load 35.15 86 Buy 2.33 -3.43 -2.23 11.99 23.73 13.22 0.97 14.75 1.64

NTF INCOME FUNDSACITX American Century Infl-Adj Bond Inv 11.74 58 Sell 3.02 -2.49 -2.25 0.87 0.81 3.96 1.71 1.69 5.35 0.47ADFIX American Century Diversified Bond Inv 10.79 72 Sell 4.33 -0.63 0.15 4.34 2.72 4.10 1.75 1.03 2.83 0.60AGIVX Invesco US Government Investor 8.92 56 Sell 2.45 -0.40 0.25 1.89 0.79 2.67 1.29 0.85 2.36 0.90BCOSX Baird Core Plus Bond Inv 11.46 76 Hold 4.75 -0.80 0.14 5.03 4.06 5.89 2.39 1.07 3.02 0.55BEGBX American Century International Bd Inv 13.62 46 Sell -0.55 -4.02 -5.21 -1.60 -0.64 0.40 0.33 1.04 5.45 0.80BGNMX American Century Ginnie Mae Inv 10.78 59 Sell 3.47 0.01 0.23 3.00 1.58 3.45 1.62 0.81 2.43 0.55BJBGX Aberdeen Total Return Bond A 13.53 75 Sell 4.11 -0.88 -0.09 4.16 2.79 4.66 2.11 1.08 3.21 0.68BJBHX Aberdeen Global High Income A 10.44 92 Strong Buy 3.07 -2.10 -2.33 6.80 10.82 8.87 5.21 0.38 5.46 0.99BTTTX American Century Zero Coupon 2020 Inv 97.29 70 Sell 4.24 -0.79 0.00 2.12 1.31 5.98 1.65 1.88 5.40 0.55CPTNX American Century Government Bond Inv 11.08 58 Sell 2.97 -0.32 0.14 2.37 0.96 2.94 1.29 0.86 2.32 0.47DBMIX Dreyfus Bond Market Index Inv 10.53 65 Sell 3.86 -0.64 0.11 3.54 1.94 3.60 1.89 1.02 2.71 0.40DIAVX Dreyfus Inflation Adjusted Sec Inv 12.62 66 Sell 2.91 -1.73 -2.09 0.62 0.57 3.75 1.60 4.95 0.70EXCPX Manning & Napier Core Plus Bond S 10.78 79 Sell 3.31 -0.81 -0.81 4.44 5.34 6.01 2.88 0.99 3.85 0.75FHYTX Federated High Yield Service 6.75 94 Strong Buy 3.36 -2.60 -2.37 7.72 13.89 11.96 3.83 0.42 7.01 0.99FIGIX Federated US Govt 2-5 Yr Svc 11.03 56 Hold 0.35 -0.29 -0.39 0.27 -0.32 1.40 0.45 0.45 1.44 0.81FPCIX Strategic Advisers® Core Income 10.65 76 Hold 4.06 -0.83 -0.02 4.26 3.87 5.33 1.02 2.98 0.85FPIOX Strategic Advisers® Income Opportunities 10.12 92 Strong Buy 3.41 -2.37 -2.21 7.43 10.94 10.23 0.64 5.87 1.13FSISX Federated Short-Term Income Svc 8.57 72 Strong Buy 0.72 -0.14 -0.08 1.03 1.43 2.13 0.79 0.20 0.80 0.71FTGSX Federated Total Return Govt Bd Svc 11.04 64 Sell 2.08 -0.43 0.10 1.64 0.78 2.51 1.11 0.84 2.30 0.65FULBX Federated Ultrashort Bond Svc 9.17 72 Strong Buy 0.67 -0.04 -0.04 0.95 1.17 1.57 0.43 0.15 0.65 0.80HYFIX Harbor High-Yield Bond Inv 10.73 84 Strong Buy 2.64 -2.14 -2.14 6.00 8.27 7.94 4.12 0.77 5.28 1.01HYINX Invesco High Yield Investor 4.40 88 Strong Buy 2.24 -2.62 -2.78 6.34 10.62 9.66 4.97 0.79 6.08 0.95JAFIX Janus Flexible Bond T 10.53 80 Buy 3.77 -0.90 -0.20 4.59 4.24 5.43 2.36 0.92 2.71 0.69JAHYX Janus High-Yield T 9.08 89 Buy 3.33 -2.11 -2.07 7.10 10.30 9.77 5.35 0.71 5.39 0.86JASBX Janus Short-Term Bond T 3.06 73 Strong Buy 0.74 -0.22 -0.32 1.36 1.97 2.27 0.83 0.26 1.28 0.80LSBRX Loomis Sayles Bond Retail 15.42 86 Buy 4.90 -2.33 -1.87 7.40 9.21 9.19 2.41 0.71 6.06 0.92LSGLX Loomis Sayles Global Bond Retail 15.97 68 Hold 1.53 -2.75 -3.19 1.35 2.61 3.52 1.33 0.96 5.15 0.98


Beta 3 year

Sd 3 year


NTF SECTOR (continued)

FFGuide1014.indd 9 10/6/14 2:15 PM

10 OCTOBeR 2014 | PhOne: (888) 252-5372



Beta 3 year

Sd 3 year


MGFIX AMG Managers Bond Service 28.09 84 Buy 5.10 -1.26 -0.66 6.52 6.45 7.28 1.82 1.00 4.04 1.01MWHYX Metropolitan West High Yield Bond M 10.11 87 Buy 1.85 -2.34 -2.23 4.98 9.44 8.48 5.05 0.54 5.48 0.80MWLDX Metropolitan West Low Duration Bond M 8.82 87 Strong Buy 1.35 -0.01 0.10 1.86 3.78 5.18 1.17 0.17 1.36 0.57MWTRX Metropolitan West Total Return Bond M 10.82 88 Hold 4.26 -0.48 0.34 4.81 5.50 7.05 1.64 0.93 2.91 0.62NHFIX Northern High Yield Fixed Income 7.43 89 Buy 3.55 -2.20 -2.13 7.26 10.77 9.64 5.63 0.65 5.48 0.78NOFIX Northern Fixed Income 10.31 77 Hold 4.55 -1.11 -0.22 5.35 3.92 4.78 2.84 1.13 3.26 0.46PASDX PIMCO All Asset D 12.28 75 Hold 3.54 -3.58 -2.97 4.75 7.53 7.09 3.13 7.53 0.47PBDDX PIMCO Investment Grade Corp Bd D 10.64 90 Buy 6.60 -1.31 0.19 7.17 7.07 7.72 2.38 1.51 4.88 0.90PDVDX PIMCO Diversified Inc D 11.57 84 Hold 4.19 -2.23 -2.21 5.67 6.95 7.61 3.39 1.30 5.44 1.15PEMDX PIMCO Emerging Markets Bond D 10.90 72 Hold 5.53 -2.57 -2.75 5.71 6.21 6.92 4.13 1.46 7.58 1.25PFBDX PIMCO Foreign Bond (Unhedged) D 10.18 51 Sell 3.15 -4.16 -4.03 2.58 1.40 4.33 1.71 1.21 6.47 0.90PFODX PIMCO Foreign Bond (USD-Hedged) D 11.11 79 Buy 7.27 0.08 2.51 8.65 6.88 7.04 1.53 0.86 3.16 0.90PGNDX PIMCO GNMA D 11.29 58 Sell 4.36 -0.05 0.44 3.66 1.77 4.04 0.90 0.88 2.57 0.90PGSDX PIMCO Global Advantage Strategy Bd D 11.03 56 Hold 1.53 -3.37 -4.38 1.38 2.18 3.40 1.46 1.01 5.56 1.10PHYDX PIMCO High Yield D 9.47 85 Buy 2.61 -2.14 -1.75 5.57 9.46 9.09 4.06 0.73 5.69 0.90PLDDX PIMCO Low Duration D 10.30 76 Buy 0.64 -0.40 -0.45 1.24 2.43 2.74 0.80 0.54 2.02 0.75PONDX PIMCO Income D 12.64 90 Buy 7.07 -0.53 0.70 8.61 11.34 12.48 3.70 0.86 4.08 0.77PRRDX PIMCO Real Return D 11.29 70 Sell 3.86 -2.87 -2.30 1.59 1.63 4.52 2.00 1.89 6.00 0.85PSHDX PIMCO Short-Term D 9.91 73 Strong Buy 1.16 0.06 0.39 1.44 1.73 1.47 0.54 0.15 0.79 0.70PTTDX PIMCO Total Return D 10.87 76 Hold 3.11 -0.96 -0.43 2.99 4.26 4.77 1.62 1.19 3.78 0.75PUBDX PIMCO Unconstrained Bond D 11.27 74 Sell 2.43 -0.31 0.05 1.56 2.90 2.81 1.23 0.64 2.32 1.30PYEMX Payden Emerging Markets Bond 13.98 79 Hold 7.57 -1.77 -0.36 8.99 7.72 7.71 4.84 1.50 8.22 0.76PYSBX Payden Low Duration Fund 10.14 75 Buy 0.76 -0.11 0.00 1.24 2.11 2.15 0.92 0.19 1.01 0.51SNGVX Sit US Government Securities 11.05 55 Sell 1.59 0.18 0.60 1.59 0.71 2.17 2.49 0.29 1.09 0.80SNTIX Sit Tax-Free Income 9.52 87 Buy 11.51 0.09 1.90 12.42 6.19 5.67 3.40 1.26 4.98 0.80SSTBX Wells Fargo Advantage Short-Term Bd Inv 8.80 63 Buy 1.03 -0.14 -0.08 1.36 1.63 2.42 1.05 0.18 0.73 0.82STADX Wells Fargo Advantage Ultra S/T Inc Inv 8.52 74 Buy 0.18 -0.06 -0.07 0.59 0.90 1.65 0.85 0.03 0.42 0.73STHYX Wells Fargo Advantage High Income Inv 7.27 81 Buy 1.90 -2.01 -2.12 5.60 8.85 8.71 4.23 0.79 5.43 0.93STVSX Wells Fargo Advantage Government Sec Inv 11.06 62 Hold 3.18 -0.47 0.11 2.56 1.20 3.01 0.93 0.88 2.36 0.87TFCVX Third Avenue Focused Credit Investor 11.10 85 Strong Buy 3.90 -4.69 -6.73 9.59 13.84 10.31 8.64 0.22 7.76 1.16TGFNX TCW Core Fixed-Income N 11.14 78 Sell 3.84 -0.56 0.20 3.84 3.18 5.13 1.40 0.87 2.46 0.77TGINX TCW Emerging Markets Income N 10.95 74 Hold 4.66 -2.29 -2.33 6.38 8.75 9.17 5.12 1.03 8.25 1.10TGMNX TCW Total Return Bond N 10.59 80 Hold 4.09 -0.22 0.48 5.35 5.89 6.67 2.24 0.78 2.96 0.73THOPX Thompson Bond 11.72 75 Strong Buy 2.46 -0.76 -0.84 4.03 5.27 5.55 2.85 0.42 2.29 0.74TWUSX American Century Short-Term Govt Inv 9.64 63 Hold 0.16 -0.07 0.01 0.22 0.07 0.77 0.29 0.14 0.43 0.55WACIX Western Asset Core Plus Bond FI 11.56 69 Hold 5.82 -0.96 0.26 6.27 4.66 6.82 2.59 1.04 3.08 0.77WAPIX Western Asset Core Bond FI 12.21 71 Hold 5.42 -0.84 0.17 5.68 3.66 6.40 2.16 1.03 2.94 0.78WFBTX Wells Fargo Advantage DJ Target Tod Inv 11.06 51 Sell 2.49 -1.78 -1.51 3.00 3.14 3.91 3.33 0.86WIPNX Wells Fargo Advantage Income Plus Inv 12.11 77 Hold 4.63 -0.82 -0.07 4.98 3.44 5.04 1.78 1.09 3.03 0.89WTIBX Westcore Plus Bond 10.92 68 Sell 4.49 -0.74 0.17 4.76 3.48 4.84 2.27 1.03 2.85 0.55WTRZX Wells Fargo Advantage Core Bond Inv 12.63 71 Sell 4.05 -0.66 0.08 3.95 2.98 4.64 1.44 1.06 2.88 0.83

ASSET ALLOCATIONAABPX American Beacon Balanced Inv 15.32 84 Buy 6.48 -1.65 -0.28 12.77 16.50 11.26 7.58 0.92AOMIX American Century One Choice® Mod Inv 14.95 77 Hold 4.07 -2.31 -1.29 9.89 13.61 10.04 1.36 7.99 0.88EXBAX Manning & Napier Pro-Blend Mod Term S 14.50 71 Hold 3.62 -2.75 -2.36 7.55 10.89 7.96 6.71 1.06EXDAX Manning & Napier Pro-Blend Cnsrv Term S 14.08 74 Sell 4.05 -1.74 -1.33 7.05 7.93 6.72 4.31 0.87EXHAX Manning & Napier Pro-Blend Max Term S 20.85 75 Hold 4.93 -4.05 -3.38 12.11 18.29 11.42 11.54 1.07GLRBX James Balanced: Golden Rainbow R 24.94 68 Sell 4.55 -2.54 -1.11 10.21 10.71 9.08 3.04 6.21 1.04GRSPX Greenspring 25.50 65 Hold -1.52 -3.08 -3.74 0.58 10.73 7.57 1.63 7.71 0.92IOEZX ICON Equity Income S 14.87 85 Hold 4.81 -3.03 -0.98 11.36 17.73 12.08 2.48 10.66 1.21JABAX Janus Balanced T 31.12 82 Hold 4.96 -1.18 0.05 11.77 15.24 9.93 1.61 7.39 0.83LCORX Leuthold Core Investment Retail 18.85 64 Hold 4.22 -3.69 -2.74 11.49 11.38 6.44 8.32 1.16MNBAX Manning & Napier Pro-Blend Extnd Term S 18.26 74 Hold 4.79 -3.28 -2.61 9.69 13.70 9.69 8.28 1.06NDMSX Nationwide Inv Dest Mod Agrsv Svc 11.50 72 Hold 2.07 -3.03 -3.03 8.42 15.11 10.04 9.60 0.59PAUDX PIMCO All Asset All Authority D 9.87 74 Hold 1.95 -3.96 -3.96 0.94 5.62 5.15 3.42 8.40 0.58PAXWX Pax World Balanced Individual Inv 25.13 75 Hold 5.04 -1.37 0.04 10.51 13.59 9.08 8.88 0.91PRPFX Permanent Portfolio 43.37 56 Hold 0.72 -3.98 -4.41 1.16 2.68 5.85 8.86 0.72TWBIX American Century Balanced Inv 19.10 77 Buy 5.97 -1.45 0.40 12.81 14.42 10.95 1.16 6.92 0.90TWSAX American Century Strat Allc: Agrsv Inv 8.84 70 Sell 3.67 -2.64 -1.67 10.31 15.62 11.08 0.61 9.87 1.20TWSCX American Century Strat Allc: Cnsrv Inv 6.05 76 Hold 3.66 -2.02 -1.22 7.17 9.60 7.70 0.69 5.63 1.00TWSMX American Century Strat Allc: Mod Inv 7.43 70 Sell 3.77 -2.25 -1.35 9.30 13.19 9.73 0.73 7.97 1.06

BEAR MARKETBRPIX ProFunds Bear Inv 10.19 -9.26 1.29 -1.64 -18.48 -21.42 -17.17 -0.98 10.35 1.71COMVX Comstock Capital Value AAA 0.87 -11.22 1.16 -3.33 -21.62 -24.23 -18.77 -1.16 12.53 2.73DXRSX Direxion Mthly Small Cap Bear 2X 42.21 1.78 11.78 12.32 -15.22 -39.37 -33.62 -2.59 30.37 1.90DXSSX Direxion Mthly S&P 500 Bear 2X Inv 33.58 -17.37 2.63 -3.23 -33.37 -37.93 -30.81 -1.99 21.06 1.90GRZZX Grizzly Short 7.37 -7.53 2.50 2.79 -14.20 -22.99 -17.25 -1.23 13.93 1.54PSSDX PIMCO StocksPLUS AR Short Strat D 2.44 -7.60 0.92 -1.91 -15.91 -16.70 -12.08 0.61 -0.87 9.87 1.04RYAIX Rydex Inverse NASDAQ-100® Strategy Inv 28.80 -13.90 0.49 -5.85 -23.61 -22.74 -19.97 -0.98 12.41 1.46RYCWX Rydex Inverse Dow 2x Strategy H 35.14 -12.08 0.11 -4.82 -28.49 -33.92 -30.45 -1.81 20.38 1.77RYIRX Rydex Inverse Russell 2000 2x Strategy H 34.64 1.14 12.36 13.87 -16.53 -41.18 -36.33 -2.49 29.22 1.79RYJUX Rydex Inverse Government Lg Bd Strat Inv 41.86 -16.28 2.17 -3.95 -13.69 -3.41 -9.80 3.57 -4.18 12.34 1.41RYSHX Rydex Inverse Russell 2000 Strategy H 34.31 1.30 6.09 6.95 -7.92 -21.91 -18.34 -1.28 14.92 1.72RYTPX Rydex Inverse S&P 500 2x Strategy H 27.79 -17.46 2.55 -3.10 -33.28 -38.30 -32.08 -1.92 20.39 1.74RYURX Rydex Inverse S&P 500® Strategy Inv 15.66 -9.06 1.29 -1.51 -18.14 -21.02 -16.75 -0.97 10.30 1.42RYVNX Rydex Dyn Inverse NASDAQ-100 2X Strat H 23.22 -26.29 1.00 -11.31 -42.11 -41.44 -37.66 -1.92 24.39 1.78SHPIX ProFunds Short Small Cap Inv 23.54 1.03 5.99 6.71 -8.58 -22.64 -19.24 -1.28 14.95 1.76

NTF INCOME FUNDS (continued)

FFGuide1014.indd 10 10/6/14 2:15 PM


Bill Gross Leaves PIMCO for JanusBill Gross recently left the Newport Beach-based Pacific Investment Management Company (PIMCO), the mutual fund com-pany that he co-founded in 1971, to join smaller rival Janus Capital Group. One of the nation’s most prominent and widely followed bond investors, Mr. Gross built a well-earned reputation over the past several decades by personally guiding PIMCO’s $221.6 billion Total Return Fund. During the Clinton administration, he was included in the group of investors that presidential ad-visor James Carville referred to as the “bond vigilantes.” This colorful moniker acknowl-edged the power that these financial institu-tions, which lent money to buy government debt, had over the administration’s fiscal policies. During his more than four decades at the helm, Gross made PIMCO a dominant player in the world’s bond markets. Despite the size of his fund’s portfolio, Gross was able to generate returns that consistently beat the overall market. He became the face of the company and a popular commenta-tor on television business programs. Each month, investors around the globe read and closely followed his investment outlook.

WhY GROss leFT PIMCOIt is widely believed that Mr. Gross left PIMCO because other senior executives at PIMCO and Allianz SE, the German insurer that owns it, were no longer happy with his leadership style. Gross, 70, had clashed with the company’s executive committee in re-cent months and had threatened to resign several times in the past. Long dubbed “the Bond King,” Gross also had a public falling out with longtime colleague and heir appar-

ent Mohamed El-Erian earlier in the year as they attempted to come to terms with the fund’s recent poor performance. It has lagged the market and seen significant in-vestor withdrawals, which have amounted to nearly $70 billion over the past 16 months. The tumultuous relationship resulted in El-Erian leaving PIMCO for a position with the parent company.In addition to his perceived irrational be-havior, Gross’ investment strategy has not played out lately. The financial manager made a famous call that bond yields would enter a historic secular bear market be-ginning in the 1980s. This enabled him to significantly grow PIMCO’s assets under management as he consistently outper-formed the overall market. Recently, he has taken the opposite view – that interest rates would rise – even in the face of massive quantitative easing (QE) on the part of the world’s central banks and a huge demand for Treasuries by global investors seeking safety in an uncertain world economy. He took the fund’s Treasury holdings to zero from a high of as much as 22 percent. Along with the company’s chief economist, Paul McCulley, Gross failed to realize that the world had entered a liquidity trap, a finan-cial scenario that would keep rates low for the near future.The unprecedented intervention in the mar-kets, which did not end with the culmination of the Federal Reserve’s QE2 program as Gross anticipated, has captured the attention of investors and created an unparalleled sit-uation in the bond markets. Fund managers are now scrutinizing the pronouncements of current chair Janet Yellen like those of her predecessor Ben Bernanke instead of focus-ing on market and economic trends and in-

dicators. Gross’ failure to change investment strategies was a contributing factor to the world’s largest bond fund underperforming the market and the growing dissatisfaction with his leadership. The Total Return Fund has trailed its competitors for the last one-, three- and five-year periods.

eFFeCTs On PIMCO, allIanz and Janus CaPITalNews of the change had a dramatic effect on the markets. The share price of Janus Capital climbed 43 percent while those of PIMCO and Allianz declined more than 6 percent. Yields of U.S. Treasuries immediately rose 0.04 percent, as bond prices fell when the announcement crossed the wire services. The news was compared to the effects that central bank announcements typically have on the markets. PIMCO’s closed-end funds also traded sharply lower, including the five directly managed by Gross. As was widely expected, the company saw investors with-draw approximately $10 billion in assets following the announcement. Industry ana-lysts estimate that as much as $100 billion or more may be transferred out of PIMCO funds with much of it being reinvested with Janus, particularly funds managed by Gross. A statement from the California Public Em-ployees’ Retirement System, the largest pension provider in the U.S., indicated that the organization was monitoring the situa-tion closely but had not yet reallocated any funds. Other pension consultants and pro-viders are dropping the Total Return Fund specifically and PIMCO in general from their recommended 401(k) portfolios.While the next few weeks will be crucial, the departure of Gross may placate investors



Beta 3 year

Sd 3 year


SOPIX ProFunds Short NASDAQ-100 Inv 19.88 -14.86 0.35 -6.27 -24.41 -24.20 -21.20 -0.97 12.34 1.77UCPIX ProFunds UltraShort Small-Cap Inv 26.87 1.17 12.47 14.00 -16.03 -41.29 -36.93 -2.52 29.52 1.77UFPIX ProFunds UltraShort Latin America Inv 14.43 -4.75 28.50 8.66 -2.30 -13.63 -16.48 -3.20 44.58 1.76UHPIX ProFunds UltraShort China Inv 18.06 -20.79 14.23 -7.53 -31.85 -37.70 -29.73 -2.97 37.24 1.76UIPIX ProFunds UltraShort Mid-Cap Inv 6.23 -10.49 9.30 7.04 -24.94 -39.80 -35.67 -2.31 25.40 1.76UKPIX ProFunds UltraShort Japan Inv 22.56 -6.58 -10.33 -14.29 -29.17 -44.31 -30.96 -1.79 37.72 1.77URPIX ProFunds UltraBear Inv 6.49 -17.64 2.37 -3.28 -33.37 -38.92 -32.61 -1.91 20.27 1.74USPIX ProFunds UltraShort NASDAQ-100 Inv 15.16 -26.59 1.00 -11.40 -42.25 -41.63 -37.81 -1.92 24.46 1.78UVPIX ProFunds UltraShort Emerg Mkt Inv 8.09 -18.45 19.85 -4.71 -23.03 -21.93 -18.93 -2.72 37.59 1.77UWPIX ProFunds UltraShort Dow 30 Inv 7.26 -11.89 0.14 -4.47 -28.33 -33.95 -30.64 -1.80 20.36 1.77UXPIX ProFunds UltraShort Intl Inv 25.22 -0.55 7.55 11.89 -13.39 -31.76 -25.35 -2.33 29.02 1.89

BEAR MARKET (continued)

FFGuide1014.indd 11 10/6/14 2:15 PM

12 OCTOBeR 2014 | PhOne: (888) 252-5372


INvESTOR GUIDE TO vANGUARD FUNDSFor years, we have covered a limited number of Vanguard mutual funds. Recently, I intro-duced a newsletter dedicated specifically to Vanguard funds and no-transaction-fee funds accessible to Vanguard investors. We provide ten model portfolios, plus buy, hold and sell recommendations on over 600 mutual funds. I am confident you will find this advice invalu-able as you make your investment decisions.To Become a Member simply call me at (888) 252-5372.

displeased with his recent erratic behavior, odd public statements and clashes with fel-low executives. Clients pulled $23.5 billion out of the Total Return Fund in the month prior to Gross’ departure as a sign of their displeasure. PIMCO is also countering the negative public perception of the change of leadership by touting the experience of new fund manager Daniel Ivascyn, who received the support of Cambridge Asso-ciates, a leading pension consulting firm. Ivascyn threatened to resign earlier in the year if Gross was not ousted. PIMCO is holding a series of conference calls and public relations campaigns targeting both large and small investors. It is hoped that Gross’ departure will stop the outflow of funds associated with investor dissatisfac-tion regarding his behavior and the fund’s recent performance. Despite these efforts, Morningstar downgraded its rating of the Total Return Fund from Gold to Bronze, citing management changes and the impact of possible future redemptions.At Janus, Gross will replace Gibson Smith and Darrell Watters and be the manager of the company’s Global Unconstrained Bond Fund, a small fund launched in May 2014.

Rather than relocate to Denver to be with the rest of Janus’ management team, Gross will continue to operate from Newport Beach. It is noteworthy that the return that Smith and Watters generated as the manag-ers of the Janus Flexible Bond Fund out-performed Gross over the past five years. Interestingly, prior to joining Janus, Gross also spoke with Jeffrey Gundlach about joining DoubleLine, the fixed income in-vestment management firm that Gundlach oversees.In light of these changes, some lingering questions remain. Can Bill Gross repeat his PIMCO success at Janus, where the fixed income portfolio is expected to grow dra-matically over the coming months? Has PIMCO relied solely on the name recogni-tion of a few talented managers, or does the firm have a well-built system in place that will continue to produce strong results? The final important question is what effect will a large outflow of funds from the country’s largest bond fund have on the overall bond market, including its competitors?

Bill Gross Leaves PIMCO for Janus (continued) Portfolio Updates (continued)

ETF INvESTOR GUIDEEach month we provide buy, hold and sell rec-ommendations for hundreds of ETFs from com-panies including Fidelity, iShares, SPDR and PowerShares. Additionally, you will have access to our model portfolios, specifically created for conservative, moderate and aggressive investors. To learn more, call (888) 252-5372. MEMBERSHIp OpTIONS:

1-Year Via 1st Class Mail & Online Access: $99.95........................... liMited tiMe $49.952-Years Via 1st Class Mail & Online Access: $149.95......................... liMited tiMe $74.95

diScloSure: Mutual Fund Investor Guide, LLC (MFIG) is an independent company unaffiliated with any of the fund companies discussed in this news-letter, including Fidelity Investments. These results include the reinvestment of all dividends and capital gains. Model trading does not involve financial risk; model trading cannot completely duplicate the financial risk associated with actual trading. MFIG is not an investment advisor and does not provide specific investment advice. This newsletter has been prepared solely for infor-mational purposes. PAST PERFORMANCE IS NOT A GUARANTEE OF FU-TURE RESULTS. All investments involve risk including total loss of principal.

www.facebook.com/ mutualfundinvestorguide

www.twitter.com/mutualfundiG

Credit (TFCVX) took a 4.69 percent hit last month. This is a good time for a fund such as TFCVX to find values in the market, but their approach doesn’t protect them from these types of drops. TFCVX managers sometimes own bonds in companies headed for bankruptcy based on the bonds being valued at less than the company’s assets, but until the firms go bankrupt, the value of the holdings will fluctuate. Like the managers of TFCVX, investors have to be patient for the strategy to work in the long run.

The Tax Advantage Portfolio fell 1.95 percent last month. PIMCO Short-Term (PSHDX) was the sole winner, up 0.06 per-cent. Although the firm is undergoing tur-moil due to the sudden exit of its founder and public face, Bill Gross, this fund is not managed by him. Fidelity Puritan (FPURX) was the best equity fund, down only 1.18 percent for the month. Year to date, the port-folio is up 4.36 percent.

The Aggressive Value Portfolio decreased 1.68 percent last month, lowering the 2014 return to 9.19 percent. The exit from Mat-thews Asian Growth & Income (MACSX) was timely at the end of August. The only fund really dragging on returns was Fidelity Small Cap Growth (FCPGX), a solid show-ing for a rather aggressive portfolio.

The Absolute Return/Down Market Port-folio lost 1.19 percent last month. Fidelity Select Utilities (FSUTX) fell 2.68 percent as fluctuations in interest rates weighed on the sector. Fidelity Corporate Bond (FCBFX) fell 1.40 percent due to the selling in corporate bonds not being confined to the junk bond portion of the market. Wasatch Long/Short (FMLSX) also underperformed last month, losing 3.27 percent. Overall, this portfolio is up 0.88 percent this year.

To make sure you never miss any of our market updates or

model changes, I invite you to follow us on social media:

FFGuide1014.indd 12 10/6/14 2:15 PM

MUTUAL FUND Investor Guide THE Investor Guide TO FIDELITY ...€¦ · MUTUAL FUND Investor Guide...

Documents

Transcript of MUTUAL FUND Investor Guide THE Investor Guide TO FIDELITY ...€¦ · MUTUAL FUND Investor Guide...