Funds Exhibiting Significant Losses
DODGX (DODGE AND COX STOCK FUND)
• The fund moved from 10th to 18th across the AP Universe. AUM decreased by 25.4%, with 367 fewer accounts using the fund. Four new advisors added the fund.
• Among the largest accounts, the fund moved from 13th to 19th, losing 26.4% in AUM, 106 accounts, and 8 advisory firms.
• The loss was due to a significant number of large accounts no longer holding the fund.
EEM (ISHARES TRUST MSCI EMIF)
- The fund moved from 13th to 20th across the AP Universe. AUM decreased by 22.1%, with 94 fewer accounts and three fewer advisors using the fund.
- Among the largest accounts, the fund moved from 12th to 17th, losing 22.3% in AUM, 106 accounts, and five advisory firms.
- The loss was due to a significant number of large accounts no longer holding the fund.
GATEX (GATEWAY FUND)
- The fund moved from 19th to 116th across the AP Universe. AUM decreased by 84.3%, with 1,131 fewer accounts using the fund. There was no net change in the number of advisors using the fund.
- Among the largest accounts, the fund moved from 23rd to 115th, losing 84.6% in AUM, 558 accounts, and two advisory firms.
- The loss was due to a significant number of accounts concentrated among a small number of advisors.
Methodology
We rank funds by the assets under management (AUM) within our universe. A fund's ranking can improve or decline only if its AUM changes relative to other funds. Such changes can be due to any of the following:
- Existing advisors shifting money into/out of existing accounts
- Existing advisors putting money into of new accounts, or closing existing accounts
- New advisors putting money into new accounts
- Gains or losses in AUM due to fund performance
- Funds moving from the mid-sized account tier to the largest account tier, and vice versa
In some cases, funds moved down in ranking, but their AUM increased and the number of advisors utilizing the funds remained constant, as did the number of accounts holding the funds. We do not consider this a significant change in sentiment regarding the fund, which is our guiding criterion in this analysis. We look for situations where one or -more often- more of the following occurred:
- Change in fund ranking
- Change in AUM beyond what would be expected due to fund performance
- Increase or decrease in the number of advisors using the fund
- Increase or decrease in the number of accounts holding the fund
We also eliminate situations where changes in fund usage were due to movements between account tiers. Some subjective judgment comes into play. We do not have a single objective metric or standard that allows us to measure changes in the universe. But we believe that the examples we show above exhibit evidence of changes in advisor/investor sentiment. We are providing the criteria we used to select these funds, so you can be the final judge as to whether the change in advisor/investor sentiment is significant.
Finally, we consolidate holdings across share classes for a given fund. The ticker symbol displayed is the first symbol, alphabetically, among the various share classes. It may not be representative of the share class or classes held in the AP universe.
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