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Each quarter we look at changes in Most Popular Mutual Funds in the Advisor Perspectives (AP) universe. This installment looks at changes from March 31, 2009 to June 30, 2009. Previous installments of this analysis were in June 2009, February 2009, October 2008, July 2008, April 2008, January 2008, November 2007, August 2007, and May 2007.
Our goal is to identify significant changes in sentiment – either positive or negative – among RIAs whose clients are HNW and especially UHNW investors. Our methodology is explained below. In the PDF version we provide complete tables of the 25 funds with the largest current AUM in the full AP Universe, as well as in each of the three tiers based on account size (Largest Accounts, Mid-Sized Accounts, and Smallest Accounts).
As background, here are the changes across the AP Universe over the current measurement period:
Segment |
% Change |
Change in # of |
% Change in |
Full AP Universe |
22.5% |
3,058 |
5.5% |
Largest Accounts |
23.2% |
1,222 |
10.5% |
Mid-Size Accounts |
12.2% |
1,608 |
10.0% |
Smallest Accounts |
2.9% |
228 |
0.8% |
During the second quarter, US markets advanced by 15.24% (based on SPY) and developed non-US markets declined by 25.39% (based on EFA). Changes in AUM of the AP Universe are due to changes in the number of accounts and advisors in the universe, as well as any increases or decreases of the value of the assets already in the universe.
Below are some of the significant changes in the AP Universe:
Funds Exhibiting Significant Gains
FAIRX (FAIRHOLME FUND)
- The fund moved from 68h to 19th across the AP universe, with AUM increasing 193%. Seven new advisory firms added this fund and the fund is held in 136 additional accounts.
- Virtually all growth occurred within the largest accounts, where AUM increased by 204% with the addition of seven new advisory firms. The fund moved from 63rd to 18th among the largest accounts
VAIPX (VANGUARD INFLATION PROTECTED SECURITIES FUND)
- The fund moved from 10th to 6th across the AP Universe. AUM increased by 34.9% across the AP Universe, with 397 new accounts and 23 new advisory firms.
- The fund moved from 10th to 5th among the largest accounts, adding 138 new accounts and 16 new advisory firms.
- The fund was also one of the three funds experiencing significant gains in the first quarter of this year
EEM (ISHARES TRUST MSCI EMIF)
- The fund moved from 17th to 13th across the AP Universe. AUM increased by 37.1% across the AP Universe, with 405 new accounts and 9 new advisory firms.
- The fund moved from 16th to 11th among the larges accounts, adding 295 new accounts and 12 new advisory firms.
Funds Exhibiting Significant Losses
AEGBX (AMERICAN EUROPACIFIC GROWTH FUND)
- The fund moved from 6th to 12th across the AP Universe. AUM decreased by 29.9%, with 940 fewer accounts and 51 fewer advisory firm using the fund. Among the largest accounts, the fund moved from 6th to 13th, losing 26.0% in AUM and 111 accounts, while losing 28 advisory firms.
- The fund experienced significant losses across the AP universe
VFIIX (VANGUARD GOVERNMENT NATIONAL MORTGAGE ASSOCIATION FUND)
- The fund moved from 9th to 35th across the AP Universe. AUM decreased by 60.2%, with 266 fewer accounts and nine fewer advisory firms using the fund.Â
- Among the largest accounts, the fund moved from 7th to 32nd, losing 62.0% in AUM, 189 accounts, and nine advisory firms.
- The loss was due to a significant number of large accounts no longer holding the fund.
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