Each quarter we look at changes in Most Popular Mutual Funds in the Advisor Perspectives (AP) universe. This installment looks at changes from September 30, 2008 to December 31, 2008. Previous installments of this analysis were in 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 20 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 |
-3.5% |
-1,485 |
-2.7% |
Largest Accounts |
-3.3% |
-870 |
-6.8% |
Mid-Size Accounts |
-8.2% |
875 |
5.4% |
Smallest Accounts |
1.9% |
1,541 |
6.1% |
During the fourth quarter, US markets declined by 21.87% (based on SPY) and developed non-US markets declined by 19.75% (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
VFIIX (VANGUARD GOVERNMENT NATIONAL MORTGAGE ASSOCIATION FUND)
- The fund moved from 14th across 9th the AP universe, with AUM increasing 18.9%. Three new advisory firms and 41 new accounts were added for this fund.
- Virtually all growth occurred within the largest accounts, where AUM increased by 18.8% with the addition of 12 new accounts and 2 new advisory firms.
- This fund was also one of the funds exhibiting significant gains in the prior quarter.
XLU (UTILITIES SELECT SPDRS)
- The fund moved from 16th to 10th across the AP Universe, and from 16th to 10th among the largest accounts. One new advisory firm and 199 new accounts added this fund. AUM increased by 0.7% across the AP universe.
- Virtually all growth occurred among the largest accounts, where 129 new accounts and one new advisor was added.
VTI (VANGUARD TOTAL ETF)
- The fund moved from 29th to 12th across the AP Universe. AUM increased by 16.7% across the AP Universe, with 11 new accounts and 10 new advisory firms.
- The fund moved from 25th to 12th among the largest accounts, adding 5 new accounts and ten new advisory firms.
- Most of the growth was attributable to a small number of large accounts.
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