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March 05, 2004 at 07:00 PM
March 4, 2004 — In short, 2003 was a good year to launch a new mutual fund, especially stock portfolios, which benefitted from robust and rebounding markets around the world.
FundAdvisor discovered a total of 27 mutual funds — 17 equity, 6 fixed-income, two hybrids, and two money markets — that came into being in December, 2002. A year later, all those portfolios showed gains.
By contrast, only 17 funds were launched in December 2001, turning one year old at the end of 2002.
A good portion of the new equity funds for 2003 invest in small-cap stocks. Indeed, the top performer from this batch was the Federated Kaufmann Small Cap Fund/A (FKASX), which soared 81.6% in calendar 2003. The portfolio has $316-million in assets currently.
