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RealMoney.com : James J. Cramer


Jim Cramer's Mutual Fund Bonanza Part 2: What to Buy, What to Sell

By James J. Cramer

10/16/2001 07:34 AM EDT

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Click here for the latest from James J. Cramer.
There was a time when I thought it was inconceivable that I would ever write anything positive about Federated's Kaufmann fund managed by Lawrence Auriana and Hans Utsch. I thought that because the company used to run these incredibly schlocky ads on CNBC that made me think they were just out to hustle you, not to make you money.

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Jim Cramer's Mutual Fund Bonanza: What to Buy, What to Sell

Looks as if that was the fault of the ad agent, not the managers. These guys really are good. At one time they were more prone to wild swings and speculative excess, but they have definitely learned their lesson because they didn't hurt me at all during this period. That's saying something. They didn't hurt me because they owned virtually no tech starting last year. That's to be congratulated.

And if they want to own tech now, into the final capitulation, they can buy it better and lower than most funds. I think it is really important to have your head on right when you invest; these folks clearly do.

Warburg Pincus Global Post-Venture: Here is a fund that didn't switch in time. It stayed overloaded in tech and buried a lot of people. I see little impressive about this fund. Oh, and get this, there was a lot of turnover to boot! Next I will have to pay taxes on the losses, to add insult to injury.

Dreyfus Aggressive Growth: This fund has barreled into lots of high-growth pharmaceutical names of late and looks like dozens of other funds I have that have vacated tech for drugs. It also owns AmeriCredit (ACF:NYSE - news - commentary - research - analysis) and Fastenal (FAST:Nasdaq - news - commentary - research - analysis). I think this fund doesn't know what it is doing, and I want out of it.

Dreyfus New Leaders: An eclectic set of companies, including Dime (DME:NYSE - news - commentary - research - analysis), International Flavors and Fragrances (IFF:NYSE - news - commentary - research - analysis), Family Dollar (FDO:NYSE - news - commentary - research - analysis) and USA Networks (USAI:Nasdaq - news - commentary - research - analysis), makes this fund a better choice for now than the other Dreyfus fund I own. Both Dreyfus funds have almost no tech, though, which tells me several things: They were long tech when it took a beating, and they switched out at or near the lows or they would have done better for me.

Fidelity Select Electronics: At least this fund had a reason to do poorly: It is a sector fund, and it has invested in one of the poorest-performing sectors. Oddly, by its nature, because it can't switch stripes, I wonder whether this fund wouldn't be a better way to play a semiconductor rebound if one thought one was coming. I don't think it is anytime soon. I want to own individual tech winners. But, I don't fault this fund for losing me money. When you play with sector funds you play with fire. I got scalded.

Cramer's Mutual Fund Bonanza
Here's one winner, and four losers
Buy This Fund 1-Yr. Return Rank vs. Peers (1=Best, 100=Worst) 3-Yr. Return Rank vs. Peers (1=Best, 100=Worst) Assets (in millions)
Kaufmann (KAUFX) -2.02% 3% 21.51% 19% $2980
Sell These Funds
Warburg Pincus Global Post Venture (WVCCX) -45.9 97 24.72 2 92
Dreyfus Agressive Growth (DGVAX) -37.14 51 1.86 91 20
Dreyfus New Leaders (DNLDX) -14.76 15 16.48 42 543
Fidelity Select Electronics (FSELX) -39.80 7 28.05 11 3379
Source: Morningstar.com


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Dow Jones S&P 500 NASDAQ 10-Year Note
10,285.97 1,091.93 2,172.99 33.92
Oil *
75.40
DOWN
104.14
DOWN
11.32
DOWN
16.62
DOWN
0.56
10 Yr
3.39%
SPDR Gold
110.95
-1.00%
-1.03%
-0.76%
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James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. At the time of publication, Cramer was long Federated Kaufmann Fund, Warburg Pincus Global Post-Venture Fund, Dreyfus Agressive Growth Fund, Dreyfus New Leaders Fund and Fidelity Select Electronics. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to jjcletters@realmoney.com.
Read our conflicts and disclosure policy.
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Dow Jones S&P 500 NASDAQ 10-Year Note
10,285.97 1,091.93 2,172.99 33.92
Oil *
75.40
DOWN
104.14
DOWN
11.32
DOWN
16.62
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10 Yr
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SPDR Gold
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-1.03%
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Dow Jones S&P 500 NASDAQ 10-Year Note
10,285.97 1,091.93 2,172.99 33.92
Oil *
75.40
DOWN
104.14
DOWN
11.32
DOWN
16.62
DOWN
0.56
10 Yr
3.39%
SPDR Gold
110.95
-1.00%
-1.03%
-0.76%
-1.62%
Data delayed 20 minutes