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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%
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Personal Finance : Mutual Fund Monday - Dagen McDowell


Eyeing Wasatch, Oakmark, Pimco for the Next Janus

By Dagen McDowell
Senior Writer
09/30/2002 07:23 AM EDT
Click here for more stories by Dagen McDowell

These days no fund company is attracting the attention or the money that Janus did during the late '90s. The average U.S. stock fund, after all, is down 10.7% over the last 12 months. But there are still some fund firms out there that are a little too popular.

And that popularity -- along with the influx of money that usually comes with it -- can be one signal that performance is about to slip.

A recent column laid out some of the signals that Janus was about to falter, including too much money, heavy concentration in a few stocks, and funds that are closing. Readers subsequently wrote in with their own nominations of funds that are showing signs of weakness. And it's not the usual market malaise. As you'll see, for some reasons, the comparisons stick -- but for other key reasons, they don't.

A Bond Bubble?

Reader Steve Wells thinks investors are overly exuberant about bonds, one bond fund in particular. "At this point there's undoubtedly one fund that's at the point of explosions -- that mimics the market bubble in the late '90s. That fund is the Pimco Total Return Bond fund," Wells writes. "All the characteristics are there: 40-year lows in bond yields and fund manager arrogance that borders on the sickening."

So manager Bill Gross has been a lot more vocal this year about his feelings on particular companies -- namely General Electric (GE:NYSE - news - commentary - research - analysis) -- and on stock valuations -- namely, Dow 5,000, here we come.

But not all bonds have had a fantastic run this year. Corporate bonds, for example, have suffered along with the stock market and are historically cheap when compared with Treasuries. And this Pimco fund, although popular, can invest all over the giant bond market.

If this fund only invested in Treasuries, then it might be headed for rough terrain. But there's always a place for a broad bond fund in your portfolio because it typically won't move in lockstep with stock funds. And this is a good one.

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TheStreet Directory

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

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TheStreet Directory

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