Sam Patel
The top hybrid funds for the month of May utilized various strategies to generate their monthly returns.
The Greenspring Fund(GRSPX Quote - Cramer on GRSPX - Stock Picks) is based on a strategy of finding undervalued stocks and special situation bonds. This type of strategy may be worth keeping in mind if markets continue to slide and more specific strategies, such as value investing and special situations, which have more to do with a misalignment of prices than valuation of securities, come into vogue. The value approach, if implemented correctly, should avoid paying too high a price, and is long term in nature. This combined with special situations, which generally offer the ability to profit short term from the misalignment of security prices, can complement each other -- a very Warren Buffett-like combination. The remainder of the top returning funds employed more generic strategies, such as a focus on small to medium domestic growth stocks combined with an international exposure as in the case of the Seligman Asset Allocation Aggressive Growth Fund(STHAX Quote - Cramer on STHAX - Stock Picks). STHAX is actually a fund of funds made up of other Seligman funds. The other fund of interest was the CGM Mutual Fund(LOMMX Quote - Cramer on LOMMX - Stock Picks), which invests 80% of its assets under management in lower quality convertible debt.| MFID | NAME, TICKER & TSC GRADE | OBJECTIVE | MAY 08 RETN % | RETURN_YTD_MKT | RETURN_1YR_MKT | RETURN_3YR_MKT | MONTHEND_PD | PD_6MO_AVG |
| 25540 | Morgan Stanley Eastern Europe (RNE) C+ | Non-US Equity | 15.39 | -1.05 | 35.43 | 44.39 | -5.89 | -6.57 |
| 3767 | Central Europe & Russia Fund (CEE) B | Non-US Equity | 14.88 | 0.09 | 36.21 | 43.28 | -7.47 | -9.16 |
| 142102 | Cohen&Steers Worldwide Realty Inc (RWF) D- | Global Equity | 14.09 | 11.80 | -18.24 | 8.75 | 3.17 | -0.50 |
| 8093 | Latin American Discovery Fund (LDF) C+ | Non-US Equity | 14.05 | 13.22 | 40.66 | 57.78 | -5.57 | -5.04 |
| 3721 | Royce Focus Trust (FUND) B+ | Growth - Domestic | 13.76 | 10.26 | 1.68 | 22.26 | 2.96 | -0.70 |
| 161413 | Claymore Raymond James SB1 Ety Fd (RYJ) E+ | Equity Income | 13.20 | 8.55 | 4.25 | N/A | -3.30 | -9.17 |
| 3661 | Castle Convertible Fund (CVF) B | Growth & Income | 11.90 | 8.55 | 6.29 | 12.69 | -3.58 | -8.84 |
| 3796 | Mexico Fund (MXF) A | Non-US Equity | 10.31 | 7.32 | 4.71 | 30.81 | -15.10 | -15.43 |
| 10387 | Royce Micro-Cap Trust (RMT) C | Growth - Domestic | 10.26 | 6.75 | -13.91 | 7.71 | -1.51 | -7.67 |
| 19666 | Templeton Russia&East European Fund (TRF) C+ | Non-US Equity | 10.19 | -12.93 | 9.09 | 37.89 | -1.15 | 2.09 |
| 3692 | Royce Value Trust (RVT) C | Growth - Domestic | 10.08 | 2.28 | -8.84 | 8.33 | -0.43 | -5.42 |
| 8076 | Latin America Equity Fund (LAQ) B+ | Non-US Equity | 10.01 | 15.22 | 39.33 | 54.82 | -9.59 | -9.97 |
| 3857 | Turkish Investment Fund (TKF) C | Non-US Equity | 9.87 | -14.61 | 7.02 | 21.03 | 8.42 | 5.67 |
| 96096 | LMP Real Estate Income Fund Inc (RIT) C | Growth & Income | 9.82 | 28.63 | -17.57 | 12.67 | 6.22 | -2.63 |
| 3885 | Japan Smaller Cap Fund Inc. (JOF) E | Non-US Equity | 9.49 | 6.73 | -13.65 | 4.07 | 3.36 | -2.47 |
| 117370 | PIMCO Floating Rate Income Fund (PFL) C- | Loan Participation | 8.91 | 8.52 | -14.10 | 6.19 | 5.36 | -0.02 |
| 8094 | Mexico Equity & Income Fund (MXE) C+ | Non-US Equity | 8.75 | 13.76 | 1.95 | 39.08 | -13.47 | -14.75 |
| 89696 | BlackRock VA Muni Bond Trust (BHV) B- | Municipal Single State | 8.47 | 8.75 | 5.80 | 9.52 | 21.52 | 16.70 |
| 130734 | Clough Global Allocation Fund (GLV) C+ | Growth & Income | 8.44 | 3.73 | 15.98 | 9.05 | -8.82 | -9.17 |
| 96223 | Cohen&Steers Premium Income Realty (RPF) C+ | Growth & Income | 8.28 | 30.37 | -5.91 | 14.15 | 7.60 | 1.79 |
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