24 Bull-Market Funds Still Alive and Kicking

The roster includes two funds designated as asset allocation funds. While such funds traditionally combine equities and fixed-income holdings, the Federated Market Opportunity Fund(F,AAX Quote) and the Permanent Portfolio Fund(PRPFX Quote) each are loaded with hard assets such as precious metals investments, energy and even currencies.

BULL MARKET PARTICIPANTS THAT ARE STILL KICKING
NAME, TICKER & TheStreet.com RATINGS GRADE	INVESTMENT OBJECTIVE	5-YR. BULL MKT. ANN'L RET'N (%) *	BEAR MKT. TOTAL RET'N (%) **	CURRENT 5-YR. ANN'L RET'N (%)	MINIMUM INITIAL INVESTM'T ($)
AIM Energy A (IENAX) B+	Energy/Natural Res	33.08	4.73	32.10	1,000
Allianz RCM Biotechnology A (RABTX) D-	Health/Biotech	11.16	3.57	5.29	5,000
BlackRock Global Resources Inv A (SSGRX) C	Energy/Natural Res	40.54	19.63	38.46	1,000
Eaton Vance Small Cap Growth A (ETEGX) C+	Small Cap	15.44	1.46	12.12	1,000
Eaton Vance Special Eq A (EVSEX) A+	Small Cap	16.47	1.36	13.01	1,000
Eaton Vance Tax Mgd SmCap Gr A (ETMGX) A+	Small Cap	16.20	2.91	13.27	1,000
Eaton Vance WW Health Sciences A (ETHSX) D	Health/Biotech	10.80	1.47	6.18	1,000
Federated Market Opportunity A (FMAAX) B+	Asset Allocation	7.33	2.58	4.75	1,500
Fidelity Adv Biotechnology A (FBTAX) C+	Health/Biotech	12.93	1.22	7.13	2,500
Fidelity Select Biotech Port (FBIOX) C #	Health/Biotech	13.28	1.27	7.60	2,500
Fidelity Select Chemicals Port (FSCHX) A+ #	Growth - Domestic	22.99	1.65	19.88	2,500
Fidelity Select Energy Svcs (FSESX) B #	Energy/Natural Res	31.14	5.14	31.88	2,500
Fidelity Select Medical Eqpmnt Sys (FSMEX) A+ #	Health/Biotech	16.41	4.75	11.90	2,500
Hancock Horizon Burkenroad A (HHBUX) A+	Small Cap	18.39	3.93	14.84	1,000
Heartland Value Plus Fund (HRVIX) B- #	Growth & Income	19.01	6.57	13.76	1,000
Hussman Strategic Growth (HSGFX) B+ #	Growth - Domestic	7.95	3.40	5.75	1,000
Kinetics Medical Fund A (KRXAX) A	Health/Biotech	11.95	0.40	8.27	2,500
Morgan Stanley Natural Res Dev A (NREAX) C+	Energy/Natural Res	28.13	0.24	28.03	1,000
Oppenheimer Comm Str Tot Retn A (QRAAX) C+	Commodities	17.55	24.69	18.55	1,000
Permanent Portfolio Fund (PRPFX) A+ #	Asset Allocation	14.41	3.73	12.91	1,000
PIMCO Commodity Real Ret Str A (PCRAX) B+	Commodities	17.20	19.14	18.26	5,000
ProFunds-Biotech Ultra Sector Inv (BIPIX) B- #	Health/Biotech	19.64	15.10	11.32	15,000
T. Rowe Price New Era (PRNEX) A+ #	Energy/Natural Res	30.95	0.51	28.21	2,500
Van Eck Global Hard Assets A (GHAAX) A	Energy/Natural Res	37.63	4.40	34.66	1,000
S&P 500 TOTAL RETURN INDEX		14.35	-18.62	7.02
* Five years through market peak month of Oct. 2007. ** Market decline period of Oct. 2007 - July 2008. # No initial sales charge. Source: TheStreet.com Ratings - Data as of 7/31/2008. For an explanation of our ratings, click here.

Surprisingly, considering all the recent investor fixation with emerging markets and other foreign plays, the bull-bear winners list is devoid of any funds that pitch themselves as strictly international investments. With holdings of currencies such as Swiss francs to hedge against erosion in the U.S. dollar, the Permanent Portfolio Fund comes as close as any on the list to being international.

Although the BlackRock Global Resources Fund(SSGRX Quote) sports "global" in its name, its portfolio looks typical of most domestic energy funds. Among its largest holdings are Massey Energy Co.(MEE Quote), Consol Energy Inc.(CNX Quote), Arch Coal Co.(ACI Quote) and Peabody Energy Corp.(BTU Quote).

The two commodities funds in the table, Oppenheimer Commodity Strategy Total Return(QRAAX Quote) and PIPMCO Commodity Real Return Strategy(PCRAX Quote), haven't just survived the bear market, they have prospered during the recent spell of misery. Each vaulted more than 18% during the October-July bloodbath. They both entered the downturn with five-year annualized growth rates of more than 17% coming into the bear market and now have elevated them to annual rates of more than 18% for the five years ended July 31.

The only other fund on the table with a current five-year growth rate exceeding the comparable pre-bear-market figure is the Fidelity Select Energy Services Fund(FSESX Quote). It major holdings include energy mainstays Schlumberger Ltd.(SLB Quote), Halliburton Co.(HAL Quote) and National Oilwell Varco Inc.(NOV Quote).

The aging Baby Boom generation provides the seven health/biotechnology funds on the list with a great demographic basis for continued growth. But memories of the collapse of the financial sector should serve as a reminder about the risks of putting too many eggs in one basket.