I Own What?! Some Growth Funds Stash Cash Under the Mattress
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Peek inside some tech-sick growth funds and you'll find they're a lot like your average bag of potato chips: Yes, there are stocks, but there's a lot of air too.
The average big-cap growth fund rode the sizzling tech sector to a more than 41% gain in 1999 and a more than 41% loss over the past 12 months, according to Chicago fund-tracker Morningstar. Tech titans like Cisco(CSCO Quote) and Sun Microsystems(SUNW Quote) have lost more than three-quarters of their value over the past year; the tech-laden Nasdaq is off 60% over the same stretch. Consequently, you might think some fund managers are letting their cash pile up, rather than buy stocks in a market that's pleasant as puberty. This week's I Own What?! is zeroing in on a few of these funds. ...
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