It's a sign that the fund is shifting valuations after spending the last nine to 12 months investing more heavily in growth stocks. It looks more like a blend of growth and value, and heading more toward the kind of SP 500 issue.
More Quotes from Russ Kinnel:
All of these funds you could own for 10 or 20 years. With all of them, I have a fair amount of confidence that things will go well for a long time.Russ Kinnel
Common Sense on Mutual Funds New Imperatives for the Intelligent Investor.
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Over the last 10 or 15 years, commission costs on stock trading have come down a lot more than the costs of funds,
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In general, the fund industry can do better.
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Because bank stocks are more of a value stock, managers won't care that they're going up for a week or two. It's more important for them that after taking a breather, valuations look more attractive.
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Like baseball managers, there's almost too much credit given to a fund manager when (a fund) does well, and too little when it does poorly. It's very healthy to look beyond a star manager.
Russ Kinnel
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