MUTUAL FUNDS THRIVE; QUARTERLY PROFIT TOPS ALL SINCE '91.Byline: Chet Currier Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Mutual funds rode the crest crest, in feudal livery, an ornament of the headpiece that afforded protection against a blow. The term is incorrectly used to mean family coat of arms. Crests were widely used in the 13th cent. of Wall Street's bull market in the second quarter of 1997 to their strongest quarterly gain in more than six years. The research firm of Lipper Analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. Services Inc. reported Wednesday that the average domestic stock fund jumped 15.37 percent in April through June for the best showing since a 17.76 percent gain in the first three months of 1991. In a 12-month period that ended Monday, Lipper's average of 2,830 stock funds returned 22 percent. Over the past five years, there has been an average annual return of 17.45 percent as the stock market climbed to a steady succession of new highs. It was an extraordinary second quarter, Lipper Analytical said in a news release detailing the statistics. ``With equity fund performance growing faster than most earnings and return on equity, stock prices are discounting the future beyond historical norms,'' the firm added. ``New investors need to be careful.'' Index funds patterned after Standard & Poor's 500-stock composite, which have been standout performers all through the mid- mid- pref. Middle: midbrain. 1990s, once again ranked among the leading major categories of diversified diversified (di·verˑ·s stock funds, with a quarterly return of 17.28 percent. But small-stock funds, which had lagged far behind in recent quarters, closed the gap. Lipper's average of 495 small-cap Small-cap A stock with a small capitalization, meaning a total equity value of less than $500 million. small-cap 1. Of or relating to the common stock of a relatively small firm having little equity and few shares of common stock funds returned 17.1 percent for the quarter, and micro-cap funds, investing in the very smallest stocks, actually beat the S&P 500 index funds with a 17.6 percent return. |
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