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Few funds have actually shut their doors.
Few funds, no matter how poor their performance, failed to distribute capital gains, which are taxable to shareholders even if automatically reinvested.
Few funds do.
Few funds, says Sernovitz, have the manpower to manage 100 investments, and there are relatively few startups that merit a $50 million investment.
A few funds voluntarily report more often.
Still, a few funds in the category are thriving.
And that reflects what happened at a few funds run by one manager.
Taxes were purposely kept light, and the government consequently had few funds available for development.
"We try to spend well with the few funds we have," he added.
Very few funds manage to repeat top-half or top-quartile performance consistently.
A few funds, like Mr. Baum's portfolio, are linked to movements in commodity prices.
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