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Yet balancing funds amongst competing priorities is not only the president's job.
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Erika Safran, principal at the Financial Asset Management Corporation in Manhattan, called some of the riskier balanced funds "ridiculous for investors".
Most people's personal pension pots are in "managed" or "balanced" funds with a mix of equities, bonds, property, cash and alternatives such as hedge funds or commodities.
But if investors have the luxury of staying fully invested, Mr. Ratner doesn't consider the two main asset classes ugly enough to suggest abandoning conventional balanced funds.
Balanced funds hold 30 to 40percentt of their portfolios in bonds and 60 to 70percentt in stocks, but the type and quality of stocks and bonds vary widely from fund to fund.
It is also investing less in traditionally managed "balanced" funds and more in index-tracking funds.In 1997, Mercury's flagging performance made it an obvious candidate for a takeover.
In the olden days balanced funds were big sellers.
Balanced funds should have a ratio somewhere around 60/40 for the mix of bonds and stocks.
Balanced funds can also make sense in retirement accounts, where their tax inefficiency is not an issue.
Balanced funds, which invest in both equity and fixed-income securities, had a net inflow of less than a billion through February versus an inflow of $9 billion for the same period last year.
It's a similar picture at the other big providers: Scottish Widows' £8.1bn Balanced fund was up 4.3%, while Scottish Equitable's £9.5bn Universal Balanced fund was up 3.7%.
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