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Other leading funds benefited from rising commodity prices and falling interest rates.
That is the philosophy underlying the decision by MSCI, a company that creates stock indices followed by leading funds, to reject Chinese shares, for now.
Peter Moon, chief investment officer of Britain's Universities Superannuation Scheme, one of the group's leading funds, with £20 billion to invest, says that fund managers do not match pension funds' assets with their long-term liabilities.
Kenneth Heinz, president of Hedge Fund Research, told the Guardian that he expected the world's leading funds to report falls of about 2.5% in September, the biggest slide since May 2010.
For instance, No-Load Fund X's upgrading system involves continually allocating assets toward leading funds and selling laggards.
The focus on the leading funds from these companies makes it a much easier task to select the right mix of funds.
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Having compared actual industry performance with models that "clone" the risk profile of leading funds-of-funds, Narayan Naik, a professor at the London Business School, thinks the industry has failed to create alpha since the subprime crisis began in August 2007, despite outperforming many asset classes.That could change, says Mr Naik.
Age-based funds are the most popular single option, according to several leading fund companies.
Another leading fund charges no maintenance fee but 50% of profits.
Am I too out front with this guy?' " said a leading fund-raiser for Mr. Bush.
"I think Procter & Gamble is very smart," said Mr. Merkel, one of Germany's leading fund managers.
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CEO of Professional Science Editing for Scientists @ prosciediting.com