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Most of the big winners in 1999 were funds that were willing to enthusiastically embrace the new economy and to ignore traditional valuation parameters.
"Yes, I was aware that there were funds that were in trouble," Mr. Lew testified, adding: "I didn't have responsibility for the funds themselves, but I was aware that those difficulties were going on".
In the 1980s, there were funds that did not invest in South Africa because of apartheid; and as far back as the 1950s and 1960s, some funds refused to own shares of cigarette makers or military contractors, noted Geoffrey H. Bobroff, a fund industry consultant in East Greenwich, R.I.
The money that went into money market funds after the Lehman collapse, at which point the Treasury came in and backstopped the money market funds because there were funds that broke the buck $400 billion promptly flooded into the market.
In the latter half of 2000 into 2001, there were funds that were going up HMOs and other small slivers of the economy but I chose not to invest in those.
As a result, many of the shareholders invested in Celtel were funds that had invested in the company at very low prices: "Two dollars, five dollars a share," according to Ibrahim.
Similar(52)
These are funds that are betting on volatility continuing to be low.
"There will be probably be funds that will not survive the recent market volatility.
The newest innovations are funds that offer enhanced returns — known as levered, or leveraged, funds — and manage volatility.
Then there are funds that have consistently low expenses but offer little convenience.
More unsettling are funds that have strayed into buying Apple against their mandate, including some mutual funds that are supposed to focus on smaller companies.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com