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By Jamie Smith Hopkins | jamie.smith.hopkins@baltsun.com | January 13, 2010
For investors in local mutual funds, 2009 was practically a can't-lose year - coming as it did on the heels of can't-win 2008. All but a handful of the 224 mutual funds managed in Maryland posted gains last year, according to data provided by Bloomberg News. It was a nationwide trend: As fears of economic depression receded, investors drove up values for funds across the board, whether they invested in gold stocks or focused on the battered real estate sector. Every mutual fund index was up last year except the index of funds betting on market downturns by taking almost entirely "short" positions, according to mutual fund tracker Lipper Inc. "It's too bad we had to endure 2008 to get these returns, but that's what most of us did," said Jeff Tjornehoj, a senior research analyst at Lipper.
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BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 25, 2013
Legg Mason Inc., which continues to struggle with money flowing out of its stock funds, reported Friday it earned $86.3 million in the second quarter ended Sept. 30, a 6.8 percent increase over a year ago. On a per-share basis, the Baltimore-based money manager earned 70 cents in the quarter, compared with 60 cents the year before. That was well above analysts' expectations of 62 cents per share, said Christopher Harris, a senior analyst with Wells Fargo Securities, in a research note.
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BUSINESS
By New York Times News Service | October 30, 1992
NEW YORK -- A growing number of mutual fund investors are moving away from long-term bond funds, evidently fearing lower bond prices that could be brought on by higher interest rates, some mutual fund companies said yesterday. The investors seem to be shifting into stock mutual funds and money market funds.The drift from longer-term bond funds is by no means a rout, and some fund groups said their bond funds continued to pull in investor money. But it nonetheless signaled investor caution, which no doubt was brought about by rising interest rates and falling bond prices earlier this month.
NEWS
October 9, 2013
The latest out of the extreme conservative wing of the Republican party is that a failure of the U.S. government to take the steps necessary to pay all its bills on time would be no biggie. They say we could juggle things around and avoid missing any payments on the debt, which they figure is the only thing our creditors really care about. Some, such as Sen. Rand Paul, go a step further and say failure to raise the government's borrowing limit might be a blessing: "If you don't raise the debt limit," he told the New York Times, "all you're saying is, 'We're going to be balancing the budget.'" Um, no. What you're saying is that the federal government is going to start picking and choosing which bills to pay. Depending on the vagaries of cash flow, maybe today the military doesn't get paid, maybe tomorrow Social Security checks don't go out, or maybe Medicare can't cover its bills.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services Inc | October 19, 1994
Gotta run.That's been the attitude of many harried investors in bond funds this year as they flee the effects of rising interest rates and continuing scares over misuse of derivative securities by some portfolio managers.Since the value of high-yield "junk" bonds is based in large part on credit quality and not merely yield, these funds have been hurt the least. As a result, outflows from junk bond funds this year have totaled only $2 billion.Tax-exempt municipal bond funds, buoyed by the laws of supply and demand, have seen about $11 billion go out the door.
BUSINESS
By Bloomberg Business News | January 22, 1995
BOSTON -- Putnam Investments plans to merge two municipal bond funds in a move that some analysts say is designed to save the firm money."It isn't economically attractive to run a muni-bond fund that's less than $50 million in size," said Donald Cassidy, an analyst at Lipper Analytical Services Inc. The fixed costs of running a small muni-bond fund roughly equal the fees that are generated, he said.Putnam said costs played a part in the decision to merge the $43-million Investment Grade Intermediate Trust with the $7.5-million Intermediate Tax Exempt Fund.
BUSINESS
August 30, 1992
As interest rates remain stagnant, many investors have fled to bonds, in search of higher yields, mainly by investing in bond mutual funds.But bonds are not without risks. If overall interest rates begin to rise, bond investors could lose part of their principal.Oppenheimer Fund Management Inc. has a free, eight-page booklet that explains how bond funds work. It also points out some of the risks.To order a copy, call (800) 525-7048, Or write to P.O. Box 300, Denver, Colo., 80201-0300.If you call or write, be warned: Your name may be put on a mailing list to recieve unsolicited ales material.
BUSINESS
By JANE BRYANT QUINN and JANE BRYANT QUINN,1991 Washington Post Writers Group | July 7, 1991
NEW YORK -- Two new studies that recently came across my desk help answer a question asked by millions of investors: "How do I pick a good mutual fund?"You'll be pleased to hear that the answers are easy. (1) Pick a fund without upfront or back-end sales charges, and with the lowest possible annual fees. (2) Bond-fund buyers should pick ,, one that's indexed to the market as a whole. (3) Stock-fund buyers should pick one with a persistently good record. Superior stock funds tend to stay that way.The word on bond funds comes from Lewis Altfest, a New York City financial planner and associate professor of finance at Pace University's graduate school of business.
BUSINESS
By WERNER RENBERG and WERNER RENBERG,1992, Werner Renberg | July 12, 1992
When the Federal Reserve acts to stimulate the U.S. economy by initiating cuts in interest rates, as it did again recently, the impact on economic growth usually is not quickly evident.Prospective business and individual borrowers, who may want to build plants or homes, first must decide to borrow what they need.But lenders -- investors who make money available by buying U.S. Treasury securities, bank certificates of deposit and other corporate and government obligations -- can feel the impact fairly fast as their interest income declines.
BUSINESS
By New York Times News Service | August 28, 1992
NEW YORK -- With interest rates down and the dollar falling, Americans are pouring money at a near-record pace into mutual funds that invest in bonds, and much of that money is going into funds that buy foreign bonds, fund managers said yesterday.But stock fund sales, which have been strong for all of 1992,weakened this month as some investors grew more cautious.Investors searching for higher yields have increasingly been fleeing banks and money market funds, and much of the money has gone into bond funds.
BUSINESS
By Steve Kilar, The Baltimore Sun | August 6, 2013
A group of downtown property owners and managers announced its opposition to the Harbor Point tax increment financing plan Tuesday, a day before the City Council's taxation committee is set to hold another meeting on the legislation. "You can't develop in a vacuum," said David E. Johnson, president of Stratford Realty Management. Mayor Stephanie Rawlings-Blake's administration's argument for $107 million in city assistance for developer Michael S. Beatty's Harbor Point development does not take into account the damage that could come to downtown if a new office park is built on the peninsula between Harbor East and Fells Point, he said.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 28, 2013
Baltimore's two major mutual fund companies have joined a small but growing number of investment firms offering ultrashort-term bond funds, which may become an alternative to the traditional money market fund. The T. Rowe Price Ultra Short-Term Bond Fund launched in December and has $175 million in assets. Legg Mason Inc.'s California subsidiary this month filed to register the Western Asset Ultra Short Obligations Fund with regulators. There are now close to 50 ultrashort bond funds, with seven of them introduced last year, according to Morningstar Inc., which tracks funds.
BUSINESS
By Hanah Cho, The Baltimore Sun | May 1, 2012
T. Rowe Price Group closed its high-yield bond funds to new investors as of Monday, the Baltimore money manager announced Tuesday. They include the investor class shares and advisor class shares of the $9.2 billion High Yield Fund as well as the $2.5 billion Institutional High Yield Fund. While Price will not accept new investors, existing shareholders can continue to invest in the funds. The funds were last closed in February 2004 and reopened three years ago. Investors have poured hundreds of millions of dollars into both funds in the last year.
BUSINESS
By Hanah Cho, The Baltimore Sun | October 22, 2010
T. Rowe Price Group's profit rose 27 percent in the third quarter, buoyed by a market rebound and $8 billion in client investments. The Baltimore money manager said Friday that net income rose 27 percent to $169.1 million, or 64 cents per share. That's compared with a profit of $132.9 million, or 50 cents per share, in the corresponding period last year. Shares rose 4 percent, or $2.19, to close Friday at $54.89. Clients added $1.8 billion to Price's bond funds, but withdrew $600 million from its stock and blended-asset mutual funds and $100 million from money market funds.
BUSINESS
By Hanah Cho, The Baltimore Sun | October 22, 2010
What a difference three months make. Most Maryland-based mutual funds ended the third quarter in the black after a rotten second quarter. A stock market rally in September helped investors tiptoe back to stocks. U.S. diversified equity funds gained 10.7 percent on average during the July to September period, according to mutual fund tracker Lipper Inc. Bond funds also rose 3.4 percent during the same period. "There was a lessening of concern that the economy was going to go into a double dip [recession]
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 18, 2010
Mutual funds specializing in stocks had a rotten second quarter nationwide. International debt problems, falling U.S. housing starts and disappointing job numbers pushed jittery investors from stocks to bonds, a sharp change from the first quarter. U.S.-managed equity mutual funds fell nearly 11 percent on average during the quarter, according to research firm Lipper Inc. Bond funds rose 1.2 percent — and those in Treasuries, thought to be among the safest investments, did particularly well.
BUSINESS
By CHARLES JAFFE | November 26, 2000
The time has come for investors to bail out of two Heartland funds, and perhaps to leave the company altogether. That's the most stern warning I ever have issued about a fund firm that gets into trouble and tries to take Heartland's way out. Heartland's problems started in September, when it adjusted the value of junk bonds in several funds, most notably Heartland High-Yield Municipal and Short-Duration High-Yield Municipal. The pricing changes resulted in those two funds taking one-day hits of 8 percent and 2 percent, respectively.
BUSINESS
By Eric Jacobson and Eric Jacobson,MORNINGSTAR.COM | August 27, 2000
Investors who haven't put money to work in the bond market will be happy to know that they haven't completely missed the boat when it comes to municipal bonds. We've been pounding the table for a while about what a good bargain munis seem to be. For those who put a premium on portfolio diversification, it may still make sense to hold taxable bonds of different varieties, but even investors in modest tax brackets stand to gain an advantage by purchasing munis. Here are some of our favorite funds across the spectrum of municipal bond-fund categories.
NEWS
By Jamie Smith Hopkins, The Baltimore Sun | April 18, 2010
A year and a half after the financial sector meltdown, those stocks are at the top of a rebound. Finance was the best-performing mutual-fund sector in the first three months of the year, boosting funds that specialize in that area. Among them: Rydex-SGI's banking fund and T. Rowe Price's financial services fund, which both ranked in the top five of mutual funds that invest by sector and are managed in Maryland. "The lows were so extreme that there's still a good deal of room to appreciate," said Jeff Arricale, portfolio manager of Price's Financial Services Fund, which had an 11.8 percent return in the first quarter.
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