12 ordspråk av Dan McNeela

Dan McNeela

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It's not an easy business to be in. The market is largely efficient. These funds will only do well if they find inefficiencies in the market and (are) able to exploit them to the point where they are more than compensating for the cost of executing those strategies.

This is a uniquely weird category, partly because the strategies are very different. Merger arbitrage is very different from the typical long-short fund.

It's like a covered-call strategy.

The most responsive group relative to potential near-term changes is the hotel sector. If the economy is expanding and business spending is picking up, so will business travel.

We're cautious, considering how well real estate funds have performed since the beginning of 2000. As much as some of the fundamentals look to be improving in real estate sub-sectors - for example, we've had sustained job growth, and that leads to greater demand for office and apartment space - we think price appreciation has largely outstripped the rate of change.

There's a very widespread fear that if property prices go down and the refinancing boom goes away, that consumers are going to have to cut back on spending. And that will be felt throughout the economy.

Natural-resources funds have been up and down thus far in 2001. In April, the category's 10 percent rise pulled the average return out of negative territory for the year. The White House has also contributed to the category's recent success with overtures about the need for increased exploration and production.

This fund had another disappointing showing in 2005. Its 4% gain ranked below 70% of its peers in Morningstar's large-cap growth category.

There is some performance-chasing going on.

It has a long track record (since 1990) and is generally the poster child for what you would want from a market-neutral fund.

The bonds hold up better in down markets and they also have some percentage of shorts to protect on the downside, yet they get enough upside on the convertible bonds, which act like stocks in rising markets.

It's really about stock picking.

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