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Mutual Funds and ETFs Scorecard: March 16 Edition

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Every fortnight, MutualFunds.com provides a snapshot of the performance of some key mutual funds and ETFs to highlight the trending sectors, geographic regions, and asset classes. MutualFunds.com uses a system to automatically scan through thousands of relevant securities and, to ensure quality and adequate track record, places a minimum threshold on net assets ($1 billion for mutual funds and $500 million for ETFs). The best and worst performers are further discussed in the report along with key economic highlights from the past fortnight, reminding you to adjust your portfolios, if required.

Performance Scorecard

Markets were mixed during the past two weeks, with growth stocks regaining favor with investors and value stocks losing ground.
MF & ETF Scorecard Graph - Category Performance - Sep 21

US Broad mostly includes funds focused on US equities and can cover different investing styles (growth/value) and market capitalizations (small/mid/large). Fixed Income includes funds focused on debt securities and can cover different geographies (US/foreign) and security types (corporate/municipal/high-yield/investment-grade/government/structured). Alternatives cover funds focused on non-traditional investment strategies (currency, hedge fund strategy, derivatives), leveraged/structured products, real estate, and commodities. Dividend funds focus on generating income via equities and not through debt.

 

U.S. Broad

Growth equities have been among the best performers over the two weeks to September 16. Several value-focused funds have been pummeled, with the worst performer losing more than 11%.

 

Top Performers

 

  • Mutual Funds: Virtus Zevenbergen Innovative Growth Stock Fund (SCATX) , up 4.1%, and Morgan Stanley Institutional Fund, Inc. Growth Portfolio (MSEGX), up 2.45%.
  • ETFs: First Trust US Equity Opportunities ETF (FPX) , up 0.1%, and Pacer Trendpilot™ US Large Cap ETF (PTLC), up 0.09%.

 

Worst Performers

 

  • Mutual Funds: Fidelity® SAI U.S. Value Index Fund (FSWCX) , down -11.22%, and Fidelity® SAI U.S. Large Cap Index Fund (FLCPX), down -7.72%.
  • ETFs: Invesco S&P SmallCap 600 Revenue ETF (RWJ) , down -3.15%, and Fidelity® Nasdaq Composite Index® ETF (ONEQ), down -1.73%.

 

Dividend

Dividend funds have largely suffered, with the best performers being some global dividend funds, which posted small gains, and the worst performers included several dividend growth-focused funds, which recorded big losses.

 

Top Performers

 

  • Mutual Funds: Janus Henderson Global Equity Income Fund (HFQAX) , up 0.52%, and Invesco Dividend Income Fund (IFUTX), up 0%.
  • ETFs: First Trust Dow Jones Global Select Dividend Index Fund (FGD) , up 0.05%, and ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL), down -0.03%.

 

Worst Performers

 

  • Mutual Funds: Fidelity® Dividend Growth Fund (FDGFX) , down -9.27%, and Ivy Mid Cap Income Opportunities Fund (IVOSX), down -2.25%.
  • ETFs: SPDR® S&P Dividend ETF (SDY) , down -2.32%, and FlexShares Quality Dividend Index Fund (QDF), down -2.28%.

 

Fixed Income

The performance of fixed income funds was decidedly mixed, with funds focused on global bonds, short-term debt, and securities shorting U.S. Treasuries gaining handsomely. At the other end of the spectrum, high-yield municipal bonds and long-duration funds have lost.

 

Top Performers

 

  • Mutual Funds: T. Rowe Price Dynamic Global Bond Fund (TRDZX), up 0.81%, and JPMorgan Unconstrained Debt A (JSIAX), up 0.21%.
  • ETFs: ProShares UltraShort 20+ Year Treasury (TBT) , up 5.84%, and ProShares Short 20+ Year Treasury (TBF), up 2.89%.

 

Worst Performers

 

  • Mutual Funds: PIMCO StocksPLUS® Long Duration Fund (PSLDX) , down -4.29%, and PIMCO Extended Duration Fund (PEDPX), down -3.43%.
  • ETFs: VanEck Vectors High Yield Muni ETF (HYD) , down -11.11%, and PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (LTPZ), down -4.64%.

 

Sector

Healthcare-focused funds, especially biotechnology, have clearly been among the best performers during the past two weeks, along with some physical commodity-based funds that have exposure to platinum and palladium. Cannabis and real estate posted some of the biggest losses.

 

Top Performers

 

  • Mutual Funds: American Beacon ARK Transformational Innovation Fund (ADNYX) , up 4.97%, and Fidelity® Select Health Care Portfolio (FSPHX), up 2.56%.
  • ETFs: iShares Mortgage Real Estate Capped ETF (REM) , up 35.71%, and Aberdeen Standard Physical Platinum Shares ETF (PPLT), up 8.58%.

 

Worst Performers

 

  • Mutual Funds: Fidelity® Series Real Estate Income Fund (FSREX) , down -5.69%, and Fidelity® Real Estate Investment Portfolio (FRESX), down -5.46%.
  • ETFs: AdvisorShares Pure US Cannabis ETF (MSOS) , down -14.91%, and Direxion Daily Technology Bull 3X Shares (TECL), down -10.62%.

 

Foreign

International value funds, including Europe-focused like Italy, have been among the best performing funds. Chinese shares have tumbled after weeks of advances.

 

Top Performers

 

  • Mutual Funds: Causeway International Value Fund (CIVIX) , up 1.48%, and JPMorgan Europe Dynamic Fund (JFESX), up 1.47%.
  • ETFs: iShares MSCI Italy ETF (EWI) , up 4.12%, and SPDR® EURO STOXX 50 ETF (FEZ), up 2.21%.

 

Worst Performers

 

  • Mutual Funds: Matthews China Fund (MCHFX) , down -4.39%, and Fidelity® China Region Fund (FHKCX), down -3.92%.
  • ETFs: WisdomTree China ex-State-Owned Enterprises Fund (CXSE) , down -6.27%, and EMQQ The Emerging Markets Internet & Ecommerce ETF (EMQQ), down -4.84%.

 

Alternatives

Funds focused on managed futures, volatility strategies and silver have posted decent performances in alternatives. Overall, funds focused on commodity strategies and natural resources have declined.

 

Top Performers

 

  • Mutual Funds: AlphaSimplex Managed Futures Strategy Fund (AMFAX) , up 1.7%, and Catalyst/Millburn Hedge Strategy Fund (MBXAX), up 1.7%.
  • ETFs: ProShares Ultra Silver (AGQ) , up 19.44%, and iShares Currency Hedged MSCI Eurozone ETF (HEZU), up 1.18%.

 

Worst Performers

 

  • Mutual Funds: Fidelity® Series Commodity Strategy Fund (FCSSX) , down -55.49%, and PIMCO Commodity Real Return Strategy Fund (PCRIX), down -12.99%.
  • ETFs: ETFMG Alternative Harvest ETF (MJ) , down -5.48%, and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR), down -2.85%.

 

ESG

All ESG funds have again posted losses.

 

Worst Performers

 

  • Mutual Funds: Vanguard FTSE Social Index Fund (VFTNX) , down -1.56%, and PIMCO Total Return ESG Fund (PTGCX), down -1.51%.
  • ETFs: Xtrackers S&P 500 ESG ETF (SNPE) , down -2.01%, and Xtrackers MSCI USA ESG Leaders Equity ETF (USSG), down -1.66%.

Key Economic Indicators

Among major economic data released during the last two weeks, the European Central Bank raised interest rates from 0.50% to 1.25% in a widely expected move. The bank also guided on more increases in the coming months as it seeks to stave off inflation.

U.S. inflation continued to rise in August, despite a drop in gasoline prices. Core inflation, which excludes volatile items like food and energy, rose 0.6% while the headline figure was up just 0.1%. The rise in inflation was driven by rising food prices and high rents.

The U.S. economy added 315,000 jobs in August, in what was another strong jobs report. This is likely to give the Federal Reserve increased confidence to raise interest rates to bring down inflation. The unemployment rate rose from 3.5% to 3.7%, while average hourly earnings fell from 0.5% to 0.3%.

Eurozone services purchasing managers’ index (PMI) moved into negative territory for the first time since April 2021, a further sign that a recession in Europe could be just around the corner. Services PMI in the U.S. fell further into contraction territory to 43.7. However, an alternative services PMI disclosed by the Institution of Supply Management reported an increase from 56.7 to 56.9, well into positive territory.

U.K. inflation eased slightly from 10.1% to 9.9% in August, although that is unlikely to be enough to persuade the Bank of England not to increase interest rates at its next meeting this week.

Fund performance data is calculated for the period between September 2 and September 16.


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Hands holding three gold bars as secure investment

Mutual Funds and ETFs Scorecard: March 16 Edition

Every fortnight, MutualFunds.com provides a snapshot of the performance of some key mutual funds and ETFs to highlight the trending sectors, geographic regions, and asset classes. MutualFunds.com uses a system to automatically scan through thousands of relevant securities and, to ensure quality and adequate track record, places a minimum threshold on net assets ($1 billion for mutual funds and $500 million for ETFs). The best and worst performers are further discussed in the report along with key economic highlights from the past fortnight, reminding you to adjust your portfolios, if required.

Performance Scorecard

Markets were mixed during the past two weeks, with growth stocks regaining favor with investors and value stocks losing ground.
MF & ETF Scorecard Graph - Category Performance - Sep 21

US Broad mostly includes funds focused on US equities and can cover different investing styles (growth/value) and market capitalizations (small/mid/large). Fixed Income includes funds focused on debt securities and can cover different geographies (US/foreign) and security types (corporate/municipal/high-yield/investment-grade/government/structured). Alternatives cover funds focused on non-traditional investment strategies (currency, hedge fund strategy, derivatives), leveraged/structured products, real estate, and commodities. Dividend funds focus on generating income via equities and not through debt.

 

U.S. Broad

Growth equities have been among the best performers over the two weeks to September 16. Several value-focused funds have been pummeled, with the worst performer losing more than 11%.

 

Top Performers

 

  • Mutual Funds: Virtus Zevenbergen Innovative Growth Stock Fund (SCATX) , up 4.1%, and Morgan Stanley Institutional Fund, Inc. Growth Portfolio (MSEGX), up 2.45%.
  • ETFs: First Trust US Equity Opportunities ETF (FPX) , up 0.1%, and Pacer Trendpilot™ US Large Cap ETF (PTLC), up 0.09%.

 

Worst Performers

 

  • Mutual Funds: Fidelity® SAI U.S. Value Index Fund (FSWCX) , down -11.22%, and Fidelity® SAI U.S. Large Cap Index Fund (FLCPX), down -7.72%.
  • ETFs: Invesco S&P SmallCap 600 Revenue ETF (RWJ) , down -3.15%, and Fidelity® Nasdaq Composite Index® ETF (ONEQ), down -1.73%.

 

Dividend

Dividend funds have largely suffered, with the best performers being some global dividend funds, which posted small gains, and the worst performers included several dividend growth-focused funds, which recorded big losses.

 

Top Performers

 

  • Mutual Funds: Janus Henderson Global Equity Income Fund (HFQAX) , up 0.52%, and Invesco Dividend Income Fund (IFUTX), up 0%.
  • ETFs: First Trust Dow Jones Global Select Dividend Index Fund (FGD) , up 0.05%, and ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL), down -0.03%.

 

Worst Performers

 

  • Mutual Funds: Fidelity® Dividend Growth Fund (FDGFX) , down -9.27%, and Ivy Mid Cap Income Opportunities Fund (IVOSX), down -2.25%.
  • ETFs: SPDR® S&P Dividend ETF (SDY) , down -2.32%, and FlexShares Quality Dividend Index Fund (QDF), down -2.28%.

 

Fixed Income

The performance of fixed income funds was decidedly mixed, with funds focused on global bonds, short-term debt, and securities shorting U.S. Treasuries gaining handsomely. At the other end of the spectrum, high-yield municipal bonds and long-duration funds have lost.

 

Top Performers

 

  • Mutual Funds: T. Rowe Price Dynamic Global Bond Fund (TRDZX), up 0.81%, and JPMorgan Unconstrained Debt A (JSIAX), up 0.21%.
  • ETFs: ProShares UltraShort 20+ Year Treasury (TBT) , up 5.84%, and ProShares Short 20+ Year Treasury (TBF), up 2.89%.

 

Worst Performers

 

  • Mutual Funds: PIMCO StocksPLUS® Long Duration Fund (PSLDX) , down -4.29%, and PIMCO Extended Duration Fund (PEDPX), down -3.43%.
  • ETFs: VanEck Vectors High Yield Muni ETF (HYD) , down -11.11%, and PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (LTPZ), down -4.64%.

 

Sector

Healthcare-focused funds, especially biotechnology, have clearly been among the best performers during the past two weeks, along with some physical commodity-based funds that have exposure to platinum and palladium. Cannabis and real estate posted some of the biggest losses.

 

Top Performers

 

  • Mutual Funds: American Beacon ARK Transformational Innovation Fund (ADNYX) , up 4.97%, and Fidelity® Select Health Care Portfolio (FSPHX), up 2.56%.
  • ETFs: iShares Mortgage Real Estate Capped ETF (REM) , up 35.71%, and Aberdeen Standard Physical Platinum Shares ETF (PPLT), up 8.58%.

 

Worst Performers

 

  • Mutual Funds: Fidelity® Series Real Estate Income Fund (FSREX) , down -5.69%, and Fidelity® Real Estate Investment Portfolio (FRESX), down -5.46%.
  • ETFs: AdvisorShares Pure US Cannabis ETF (MSOS) , down -14.91%, and Direxion Daily Technology Bull 3X Shares (TECL), down -10.62%.

 

Foreign

International value funds, including Europe-focused like Italy, have been among the best performing funds. Chinese shares have tumbled after weeks of advances.

 

Top Performers

 

  • Mutual Funds: Causeway International Value Fund (CIVIX) , up 1.48%, and JPMorgan Europe Dynamic Fund (JFESX), up 1.47%.
  • ETFs: iShares MSCI Italy ETF (EWI) , up 4.12%, and SPDR® EURO STOXX 50 ETF (FEZ), up 2.21%.

 

Worst Performers

 

  • Mutual Funds: Matthews China Fund (MCHFX) , down -4.39%, and Fidelity® China Region Fund (FHKCX), down -3.92%.
  • ETFs: WisdomTree China ex-State-Owned Enterprises Fund (CXSE) , down -6.27%, and EMQQ The Emerging Markets Internet & Ecommerce ETF (EMQQ), down -4.84%.

 

Alternatives

Funds focused on managed futures, volatility strategies and silver have posted decent performances in alternatives. Overall, funds focused on commodity strategies and natural resources have declined.

 

Top Performers

 

  • Mutual Funds: AlphaSimplex Managed Futures Strategy Fund (AMFAX) , up 1.7%, and Catalyst/Millburn Hedge Strategy Fund (MBXAX), up 1.7%.
  • ETFs: ProShares Ultra Silver (AGQ) , up 19.44%, and iShares Currency Hedged MSCI Eurozone ETF (HEZU), up 1.18%.

 

Worst Performers

 

  • Mutual Funds: Fidelity® Series Commodity Strategy Fund (FCSSX) , down -55.49%, and PIMCO Commodity Real Return Strategy Fund (PCRIX), down -12.99%.
  • ETFs: ETFMG Alternative Harvest ETF (MJ) , down -5.48%, and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR), down -2.85%.

 

ESG

All ESG funds have again posted losses.

 

Worst Performers

 

  • Mutual Funds: Vanguard FTSE Social Index Fund (VFTNX) , down -1.56%, and PIMCO Total Return ESG Fund (PTGCX), down -1.51%.
  • ETFs: Xtrackers S&P 500 ESG ETF (SNPE) , down -2.01%, and Xtrackers MSCI USA ESG Leaders Equity ETF (USSG), down -1.66%.

Key Economic Indicators

Among major economic data released during the last two weeks, the European Central Bank raised interest rates from 0.50% to 1.25% in a widely expected move. The bank also guided on more increases in the coming months as it seeks to stave off inflation.

U.S. inflation continued to rise in August, despite a drop in gasoline prices. Core inflation, which excludes volatile items like food and energy, rose 0.6% while the headline figure was up just 0.1%. The rise in inflation was driven by rising food prices and high rents.

The U.S. economy added 315,000 jobs in August, in what was another strong jobs report. This is likely to give the Federal Reserve increased confidence to raise interest rates to bring down inflation. The unemployment rate rose from 3.5% to 3.7%, while average hourly earnings fell from 0.5% to 0.3%.

Eurozone services purchasing managers’ index (PMI) moved into negative territory for the first time since April 2021, a further sign that a recession in Europe could be just around the corner. Services PMI in the U.S. fell further into contraction territory to 43.7. However, an alternative services PMI disclosed by the Institution of Supply Management reported an increase from 56.7 to 56.9, well into positive territory.

U.K. inflation eased slightly from 10.1% to 9.9% in August, although that is unlikely to be enough to persuade the Bank of England not to increase interest rates at its next meeting this week.

Fund performance data is calculated for the period between September 2 and September 16.


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