Dan McNeela
Dan McNeela
business cost easy executing exploit funds largely market point
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.
below fund gain growth peers ranked showing
This fund had another disappointing showing in 2005. Its 4% gain ranked below 70% of its peers in Morningstar's large-cap growth category.
merger partly strategies typical uniquely weird
This is a uniquely weird category, partly because the strategies are very different. Merger arbitrage is very different from the typical long-short fund.
apartment appreciation beginning demand estate funds greater improving job largely leads office performed price rate since space sustained
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.