Conference nyoss1::market_investing

    T. Rowe Price recently sent me their Small Cap Value fund prospective.
    
    I remember analyzing it's raw numbers - P/E, performance against peers,
    etc.  But it has several holdings which could be hurt by higher gas
    taxes ( A trucking firm, for example).  Might be worth checking out.
    Their number is 1-800-638-5660.  Also ask for their Insight report on
    value investing.

Oakmark did fabulously well in 1992, as you know.  FAM Value had an excellent 
year too, beating most others in its class; but well short of matching 
Oakmark.  

On the flip side, in the market break a few years back, FAM Value held steady.

Note that FAM Value has an investing style that results in incredibly low 
turnover.  This does *not* equate to "stodgy", but it could mean annual 
taxable income and capital gains will be low.

If you are at all interested in FAM Value, do not procrastinate in making your 
decision.  Late last year they dropped their 5% redemption charge.  
Subsequently, so much money flowed in that the fund announced two weeks ago 
that they will close the fund to new investors -- no date given, but I suspect 
it is imminent.

    re. FAM Value
    
    I just got their prospectus. It mentions dropping the 5% redemption
    fee, but nothing about closing the fund to new investors. Where did you
    hear or read this? 
    
    If this is true, I really appreciate the info.
    
    CV

    I been happy with Pennsylvania Mutual fund over the last 2 years. Not
    as spectacular as Oakmark, but its a steady climer - doesn't fall much
    either when the market pulls back. I think total return was 16-18 last
    year.
    
    That said, I've been looking at Oakmark and another value fund, Heatland
    Value.
    
    Here's some stats:
    
                         Oakmark		Heartland
    
    oper. expenses         1.7%			  1.48%
    turnover ratio	    30%			    70%
    Holding PE ratio        13                      11
    % in cash		     9%			   16.4%
    % foreign		    9.8%		    0%
    current assets	   569M			   91M.
    
    Got these figures this week. I decided to go with Heartland because
    a) its smaller, b) its lower PE ratio, and c) because of Oakmark's
    spectacular performance I expect a torrent of new money to pour into it.
    Heartland's performance over 91 and 92 was something like 40% and 42%.
    
    Another top performing fund over the last year was Crabbe-Huson, but
    alas they are unavailable in NH.
    
    Oakmark - 800-476-9625
    Heartland 800-432-7856
    Crabbe-Huson 800-541-9732
    
    
    
    
    

    Hello out there,
    
    I have read a lot in this notes file about fund size, potential for
    closing to new investors so get in now while you can etc.
    
    I have a couple of questions that I need some insight on...........
    
    1) I just joined Janus 20 fund and I got in just before its closing to
    new investors, but before I got in there were some statistics talked
    about in the notes file on the size of the fund $$ wise and being
    closed now would generate possibly a lot more. My question is this - 
    
    Does the size of the funds total assets hinder its performance or can
    it capitalize on it?
    
    2) Does the closing of a fund in general bring across signs of good
    news performance wise for the fund, no change, or could it hurt the
    fund?
    
    3) Considering the above, should I spread the percentage across the
    board to the other Janus funds to deversify?
    
    I am in the 401K for the max, and I have other investments mostly in
    the stock market.
    
    Thanks
    Frank

Re .3:

FAM Value just sent me a note to inform me that because all the media
attention it was receiving lately had clogged its telephone lines, it was 
setting up a separate (800) number for its current shareholders only. 

The note added that the fund felt it could only be effective below a certain 
size [not stated].  To do justice to its shareholders, the fund would close
rather than continue to sell new shares, even though this meant the fund 
managers would thereby limit their own fee income.

Almost every mutual fund that I own has closed its doors to new investors.
Indeed, one of them threatened to close the doors to additional investments 
from its current shareholders as well.

I suggest you call FAM Value to see if they have decided to take action of 
this sort.  While such actions do get sent to the media, their publication 
dates may not give you adequate warning.

    re. .6
    
    Thanks. FAM Value was a top pick in Money Magazine recently. I suspect
    this is what set off the flood...
    
    CV

The fund was suposed to close when it reached $50M, then $100M, and now the 
fund has wiped out the $100M target.   It did not set a new figure at which it
will close.