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Show 994 TF BUSINESS ~tarviaro-cxranmurer New mutual funds need time to establish themselves in market NEW YORK — In contrast to fund just added to a Even the most ambitiousstock nds arrive on the scene lacking a ttribute for star status — a And since funds’ values are de- termined by the worth of their Pp OTtiolios, rather than open bidding by Seears and sellers, they rtfinl n't soar lability in their first hours of the way a hot new stock issue can. All in all, the> standarc- advice en poKing usned “While some new funds are immediate winners, can you reasonher ably expect to select those long lately with only average per powers ormanceresult hat-be in its management compa- rt OF hah manceacen tae rAD ta tie lak nth, tWO really good ideas a on trading behalf pute that its of @ MELL peog SS ac elves, few disny Wh pile int to doing this ge why not focus their effort ting Newcomer off to a good start? cal’s exIn additiorn, tensive . place it hapy ul performance ny badly want a winner to get their records to analyze, it’s a most difficult task.” But with all those caveats, spotting and tracking new stock funds nameon the quarterly and annual lists of the best-performing funds The older funds in the family aren't promising candidates to toa moderit tles whole family ate-sized allotment of stock from each hot new issue that comes along. egulators a thesort ¢ ter as t seeking to ¢ s 10 keep pz modernize th d industry's explos with the for active fund investors For the sake of illustration, cause oftheir size. But the Newcomer are parceled to all of Hypothetical’s stock funds, the impact on the big- In the meantime, trying to cast in on any new fund's presumably beforehaind? W ith achieve this mission, if only be- can still be an intriguing venture m the experts is to approach Fund is growth. If the shares of these new issues OfficeMax: funds with great care, even if manager is famed as a stockI DICKINE no — ] s 1ca genius. The annals of the industry are filled with tales of star managers who flopped when they started new funds specifically designed to showcase their talents. Furthermore, marketers of new funds are most likely to focus on Savings is the Bottom Line!® what's hot at any given time. So - Great Gift the risk is high of buying into some nvestment specialty or strategyat the very moment that it is topping radi SHARP WIZARDORGANIZER out. In a study of the performance of hundreeds of new funds over the past two decades, investment adviser Sheldon Jacobs found that slightly more than half posted first-year results that were below the average oftheir class. “The odds of winning with a new fund are not too good,” he concludes in his Handbook for No-Load Fund Investors. Earthquake sent insurance profits tumbling NEWYORK (AP) — The property and casualty insurance indus- try lost $1.2 billion in the first three months of this year as a result of record-breaking catastrophe losses, the Insurance Information Institute said Thursday. The losses compare to profits of $4.3 billion in the 1993 first quarter Most of the losses were attributable to claims related to the Los Angeles earthquake and winter HINE XEROX cory0 cMoAntCinuous copies e Makes up to 5 er tray ° 250 sheet pap reduction ratios d n a e rg la en t « Prese OfficeMax Everyday Low Price PANASONIC CORDLESSTELEPHONE % % and 424 of 75%, 95 Total «3-year, XerOx rantee Satisfaction gua RE * Model # 5009 XEROX List Price $1799. 00 0205-0434 storms. The catastrophes cost the indus- try $8 billion as of March-31. The Los Angeles earthquake accounted for $6 billion of the total. That more than offset profits insurers derived from premiums and invest- ments. The figures are consolidated estimates for the entire industry based on reports of companies that account for 96 percent of the couniry’s property and casualty nsurance business. Compounding the industry's troubles in the first quarter were lower profits from investments. 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