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Davis Funds Erasing Their Bad Performance Record
Funds and fund managers should have to live with their performance records, good or bad.
But not the Davis funds.
Ask the fund manager of the new Davis International Growth Fund how he has performed, and he won't tell you much. In fact, he will tell you that the fund is new. And he won't tell you that Davis International Total Return Fund had a dismal record (bottom 10% for last 3 1/2 years).
That's because the Total Return will be erased, along with its poor performance record. Technically, the fund will "merge" into a brand new fund, International Growth.
Morningstar laments, "They're burying an ugly fund out of their family".
Source: Wall Street Journal, December 1, 1998
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