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Risky Plays Make Utilities Mutual Funds The Worst-Performing
In the past investors looked to mutual funds investing in utilities for conservative risk/return type investments - because these funds were filled with stable, dividend -paying stocks. They no longer can do so, however, even discounting the effects of Enron Corp.
Due to deregulation in the energy and telecommunication industries, utilities mutual funds have ended up with high-growth, high-valuation stocks. They have fallen badly.
The average utility fund is down nearly 23% this year, making it the worst performing category of domestic stock mutual funds. In fact, the 23% decline is three times that of the average diversified U.S. stock fund.
Source: Wall Street Journal, December 21, 2001
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