The Best Mutual Fund Families - J.P. Morgan

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THE DOW JONES BUSINESS AND FINANCIAL WEEKLY



FEBRUARY 9, 2015

The Best Mutual Fund Families

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Rank Family

FUND RANKING

Total

Tax-

Assets Weighted U.S. World Mixed Taxable Exempt

(bil)* Score Equity Equity Equity Bond Bond

Rank Family

Total Assets

(bil)*

Weighted Score

U.S. Equity

FUND RANKING

World Mixed Taxable Equity Equity Bond

TaxExempt Bond

Vanguard Group

AllianceBernstein

BMO Global Asset Mgmt

USAA AssetManagement

Invesco

Na tixis GlobalAsset Mgmt

SEI Group

State StreetBank & Trust

 Principal Funds

Eaton Vance M anagement

BlackRock

SITInvestme nt Associates

Goldman Sachs AssetM gmt

JohnHancockGroup

American CenturyInvst Mgmt

MFSInvestment Management

UBSGlobalAssetManagement

Federated Inve stors

Legg Mason

IvyInvestment Management

Lord Abbett

DeutscheAsset&WealthMgmt

JPMorgan

Oppenheimer Funds

Pimco

RidgeWorthFunds

Delaware Management

W ilmingtonFunds

 Victory Capital Managemen t

Affiliated Managers Group

T. Rowe Price Associates

Schroder Invs tMgmt N. Amer.

Nuveen Fund Advisors

Waddell & Ree d Invst Mgmt

Fidelity Mgmt &Research

FirstInvestors Mgmt

Guggenheim Investments

TransamericaAsset Mgmt

Prudential Investme nts

BNYMellon/Dreyfus

Calvert Investment s

Russell Investment Group

Northern Trust Inves tments

N ationwideFund Advisors

ThriventFinancialforLutherans

Neuberger Berman Mgmt

PNC Funds

Frost Investment Advisors

 Brown Advisory Funds

MainStay Funds

GE Asset Managem ent

Franklin Tem

pleton

American Funds

DimensionalFund Advisors

TIAA-CREF

FolioMetrix

Columbia Management

Wells FargoFu nds Mgmt

Hartford Funds

AssetMark

Pioneer InvestmentM gmt

Virt us Investment Partners

State Farm Investment Mgmt

M anning & Napier Advisors

Putnam Investment Mgmt

 !" #$ !# "#%$ # % Source: Lipper &' ()

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Best Fund Families Over Five Years Best Fund Families Over Ten Years

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Pimco

USAA Asset Management

W addell & Reed Invst Mgmt

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Waddell & Reed Invst Mgmt

MainStay Funds

John Hancock Group

Northern Trust Investments

Invesco

SEI Group

Ivy Investment Management

Virtus Investment Partners

Ivy Investment Management

RidgeWorth Funds

In vesco

Hartford Funds

T. Rowe Price Associates Putnam Investment Mgmt

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TRowe Price Associates

Putnam Investment Mgmt

Delaware Management

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TIAA-CREF

State Street Bank & Trust

JPMorgan RidgeWorth Funds

Oppenheimer Funds Thrivent Financial for Lutherans

Principal Funds

Federated Investors

Eaton Vance Management

First Investors Management

Dimensional Fund Advisors

UBS Global Asset Management

Vanguard Group

GE Asset Mgmt

Vanguard Group

Wells Fargo Funds Mgmt

Delaware Management

Legg Mason

PNC Funds

Prudential Investments

W ells Fargo Funds Management Pioneer Investment Mgmt

MFS Investment Management Thrivent Financial for Lutherans M ainStay Funds

AllianceBernstein

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American Century Invst Mgmt

Fidelity Mgmt & Research

State Farm Investment Mgmt

Nuveen Fund Advisors

Calvert Investments

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Franklin Templeton BlackRock

Nationwide Fund Advisors USAA Asset Management

John Hancock Group

Nationwide Fund Advisors

Columbia Mgmt

W ilmington Funds

Hartford Funds

Victory Capital Management

American Funds

UBS Global Asset Mgmt

Goldman Sachs Asset Mgmt

Pioneer Investment Mgmt

Principal Funds

SEI Group

Virtus Investment Partners

Affiliated Managers Group

Lord Abbett

BNY Mellon/Dreyfus

Legg Mason

BNY Mellon/Dreyfus

Nuveen Fund Advisors

Deutsche Asset & Wealth Mgmt

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BlackRock

Deutsche Asset & Wealth Mgmt

American Century Invst Mgmt

Russell Investment Group

Columbia Mgmt

Frost Investment Advisors

Source: Lipper

Fidelity Mgmt & Research

Wilmington Funds

Northern Trust Investments

Manning & Napier Advisors

Guggenheim Investments

State Farm Investment Mgmt

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ipper

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ank Best

Score Ra

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Score Rank Best

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Goldman Sachs A. Mgmt

VirtusInvs t Partners

JPMorgan

BMO Global Asset Mgmt

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enheim Invst PutnamInvst Mgmt

VBaronwgun%&aA'rddvGisroourypFunds

Lord Abbett Legg Mason AllianceBernstein

Vanguard Group

SchroderInvstMgmt N.Am. TransamericaAssetMgmt SITInvestmentAssociates MainStay Funds

 GE Asset Management  VictoryC apital Mgmt

 VictoryCapital Mgmt

 BMO Global Asset Mgmt

 Oppenheimer Funds

Rank Worst

Score Rank Worst

Score Rank Worst

Score Rank Worst

Score Rank Worst

Score

Brown Advisory Funds  PutnamInvst Mgmt

PioneerIn

vst Mgmt

Virtus Invst Partners

Calvert Investments

Wells Fargo Funds Mgmt

RidgeWorth Funds

Goldm

anSachs A. Mgmt

FolioMetrix

Brown Advisory Funds

Manning & Napier Adv

Manning& Napier Adv

Schrod

e

rInvstMgmt N.Am.

Manning & Napier Adv

Frost Investment Adv

FolioMetrix

 GE Asset M gmt

Dimens

ionalFundAdvisors

SITInvestmentAssociates

FolioMetrix

 Virtus Invst Partners

  Frost Investment Adv

 Ivy Investm ent Mgmt

 Victory Capital Mgmt

 Manning & Napier Adv

Source: Lipper

How We Rank the Fund Families

To qualify for the Barron's/Lipper fund survey, a group must have at least three funds in Lipper's general U.S.-stock category, as well as one in world equity, which combines global and international funds. (Last year was the first time we included the performance of emerging-market funds in the world-equity category, although fund companies aren't required to offer such a fund.) We also require at least one mixed-asset (or balanced) fund, which holds both stocks and bonds. Shops also must have at least two taxable-bond funds and one tax-exempt offering.

Each fund's returns are adjusted for 12b-1 fees, which are used for marketing and distribution expenses. Funds typically factor these into returns, to better reflect what investors would see after these annual fees have been deducted. But our aim is to measure the manager's skill, uncomplicated by expenses. Fund loads, or sales charges, aren't included in the calculation of returns, either.

Each fund's performance is measured against those of all funds in its Lipper category (such as small-value). That leads to a percentile ranking, with 100 the highest and one the lowest, which is then weighted by asset size, relative to the fund family's other assets in its general classification. If a family's biggest funds do well, that boosts its overall ranking; poor performance in the biggest funds hurts a firm's ranking. Finally, the score is multiplied by the weighting of its general classification, as determined by the entire Lipper universe of funds. The category weightings for the one-year results: general equity, 40%; world equity, 15.9%; mixed asset, 19.2%; taxable bond, 21.5%; and tax-exempt bond, 3.4%. The category weightings for the five-year results: general equity, 41%; world equity, 15.5%; mixed asset, 19.2%; taxable bonds, 20.7%, and tax-exempt bonds, 3.6%. The category weightings for the 10-year results: general equity, 45.2%; world equity, 13.6%; mixed asset, 17.6%; taxable bonds, 19.5%; and tax-exempt bonds, 4.1%.

The scoring: Say a fund in the general U.S. equity category has $500 million in assets, accounting for half of it parent's assets in that category. Its ranking is the 75th percentile. The first calculation would be 75 times 0.50, which comes to 37.5. That score is then multiplied by 40%, general equity's overall weighting in Lipper's universe. So it would be 37.5 times 0.4, which equals 15. Similar calculations are done for each fund in our study. Then, all the numbers are added up. The shop with the highest total score wins, both for every category and overall. The same process is repeated for the five- and 10-year rankings, based on their weightings.

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? JPMorgan Chase & Co., February 2015

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