R6| Monday, March 9, 2020 THE WALL STREET JOURNAL.
JOURNAL REPORT |INVESTING IN FUNDS & ETFS
N.A.:Notapplicable;fundis too new * Annualized Note:Forfundswithmultipleshareclasses,onlythelargestis shown.Category Kings in 10 Realms
Top-performing funds in each category, ranked by year-to-date total returns (changes in net asset values
with reinvested distributions) as of Feb. 28; assets are as of Jan. 31. All data are final.Large-Cap Core
Assets Total return (%)
($ millions) Feb YTD 1-yr 5-yr*
Amer Cent:Foc DG;Inv 547.8 –1.3 4.1 16.9 14.3
Amplify BS Gr & Trs Core 161.7 –1.2 1.5 18.2 N.A.
ABR Dyn Bl Eq&Vol;Inst 50.9 –1.2 –1.1 5.2 N.A.
Westwood Tot Return;Inst 43.4 –3.9 –1.5 16.5 6.9
HCM Defender 100 Idx ETF 73.0 –6.7 –3.8 N.A. N.A.
Catalyst Exceed DS;I 53.7 –4.1 –4.1 6.5 N.A.
Fidelity Magellan Fund 18,386.6 –7.0 –4.3 12.4 9.6
Category Average: 1,413.6 –8.1 –8.3 6.8 7.8
Fund Count 713 712 710 673 527Small-Cap Core
Assets Total return (%)
($ millions) Feb YTD 1-yr 5-yr*
Needham:Aggr Growth;Rtl 56.4 –3.6 –3.3 19.9 6.7
Needham:Sm Cap Gro;Rtl 164.8 –4.8 –4.7 22.5 11.9
Swan Def Risk US SmCap;I 36.6 –5.0 –6.7 –3.3 N.A.
Perkins Discovery 11.2 –6.2 –7.1 –13.7 7.0
WesMark:Sm Company Gro 95.8 –7.4 –7.4 –4.4 2.5
Baird Sm/Md Cap Val;Inst 24.3 –7.8 –7.7 –1.1 N.A.
Cambria Val and Momentum 14.1 –5.0 –7.8 –11.3 N.A.
Category Average: 543.8 –9.6 –12.9 –6.9 3.6
Fund Count 932 932 931 913 683Large-Cap Value
Assets Total return (%)
($ millions) Feb YTD 1-yr 5-yr*
Cohen&Steers Alt Inc;I 97.5 –6.5 –7.5 0.7 5.7
AMG Yacktman Focsd;N 3,563.6 –6.9 –8.1 2.4 7.5
DoubleLine:Sh En CAPE;I 8,778.8 –8.1 –8.2 8.6 11.6
Barclays iPath Shiller 197.3 –8.5 –8.6 7.5 11.2
AMG Yacktman Fund;I 8,030.5 –7.2 –8.6 0.9 6.7
Catalyst Enh Core;I 4.8 –9.9 –8.8 1.5 N.A.
Amer Cent:Inc&Gro;Inv 2,204.6 –8.0 –9.4 1.2 5.9
Category Average: 1,127.8 –9.6 –12.3 –0.1 4.9
Fund Count 454 454 453 437 371Large-Cap Growth
Assets Total return (%)
($ millions) Feb YTD 1-yr 5-yr*
Dunham:Focused LC Gro;N 117.2 –4.2 1.1 17.6 12.6
Morg Stan I:Advtg;I 472.8 –5.3 0.2 10.7 13.1
Transam:Large Gro;I3 861.2 –4.0 0.1 16.9 N.A.
Baron Fifth Ave Gro;Inst 347.2 –4.5 –0.5 16.4 13.4
Virtus:KAR Cap Growth;A 571.8 –4.0 –0.6 15.7 12.0
Sirius S&P Str LC A 19.8 –2.0 –0.6 5.3 –0.3
Touchstone Inst:Snd Gr 1,698.0 –4.5 –0.9 9.8 11.1
Category Average: 2,071.5 –6.3 –4.1 12.9 11.0
Fund Count 657 652 651 625 517Midcap Core
Assets Total return (%)
($ millions) Feb YTD 1-yr 5-yr*
Frank Value;Inv 10.6 0.2 1.3 3.5 –0.5
CB Select;I 831.2 –5.6 –2.9 12.1 14.5
Neiman:Opportunities;A 11.5 –6.8 –3.5 11.0 N.A.
First Eagle:Fd Amer;I 997.3 –4.2 –4.7 3.2 1.1
Clarkston Founders;Inst 54.2 –5.8 –5.5 6.7 N.A.
Weitz:Hickory 245.4 –6.0 –6.4 10.9 3.1
Govt Street MdCp 49.5 –7.0 –6.9 7.3 8.5
Category Average: 1,016.0 –9.0 –10.7 –0.6 4.0
Fund Count 384 385 384 366 271Small-Cap Value
Assets Total return (%)
($ millions) Feb YTD 1-yr 5-yr*
Perritt Ultra MicroCap 19.7 –7.9 –6.9 –19.1 0.6
Bridgeway:Ultra-Sm Co 65.5 –5.3 –8.9 –15.8 –3.9
North Star Micro Cap;I 76.4 –8.4 –9.3 –5.2 1.8
FPA Capital 234.2 –8.0 –9.6 –6.6 –2.7
Royce Fd:Spec Eq;Inv 1,040.3 –6.7 –10.2 –8.9 2.5
Invesco S&P SmCp LV 2,391.9 –8.8 –11.1 –3.3 8.6
Brandes Inv:SC Val;I 0.7 –6.8 –11.1 –8.5 N.A.
Category Average: 374.8 –10.3 –15.5 –11.9 1.8
Fund Count 258 258 258 242 202Midcap Value
Assets Total return (%)
($ millions) Feb YTD 1-yr 5-yr*
Ancora Special Oppty;I 17.6 –5.7 –8.8 –0.9 6.5
WM Blair:Sm-Md Cp Cr;I 240.5 –7.6 –8.9 N.A. N.A.
Gabelli Eq:Foc Five;I 45.7 –7.9 –9.0 –0.8 –2.7
GoodHaven Fund 94.2 –8.1 –9.6 1.7 0.3
J Hancock II:Mid Val;NAV 1,202.7 –6.8 –10.4 –2.8 4.3
T Rowe Price MC Vl 12,322.8 –6.9 –10.4 –2.6 4.4
Chartwell Mid Cap Value 24.7 –8.5 –10.8 –1.9 4.6
Category Average: 672.7 –10.3 –13.3 –5.2 2.6
Fund Count 191 190 190 183 145Small-Cap Growth
Assets Total return (%)
($ millions) Feb YTD 1-yr 5-yr*
Morg Stan I:Inc;IS 182.4 –2.3 3.9 10.8 8.9
Osterweis Emerg Oppt 112.4 –2.7 2.6 8.7 N.A.
Delaware Smd Cp G;A 1,860.9 –2.7 1.7 7.8 12.8
Renaissance IPO ETF 40.9 –3.3 1.6 5.4 6.0
Alger:Weatherbie SG;Z 657.5 –5.2 0.7 10.0 12.6
RBB:MFAM Small-Cap Gro 78.0 –3.9 –0.2 9.8 N.A.
BNYM Small Cap Growth;I 10.3 –5.1 –0.4 10.3 11.4
Category Average: 492.2 –6.8 –6.7 1.1 7.7
Fund Count 664 664 661 639 488Multicap Core
Assets Total return (%)
($ millions) Feb YTD 1-yr 5-yr*
Sec:Nature Them Gro;A 0.2 3.1 2.7 18.2 N.A.
Neuberger Guardian;Inv 1,384.0 –5.8 –2.7 19.9 9.6
Castle Tandem;Inst 9.7 –4.8 –3.8 N.A. N.A.
Davenport Equity Opps 503.9 –5.9 –4.4 16.1 7.4
Concorde:Wealth Mgmt 26.8 –4.4 –4.5 3.3 2.6
Delaware Hgd US EO;A 95.9 –4.7 –4.6 6.6 N.A.
Osterweis Fund 136.2 –6.6 –4.6 13.4 4.7
Category Average: 2,161.0 –8.0 –8.7 4.3 6.4
Fund Count 735 740 738 709 528Multicap Growth
Assets Total return (%)
($ millions) Feb YTD 1-yr 5-yr*
Zevenbergen Growth;Inst 24.1 0.9 12.2 21.6 N.A.
Virtus:Zeven Inn Gr St;I 198.8 0.5 10.8 19.8 17.8
Zevenbergen Genea;Inv 39.6 –0.3 9.8 9.0 N.A.
Berkshire:Focus 361.7 –0.1 6.6 18.9 20.5
Morg Stan Insight;A 2,154.5 0.3 6.6 16.9 18.0
Morg Stan I:Growth;I 7,336.5 –0.3 5.9 10.7 15.4
Transam:Cap Growth;I 2,155.7 –0.4 5.8 10.2 14.8
Category Average: 619.0 –5.9 –4.0 9.9 9.4
Fund Count 543 541 541 530 409Data provided by Leaders and Laggards
Performance numbers are total returns (changes in net asset values with reinvested distributions) as of Feb.
28; assets are as of Jan. 31. All data are final.Best-Performing Stock Funds
Total Return (%)
Assets Annualized
Fund Ticker ($ millions) February YTD 1-year 3-year 5-year
Direxion:Ntrl Gs Rl Br3X GASX 17.9 73.9 236.0 322.2 72.4 N.A.
Direxion:S&P OG EP Br 3X DRIP 46.4 70.5 212.1 207.5 29.1 N.A.
VelShs 3x Inv Crude ETN DWTI 3.6 46.5 133.1 6.2 –28.0 –31.6
VelShs 3x Inv Crude DWT 247.8 46.5 133.0 6.0 –28.1 N.A.
ProShs II:UltPro 3x SCO OILD 49.9 47.1 131.4 3.3 N.A. N.A.
UBS PS Daily 3x Inv Crd WTID 5.4 47.1 131.4 3.5 –29.2 N.A.
Direxion:EnergyBear 3X ERY 33.4 50.5 111.0 95.9 15.2 –3.1
MS US BO Idx -3X Inv Lev NRGD 51.0 44.4 99.3 N.A. N.A. N.A.
VelShs Dly 2x VIX ST ETN TVIX 879.2 79.3 98.7 –66.9 –72.6 –81.7
VelShs 3x Inv Nat Gas DGAZ 101.1 26.8 97.3 282.4 –16.9 –13.4
ProShs II:UlS Blm CrO SCO 75.3 30.5 77.7 16.7 –12.5 –10.5
Direxion:Reg Bnk Bear 3X WDRW 2.3 43.9 76.7 26.9 –7.1 N.A.
ProShs II:UltVIX STF ETF UVXY 550.5 58.8 73.6 –49.3 –63.2 –78.1Best-Performing Bond Funds
Total Return (%)
Assets Annualized
Fund Ticker ($ millions) February YTD 1-year 3-year 5-year
Direxion:20+Y Trs Bl 3X TMF 256.1 20.2 48.3 109.0 27.3 11.3
ProShares:Ult 20+ Yr Tr UBT 43.4 13.9 30.0 68.0 19.3 9.3
PIMCO ETF:25+ Yr US Tres ZROZ 321.5 9.6 21.8 50.2 16.0 8.2
ProFunds:US Gov Pl;Inv GVPIX 38.9 10.0 21.8 45.7 13.6 6.3
Rydex:Gv LB 1.2x Str;Inv RYGBX 183.5 9.5 20.6 43.6 13.1 6.4
PIMCO:Extend Dur;Inst PEDIX 1,604.0 9.1 20.5 44.7 14.8 7.8
Vanguard Ext Dur T;ETF EDV 2,900.3 8.8 20.0 45.1 15.0 7.9
Direxion:7-10Y Trs Bl 3X TYD 16.8 8.7 19.6 43.0 13.4 7.5
Wasatch:Hois US Tr;Inv WHOSX 390.3 7.9 16.6 38.1 12.4 6.4
ProShs II:UltSht AUD CROC 6.2 5.5 16.2 19.8 10.3 3.4
Fidelity SAI LT TBI FBLTX 932.3 6.8 14.9 32.6 11.4 N.A.
Fidelity Srs LgTm Trs FTLTX 8,108.0 6.6 14.6 31.9 11.0 N.A.
Fidelity Lg Tr Trs Bd Ix FNBGX 2,426.5 6.6 14.6 31.9 N.A. N.A.Worst-Performing Stock Funds
Total Return (%)
Assets Annualized
Fund Ticker ($ millions) February YTD 1-year 3-year 5-year
Direxion:Nat Gas Bull 3X GASL 34.6 –52.5 –77.4 –93.8 –76.6 –81.2
Direxion:S&P OG EP Bl 3X GUSH 149.4 –51.6 –75.4 –91.2 –71.1 N.A.
VelShs 3x Long Crude UWT 430.0 –37.4 –63.1 –67.3 –40.9 N.A.
VelShs 3x Long Crude ETN UWTI 20.4 –37.4 –63.0 –67.3 –40.8 –55.5
ProShs II:UltPro 3x CO OILU 102.0 –37.7 –62.8 –66.5 N.A. N.A.
UBS PS Daily 3x Lng Crd WTIU 11.5 –37.6 –62.7 –66.4 –39.7 N.A.
VelShs 3x Long Nat Gas UGAZ 644.2 –30.6 –58.4 –91.1 –72.7 –75.4
Direxion:EnergyBull 3X ERX 218.9 –39.7 –58.2 –65.8 –38.9 –33.3
MS US BO Idx 3X Lvrgd NRGU 33.7 –38.7 –57.3 N.A. N.A. N.A.
Direxion:MSCI Bra Bull3X BRZU 311.2 –34.5 –49.8 –41.9 –22.7 –23.2
ETF Mgr:Brkwv DB Shppng BDRY 1.4 –16.2 –49.3 –27.1 N.A. N.A.
Direxion:Reg Bnk Bull 3X DPST 18.8 –34.9 –48.1 –49.4 –27.6 N.A.
ProShs II:Ult Blm CrO UCO 338.0 –26.3 –47.3 –45.8 –21.4 –33.6Worst-Performing Bond Funds
Total Return (%)
Assets Annualized
Fund Ticker ($ millions) February YTD 1-year 3-year 5-year
iPath ETN Trs Lng Bear A DLBS 4.2 -58.0 -73.7 -84.7 -46.7 -32.5
iPath ETN Trs 10Y Bear A DTYS 16.4 -44.5 -62.0 -75.6 -36.3 -25.1
Barclays Inv US TC ETN TAPR 6.4 -25.8 -43.2 -68.8 -32.7 -24.3
Direxion:20+Y Trs Br 3X TMV 100.7 -18.0 -34.4 -58.3 -29.0 -22.4
ProShares:UPSh 20+ Trs TTT 25.5 -18.7 -34.1 -58.5 -28.6 -21.8
iPath ETN Trs 5Yr Bear DFVS 3.2 -16.8 -27.6 -41.7 -13.4 -10.1
ProShares:UlS 20+ Yr Trs TBT 524.6 -12.6 -23.9 -43.0 -18.9 -13.7
UBS AG Enh Eur Gl HY ETN FIHD 1,869.1 -19.0 -23.6 -4.6 5.3 N.A.
iPath ETN Trs 2Y Bear A DTUS 2.2 -12.5 -18.2 -28.0 -3.9 -4.0
Direxion:7-10Y Trs Br 3X TYO 10.1 -8.3 -16.8 -32.3 -14.3 -11.9
Rydex:Inv Gv LB Str;Inv RYJUX 35.8 -7.4 -14.6 -26.5 -10.4 -6.7
Direxion:20+Y Trs Br 1X TYBS 1.7 -6.2 -12.7 -23.0 -8.9 -6.3
ProShares:Sht 20+ Treas TBF 204.7 -6.4 -12.6 -23.5 -9.1 -6.4
Note:Forfundswithmultipleshareclasses,onlythelargestis shown. N.A.:Notapplicable;fundis toonewor datanotavailableData provided byCHARLES KRUPA/AP PHOTOI
nvestor Wyc Grousbeck knows
about investing in traditional
startups as a venture capital-
ist. And he knows about in-
vesting in a pro sports team.
And he knows there’s a big
difference between the two.
Mr. Grousbeck spent seven
years as a partner at Highland
Capital Partners. In 2013, he co-
founded Causeway Media Part-
ners , which invests in sports me-
dia and tech companies, such as
online ticket broker SeatGeek.
But Mr. Grousbeck’s biggest
sports investment is the Boston
Celtics. He led a four-person
group, including his father, that
bought the NBA team for $360
million in 2002. Forbes magazine
estimates the team’s current
value at $3.1 billion.
How does venture-capital in-
vesting compare with investing in
sports teams? For one thing, Mr.
Grousbeck isn’t as worried about
profits for the Celtics. And he gets
psychic benefits from owning the
Celtics that he doesn’t get from
other investments.The long view
WSJ: How would you compare in-
vesting in a sports team such as
the Celtics to investing in finan-
cial markets and more-conven-
tional venture-capital and pri-
vate-equity companies?
MR. GROUSBECK: Consider thetop 10 companies in the world—
the technology, energy, financial
and consumer-goods giants,
some with trillion-dollar market
caps.Wheredotheygofrom
here? Consider the fierce compe-
tition they each face, as technol-
ogy and market tastes evolve
rapidly and unpredictably. Doz-
ens of serious competitors are
coming after them.
Will they all still be around,
intact, in 10 years? Twenty
years? Will they appreciate from
here? Will they be able to hold
off the competition? It’s hard to
say.WSJ: And how are sports teams
different?MR. GROUSBECK: Consider the
top 10 sports teams in the
world—the iconic teams that are
known world-wide, that millions
and even billions of global fans
can now watch digitally on
smartphones. Our leagues and
teams are setting new revenue
records yearly. The teams build
on decades of history and bene-
fit from being part of an orga-
nized and cost-controlled league
structure. Franchises are strictly
limited, digital distribution is
growing world-wide, and gener-
ations of fans are passing on
loyalty to their children.
Will these teams be around,
intact, for 10, 20, 30 years to
come, still entertaining fansglobally? I think so. It feels like a
solid bet over the long term.WSJ: What does the difference be-
tween sports investments and
conventional business investments
mean for your portfolio as a
whole?
MR. GROUSBECK: An investment
exposure to professional sports
can diversify and strengthen your
portfolio. I have been heavily in-
vested in sports since 2002.Measuring value
WSJ: Are profits as important for
you in the Celtics as they are in
other publicly traded, venture-
capital and private-equity compa-
nies?
MR. GROUSBECK: At the Celtics,
we are long-term owners, and we
prioritize putting the best possi-
ble team on the court. Our mis-
sion is to compete for champion-
ships and uphold our values in
the community, not to look at
quarterly numbers.
When we organized our owner-
ship group, we all agreed that we
would try to win above all, put-
ting financial considerations
down the list. And yet, the busi-
ness has remained cash-positive
and has appreciated, thanks to
our great players, fans, and cor-
porate and media partners.WSJ: A number of experts think
company valuations in the ven-
ture-capital, private-equity and
publicly traded stock markets
have soared to unsustainable lev-
els. What’s to say the same isn’t
true for sports teams, whose valu-
ations also have exploded in re-
cent years?
MR. GROUSBECK: These teams
offer real, measurable value—be-
yond cash flows—to the right
buyers. My Celtics partners and I
wouldn’t have paid a record-set-
ting purchase price back in 2002
if we had relied solely on accoun-
tants to value the projected cash
flows. And we would have missed
the deal of a lifetime.Mr. Weilis a writer in West
Palm Beach, Fla. He can be
reached [email protected].Wyc Grousbeck says sports teams might outlive some top companies.BYDANWEILOwning an NBA Team
Is ‘Win Above All’
How is investing in the
NBA different from
investing in startup
companies? The
answers from a guy
who has done both.Q&A
SPOTLIGHT|NASDAQ
100 COVERED CALLANasdaq
‘CoveredCall’
ETFGrows
An exchange-traded fund that
uses an options strategy to gen-
erate income has recently had a
surge of investor interest.
In a little over a year, assets
under management forGlobal X
Nasdaq 100 Covered CallETF
(QYLD) have jumped to $990.6
million from $388 million at the
beginning of 2019.
“Lately, we’ve seen an uptick
in flows,” says Rohan Reddy, a
research analyst for Global X in
New York. He says the fund’s
approach, which offers high
yields—currently more than 9%—
while holding on to exposure
from the tech-heavy Nasdaq-100
index, is attractive to those
seeking to hedge their bets.
The specifics of QYLD’s
strategy, known as covered-call
writing, may be simple in con-
cept but can be trickier in prac-
tice. The fund owns stocks in
the Nasdaq-100 index such as
Apple, Microsoft and Ama-
zon.com. At the same time, it
sells “call” options on the Nas-
daq-100 index each month, the
proceeds of which are distrib-
uted to the fund’s holders
monthly. The call options, which
give the buyer the right to buy
assets at an agreed price on a
particular date, will pay out if
the index rises during the next
month.
“This strategy takes a sophis-
ticated investment approach but
makes it really simple,” says
Todd Rosenbluth, head of ETF
and mutual-fund research at an-
alytics firm CFRA.
In many ways, the fund offers
a defensive strategy—a reduced
investment risk, but at the price
of lower long-term performance,
says Mr. Reddy.
—Simon Constable