2003 Stock Mutual Fund Rankings

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Mutual Fund Companies

2003 Stock Mutual Fund Rankings

The following table contains the final results of my ranking system based on calendar year data through December 31, 2003 which were published in 2004:

Score	Ticker Symbol	Fund Objective	First Calendar Year	Group Name	Fund Name
65.75	HRTVX	SV	1985	Heartland	Value
61.18	LMVTX	XV	1991	Legg Mason	Value Trust - Primary Class
60.20	VGHCX	SE	1985	Vanguard	Health Care; Inv
59.78	LLPFX	XV	1988	Longleaf Partners	Partners Fund
59.40	MUHLX	MV	1989	Muhlenkamp	Fund
56.42	VGPMX	SE	1985	Vanguard	Precious Metals
55.74	MVALX	MC	1995	Meridian	Value
55.58	WGROX	MC	1987	Wasatch	Core Growth
55.17	MERDX	MC	1990	Meridian	Growth
54.66	WVALX	XV	1987	Weitz	Value
54.53	VGENX	SE	1985	Vanguard	Energy; Inv
53.53	VWNDX	XV	1974	Vanguard	Windsor; Inv
53.08	VPMCX	XC	1985	Vanguard	PRIMECAP; Inv
51.71	NAESX	SC	1979	Vanguard	Small-Cap Index; Inv
51.12	VEXPX	SG	1974	Vanguard	Explorer; Inv
50.40	HAINX	IL	1992	Harbor	International; Inst
49.80	WOGSX	LG	1993	Oak Associates	White Oak Growth Stock
49.67	THPGX	XC	1993	Thompson Plumb	Growth
49.36	VSEQX	MC	1996	Vanguard	Strategic Equity
48.91	VWNFX	LV	1986	Vanguard	Windsor II; Inv
48.19	VTRIX	IL	1984	Vanguard	International Value
47.81	VEXMX	MC	1988	Vanguard	Extended Market Index; Inv
47.37	OAKMX	XV	1992	Oakmark	Fund; I
46.17	VHGEX	GL	1996	Vanguard	Global Equity
46.01	VQNPX	LC	1987	Vanguard	Growth and Income; Inv
44.06	VMRGX	XG	1974	Vanguard	Morgan Growth; Inv
43.41	VHCOX	XC	1996	Vanguard	Capital Opportunity; Inv
43.21	VFINX	LC	1977	Vanguard	500 Index; Inv
43.06	VEIEX	IL	1995	Vanguard	Emerging Markets Stock Index
42.80	VEIPX	EI	1989	Vanguard	Equity Income; Inv
42.35	VEURX	IL	1991	Vanguard	European Stock Index; Inv
41.92	VGSIX	SE	1997	Vanguard	REIT Index; Inv
40.17	VIVAX	LV	1993	Vanguard	Value Index; Inv
39.70	VWIGX	IL	1982	Vanguard	International Growth; Inv
39.55	POGSX	XG	1993	Oak Associates	Pin Oak Aggressive Stock
39.29	VASVX	MV	1997	Vanguard	Selected Value
38.26	VPACX	IL	1991	Vanguard	Pacific Stock Index; Inv
38.05	VTSMX	XC	1993	Vanguard	Total Stock Market Index; Inv
37.93	VIGRX	LG	1993	Vanguard	Growth Index; Inv
37.48	VISVX	SV	1999	Vanguard	Small-Cap Value Index
36.90	VGEQX	LG	1993	Vanguard	Growth Equity
36.33	VTGIX	LC	1995	Vanguard	Tax-Managed Growth and Income; Inv
36.03	VWUSX	LG	1974	Vanguard	U.S. Growth; Inv
35.98	MCVLX	LV	1995	Merrill Lynch	Basic Value; C
35.32	VISGX	SG	1999	Vanguard	Small-Cap Growth Index
33.74	VTMSX	SC	2000	Vanguard	Tax-Managed Small-Cap
33.34	VMCAX	XC	1995	Vanguard	Tax-Managed Capital Appreciation; Inv
33.19	VIMSX	MC	1999	Vanguard	Mid-Cap Index; Inv
32.84	VGTSX	IL	1997	Vanguard	Total International Stock Index
30.46	MCVLX	GL	1997	Merrill Lynch	Global Value; C
28.79	VGSUX	SE	1993	Vanguard	Dividend Growth
25.30	ROGSX	SE	1999	Oak Associates	Red Oak Technology Select
20.58	VTMGX	IL	2000	Vanguard	Tax-Managed International
20.29	VUVLX	XV	2001	Vanguard	U.S. Value
18.35	VDMIX	IL	2001	Vanguard	Developed Markets Index
8.92	VCSIX	LC	2001	Vanguard	Calvert Social Index

Fund Objective is primarily based on classifications by Lipper Inc., but I have combined and/or modified some categories:

Equity Income (EI): Funds that seek high current income and growth of income.
Global Stock (GL): Funds that invest in securities traded outside the U.S. and may own U.S. securities as well.
International (IL): Funds that invest in non-U.S. companies.
Large-Cap Core (LC): Funds that invest in large companies, with latitude in the type of shares they buy. This category also includes funds that are designed to replicate the performance of the Standard & Poor's 500 index on a reinvested basis.
Large-Cap Growth (LG): Funds that invest in large companies with long-term earnings expected to grow significantly faster than those of companies in major indexes.
Large-Cap Value (LV): Funds that invest in large companies considered undervalued relative to major indexes based on price-to-earnings ratios, price-to-book ratios and earnings growth.
Midcap Core (MC): Funds that invest in midsize companies, with latitude in the type of shares they buy.
Midcap Growth (MG): Funds that invest in midsize companies with long-term earnings expected to grow significantly faster than those of companies in major indexes.
Midcap Value (MV): Funds that invest in midsize companies considered undervalued relative to major indexes based on price-to-earnings ratios, price-to-book ratios and earnings growth.
Multicap Core (XC): Funds that invest in companies of various size, with latitude in the type of shares they buy.
Multicap Growth (XG): Funds that invest in companies of various size with long-term earnings expected to grow significantly faster than those of companies in major indexes.
Multicap Value (XV): Funds that invest in companies of various size considered undervalued relative to major indexes based on price-to-earnings ratios, price-to-book ratios and earnings growth.
Sector (SE): Funds that invest in companies restricted to specific sectors such as: gold, health, biotech, natural resources, technology, etc.
Small-Cap Core (SC): Funds that invest in small companies, with latitude in the type of shares they buy.
Small-Cap Growth (SG): Funds that invest in small companies with long-term earnings expected to grow significantly faster than those of companies in major indexes.
Small-Cap Value (SV): Funds that invest in small companies considered undervalued relative to major indexes based on price-to-earnings ratios, price-to-book ratios and earnings growth.

Disclaimer:
Information has been obtained from sources believed to be reliable, but cannot be guaranteed.
Analysis is based on past performance and is no guarantee of future results.

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Last revised: September 16, 2004