Mutual Funds: Best and Worst | The Canadian Encyclopedia


Mutual Funds: Best and Worst

This article was originally published in Maclean’s magazine on January 27, 1997. Partner content is not updated.

That, of course, is the pitch many mutual fund investors want to hear - and one the financial services industry is only too happy to pump out. But savvy investors know that in the markets, big returns often go hand in hand with big risks.
Mutual Fund Investment
(courtesy Maclean's).

Mutual Funds: Best and Worst

It doesn't get much better than this. Or does it? With the annual RRSP season now in high gear - the deadline for 1996 contributions is March 1 - Canadian investors are going crazy for mutual funds, shovelling money into them at an estimated rate of $2 billion a week. The widespread enthusiasm for fund investing is not hard to understand: in a year when North American stock markets outperformed even the most optimistic forecasts, the average Canadian equity fund returned a juicy 25.6 per cent in 1996. Added to the previous year's 12.5-per-cent average gain, investors have reaped $41.30 in profit for every $100 invested at the start of 1995. A few more years of stellar results like those and early retirement will be more than a distant dream for legions of RRSP-rich Canadians.

That, of course, is the pitch many mutual fund investors want to hear - and one the financial services industry is only too happy to pump out. But savvy investors know that in the markets, big returns often go hand in hand with big risks. Consider what happened in early 1994, when funds that invest in Latin America and other so-called "emerging markets" were boasting average year-over-year gains of 70.2 per cent. Hoping to achieve similar returns, thousands of RRSP holders across the country pulled money out of GICs and stashed it into emerging-market funds - only to see the value of their investments plummet 9.5 per cent by the end of 1994 and another 12.4 per cent in 1995. The sector managed a modest improvement in 1996, but investors who jumped in three years ago are still showing a loss.

Such hazards, and how to avoid them, are the basis of this 16-page report on mutual funds. The package includes rankings of the best and worst funds in six major fund categories based on returns over three and five years, as calculated by BellCharts Inc., an independent Toronto-based company that analyzes fund performance. Also featured are the results of an exclusive cross-Canada poll of investors conducted for Maclean's by Marketing Solutions, a financial services consulting company. In addition, an investment roundtable offers advice from the experts on how to avoid some of the most common mistakes committed by mutual fund buyers.

With mutual fund assets growing at a breakneck pace, the need for such information has never been greater. Indeed, some fund managers can scarcely keep up with the tide of money washing into their accounts. During 1996, the total amount invested in Canadian stock funds - currently the hottest fund category - soared a whopping 62 per cent to $58.2 billion.

Counting mutual funds of all types, investors had a record $211.8 billion socked away by the end of 1996, 45 per cent more than at the beginning of the year and five times as much as at the start of the decade. Industry players expect the total to hit $250 billion by the end of the current RRSP season and $600 billion by the year 2000. "It's huge - unprecedented," says Sherry Cooper, chief economist for Nesbitt Burns Inc., a Toronto-based brokerage. She believes that fund sales will continue to swell over the next two decades as anxious baby boomers shift away from consumption in order to stash money into their RRSPs for retirement. "The perception is that the government is not going to take care of us in our old age, so we'd better take care of ourselves."

The exploding popularity of fund investing is certainly a boon to the financial services industry. Along with the major fund companies, Canada's banks and trust companies are pulling in fat profits from their mutual fund operations - a key reason why the combined earnings of the Big Six banks hit a record $6.3 billion in the 1996 fiscal year. By all accounts, the fund industry will be even more of a money spinner in 1997. "We're really excited," says John Wiltshire, marketing vice-president for Investors Group, Canada's largest fund company with $25 billion in assets under management as of Dec. 31. To handle the seasonal rush, Investors Group has taken on board an additional 80 temporary administrative staff at its Winnipeg headquarters, bringing the total to about 340. "If you look at the orders coming in on a daily basis, there's a lot more activity this year than last. It's going to be a great year."

The increasing popularity of fund investing is also, in some eyes, a positive development for the Canadian economy. "I think it is very healthy," Finance Minister Paul Martin told Maclean's in a recent interview. "As a country, our savings rate is quite low. So to the extent that Canadians are saving for their retirement, I think that speaks well for the future." In particular, Martin applauds the growing number of Canadians who are choosing to invest in Canadian corporations through equity mutual funds. "The buy-in to the economy is very important. The more that Canadians can identify with the health of Canadian companies, the better it is going to be."

In the past few years, Canada's mutual fund industry has gone mainstream. A survey last June by Marketing Solutions concluded that 40 per cent of Canadian households currently have money in one or more mutual funds. That compares with 34 per cent in 1995 and 26 per cent in 1993. A separate study by two U.S. consulting firms, Cerulli Associates Inc. and Lipper Analytical Services Inc., revealed that Canadian households that invest in mutual funds have, on average, $17,811 in fund assets. Fully half of them had never invested in mutual funds prior to 1993.

For a more detailed look at who is buying mutual funds, Marketing Solutions conducted a telephone poll of principal or joint financial decision-makers in a representative sample of 1,000 Canadian households with at least $10,000 in savings. Results of the survey, which was carried out for Maclean's between Nov. 5 and Nov. 12, are considered accurate within 3.1 percentage points, 19 times out of 20.

Nationally, 49 per cent of the respondents said that they have money invested in mutual funds, making that category the single most broadly held form of security. By comparison, 43 per cent hold GICs, 33 per cent have Canada Savings Bonds, 30 per cent own individual company shares and 28 per cent have money in term deposits or some other form of guaranteed investment.

Not surprisingly, fund ownership varies greatly by household income: 34 per cent of respondents earning $50,000 or less annually currently hold mutual funds, compared with 54 per cent of those between $50,000 and $80,000, and 67 per cent of those earning $80,000 or more. In contrast, age appears to have little influence on the decision to invest. Mutual funds are held by half of all respondents aged 18 to 34 and slightly more than half of respondents between the ages of 35 and 64. Only after retirement does fund ownership fall off, to 29 per cent of respondents 65 or older.

Clearly, most of those who have plowed money into mutual funds are convinced that they made the right decision. Asked which investment "would be the best to make right now," 30 per cent of those questioned chose mutual funds. The second most frequent answer was real estate (17 per cent), followed by GICs and other bank deposits (13 per cent), individual stocks (12 per cent) and government or corporate bonds (seven per cent). Separately, 62 per cent of investors said that the best way to invest in the stock market is through equity mutual funds, rather than purchasing individual shares. "Even among people who have high household incomes, and are therefore arguably more sophisticated, it's not even close," said Marketing Solutions president Dan Richards. "It's clear that mutual funds are far and away the favorite choice of Canadian investors."

For all that, Richards sees some worrisome signs in the poll results. He points out, for example, that of the respondents with RRSPs, 52 per cent have none of their savings in foreign assets. Another 16 per cent have less than the legal maximum of 20 per cent and 11 per cent said they were unsure whether their retirement savings plans included any foreign content. In other words, only about one in five are taking full advantage of the foreign-content limit on RRSPs - even though financial planners agree that the best way to maximize long-term return and reduce risk is to invest as much as possible in international markets, where returns tend to be higher.

The investors in the survey were also asked to rate their own level of knowledge as investors. Twenty-nine per cent described themselves as extremely or fairly knowledgeable, 41 per cent said they were somewhat knowledgeable and 30 per cent said they were not very or not at all knowledgeable. Yet in response to a follow-up question, fully 51 per cent said that they spend less than five hours a year reviewing their portfolios and considering different investment options. "What's really astonishing is that these are people with at least $10,000 in savings," Richards said. "When we correlate these results with the answers to some of our investor literacy questions, it turns out that a significant number of Canadians think they know a fair amount about investing but don't. And that's dangerous. The people who are really in trouble are the ones who don't know what they don't know."

All the more reason, then, why Canadian investors should look for straightforward, objective information that can help them identify the best mutual funds for their needs. The need for careful planning is especially strong now, with the Toronto Stock Exchange 300 index perched at an all-time high of 6,139 after a five-year bull run. Should investors play it safe and pull out of the market? Or should they sit tight in the hope that low inflation, low interest rates and fat corporate profits - not to mention the huge volume of cash rolling into stock-based mutual funds - will combine to keep the market chugging forward?

For what it's worth - and the market often proves the professionals wrong - the consensus among analysts at the moment is that 1997 should bring modest gains. But a market meltdown cannot be ruled out, especially if interest rates rise significantly or corporate profits falter. Rather than trying to predict the future, says Rob Bell, president of BellCharts, investors who are in for the long haul are best advised to stick with a balanced fund portfolio of domestic and foreign stocks, bonds and other debentures.

Because there are so many possible ways of measuring fund performance, Maclean's began the ranking process by consulting three seasoned investment professionals: Eric Kirzner, adjunct associate professor of finance at the University of Toronto and co-author of The Fundline Advisor; Wendy Brodkin, manager of asset consulting at Towers Perrin, a human-resource consulting firm; and John Kaszel, director of academic affairs and research for the Investment Funds Institute of Canada, which represents most of the country's fund companies.

Their advice: instead of focusing on 1996 results, look at a fund's track record over the longer term, taking into account the level of risk it incurred to achieve those returns. Based on their suggestions, BellCharts ranked the best and worst funds according to three different measures: the annual compound return over three years; the risk-adjusted three-year return; and the average annual return over each of the past five years. (Funds that have not been in existence for at least three years were not included in the rankings. Nor do the rankings consider specialty funds - such as those that invest primarily in precious metals or resources - which tend to be more volatile than other equity funds and suitable mainly for experienced investors.)

The accompanying lists of best and worst funds in six major fund categories identify funds that have performed well in the recent past. The experts caution, however, that a fund's history is no guarantee of future performance, and that investors should study a fund's particular investment style before deciding whether to put money into it.

A case in point is the AIC Advantage Fund, which outperformed all other Canadian equity funds with a three-year annual compound return of 23.7 per cent and an average annual return over five years of 39.8 per cent. Unlike many other equity funds, AIC Advantage invests primarily in one sector - the financial services industry. In today's market, the strategy has proven a winner, which explains why the fund's assets have swollen to $1.2 billion from $218 million at the start of 1996. But the fund's lack of diversification also exposes investors to significant risks - as illustrated by the fact that AIC Advantage lost money during the five years prior to 1992 and was the fourth-worst performing mutual fund in Canada during the most recent bear market, from December, 1990, to October, 1991.

The lesson: look before you leap. Investors who do their homework, define their objectives and resist the temptation to get caught up in the latest market hype may miss some of the red-hot gainers, but they will also likely avoid being bitten by some real dogs. In building a long-term investment plan, the goal should be nothing less.

Maclean's January 27, 1997

Maclean's Marketing Solutions Poll

Q: Which of the following investments do you hold?

Mutual funds 49%

GICs 43%

Canada Savings Bonds 33%

Individual stocks 30%

Term deposits 28%

Q: If there were a big crash in the stock market, would you increase, decrease or maintain your holdings of stocks or stock mutual funds?

Increase holdings 22%

Maintain holdings 58%

Reduce holdings 8%

Sell all holdings 3%

Not sure 8%

Q: Which of the following is the best investment to make right now?

Mutual funds 30%

Real estate 17%

Bank deposits/GICs 13%

Individual stocks 12%

Government/corporate bonds 7%

Money market funds 6%

Gold or other precious metals 4%

Don't save or invest 3%

Not sure 7%

Q: In the past few years, have your investments in stocks and stock mutual funds met, exceeded or failed to meet your expectations?

Exceeded expectations 29%

Met expectations 56%

Failed to meet expectations 12%

Don't know/not sure 4%

Q: In the long run, what sort of total return do you expect the stock market will produce for you?

Less than 10%: 30%

10% to below 12%: 33%

12% to below 15%: 18%

15% or more: 13%

Not sure: 7%

Q: Which is the better way to invest in the stock market?

Mutual funds 62%

Individual stocks 20%

Don't know/no answer 18%

Q: What proportion of your RRSP investments are outside Canada?

None: 52%

Less than 20%: 16%

20%: 14%

More than 20%: 7%

Don't know: 11%


Three-year annual compound return: Annual compound rate of return over three years. Risk-adjusted three-year return: A fund's three-year compound return divided by its standard deviation - a measure of volatility. The number is a ratio that weights return against the degree of risk. The higher the number, the greater the return for the amount of risk. Average one- to five-year annual return: Average annual return over five years. Shows which funds performed best in the medium term.


Funds that invest in shares of Canadian corporations (3 years: 145 funds; 5 years: 124 funds)


AIC Advantage Fund 23.7%

Navigator Value Investment Retirement 22.2%

Phillips, Hager & North Vintage Fund 19.2%

Tradex Equity Fund Ltd. 17.4%

Optima Canadian Equity Fund 17%

Equitable Life Seg Common Stock 16.9%

Scotia Excelsior Canadian Growth 16.8%

McLean Budden Pooled Canadian 16.7%

AltaFund Investment Corp. 16.1%

Phillips, Hager & North Pooled Pension Trust 15.7%


Cambridge Growth Fund -4.8%

Canadian Protected Fund 2.1%

Trans-Canada Value Fund 3.4%

University Avenue Canadian Fund 3.6%

Dolphin Growth Fund 3.8%


Ivy Canadian Fund 4.68%

Cundill Security Fund 4.6%

Optima Canadian Equity Fund 3.93%

AIC Advantage Fund 3.86%

Phillips, Hager & North Vintage Fund 3.83%

Navigator Value Investment Retirement 3.78%

Equitable Life Seg Common Stock 3.4%

Tradex Equity Fund Ltd. 3.34%

Standard Life Ideal Equity Fund 3.32%

Bissett Canadian Equity Fund 3.22%


Canadian Protected Fund -2.64%

Cambridge Growth Fund -2.15%

Dolphin Growth Fund -0.69%

University Avenue Canadian Fund -0.57%

Trans-Canada Value Fund -0.55%


AIC Advantage Fund 39.8%

AltaFund Investment Corp. 26.3%

Phillips, Hager & North Vintage Fund 25.7%

McLean Budden Pooled Canadian 24.7%

Tradex Equity Fund Ltd. 23.1%

Scotia Excelsior Canadian Growth 22.9%

Bissett Canadian Equity Fund 22.8%

Saxon Stock Fund 22.6%

Guardian Growth Equity Fund 'A' 22.2%

McLean Budden Equity Growth Fund 21.9%


Cambridge Growth Fund 4.5%

Canadian Protected Fund 4.6%

Dolphin Growth Fund 5.6%

Admax Canadian Select Growth 7.7%

All-Canadian Compound Fund 8.3%


Funds that invest in small- and midsize corporations (3 years: 32 funds; 5 years: 20 funds)


Marathon Equity Fund 27.2%

Multiple Opportunities Fund 27%

Sceptre Equity Growth Fund 26.1%

Colonia Special Growth Fund 25.9%

Millennium Next Generation Fund 21.7%

20/20 RSP Aggressive Equity 21.4%

BPI Canadian Small Companies 20.5%

Pacific Special Equity Fund 20%

Guardian Enterprise Fund 'A' 19.6%

Bissett Small Cap Fund 17.7%


Cambridge Special Equity 0.8%

Canada Trust Everest Special Equity 1.5%

Industrial Equity Fund Ltd. 2.4%

CIBC Capital Appreciation Fund 4%

Altamira Special Growth Fund 5.4%


Sceptre Equity Growth Fund 5.44%

Colonia Special Growth Fund 4.35%

Marathon Equity Fund 4.09%

Millennium Next Generation Fund 4.01%

Guardian Enterprise Fund 'A' 3.62%

Bissett Small Cap Fund 3.35%

Spectrum United Canadian Growth 3.08%

BPI Canadian Small Companies 2.89%

ABC Fundamental Value Fund 2.79%

Mutual Premier Growth Fund 2.75%


Canada Trust Everest Special Equity -1.29%

Industrial Equity Fund Ltd. -0.85%

CIBC Capital Appreciation Fund -0.61%

Cambridge Special Equity -0.6%

General Trust of Canada Growth -0.14%


Multiple Opportunities Fund 45.7%

Marathon Equity Fund 41.8%

Bissett Small Cap Fund 34%

BPI Canadian Small Companies 31.1%

Sceptre Equity Growth Fund 30.7%

Guardian Enterprise Fund 'A' 28.4%

ABC Fundamental Value Fund 26.2%

Mawer New Canada Fund 25.6%

GBC Canadian Growth Fund 22.618%

Spectrum United Canadian Growth 22.615%


Canada Trust Everest Special Equity 11.4%

Cambridge Special Equity 11.6%

CIBC Capital Appreciation Fund 12.6%

Industrial Equity Fund Ltd. 13.3%

Laurentian Special Equity Fund 13.5%


Funds that invest in bonds and other fixed-income securities (3 years: 97 funds; 5 years: 83 funds)


Batirente-Sec Obligations 9.6%

SSQ-Obligations Canadiennes 9.4%

McLean Budden Pooled Fixed Income 9.3%

University Avenue Bond Fund 9.24%

C. I. Canadian Bond Fund 9.18%

Optimum Obligations 9.11%

Empire Group Bond Fund 9.1%

Dynamic Income Fund 9.09%

Bissett Bond Fund 9.04%

Green Line Canadian Bond Fund 8.8%


Top Fifty T-Bill/Bond Fund 2.6%

BPI Canadian Bond Fund 2.7%

Manulife Vista Bond 2 4.2%

Metlife MVP Bond Fund 4.59%

20/20 Income Fund 4.63%


Dynamic Income Fund 3%

C. I. Canadian Bond Fund 1.98%

SSQ-Obligations Canadiennes 1.78892%

Empire Group Bond Fund 1.78887%

Batirente-Sec Obligations 1.77%

University Avenue Bond Fund 1.76%

McLean Budden Pooled Fixed Income 1.61%

Bissett Bond Fund 1.55%

Optimum Obligations 1.46%

Phillips, Hager & North Bond Fund 1.44%


Top Fifty T-Bill/Bond Fund -2.09%

BPI Canadian Bond Fund -1.2%

Templeton Canadian Bond Fund -0.89%

Manulife Vista Bond 2 -0.75%

20/20 Income Fund -0.66%


Batirente-Sec Obligations 12.6%

McLean Budden Pooled Fixed Income 12.4%

Optimum Obligations 12.24%

SSQ-Obligations Canadiennes 12.23%

Empire Group Bond Fund 11.81%

Green Line Canadian Bond Fund 11.79%

Altamira Bond Fund 11.6%

Bissett Bond Fund 11.51%

Phillips, Hager & North Bond Fund 11.45%

Desjardins Bond Fund 11.41%


BPI Canadian Bond Fund 4.6%

Top Fifty T-Bill/Bond Fund 5.8%

Pursuit Canadian Bond Fund 6.6%

Trans-Canada Bond Fund 6.8%

Metlife MVP Bond Fund 6.9%

TOP 10 FUNDS OF 1996

1. BPI Canadian Opportunities RSP Fund 89.1%

2. Friedberg Currency Fund 72%

3. Green Line Precious Metals Fund 70.1%

4. Colonia Special Growth Fund 69.8%

5. Dynamic Global Resource Fund 68.5%

6. AIC Advantage Fund 66.5%

7. AIC Diversified Canada Fund 65.1%

8. Maxxum Precious Metals Fund 58.7%

9. Global Strategy Gold Plus Fund 57.5%

10. Beutel Goodman Small Cap Fund 52.8%

They are the all-stars, the 10 hottest funds of 1996. Investors who were wise - or lucky - enough to park their savings in one or more of them for the year reaped profits of between 52.8 and 89.1 per cent.

Impressive numbers, to be sure. But that is no reason to rush out and buy them, cautions Rob Heinkel, a professor of finance at the University of British Columbia. "Basing your investment decisions on one year's performance is dangerous at best," he says. "In one year, almost anything can happen." Adds Richard Croft, co-author of The Fundline Advisor: "In many cases, last year's winners may turn out to be this year's average players." Croft recommends assembling a diversified portfolio and staying put for at least five years. After all, investors who chase hot funds often get burned.


Funds with mixed portfolios of stocks and bonds (3 years: 111 funds; 5 years: 96 funds)


ABC Fully-Managed Fund 16.7%

Caldwell Securities Associate 14.7%

Ivy Growth and Income Fund 13.6%

Sceptre Balanced Growth Fund 13.3%

Saxon Balanced Fund 13.2%

Bissett Retirement Fund 12.85%

Industrial Pension Fund 12.79%

AGF Growth & Income Fund 'A' 12.3%

McLean Budden Pooled Balanced 12.2%

Phillips, Hager & North Balanced Pension Trust 12.1%


Cambridge Balanced Fund -0.7%

McDonald Canada Plus Fund 3.7%

BPI Canadian Balanced Fund 4.7%

Altamira Balanced Fund 5.5%

Altamira Growth & Income Fund 5.8%


Ivy Growth and Income Fund 4.51%

ABC Fully-Managed Fund 3.49%

Bissett Retirement Fund 3.38%

Saxon Balanced Fund 3.24%

BG Private Balanced Fund 3.13%

PH & N Balanced Pension Trust 2.96%

Sceptre Balanced Growth Fund 2.93%

McLean Budden Pooled Balanced 2.82%

Caldwell Securities Associate 2.8%

Transamerica B.I.G. 2.77%


Cambridge Balanced Fund -1.9%

McDonald Canada Plus Fund -0.7%

BPI Canadian Balanced Fund -0.49%

Altamira Balanced Fund -0.19%

Altamira Growth & Income Fund -0.02%


ABC Fully-Managed Fund 24.2%

Industrial Pension Fund 19.4%

Saxon Balanced Fund 18.8%

Sceptre Balanced Growth Fund 18.4%

AGF Growth & Income Fund 'A' 17.8%

Bissett Retirement Fund 16.9%

Caldwell Securities Associate 16.58%

McLean Budden Pooled Balanced 16.57%

Maxxum Canadian Balanced Fund 15.7%

McLean Budden Balanced Fund 15.5%


Cambridge Balanced Fund 7.4%

BPI Canadian Balanced Fund 8.3%

LaSalle Balanced Fund 8.9%

Manulife Vista Diversified 2 9.2%

Altamira Growth & Income Fund 9.7%


Funds that invest in shares of U.S. companies (3 years: 75 funds; 5 years: 52 funds)


Universal U.S. Emerging Growth 20.6%

McLean Budden Pooled American 20.05%

Spectrum United American Growth 20.02%

SSQ-Actions Americaines 19.9%

AIC Value Fund 19.5%

Phillips, Hager & North U.S. Pooled Pension 18.9%

Green Line North American Growth 18.8%

Green Line U.S. Index Fund ($U.S.) 18.3%

Canada Trust Everest AmeriGrow 17.78%

Fidelity Growth America Fund 17.77%


Cambridge American Growth -10.4%

First American Fund -0.1%

Jones Heward American Fund 2.4%

Century DJ Fund 4.6%

InvesNat Blue Chip American Equity 5.6%


SSQ-Actions Americaines 5.34%

Investors U.S. Growth Fund 5.1%

Mawer U.S. Equity Fund 4.9%

Green Line U.S. Index Fund ($U.S.) 4.48%

PH & N US Pooled Pension 4.37%

Scotia CanAm Growth Fund 4.24%

McLean Budden Pooled American 4.204%

Canada Trust Everest AmeriGrow 4.201%

AIC Value Fund 4.09%

Green Line North American Growth 4.04%


Century DJ Fund -4.21%

First American Fund -3.77%

Cambridge American Growth -2.93%

Jones Heward American Fund -1.02%

InvesNat Blue Chip American Equity -0.1%


AIC Value Fund 26.5%

BPI American Small Companies 22.6%

Phillips, Hager & North U.S. Pooled Pension 22.5%

Spectrum United American Growth 21.1%

McLean Budden Pooled American 20.9%

Phillips, Hager & North U.S. Equity 20.8%

SSQ-Actions Americaines 20.3%

AGF American Growth Fund Ltd. 'A' 19.9%

Chou Associates Fund 19.7%

Green Line U.S. Index Fund ($U.S.) 19.6%


First American Fund 1.8%

Century DJ Fund 4.6%

University Avenue Growth Fund 5.8%

Admax American Select Growth 8.2%

Jones Heward American Fund 8.5%


Funds that invest in companies anywhere in the world (3 years: 66 funds; 5 years: 46 funds)


Trimark Fund 15.4%

Saxon World Growth 14.5%

Ivy Foreign Equity Fund 14.2%

Trimark Select Growth Fund 13.9%

OHA Foreign Equity Fund 13.8%

Green Line Global Select Fund 13.7%

Investors Growth Portfolio Fund 13.6%

Canada Life U.S. & Int'l Equity S-34 13%

Templeton International Stock 12.8%

Fidelity International Portfolio Fund 12.1%


Cambridge Global Fund -10.9%

Spectrum United Global Growth -3.1%

GBC International Growth Fund 1.1%

Orbit World Fund 1.3%

Admax International Fund 3%


Ivy Foreign Equity Fund 4.44%

Cundill Value Fund 4.18%

Investors Growth Portfolio Fund 3.3%

Trimark Fund 3.25%

Saxon World Growth 3.08%

Green Line Global Select Fund 2.81%

Trimark Select Growth Fund 2.79%

OHA Foreign Equity Fund 2.69%

Fonds de Professionnels Int'l Eq 2.46%

Canada Life U.S. & Int'l Equity S-34 2.45%


Spectrum United Global Growth -3.29%

Orbit World Fund -2.05%

Cambridge Global Fund -1.69%

GBC International Growth Fund -1.63%

General Trust International Fund -1.02%


Templeton International Stock 18.2%

Trimark Fund 17.3%

MD Growth Fund 17.1%

Canada Life U.S. & Int'l Equity S-34 17%

Saxon World Growth 16.7%

Templeton Growth Fund Ltd. 16.3%

Investors Growth Portfolio Fund 15.9%

Templeton Global Smaller Companies 15.8%

Trimark Select Growth Fund 15.7%

20/20 International Value Fund 15.2%


Cambridge Global Fund -4.6%

Spectrum United Global Growth 0.3%

Orbit World Fund 3.6%

GBC International Growth Fund 4.6%

General Trust International Fund 6%

Maclean's January 27, 1997