Among the eight industry group indexes in the Nasdaq composite, the three worst performers all have ties to the financial industry. Pioneer has struggled with poor financial performance over the past two years and has been unsuccessful at executing the divesture of its natural resources businesses. On the other hand, some members of the mutual fund group continued to weaken last week.
Outflows remain concentrated among the Mutual Series and selected fixed-income funds.
Neuberger Berman NEU 26.19 3.2 5.3 Phoenix Inv. United Asset Mgmt. 1 Putnam Lovell Indices are market-capitalization weighted. Institutional Managers Remain Discounted. In recent weeks the mutual fund manager valuations have compressed moderately, although they held steady this week as weakness in Franklin Resources was offset by a rise in Kansas City Southern.