2003 Year-End Review

January 09, 2004

Best and worst performing funds in 2003, index returns, and more.

San Francisco - January 9, 2003. Among the S&P U.S. equity indexes, smaller-cap indexes and value indexes dominated in 2003.

Index

2003 Total Return

S&P/Barra Large Cap Growth

25.66%

S&P 500

28.67%

S&P/Barra Large Cap Value

31.79%

S&P/Barra MidCap Growth

30.95%

S&P MidCap 400

35.59%

S&P/Barra MidCap Value

40.18%

S&P/Barra SmallCap Growth

37.32%

S&P SmallCap 600

38.77%

S&P/Barra SmallCap Value

40.03%

Source: Morningstar, data as of 12/31/2003

For comparison's sake, the table below shows how the average active fund in Morningstar's fund database fared, by investment style.

Fund category

# of funds

Average return in 2003

Large Growth

1,303

28.53%

Large Blend

1,485

26.75%

Large Value

996

28.41%

Mid-Cap Growth

808

36.12%

Mid-Cap Blend

360

36.43%

Mid-Cap Value

313

34.31%

Small Growth

691

44.95%

Small Blend

399

42.74%

Small Value

294

42.66%

Source: Morningstar, data as of 12/31/2003

Although the mutual fund industry was plagued by scandal in 2003, the stock market enjoyed the first up year since 1999. The S&P was up nearly 29% for the year - a welcome respite from the bear market of the past few years.

The table below shows how broad ETFs performed for the year.

ETF

Ticker

2003 total return

Vanguard Total Stock Market VIPERs

VTI

31.43%

Dow Jones Diamonds

DIA

28.00%

iShares Dow Jones REIT

IYR

35.73%

SPDR 500 Trust

SPY

28.39%

Nasdaq-100 Trust

QQQ

49.12%

iShares MSCI EAFE

EFA

38.45%

iShares Lehman 1-3 Treasury Bond

SHY

1.79%

iShares Lehman 20+ Year Treasury Bond

TLT

1.75%

iShares Lehman 7-10 Year Treasury Bond

IEF

2.05%

iShares GS$ Investop

LQD

7.43%

iShares Russell 1000 Growth

IWF

29.46%

iShares Russell 1000

IWB

29.64%

iShares Russell 1000 Value

IWD

29.70%

iShares Russell 2000 Growth

IWO

48.18%

iShares Russell 2000

IWM

46.94%

iShares Russell 2000 Value

IWN

45.60%

iShares Russell 3000 Growth

IWZ

30.66%

iShares Russell 3000

IWV

30.78%

iShares Russell 3000 Value

IWW

30.76%

Source: Morningstar, data as of 12/31/2003

Sector ETFs also enjoyed across the board growth in 2003, as shown below.

Sector ETF

Sector

Ticker

2003 Return

iShares DJ Telecom

Communication

IYZ

12.85%

streetTRACKS REIT

Real Estate

RWR

35.58%

iShares C&S Realty

Real Estate

ICF

36.78%

iShares DJ REIT Index

Real Estate

IYR

35.73%

iShares DJ Financial Services

Financial

IYG

34.04%

iShares DJ Financial Sector

Financial

IYF

31.37%

Financial SPDR

Financial

XLF

30.60%

iShares NASDAQ Biotech

Health

IBB

45.59%

iShares DJ Health

Health

IYH

18.70%

iShares DJ Utilities

Utilities

IDU

24.11%

Utilities SPDR

Utilities

XLU

25.80%

iShares GS Software

Technology

IGV

49.59%

iShares Semiconductor

Technology

IGW

82.13%

iShares GS Network

Technology

IGN

104.60%

iShares GS Tech

Technology

IGM

53.62%

Morgan Stanley Tech

Technology

MTK

65.07%

iShares DJ Tech

Technology

IYW

50.14%

Technology SPDR

Technology

XLK

39.08%

iShares GS Nat Res

Natural Res

IGE

33.63%

iShares DJ US Energy

Natural Res

IYE

27.12%

Energy SPDR

Natural Res

XLE

26.32%

Source: Morningstar, data as of 12/31/2003

Two of the ten best-performing ETFs in 2003 notched triple-digit gains.

Fund

Ticker

2003 Return

iShares Brazil Index

EWZ

112.85%

iShares GS Network

IGN

104.60%

iShares Semiconductor

IGW

82.13%

Morgan Stanley Tech

MTK

65.07%

iShares Sweden Index

EWD

64.24%

iShares Germany Indx

EWG

63.09%

iShares SP Latin 40

ILF

61.83%

iShares Austria Index

EWO

58.46%

iShares Spain Index

EWP

56.78%

iShares GS Tech

IGM

53.62%

Source: Morningstar, data as of 12/31/2003

While none of the 10 worst-performing even posted a negative gain for 2003.

Fund Name

Ticker

2003 Return

iShares Lehman 20+

TLT

1.75%

iShares Lehman 1-3 T

SHY

1.79%

iShares Lehman 7-10

IEF

2.05%

iShares GS$ InvesTop

LQD

7.43%

Consumer Staple SPDR

XLP

10.95%

iShares DJ Telecom

IYZ

12.85%

Health Care Sel SPDR

XLV

14.75%

iShares SP Glb Hlth

IXJ

17.73%

iShares DJ Health

IYH

18.70%

iShares DJ Con N-Cyc

IYK

20.82%

Source: Morningstar, data as of 12/31/2003

 

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