Mutual funds investing in RI make progress

Mutual funds investing in RI make progress

NEW YORK (Dow Jones): Overseas mutual funds investing in Indonesia and Japan made progress during the last week, weathering the turbulent financial markets in Asia.

Others in the region didn't remain above water during the week ended last Friday, according to Lipper Analytical Services Inc.

While the average overseas fund purchasing equities in China and on the Indian subcontinent but not in India itself lost 0.97 percent and 4.48 percent respectively, Indonesia and Japan were the two top regions.

Indonesian funds were up 7.57 percent, and funds invested in Japan were up 7.46 percent on average. Those sectors are showing signs of life, but they are down significantly on the year, much like their neighbors. Indonesia-focused funds are down 86.91 percent, and funds with a focus on Japan are down 29.28 percent this year.

For the week, the Philippines brought a 6.01 percent gain for the average fund, and in Mexico, funds were up 5.54 percent. Australia was the fifth hottest geographic region, with a 5.29 percent jump.

The individual portfolios that were best rewarded for their picks in the hot regions included: the RG ZelfSelect Japan Fund, up 16.62 percent; the Thorton Japan Warrant fund, up 14.69 percent; the Global Manager Japan-Geared portfolio, up 13.89 percent the Indocam Asia Portfolio, up 13.31 percent; and Barclays Asian Selections: Indonesia portfolio, up 12.46 percent.

Russia turned out to be the most worrisome region to invest in during the last week, with the average fund losing 13.09 percent. As the possibility that Russia will be forced to devalue the ruble continues to loom, the coming weeks and months might continue to rough up investors.

South Africa proved a daunting place to invest last week, as the average fund lost 8 percent. Middle Eastern funds performed better than those in China or in the region surrounding India but still lost 0.64 percent.

Gold-oriented funds, which gained 4.69 percent on the week, led all investment objectives, but the funds have given up 35.59 percent this year. Growth and income funds did well this week, climbing 2.41 percent, followed by growth funds, which were up 2.14 percent. Natural resources funds and small-company growth funds completed the top-five list of sectors. They respectively gained 1.95 percent and 1.8 percent this past week.