The fund seeks long-term growth of capital and a modest level of income.
The fund will normally invest at least 80% of net assets in the common stocks of companies in the financial services industry. In addition, the fund may invest in companies, such as data services or financial software providers, that derive at least 50% of their revenues from conducting business with the financial services industry.
Individuals seeking long-term capital growth and modest income through increased exposure to financial services companies who can accept the risk of price declines inherent in common stock investing. Appropriate for both regular and tax-deferred accounts, such as IRAs.
Click on the risk/reward spectrum below to view the funds in that category
The fundís investment program reflects our view that trends in financial services offer opportunities for significant long-term capital appreciation. For investors with broad exposure to equities, the fund provides a way to focus on an area of the economy undergoing substantial change and rapid growth. The potential rewards of investing in such a focused fund include higher returns than the overall market.
Since the fundís holdings are concentrated in the financial services industry, it will be less diversified and more volatile than stock funds investing in a broader range of industries. In general, the fund represents greater potential risk than a more diversified fund, although the dividends paid by financial services companies may moderate this risk to some extent. Financial services companies may be hurt when interest rates rise sharply, although not all companies are affected equally. The stocks may also be vulnerable to rapidly rising inflation.
* Funds are placed in general risk/return categories based on their 10-year standard deviation
(as of December 2015) or, for newer funds, the standard deviation of the types of securities
in which they invest. There is no assurance past trends will continue.
See Glossary for additional details on all data elements.
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