1.   The Windsor fund already had accumulated most of its position when other members of the value-investing club piled into the stock last year.

2.   Unused MSA funds accumulate tax-free year after year.

3.   During periods of plenty, the fund should accumulate reserves and gain strong returns.

4.   The rupiah has depreciated, but the funds have accumulated hefty interest earnings to make up for the increased costs.

5.   Dealers said some foreign funds were accumulating blue chips, while local funds were seen selling.