61.   Top funds also tend to make concentrated bets in an industry or company and tend to avoid short-term trading bets, Arnott said.

62.   U.S. investment funds tend to invest in dollar-priced commodities, traders said.

63.   Utility funds tend to do well in times of falling long-term interest rates.

64.   With a bias towards utility companies, the fund would also tend to lag if worldwide consumer stocks outperformed.

65.   Adviser funds tend to be versions of retail funds that may already be for sale directly to individuals.