A couple of weeks ago we noted some performers in ETF’s that were really lagging and noted that the FIVE WORST performing ETF’s were all specialty sector funds from the HOLDR’s family of Merrill Lynch. HOLDRS are HOLding Company Depositary ReceiptS. Now in fairness, the second best year to date performer was also a HOLDR, although it is a low priced low volume ETF called the Internet Infrastructure HOLDRs (IIH) with a 45% year to date return. There was also the Telecom HOLDRs (TTH) that rose more than 27% year to date. So maybe these aren’t all entirely bad, but when you see one fund family that is a "stock selected and predesignated" group of holdings in an ETF you have to scratch your head and wonder what is going on.
Below are the performance metrics for these ETF’s:
Internet HOLDRs (HHH) YTD: (17.88%)
3MO: 10.03%; 1YR: (19.95%); 3-year: 4.97%
B2B Internet HOLDRs (BHH) YTD: (10.63%)
3MO: 12.38%; 1YR: (13.03%); 3-year: (8.16%)
Broadband HOLDRs (BDH) YTD: (9.92%)
3MO: (0.12%); 1YR: (12.75%); 3-year: 8.00%
Biotech HOLDRs (BBH) YTD: (6.61%)
3MO: 4.42%; 1YR: (8.32%); 3-year: 13.68%
Semiconductor HOLDRs (SMH) YTD: (5.70%)
3MO: 1.35%; 1YR: (7.60%); 3-year: (7.46%)
Jon C. Ogg
December 20, 2006
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