Assured Guaranty, United
Fidelity Small Cap Stock Fund slipped about 13 percent in the past month, compared with the 8.1 percent average decline of 102 funds tracked by Bloomberg that invest in small-company stocks. The fund dropped 8.2 percent this year through Aug. 2.
The fund's top holding at midyear was Assured Guaranty Ltd., the bond insurer that has tumbled 22 percent in 2011. Airline company United Continental Holdings Inc., which has fallen 24 percent this year, was the second-biggest position.
Fidelity Small Cap seeks to invest at least 80 percent of its assets in companies similar in size to those in the Russell 2000 Index, according to Boston-based Fidelity's website.
The Ariel Fund, which invests in medium-size companies and is managed by Rogers of Ariel Investments LLC in Chicago, declined about 12 percent in the past month. The fund, whose stocks had an average market capitalization of $3.9 billion as of June 30, was hurt by its largest position, Interpublic Group of Cos. The advertising and marketing company plunged 16 percent on July 28 after reporting revenue and earnings that were short of analysts' estimates.
Gannett Stake
The fund's No. 2 holding was Gannett Co., the newspaper publisher and TV station owner. Gannett, whose papers include USA Today, has fallen 21 percent this year as advertising and circulation has slowed. Ariel lost about 5.3 percent in 2011 through Aug. 2.
The Aston/Fairpointe fund, managed by a team led by Zerhusen of Chicago's Fairpointe Capital LLC, invests in medium- size companies. Top holdings as of June 30 were tax preparer H&R Block Inc. and medical device maker Boston Scientific Corp. The fund declined 11 percent in a month and 6.6 percent in 2011 before yesterday.