Waddell & Reed Accumulative AUNACX

Morningstar Rating

Fund Research and Analysis

by Karin Anderson

Waddell & Reed Advisor Accumulative has performed well under its current manager, but we still have some reservations.

Since taking over this fund in April 2004, manager Barry Ogden has favored large- and mid-cap firms that can grab market share Read more

Kudos

New manager Barry Ogden plans to reduce the fund's extremely high turnover rate.

Ogden has a solid record running two tax-managed funds. Read more

Risks

Macroeconomic calls are tough to get right consistently, which helps explain why the top-down approach isn't as prevalent as it once was.

New growth-leaning strategy may increase volatility.

Significant sector bets are another source of potential risk.

The fund's expense ratio has steadily crept higher, rising from 0.62% in 1992 to 1.18% in 2003; it is now at 1.14%. Read more

Strategy

Like other Waddell & Reed fund managers, Barry Ogden will use top-down analysis to identify promising sectors of the economy. Ogden's background and familiarity with the health-care industry aid Read more

Management

On July 1, 2004, Barry Ogden took over management from Antonio Intagliata, who had run this fund since 1979. Ogden has been at Waddell & Reed since 1994 and was named comanager of this fund in April 2004. In his time as an analyst, he covered many Read more

Inside Scoop

In the past couple of years, manager Barry Ogden has lowered turnover and will continue to base stock selection partially on top-down analysis. The fund is a bit more growth-oriented Read more

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