A strong finish for 2004 rendered what would have been a bad
year into a simply mediocre one. Big gains in November and
December, boosted by a strong equity market rally, cut losses
for some funds and put a handful of outperformers further into
the black. A post-election rally in November continued in
December, with fundamentals mattering again and markets
behaving as expected.
Many of the industry's heavy hitters lived up to