What Happens When A Hot Fund Gets Cold

摘要

On one level the story of pilgrim baxter—the investment management firm named after famed momentum investor Gary Pilgrim and salesman extraordinaire Harold Baxter—is a simple tale of the bull-market boom, of interest only to stock market aficionados. During the first half of the decade, its flagship mutual fund, PBHG Growth, topped the charts (and the S&P 500) year after year. Assets mushroomed from $3 million in 1992 to more than $6 billion by mid-1996. Baxter's daughter Christine became a twentysomething Wall Street wunderkind, scoring spectacular numbers with the wildly successful PBHG Emerging Growth fund.