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Even if smallcaps have not been in vogue, HG would appear to be something of a disaster area for TMF, if I am looking at the result vs. the S&P on the front of the MF website correctly.


The gap vs. the S&P is due to what was a large cash drag when HG switched to the real-money portfolio. The S&P took off big time when the switch was made and before any significant amount of cash was deployed.

I believe the actual stock picks are beating the S&P, however.


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