Best-of-the Best Equity Funds for 2014 Of the 18,806 equity-based mutual funds, 240 of them (1.2%) made the Best-of-the-Best List for 2014. After scoring the funds in each of the eleven identified disciplines ― assets under management ― management style ― management tenure ― turnover ― expenses standard deviation ― alpha ― beta ― r-squared ― return last bull ― return last bear ― we then begin the weeding out process by eliminating ―    

Management with less than 3 years at the helm, Poor 3-year alpha, Low r-squared correlation to their category, Funds that failed to beat their category return average for each of the last three years,

The remaining funds in each category are then separated into four groups by standard deviation. From there, we are looking to select no more than 5% of the each category’s best, separated by standard deviation. To do that we look for low standard deviation funds with good bear market returns and high standard deviation funds with good bull market performance. To get to the best-of-the best, we must eliminate some very good funds. To do that, we tend to eliminate funds with the highest assets under management, especially in the mid and small cap categories. We also look to things such as global funds with too high of concentration in either foreign or domestic; mismatched market caps or extremely high P/E numbers. We hope this helps explains how we get to this list of what we think are the best. For a more detailed understanding, please see Report Card Scoring Explained and Category Averages. For details on each fund, consult the Best-of-the-Best Report Card. Following is an alphabetical listing of the Best-of-the-Best Equity funds for 2014. Here are the fund families with at least three funds on the list T Rowe Price Fidelity American Funds Vanguard Franklin Templeton Invesco J Hancock Allianz Global Artisan

16 10 8 8 6 6 6 4 4

BlackRock Delaware GMO MFS Oakmark Putnam Baron CB JPMorgan

4 4 4 4 4 4 3 3 3

Matthews Oppenheimer PIMCO PNC SEI Touchstone Transamerica Wasatch

3 3 3 3 3 3 3 3

This report has been compiled by Active Fund Strategies (AFS), using data provided by Thomson Reuters InvestmentView. While it was painstakingly researched, AFS offers no warranty of its accuracy. The report’s conclusion represents a good faith judgment of the issue and the findings of the research. It is intended for the educational purposes of licensed investment professionals. If you are viewing this report as an investor, AFS cautions you to seek the advice of an investment professional for proper interpretation of the report, and asks you to note that, with all investments, past performance is no guarantee of future performance and that investment risk is real, to include a possible loss of original capital. Feb 2014

Adv Inn Cir LSV Value Equity

Carne Hedged Equity Investor

AllianceBern Growth and Income A

Causeway Intl Value Inv

AllianceBern Sm Cap Growth A

CB International Small Cap A

AllianzGI Convertible A

CB Mid Cap Growth A

AllianzGI Global Commodity Eq A

CB Small Cap Growth A

AllianzGI Global Water A

Davenport Value and Income Fund

AllianzGI Ultra Micro Cap A

Delaware Large Cap Growth Eqty Port

ALPS CoreComm Mgt Co Comm Str

Delaware Large Cap Value Eqty Port

Amer Beacon Bridgeway LC Val Inst

Delaware Smid Cap Growth A

AmericaFirst Quantitative Strgy A

Delaware Value A

American Beacon MidCap Val Inst

DFA LWAS US High Bk to Mkt Port

American Century OneChoice 2030 A

DFA United Kingdom Small Co Inst

American Funds New Economy A

Dodge & Cox Stock Fund

American Funds New World

Dreyfus Intl Equity A

American Funds Tgt Date Ret 2020

Dreyfus Wrldwde Growth

American Funds Tgt Date Ret 2035 A

Eaton Vance Dvsfd Currency Income A

American Funds Tgt Date Ret 2040 A

Eaton Vance Glb Mac Abslut Ret A

American Funds Tgt Date Ret 2045 A

Elfun Trusts

American Funds Tgt Date Ret 2050 A

Emerald Growth A

American Funds Tgt Ret 2015 A

Federated Capital Income A

Artisan Glbl Opportunities Inv

Fidelity Biotech Port

Artisan Global Value Inv

Fidelity Chemicals Port

Artisan International Fund Inv

Fidelity Convertible Securities

Artisan Intl Value Inv

Fidelity Defense and Aerospace

ASTON/River Road Div All Cap Val N

Fidelity Health Care

Baird MidCap Inv

Fidelity Inc Replacement 2032

Baron Emerging Markets

Fidelity Industrials Port

Baron Growth Fd Retail

Fidelity Japan Small Companies

Baron Real Estate Retail

Fidelity Real Estate Income

BBH Core Select Fund Class N

Fidelity Utilities

Berwyn Income Fund

First Eagle Gold A

BlackRock Bal Capital Inv A

First Inv Opportunity A

BlackRock Cons Prepared Inv A

FMI Common Stock

BlackRock Global Small Cap

Forester Discovery

BlackRock Mod Prepared Inv A

Formula Investing US Val 1000 A

Brown Advisory Flexible Equity Adv

Franklin Inter Small Cap Growth A

Brown Capital Mgmt-Small Co Inv

Franklin MicroCap Value A

Bruce Fund

Franklin Templeton Foundng Allc

Buffalo Discovery Fund

Gateway A

Buffalo Emerging Opportunities

GE Investments Real Est Sec 1

Caldwell & Orkin Mkt Opportunity

Glenmede Small Cap Equity Adv

Calvert Conservative Allocation A

GMO International Growth Equity

This report has been compiled by Active Fund Strategies (AFS), using data provided by Thomson Reuters InvestmentView. While it was painstakingly researched, AFS offers no warranty of its accuracy. The report’s conclusion represents a good faith judgment of the issue and the findings of the research. It is intended for the educational purposes of licensed investment professionals. If you are viewing this report as an investor, AFS cautions you to seek the advice of an investment professional for proper interpretation of the report, and asks you to note that, with all investments, past performance is no guarantee of future performance and that investment risk is real, to include a possible loss of original capital. Feb 2014

GMO Tax-Managed Intl Equities III

Managers Skyline-Special Equities

GMO US S/M Cap III

MassMutual Growth Opps A

GMO World Opps Equity Alloc III

MassMutual Intl Equity A

Goldman Sachs Struct T/M Eq A

Matthew 25 Fund

Hancock Horizon Quant Long/Short A

Matthews China Dividend Fund Inv

Hartford Balanced Income A

Matthews India Fund Inv

Hartford Checks and Balances A

Matthews Japan Fund Inv

Hennessy Gas Utility Index Investor

MFS Global Equity Fund A

Hodges Small Cap Retail

MFS Intl Value Fund A

Homestead Small Company Stock

MFS Lifetime 2010 A

Huber Capital Equity Income Inv

MFS Utilities A

ICON Consumer Discretionary S

Monetta Young Investor

ICON Energy S

Morgan Stanley Advantage A

ING Corp Leaders Trust

Morgan Stanley Glbl Advantage

ING T Rowe Price Cap App Adv

Motley Fool Great America

Invesco Balanced-Risk Ret 2020 A

Munder International Small Cap A

Invesco Balanced-Risk Ret Now

Natixis Loomis Sayles Growth Fund A

Invesco Convertible Securities A

Nicholas

Invesco European Small Company A

Oakmark Fund I

Invesco Select Companies A

Oakmark Global Select I

Invesco Small Cap Growth A

Oakmark Intl I

Investment House Growth

Oakmark Select I

Ivy Science and Technology A

Oberweis China Opportunities

J Hancock Absolute Ret Curr A

Oberweis Internatl Opportunities

J Hancock Dsp Val Mid Cap A

Oppenheimer Developing Mkt

J Hancock Glb Shrhldr Yld A

Oppenheimer Global Value A

J Hancock Intl Value 1

Oppenheimer Intl Growth A

J Hancock Regional Bank A

Parnassus Equity Income Inv

J Hancock Sm Cap Oppty 1

Perkins Global Value A

Johnson Equity Income

PIMCO Fundamental IndexPLUS AR A

JPMorgan Mid Cap Gr A

PIMCO RealEstate RlRetrn Str A

JPMorgan Mid Cap Value A

PIMCO StocksPLUS Absolute Return A

JPMorgan US Small Company A

PNC Intl Equity A

KEELEY Sm/Md Cap Val A

PNC Multi-Factor Small Cap Core A

Lazard Intl Strategic Equity

PNC Small Cap A

LM IC Financial Services A

Polaris Global Value

Longleaf Partners Small-Cap

Principal MidCap A

LSV Conservative Core Eq

Putnam Capital Spectrum Fund A

MainStay Conservative Alloc A

Putnam Equity Spectrum A

Mairs & Power Balanced Fund

Putnam Glob Telecommunications A

Mairs & Power Growth Fund

Putnam Multi-Cap Core Fund A

Managers Cadence Emerging Co Inst

REMS Real Estate Value Opp Fd Inst

This report has been compiled by Active Fund Strategies (AFS), using data provided by Thomson Reuters InvestmentView. While it was painstakingly researched, AFS offers no warranty of its accuracy. The report’s conclusion represents a good faith judgment of the issue and the findings of the research. It is intended for the educational purposes of licensed investment professionals. If you are viewing this report as an investor, AFS cautions you to seek the advice of an investment professional for proper interpretation of the report, and asks you to note that, with all investments, past performance is no guarantee of future performance and that investment risk is real, to include a possible loss of original capital. Feb 2014

RiverPark Large Growth Retail

Thornburg Developing World

Robeco Boston Ptrs Lg/Sh Equit Inv

Thornburg Income Builder A

Royce Total Return Fd

Thrivent Diversified Inc Plus A

RS Mid Cap Growth Fund A

Touchstone Focused A

RS Small Cap Equity Fund A

Touchstone Mid Cap Val Opps A

Saratoga Adv Tr-Large Cap Growth A

Touchstone Sands Cap Sel Gr A

Schwab Target 2025

Transamerica Developing Mkt

SEI Asset Alloc Tr Tax Mgd Strgy

Transamerica Large Core

SEI Asset Alloc-Def Strat All A

Transamerica Large Value

SEI Inst Inv Managed Vol Fund A

UBS Dynamic Alpha A

Sequoia Fund

USAA World Growth Fund

Small Cap Value Fund Inc

Value Line Asset Allocation

SouthernSun Small Cap Inv

Value Line Small Cap Opportunities

SSgA Dynamic SmallCap Fd

Van Eck Emerging Mkts A

SunAmerica VALIC Agg Gr Life

Vanguard Equity Income Inv

SunAmerica VALIC Bluechip Gro Fd

Vanguard Health Care Inv

SunAmerica VALIC Fr Val Fd

Vanguard Market Neutral Fund Inv

T Rowe Price Cap Appreciation

Vanguard Str Brd Mrkt Inst Inst

T Rowe Price Conc Intl Eqty

Vanguard Strategic Sm-Cp Equity Inv

T Rowe Price Diversified Sm-Cap Gr

Vanguard Tax-Managed Small-Cap Inv

T Rowe Price European Stk

Vanguard Wellesley Income Inv

T Rowe Price Lg Cap Core Gr

Vanguard Wellington Inv

T Rowe Price Media and Telecomm

Vantagepoint Milestone 2035 Inv M

T Rowe Price Personal Strat Gr

Villere Balanced

T Rowe Price Retirement 2010

Virtus Small Cap Sustainble Gr A

T Rowe Price Retirement 2015

Vulcan Value Partners

T Rowe Price Retirement 2020

Vulcan Value Partners Small Cap

T Rowe Price Retirement 2025

Wanger International Select Fund

T Rowe Price Retirement 2030

Wasatch International Growth Inv

T Rowe Price Retirement 2040

Wasatch Strategic Income Investor

T Rowe Price Retirement 2045

Wasatch World Innovators

T Rowe Price Retirement 2050

Wells Fargo Discovery Inv

T Rowe Price Retirement 2055

Wells Fargo Intr World Eq A

Templeton Foreign Small Comp

Westcore Small-Cap Value Div Rtl

Templeton Global Smaller Co

Westwood SmallCap Value Inst

Templeton World A

This report has been compiled by Active Fund Strategies (AFS), using data provided by Thomson Reuters InvestmentView. While it was painstakingly researched, AFS offers no warranty of its accuracy. The report’s conclusion represents a good faith judgment of the issue and the findings of the research. It is intended for the educational purposes of licensed investment professionals. If you are viewing this report as an investor, AFS cautions you to seek the advice of an investment professional for proper interpretation of the report, and asks you to note that, with all investments, past performance is no guarantee of future performance and that investment risk is real, to include a possible loss of original capital. Feb 2014

This report has been compiled by Active Fund Strategies (AFS), using data provided by Thomson Reuters InvestmentView. While it was painstakingly researched, AFS offers no warranty of its accuracy. The report’s conclusion represents a good faith judgment of the issue and the findings of the research. It is intended for the educational purposes of licensed investment professionals. If you are viewing this report as an investor, AFS cautions you to seek the advice of an investment professional for proper interpretation of the report, and asks you to note that, with all investments, past performance is no guarantee of future performance and that investment risk is real, to include a possible loss of original capital. Feb 2014

This report has been compiled by Active Fund Strategies (AFS), using data provided by Thomson Reuters InvestmentView. While it was painstakingly researched, AFS offers no warranty of its accuracy. The report’s conclusion represents a good faith judgment of the issue and the findings of the research. It is intended for the educational purposes of licensed investment professionals. If you are viewing this report as an investor, AFS cautions you to seek the advice of an investment professional for proper interpretation of the report, and asks you to note that, with all investments, past performance is no guarantee of future performance and that investment risk is real, to include a possible loss of original capital. Feb 2014

This report has been compiled by Active Fund Strategies (AFS), using data provided by Thomson Reuters InvestmentView. While it was painstakingly researched, AFS offers no warranty of its accuracy. The report’s conclusion represents a good faith judgment of the issue and the findings of the research. It is intended for the educational purposes of licensed investment professionals. If you are viewing this report as an investor, AFS cautions you to seek the advice of an investment professional for proper interpretation of the report, and asks you to note that, with all investments, past performance is no guarantee of future performance and that investment risk is real, to include a possible loss of original capital. Feb 2014

This report has been compiled by Active Fund Strategies (AFS), using data provided by Thomson Reuters InvestmentView. While it was painstakingly researched, AFS offers no warranty of its accuracy. The report’s conclusion represents a good faith judgment of the issue and the findings of the research. It is intended for the educational purposes of licensed investment professionals. If you are viewing this report as an investor, AFS cautions you to seek the advice of an investment professional for proper interpretation of the report, and asks you to note that, with all investments, past performance is no guarantee of future performance and that investment risk is real, to include a possible loss of original capital. Feb 2014

This report has been compiled by Active Fund Strategies (AFS), using data provided by Thomson Reuters InvestmentView. While it was painstakingly researched, AFS offers no warranty of its accuracy. The report’s conclusion represents a good faith judgment of the issue and the findings of the research. It is intended for the educational purposes of licensed investment professionals. If you are viewing this report as an investor, AFS cautions you to seek the advice of an investment professional for proper interpretation of the report, and asks you to note that, with all investments, past performance is no guarantee of future performance and that investment risk is real, to include a possible loss of original capital. Feb 2014

This report has been compiled by Active Fund Strategies (AFS), using data provided by Thomson Reuters InvestmentView. While it was painstakingly researched, AFS offers no warranty of its accuracy. The report’s conclusion represents a good faith judgment of the issue and the findings of the research. It is intended for the educational purposes of licensed investment professionals. If you are viewing this report as an investor, AFS cautions you to seek the advice of an investment professional for proper interpretation of the report, and asks you to note that, with all investments, past performance is no guarantee of future performance and that investment risk is real, to include a possible loss of original capital. Feb 2014