Ha

s

f
f
r lo

The Intelligent
Fund Investor

A mutual fund newsletter published monthly by Harloff Inc., 26106 Tallwood Drive, N. Olmsted, Oh 44070
phone 440-871-7278, www.harloffcapital.com. Copyright © Harloff Inc. 2009, Vol. 11, Year 16

Dr. Gary J. Harloff, editor

Bull is still running
Our last buy signal for both the S&P500 and NDX100
was on March 20, 2009, a good call. The market
continues to show strength. Our HVI indicators show us
that the bull is still alive and well. For the year, the
S&P500 and NDX indexes are up 23.60and 52.34%
respectively. The average of our three portfolios is up
55.9% YTD.

Contents

Our HCM resistance and support chart of the S&P500
index on page 2 illustrates that the market remains in an
uptrend.

page

Portfolio Performance.....................................1
Market Timing: SP500, Bonds, Gold...............1
Executive Summary.........................................1
HVI Rank: Asset Class, Sector, World ...........2
Model Portfolios.............................................2
Featured Graphs.............................................2
Recent PortfolioTransactions...........................3
HVI Rank: Funds & Indexes .....................4-5

Portfolio Performance, YTD, %
Ave of three portfolios (-11.54% 2008)....... 55.89
Dynamic Frontier portf. ( -3.20% 2008)........ 53.84
No-Load Agg Gr portf. ( -0.45% 2008)........ 51.06
Rydex portfolio...............(-30.97% 2008)........ 62.77
S&P500 index.2009......(-38.49% 2008)........ 23.60
NDX100 index.2009.....(-41.89% 2008)..........52.34

Market Timing, long term
S&P500:
last signal(e): buy
NDX100:
last signal(e): buy
Gold, XAU:
last signal(e): buy
US10 yr bnd yield %:
last yield signal(e): sell

November 2009

11/20/09 1091.38
03/20/09 768.54
11/20/09 1764.39
03/20/09 1187.18
11/20/09 184.28
07/24/09 149.50
11/20/09
3.36
11/17/09
3.30

gain,%
42.01
48.62
23.26
-1.82

Our analysis indicates that: precious metals,
commodities, Latin America, Emerging markets, and
technology are promising. Promising region/country
funds are: Emerging Markets, US, England and
Germany. These funds and indexes suggest that the
Emerging Markets, as producers of commodities, are
thriving to feed growth in China and India. The US dollar
continues to be a sell as the US pays its debt in fiat
dollars. There is a lot of rhetoric in Congress to hold the
Fed to a strong dollar policy, but it is Treasury’s job to
hold up the dollar.
Our absolute momentum (HVI) comparison for the style
box on page 2 indicates that large cap beats small cap
stocks. We have recently become aware of institutional
style box analysis. We believe our style box analysis
responds faster than institutional analysis. Our sector line
up this month is gold, pharmaceutical, and commodities.
We continue to have buys on S&P500, NDX, gold/
precious metals. We have a new sell on bond yields (i.e.
we are long bonds); see the left column on page 1.
Because the markets can turn quickly, be ready. May
the market be with you! (November 20, 2009)

c:\backtest\exprtd2,exprtd3,trade,stock32,stock6

Our newsletter performance disclosure is on page 3.
The Intelligent Fund Investor, page 1

Table 1, HVI Rank for Asset Classes, US Sector Indexes, and World Indexes
Style
HVI
Lg Cap Gw, DTLGX 67
NASDAQ, OTC-C
44
Lg Cap Vl, DTLVX
31
Sm Cap Gw, DTSGX -1
Sm Cap Vl, DTSVX
-8

Sector Indexes
HVI
Gold&Silver, XAU-I 214
Amex Oil, XOI-I
14
Financial, IXF-X
9
Semicond, SOX-X
2
Utilities, DJ-15
1

World Indexes
HVI
MS Em Mk, MGEMX 77
S&P500
61
London, FTSE
50
Frankfurt, FDAC
35
US Dollar, DXY-Z
-19

The Harloff Value Index, HVI, is a proprietary forcasting index developed by Dr. Harloff. The money market value is zero. High positive numbers
are desirable and negative numbers are not. The HVI is presented for a wide variety of mutual funds and market indexes for both domestic and
international markets. With this one index, the financial markets of the world can be ranked and compared. The investment strategy employed is to
stay invested in high HVI funds. In addition, we also employ dynamic asset allocation to assist us in decisions to be in equity or money market funds.
The HVI is computed for about 125 mutual funds and indexes, which are ranked and sorted according to their asset allocation class. The ranking number
on the left of the table on p4 and p5 indicates the fund or index position without regard to asset class. The mutual fund list, selected for analysis, is
dynamic and changes with time.

3 Newsletter Portfolios: These portfolios may differ from managed account portfolios.
Dynamic Frontier , Ticker
Profunds U Pharma, PHPIX
Rydex Long Dow, RYCVX
Direx Comm Bull, DXCLX

%
34
33
33

No-load, Aggressive, Ticker
ProFnds U PrecMtl, PMPIX
Profunds U Pharma, PHPIX
ProFnds Basic Mtl, BMPIX

%
34
33
33

Rydex Portfolio, Ticker
Rydex Prec Metal, RYPMX
Rydex Velocity 100, RYVYX
Rydex Lng Dow, RYCVX

%
34
33
33

11-20-09 HCM Resistance & support, S&P500
1150
1050

$

950
$

850

support
resistance

750

HCM

650
12/18/2008

2/26/2009

5/7/2009

7/16/2009

9/24/2009

12/3/2009

Harloff’s The Intelligent Fund Investor is published monthly by Harloff Inc. It is supplied free to clients with managed accounts over $50K. The
subscription rate is $279. per year by U.S. mail. Rates for fax, electronic, and outside of U.S. delivery are higher. Refunds are not available. All
impersonal advice is for the sole and exclusive use of individual subscribers. This material is copyright protected. Any reproduction, except in
case of brief quotations with appropriate credits, is forbidden without prior written consent of Harloff Inc. Use of this information to manage
investments for others is forbidden. Past performance does not assure future performance. Price data purchased from Investors FastTrack. This
information is believed to be reliable, but is not guaranteed. Harloff Capital Management, its employees and clients may hold positions in these
funds. For information or comment, please contact Dr. Harloff at 26106 Tallwood Drive, N. Olmsted, Oh 44070 or phone 440-871-7278.

The Intelligent Fund Investor, page 2

Table 2. Recent Newsletter Portfolio Transactions and Performance
Recent portfolio
transactons

%
portfolio

buy
date

sell
date

buy
NAV

sell
NAV

switch
fee,%

fund cumulative dividend dividend
% gain % gain
date
$

Dynamic Frontier Portfolio
SMPIX
DXQLX
DXELX
DXZLX
RYAZX
RYTNX
DXZLX
INPIX
DXELX
DXZLX
INPIX
DXELX

34
33
33
34
33
33
34
33
33
34
33
33

07/27/09
07/27/09
07/27/09
08/24/09
08/24/09
08/24/09
09/28/09
09/28/09
09/28/09
10/26/09
10/26/09
10/26/09

08/24/09
08/24/09
08/24/09
09/28/09
09/28/09
09/28/09
10/26/09
10/26/09
10/26/09
11/20/09
11/20/09
11/20/09

10.73
43.38
47.08
40.13
24.81
18.84
44.70
72.18
53.89
52.19
75.92
58.43

10.62
45.61
48.56
44.70
26.76
20.12
52.19
75.92
58.43
54.52
74.67
58.97

SMPIX
UOPIX
BMPIX
BKPIX
RYPIX
UMPIX
WCPIX
REPIX
UAPIX
ENPIX
INPIX
PMPIX

34
33
33
34
33
33
34
33
33
34
33
33

07/27/09
07/27/09
07/27/09
08/24/09
08/24/09
08/24/09
09/28/09
09/28/09
09/28/09
10/26/09
10/26/09
10/26/09

08/24/09
08/24/09
08/24/09
09/28/09
09/28/09
09/28/09
10/26/09
10/26/09
10/26/09
11/20/09
11/20/09
11/20/09

10.73
14.76
26.47
6.87
19.68
22.71
2.10
14.74
12.74
31.57
75.92
30.89

RYVYX
RYAZX
RYCVX
RYZAX
RYAZX
RYHRX
RYZAX
RYAZX
RYHRX
RYVIX
RYVYX
RYTNX

34
33
33
34
33
33
34
33
33
34
33
33

07/27/09
07/27/09
07/27/09
08/24/09
08/24/09
08/24/09
09/28/09
09/28/09
09/28/09
10/26/09
10/26/09
10/26/09

08/24/09
08/24/09
08/24/09
09/28/09
09/28/09
09/28/09
10/26/09
10/26/09
10/26/09
11/20/09
11/20/09
11/20/09

Rydex Portfolio
66.60
69.35
21.53
24.35
13.33
14.58
65.14
70.86
24.81
26.76
19.87
21.52
70.86
69.04
26.76
24.09
21.52
20.62
42.72
40.42
78.61
79.94
20.22
21.14

0
0
0
0
0
0
0
0
0
0
0
0

-1.03
5.14
3.14
11.39
7.86
6.79
16.76
5.18
8.42
4.46
-1.65
0.92

22.80
24.88
26.18
31.06
34.46
37.48
45.31
47.79
51.90
54.21
53.37
53.84

No-Load Aggressive Growth Portfolio
10.62
15.40
28.97
6.98
20.25
24.94
1.67
13.78
11.92
30.65
74.67
36.65

0
0
0
0
0
0
0
0
0
0
0
0

-1.03
4.34
9.44
1.60
2.90
9.82
-20.48
-6.51
-6.44
-2.91
-1.65
18.65

0
0
0
0
0
0
0
0
0
0
0
0

4.13
13.10
9.38
8.78
7.86
8.30
-2.57
-9.98
-4.18
-5.38
1.69
4.55

47.96
50.08
54.76
55.60
57.09
62.18
50.89
47.64
44.51
43.08
42.30
51.06
47.17
53.53
58.29
63.01
67.24
71.82
70.32
64.71
62.44
59.47
60.36
62.77

Disclosure: Money market interest not considered. The newsletter (NL) is published monthly and does not report any money manager’s actual results.
NL portfolio results are not to imply, or a reader should not infer from them, anything about the editor’s investment competence or about future
investment results. Per Ohio Administrative Code 1301:6-3-44(A)(1), disclosures include: material market or economic conditions are portrayed monthly
by indicating S&P500 and NDX100 index results with the NL portfolio results on page 1; NL results are not managed and do not reflect the deduction of
any advisory fees, brokerage or other commissions and any other expenses that a client would have paid or actually paid; the reinvestment of dividends
and other earnings are accounted for in the NL transactions listed in Table 2 and on page 1, however the S&P500 and NDX100 indexes on page 1 do not
reflect dividends and other earnings and an investor may not directly invest in these two indexes; the potential for profit has the potential for loss;
individual funds, indexes, investments, and NL results all have different volatility; NL portfolio contains investments that are selected with a view
towards capital appreciation; NL results do not represent actual trading and may not reflect the impact that material economic and market factors might
have had on the editor’s decision-making if the NL editor were actually managing clients’ money; it is possible that conditions, objectives, or investment
strategies of the NL portfolio may have changed materially during the time portrayed and it is impossible to determine the effect of any such changes on
the results portrayed; any of the securities contained in, or the investment strategies followed with respect to the NL portfolios may not relate to the
type of advisory services offered by the editor, e.g. the NL may include some types of securities that the editor may no longer select for its clients;
editor’s actual clients may have had materially different investments and investment results from the NL. Values in this newsletter are believed to be
correct, but are not guaranteed.

The terms in the Table 3 are defined here. The fund objective is obj, the proprietary Harloff Value Index is HVI, the % change in HVI from
the previous week is %chg, the net asset value is nav, the 4 and 13 week % change in price (adjusted for dividends) are 4wk and 13w respectively, risk is the standard deviation of the fund divided by same for S&P500, the rsk adj is proprietary, HVI and 13w are divided by risk, risk
levels are low, medium or high, and b/s gives current buy or sell based on a different proprietary indicator.
d:\123\perfa_nl.xls

The Intelligent Fund Investor, page 3

Table 3,
HVI, change, nav, 4wk % change, 13 wk % change, risk, risk adjusted,
HVI/risk, 13 wk/risk, risk level (high, medium, low), and buy/sell
11-20-09 R-F

4
5
6
7
9
10
13
14
15
17
18
19
21
22
23
26
28
29
30
32
33
34
35
36
37
38
39
40
41
42
44
45
47
48
49
51
52
53
54
55
57
59
60
61
62
63
64
67
68
69
70
71
73
74
75
76
77
78
79
80
81
82
83
85

ProFunds INV:UltraSector
AMEX Gold & Silver
ProFunds INV:Basic Mater
ProFunds INV:UltraSector
Rydex Long Dynamic Dow 3
ProFunds INV:Ultra Dow 3
Rydex INV:Basic Material
Rydex Velocity 100-H
ProFunds INV:Ultra OTC/
ProFunds INV:UltraSector
ProFunds INV:Ultra Secto
ProFunds INV:Ultra Bull/
Rydex Titan 500-H
ProFunds INV:UltraS Cons
ProFunds INV:UltraSecto
Rydex INV:Nova/215
IX-FM Dow Transportation
ProFunds INV:UltraS Cons
Rydex INV:Transportation
MS Emerg Mkts
Rydex LargeCap Europe-H/
Rydex INV:Leisure/237
ProFunds INV:UltraSecto
Rydex Real Estate-H
ProFunds INV:UltraSector
ProFunds INV:LargeCap Gr
WilshTgt Large Co Growth
Nasdaq 100
Rydex INV:OTC/218
ProFunds INV:OTC/040
Rydex LargeCap Growth-H
S&P500
Rydex INV:Internet/245
Rydex Sector Rotation-H/
ProFunds INV:LargeCap Va
Rydex MidCap Value-H
IX-FM London Fin Times
Rydex INV:Technology/23
Rydex INV:Telecommunicat
Nasdaq Composite
ProFunds INV:Ultra MidCa
Rydex INV:Retailing/238
IX-FM Frankfurt Dax Ind
US 30 year bond yield
WilshTgt Large Co Value
Rydex Medius-H/204
ProFunds INV:UltraSecto
Rydex INV:Electronics/2
Rydex LargeCap Value-H
ProFunds INV:MidCap Valu
ProFunds INV:MidCap/016
Rydex INV:Financial Serv
ProFunds INV:UltraSector
Rydex Core Equity-H/259
ProFunds INV:MidCap Grow
ProFunds INV:UltraSector
IX-FM Amex Oil Index
Rydex INV:Banking/242
Rydex INV:Utilities/246
Rydex MidCap Growth-H
ProFunds INV:UltraSector
IX-FM NASDAQ Financial
ProFunds INV:Rising Rate
IX-Fm Semiconductor

obj

PHPIX sh
XAU-I i
BMPIX g
WCPIX st
RYCVX i
UDPIX i
RYBIX s
RYVYX i
UOPIX i
REPIX sr
IDPIX g
ULPIX i
RYTNX i
CNPIX i
TEPIX st
RYNVX i
DJ-20 i
CYPIX g
RYPIX s
MGEMX i
RYEUX we
RYLIX s
INPIX st
RYHRX i
TCPIX st
LGPIX g
DTLGX i
NDX-X i
RYOCX i
OTPIX i
RYAWX i
SP-CP i
RYIIX st
RYSRX i
LVPIX i
RYAVX i
FTSE- i
RYTIX st
RYMIX su
OTC-C i
UMPIX i
RYRIX sr
FDAC- i
US30- i
DTLVX i
RYMDX g
SMPIX st
RYSIX st
RYZAX i
MLPIX i
MDPIX i
RYFIX sf
BIPIX sh
RYQMX i
MGPIX i
FNPIX sf
XOI-I i
RYKIX sf
RYUIX su
RYBHX i
UTPIX i
IXF-X i
RRPIX i
SOX-X i

HVI

%ch

nav

4wk

13w

rsk

rsk

adj
INDEX FUNDS
217.
24.
8.31 10.4 14.9 2.4 0.5
214.
18.
184.28
7.1 25.0 2.8 0.1
209.
21.
34.89
5.0 19.5 2.9 0.1
205.
945.
1.83
5.8
0.5 8.2 -0.9
198.
12.
17.20
7.3 18.1 1.8 0.9
198.
12.
22.03
7.3 17.8 1.8 0.9
138.
25.
42.18
3.2 13.2 2.2 -0.1
135.
11.
79.94
0.9 14.9 2.1 0.1
135.
11.
17.77
0.9 14.9 2.1 0.1
130.
51.
14.24
2.7 10.7 2.2 -0.4
128.
19.
24.96
3.1 12.2 2.0 -0.1
128.
15.
31.16
2.1 12.8 2.0 0.0
126.
15.
21.14
2.1 12.6 2.0 0.0
118.
13.
30.78
4.4 12.5 1.3 0.5
106.
4.
24.58
1.6 13.3 1.3 0.6
98.
14.
18.35
1.8 10.1 1.5 0.1
92.
33. 3945.52
3.7
4.7 2.0 -0.5
91.
14.
20.85
1.1 12.0 1.7 -0.1
88.
50.
20.31
3.3
3.2 2.3 -0.8
77.
9.
22.90
0.7 12.7 1.3 0.2
75.
10.
14.79 -0.6 10.5 1.7 -0.1
73.
36.
23.45
1.3
6.7 1.7 -0.6
72.
-7.
74.67 -2.3 16.5 1.8 0.3
71.
64.
20.93
1.1
5.7 1.4 -0.6
68.
62.
10.56
3.9
1.5 1.3 -0.3
68.
5.
34.28
1.4
8.2 0.9 0.6
67.
12.
26.07
1.2
7.6 1.0 0.1
66.
11. 1764.39
0.6
7.7 1.0 0.1
66.
12.
11.59
0.6
7.5 1.0 0.1
65.
11.
62.89
0.6
7.4 1.0 0.1
62.
0.
23.66 -0.1
9.7 1.2 0.3
61.
15. 1091.38
1.1
6.4 1.0 0.0
61.
2.
38.76 -0.2
8.5 1.0 0.3
60.
25.
11.62
0.0
4.6 1.4 -0.5
56.
34.
32.69
0.9
4.3 1.2 -0.5
51.
122.
25.18 -1.0
5.4 2.0 -1.0
50.
12. 5251.41
0.2
8.3 0.8 0.2
48.
12.
10.96
0.1
6.4 1.1 -0.2
45.
68.
13.18
1.1
3.5 1.2 -0.9
44.
18. 2146.04 -0.4
6.2 1.1 -0.3
42.
36.
24.34 -4.4
7.3 2.6 -0.7
38.
2.
11.25 -1.1
7.0 1.2 -0.1
35.
70. 5663.15 -1.3
3.7 1.3 -0.7
31.
-36.
4.30
0.2 -1.4 1.0 1.2
31.
34.
12.53 -1.3
4.8 1.3 -0.6
30.
36.
21.85 -3.1
6.0 1.9 -0.7
28.
672.
10.79 -2.0
0.2 2.2 -1.3
24.
750.
45.08 -1.2 -0.4 1.9 -1.4
22.
184.
69.10 -2.6
7.5 1.8 -0.9
21.
104.
34.52 -1.7
3.2 1.3 -1.0
21.
37.
36.12 -1.9
4.2 1.3 -0.7
20.
141.
68.57 -2.2
2.5 1.3 -0.9
18.
241.
50.35
1.1 -5.4 2.5 -1.4
18.
-13.
8.93 -1.3
5.4 1.0 -0.4
18.
4.
32.57 -2.3
4.9 1.3 -0.5
16.
572.
6.87 -3.9
0.6 2.0 -1.1
14.
-56. 1073.09 -2.7
8.8 1.7 0.4
13.
295.
45.26 -2.8 -1.6 1.5 -1.1
11.
145.
24.65 -1.0 -1.1 0.8 -1.0
11.
-16.
27.90 -3.6
6.7 1.6 -0.5
10. 2251.
15.35 -1.9 -2.4 1.2 -1.0
9.
223. 1929.74 -1.8 -1.0 1.3 -1.1
5.
-73.
13.95 -0.9 -4.6 0.7 0.8
2.
112.
307.97 -2.7
2.2 1.6 -1.5

HVI
rsk

13w
rsk

1.7
1.5
1.4
0.5
2.1
2.1
1.2
1.3
1.3
1.2
1.2
1.2
1.2
1.8
1.5
1.2
0.9
1.0
0.7
1.1
0.8
0.8
0.8
1.0
1.0
1.5
1.2
1.2
1.2
1.2
1.0
1.2
1.2
0.8
0.9
0.5
1.2
0.9
0.7
0.8
0.3
0.6
0.5
0.6
0.5
0.3
0.2
0.2
0.2
0.3
0.3
0.3
0.1
0.3
0.3
0.2
0.2
0.2
0.3
0.1
0.2
0.1
0.1
0.0

6.2
8.9
6.7
0.1
10.2
10.0
6.1
7.2
7.2
5.0
6.0
6.3
6.3
9.8
9.9
6.7
2.4
7.0
1.4
9.7
6.0
3.9
9.4
4.1
1.2
9.4
7.4
7.5
7.3
7.2
8.1
6.4
8.5
3.3
3.6
2.7
10.4
6.0
2.9
5.8
2.8
5.8
2.8
-1.4
3.7
3.1
0.1
-0.2
4.1
2.5
3.2
1.9
-2.2
5.4
3.7
0.3
5.3
-1.0
-1.3
4.3
-2.0
-0.8
-6.7
1.4

rsk b/
lvl s

The Intelligent Fund Investor, page 4

h
h
h
h
m
m
h
h
h
h
h
h
h
m
m
m
h
m
h
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
h
m
m
m
m
h
m
m
m
m
h
h
h
h
m
m
m
h
m
m
h
m
m
m
m
m
m
m
m

b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
s
b
b
s
b
s
s
s
b
b
s
b
s
s
s
b
s
b
b
s
b
b
s
s

11-20-09 R-F

obj

86 ProFunds INV:UltraSector
87 IX-FM DJ 15 Utilities
88 WilshTgt Small Co Growth
89 Rydex Inverse SmallCap-H
90 ProFunds INV:SmallCap Va
91 Rydex INV:US Gov Bond/21
92 ProFunds INV:Short Small
93 WilshTgt Small Co Value
94 ProFunds INV:SmallCap/01
96 Rydex INV:Mekros-H/203
97 ProFunds INV:US Gov Plus
98 ProFunds INV:Ultra Short
100 dollar index
102 ProFunds INV:Ultra Small
103 ProFunds INV:Banks Ultra
104 Rydex INV:Juno/214
105 Rydex Inverse MidCap-H
107 US 10 year bond yield
110 ProFunds INV:Ultra Short
111 Rydex INV:Arktos/220
112 ProFunds INV:Bear
114 Rydex INV:Ursa/217
115 Rydex SmallCap Growth-H
116 Rydex SmallCap Value
117 ProFunds INV:Ultra Short
118 Rydex Venture 100-H
121 ProFunds INV:Ultra Bear
122 Rydex Tempest 500-H
31
58
101
109

Rydex
Rydex
Rydex
Rydex

INV:Health Care/23
INV:Biotechnology/
INV:Energy/231
INV:Energy Service

3
16
20
84
95
99
119

Direxion
Direxion
Direxion
Direxion
Direxion
ProFunds
Direxion

Commodity Bull
Nasdaq 100 Bull
S&P 500 Bull 2
SmallCap Bear 2
SmallCap Bull 2
INV:SmallCap Gr
Nasdaq 100 Bear

50 Direxion Developed Marke
65 Direxion Dollar Bear 2.5
12
24
25
27
43
46
66
113

ProFunds INV:UltraSector
Emerging Market 50 ADR
Latin America
China Xinhua 25
ProFunds INV:Bull/004
Rydex INV:Consumer Produ
Hong Kong
ProFunds INV:Short OTC/0

72 Direxion 10 Year Note Bu
106 Direxion 10 Year Note Be
8
11
56
108
123
124

Direxion
Direxion
ProFunds
Direxion
Direxion
ProFunds

Latin America B
Emerging Market
INV:Europe 30/0
Developed Marke
Emerging Market
INV:Ultra Japan

1 ProFunds INV:Ultra Secto
2 Rydex INV:Precious Meta

ENPIX sn
DJ-15 i
DTSGX i
RYSHX i
SVPIX i
RYGBX b
SHPIX g
DTSVX i
SLPIX i
RYMKX i
GVPIX b
UCPIX g
DXY-Z i
UAPIX i
BKPIX g
RYJUX i
RYMHX i
US10- i
UIPIX g
RYAIX i
BRPIX i
RYURX i
RYWAX g
RYAZX i
USPIX i
RYVNX i
URPIX i
RYTPX i

HVI

%ch

nav

4wk

2.
-94.
30.65 -5.2
1.
124.
371.84 -1.5
-1.
89.
11.62 -2.7
-1. -110.
32.06
1.9
-2.
88.
33.53 -2.1
-4.
77.
11.82
1.0
-5. -152.
13.91
1.7
-8.
68.
12.54 -3.0
-9.
59.
32.58 -2.8
-10.
67.
20.17 -4.2
-12.
54.
33.47
0.5
-13. -170.
6.87
2.7
-19.
0.
75.29 -0.2
-21.
55.
11.44 -6.2
-21.
56.
6.45 -6.4
-27. -148.
14.09 -2.6
-27.
-35.
31.96
1.1
-39. -332.
3.36 -4.3
-51.
-35.
7.89
1.8
-67.
-11.
16.95 -1.1
-67.
-14.
25.04 -1.7
-68.
-14.
37.57 -1.7
-77.
4.
24.66 -7.0
-80.
32.
22.57 -7.4
-131.
-11.
6.06 -2.6
-133.
-11.
8.18 -2.6
-135.
-14.
10.67 -3.7
-136.
-14.
25.10 -3.8
NO-LOAD SECTOR FUNDS
RYHIX sh
87.
18.
14.32
3.8
RYOIX sh
38.
295.
23.71
2.9
RYEIX sn
-21. -596.
19.92 -5.2
RYVIX sn
-48. -146.
40.42 -7.7
AGGRESSIVE GROWTH FUNDS
DXCLX ag
217.
11.
47.62
4.2
DXQLX ag
133.
10.
53.85
0.8
DXSLX ag
128.
14.
32.42
2.2
DXRSX ag
3.
-92.
2.62
3.1
DXRLX ag
-10.
73.
26.08 -5.8
SGPIX sc
-15.
24.
31.77 -3.3
DXQSX ag -133.
-11.
5.87 -2.7
GROWTH FUNDS
DXDLX g
54.
-1.
38.68 -3.5
DXDDX g
26.
-15.
23.78 -0.3
GROWTH AND INCOME FUNDS
HCPIX i
152.
27.
12.94
7.0
ADRE i
99.
4.
44.01
1.5
EWZ
i
98.
-12.
75.09
1.0
FXI
i
96.
-2.
44.60
0.5
BLPIX i
65.
15.
49.50
1.3
RYCIX i
61.
4.
34.98
2.4
EWH
i
25.
-24.
15.86 -2.1
SOPIX i
-68.
-10.
12.64 -1.2
NO-LOAD BOND AND INCOME FUNDS
DXKLX b
19.
130.
27.80
2.3
DXKSX b
-28.
-63.
10.53 -2.7
INTERNATIONAL FUNDS
DXZLX em
204.
-7.
54.52
1.3
DXELX em
153.
9.
58.97 -1.5
UEPIX we
43.
3.
13.88 -0.9
DXDSX we
-44.
1.
6.40
2.6
DXESX em -148.
-17.
1.75 -1.7
UJPIX wp -191.
-15.
8.45 -15.2
PRECIOUS METAL FUNDS
PMPIX sp
358.
16.
36.65 12.3
RYPMX sp
229.
18.
68.96
7.2

13w

rsk

rsk
adj

HVI
rsk

13w
rsk

rsk b/
lvl s

10.1 2.9 0.1
0.0
3.5 h s
-2.4 0.8 -1.2
0.0 -3.0 m s
3.1 1.4 -1.2
0.0
2.3 m s
-2.7 1.4 1.3
0.0 -1.9 m s
-0.8 1.4 -1.4
0.0 -0.6 m b
3.4 0.7 -0.9 -0.1
4.7 m b
-2.9 1.4 1.3 -0.1 -2.0 m s
1.5 1.6 -1.3 -0.1
0.9 m b
0.4 1.4 -1.4 -0.1
0.3 m s
0.5 2.1 -1.4 -0.1
0.3 h s
2.8 0.7 -1.1 -0.3
4.0 m b
-7.2 2.9 1.2 -0.1 -2.5 h s
-3.5 0.3 -0.7 -1.2 -11.5 l s
-0.3 2.9 -1.4 -0.1 -0.1 h s
-7.1 2.7 -1.4 -0.2 -2.7 h b
-5.2 0.8 0.2 -0.6 -6.6 m s
-5.9 1.3 0.7 -0.4 -4.5 m s
-5.6 1.5 0.5 -0.5 -3.9 m s
-12.2 2.6 0.7 -0.4 -4.7 h s
-8.3 1.0 -0.1 -1.2 -8.0 m s
-7.5 1.0 -0.1 -1.3 -7.4 m s
-7.5 1.0 -0.1 -1.3 -7.4 m s
-2.0 1.8 -1.5 -0.8 -1.1 h s
-7.9 2.9 -2.0 -0.5 -2.8 h s
-16.3 2.1 -0.1 -1.2 -7.9 h s
-16.5 2.1 -0.1 -1.2 -7.9 h s
-14.8 2.0 -0.1 -1.3 -7.4 h s
-15.1 2.0 -0.1 -1.3 -7.5 h s
6.2
-3.5
6.4
8.2

1.1 0.2
2.0 -1.1
2.2 -0.2
2.8 -0.2

1.6
0.4
-0.2
-0.3

5.9
-1.7
2.8
2.9

m
h
h
h

b
b
s
s

25.1
17.5
14.1
-7.7
2.2
1.1
-18.4

3.2 0.2
2.0 0.2
2.0 0.1
2.8 1.4
2.9 -1.3
1.4 -1.1
2.2 0.0

1.3
1.3
1.2
0.0
-0.1
-0.2
-1.2

7.9
8.7
7.1
-2.8
0.8
0.8
-8.3

h
h
h
h
h
m
h

b
b
b
s
s
s
s

9.9
7.3

2.2 -0.3
0.7 0.7

0.5
0.8

4.5
10.7

h
m

s
b

8.0 2.0 0.1
14.3 1.5 0.3
22.3 2.0 0.7
9.4 1.1 1.0
6.5 1.0 0.0
7.9 0.6 1.0
4.4 0.9 0.7
-8.4 1.0 -0.2

1.5
1.2
0.9
1.6
1.2
2.0
0.6
-1.3

4.0
9.2
11.1
8.3
6.5
13.2
5.1
-8.2

h
m
h
m
m
l
m
m

b
b
b
b
b
b
s
s

5.2
-6.9

0.6 -0.3
0.6 0.0

0.7
9.4
-1.0 -12.1

l
l

b
s

32.9
22.5
7.9
-12.8
-24.2
-20.6

3.4 0.7
3.2 -0.1
1.2 0.0
2.3 0.4
3.7 0.3
2.5 -1.4

1.2
0.9
0.7
-0.4
-0.8
-1.5

9.7
7.1
6.6
-5.5
-6.5
-8.3

h
h
m
h
h
h

b
b
b
b
s
s

1.6
1.5

9.0
10.2

h
h

b
b

37.9
29.4

4.2
2.9

0.3
0.2

The Intelligent Fund Investor, page 5

Meet Dr. Gary J. Harloff, the editor of The Intelligent Fund Investor. He is a principal of Harloff Capital
Management (HCM), a division of Harloff Inc. and a fee-based registered investment advisor, which manages
individual, corporate, and tax-deferred accounts including variable annuities. He also manages a hedge fund for
accredited investors. Investments are made in domestic and international no-load and low-load funds on a
discretionary basis. The analysis in this letter is based on our unique and proprietary indicator, Harloff Value Index,
HVI. This new technology enables the investor to allocate assets to the style which is in favor. We invented
the“Dynamic Frontier”, see article by G.J. Harloff, “Dynamic Asset Allocation: Beyond Buy-and -Hold”, Stocks
and Commodities, Jan. 1998. A free copy of this article is available on our web site at: www.harloffcapital.com.

Timer Digest ranked our newsletter S&P500 timer
#7/110 timers for 5 years ending 12/29/06 in their
January 30, 2007 issue; our bond timer #1/80
from 10/27/05 to 10/27/06 in the October 30,
2006 issue; our gold timer no. #1/60 in 2003 in
Jan. 5, 2004 issue, #3/80 timers in Jan. 5, 2009
issue and #1/65 in June 1, 2009 issue.

GOOD NEWS
Harloff Managed Account Service,
was noted in the MoniResearch Newsletter of
Jan/Feb 2000, “Harloff Managed Account Service
has turned in the highest one-year performance
figure we have ever recorded--- 168.56% in 1999
for their Aggressive Growth program”. Past
performance does not insure furture returns.

First Class
Harloff’s The Intelligent Fund Investor
26106 Tallwood Drive
North Olmsted, Oh 44070

The Intelligent Fund Investor, page 6

Sign up to vote on this title
UsefulNot useful