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Figure 6-6

1990’s, shifting it away from its original allocation and altering its risk exposure for its investors. Similarly, Figure 6-6 illustrates the style drift of the Growth Fund of America, which is designated as a large growth fund. Note the lack of style consistency as the various indexes in the fund seem to move up and down like a roller coaster. Both of these funds did not stay true to their stated identity.

Style Drift on Steroids Normally, style drift refers to something like a value fund that dabbles in growth stocks or a large cap fund that drifts into small cap stocks. An article in the Wall Street Journal on May 2, 2013, “Bond Funds Running Low on…Bonds,” puts a whole new spin on style drift.

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