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Dreyfus Funds Incurring Large Losses
Dreyfus mutual funds have been hit hard this year.
Consider the Dreyfus High Yield Securities Fund. While other high yield funds are down only 7.18% in the 3rd Quarter, the Dreyfus fund is down more than twice that. That's because the fund "trolls" the secondary market looking for "special situations". So, the firm invested in CCC rated debt - below investment grade.
Also consider Dreyfus Aggressive Growth and Premier Aggressive Growth funds. Year to date, investors in those funds have lost 1/2 their money!
The reason? Several, but a main reason is that the fund's former manager was put on "paid administrative leave" amid a widening federal and New York probe of his personal trading practices.
Investors in any of these Dreyfus funds should consider their legal options.
Barron's, November 9, 1998
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