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Fund Spy

Investors' Recent Appreciation for Dreyfus Appreciation Is Well Deserved

This is a success story for Dreyfus, but there are risks.

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Since this spring--and in fact, in many months before that--U.S.-stock funds have seen net redemptions from their funds. It's no surprise, really, considering that the stock market has served up one wild ride, with plenty of frightening declines. But  Dreyfus Appreciation (DGAGX) has bucked the fund-flow trend. Indeed, since July 2010 (with the exception of February and March 2011), the fund has taken in new money, to the tune of more than $1.5 billion net.

The inflows bring the fund's total assets to more than $4 billion, making it Dreyfus' largest mutual fund by a margin of more than 25% over the next biggest Dreyfus fund,(Dreyfus Emerging Markets Debt Local Currency (DDBAX)). Investors are right to be drawn to this fund.

Bridget B. Hughes does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.