RALEIGH, N.C., Aug. 25 /PRNewswire-FirstCall/ -- Two BB&T mutual funds, sub-advised by Scott & Stringfellow, ranked in the top 1 percent of their respective categories for three- and five-year performance, according to industry rater Morningstar. The rankings for both funds were based on total return of the Class A shares as of June 30.
The BB&T Special Opportunities Fund (BOPAX) was in the top 7 percent for one-year performance among 888 Morningstar mid-cap growth funds. The fund's performance placed it in the top 1 percent for three- and five-year performance among 794 and 658 Morningstar mid-cap growth funds, respectively.
Since its inception on June 2, 2003, the fund has generated a positive return in 18 of 24 calendar quarters, producing a 9.1 percent annualized total return, compared to 1.2 percent for the S&P 500. The fund's returns were -17.94 percent for the one-year period, 0.67 percent for the three-year period and 5.73 percent for the five-year period.
The BB&T Equity Income Fund (BAEIX) was in the top 11 percent of Morningstar large-cap value funds for one-year performance among 1,358 funds. The fund's performance placed it in the top 1 percent for three- and five-year performance among 1,154, and 951 large-cap value funds, respectively.
The fund celebrated its fifth anniversary on June 30th by posting its 14th positive return quarter (vs. 11 for the S&P 500 over the same five-year period), and has generated a 5.39 percent annualized total return since inception on June 30, 2004. The Equity Income Fund has returned -20.56 percent for the one-year period, -1.84 percent for the three-year period and 5.39 percent for the 5-year period.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. For the most current performance information, please visit www.bbtfunds.com.
The gross expense ratio for the Equity Income Fund Class A Shares is 1.41 percent and the net expense ratio is 1.16 percent. The gross expense ratio for the Special Opportunities Fund Class A is 1.50 percent and the net expense ratio is 1.25 percent. The adviser has contractually agreed to limit the management fees paid by the fund for the period from Feb. 1, 2009 through Jan. 31, 2010. Had this waiver not been in effect and if the maximum sales load of 5.75 percent had been deducted, the performance would have been lower.
The funds are sub-advised and managed by the CHOICE Asset Management group within Scott & Stringfellow under the leadership of Chief Investment Officer George Shipp, CFA. In addition to Shipp, the team includes Farley Shiner, CFA; Griff Jones; Josh Haggerty, CFA; Adam Bergman, CFA; Tripp Boyd and Monica Kidd.
"Our disciplined risk-averse approach, flexibility, common sense, and relatively concentrated portfolios have made a positive performance difference," Shipp said. "The good news is that all those attributes are sustainable. The philosophies and hard-working team which have generated this top performance are both intact."
The BB&T Special Opportunities Equity Fund and BB&T Equity Income Fund require an initial investment of $1,000, making it affordable for most investors. Shareholders may also start with as little as $25 per month through the BB&T Funds systematic investment plan. (Systematic investing, also known as dollar-cost averaging, does not insure a profit and does not protect against loss in declining markets. An investor should consider their financial ability to continue making additional investments through periods of low share-price levels.)
Based in Richmond, Va., Scott & Stringfellow LLC provides comprehensive financial guidance and wealth planning. The firm's services are delivered by more than 600 associates -- including more than 270 financial advisors -- in 45 locations throughout Virginia, Georgia, New Jersey, North Carolina, South Carolina and West Virginia. More information about Scott & Stringfellow LLC is available at www.scottstringfellow.com.
BB&T Asset Management Inc., a wholly owned subsidiary of BB&T Corporation (NYSE: BBT), serves as investment adviser to the BB&T Funds and is paid a fee for its services. Scott & Stringfellow Inc., member NYSE/SIPC, a wholly owned non-bank subsidiary of BB&T Corporation, serves as sub-advisor to the BB&T Special Opportunities Equity Fund and the BB&T Equity Income Fund and is paid a fee for its services. An investment is neither insured nor guaranteed by the FDIC or any other government agency. The funds are distributed by BB&T AM Distributors, Inc.
Not a deposit - Not FDIC insured - Not guaranteed by the bank - Not insured by any government agency - May lose value
Mutual fund investing involves risk including the possible loss of principal. Funds that invest in equity securities may be more volatile than other investments and the value of the Funds will fluctuate with market conditions.
An investor should consider a fund's investment objectives, risks, charges and expenses carefully before investing or sending money. A prospectus with this and other information may be obtained at 1-800-228-1872 or www.bbtfunds.com. The prospectus should be read carefully before investing.
