Investment income has been somewhat larger than for common stock funds because of the unusual relationship in recent years between the yields of blue chips and fixed-income securities; and changes in net asset value have been more moderate than in common stock funds. Insofar as the common stock portfolio is concerned, Wellington has concentrated less than some other funds. For example, at the end of 1961, the largest proportion of common stockholdings to the total investment was 12.2 per cent in electric, telephone, and natural gas utilities; the oil group was second with 7.0 per cent. In some earlier years, the degree of concentration was even lower.


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