Two BB&T Funds recognized as top performers in 2006 by Lipper Inc.
Lipper Inc. awarded the BB&T Special Opportunities Equity Fund’s Institutional Shares (BOPIX) with a Performance Achievement Award as the top performing fund in 2006 in the Multi-Cap Growth Funds category.
The fund ranked No. 1 out of 493 funds for the one-year period ended Dec. 31, 2006 and ended the year up 21.74 percent.
Also, the BB&T Equity Income Fund’s Institutional Shares (BEGIX) ended the year up 22.18 percent and ranked 30th out of 237 funds within the Lipper Equity Income Funds category.
Lipper presents Performance Achievement awards each year to mutual funds that rank first in their respective categories over a one-, five-, ten-, or fifteen-year period depending on the universe. Awards are based on cumulative total return.
Both the BB&T Special Opportunities Equity Fund and the Equity Income Fund are managed by Scott & Stringfellow Chief Investment Officer George Shipp, CFA. Scott & Stringfellow, a wholly owned subsidiary of BB&T Corporation (NYSE: BBT), is a subadvisor to the fund and affiliate of BB&T Asset Management.
The Special Opportunities Equity Fund seeks long-term capital appreciation by investing primarily in a blend of underpriced value stocks and emerging growth stocks. The Equity Income Fund seeks capital growth and current income.
Shipp and his Scott & Stringfellow team have more than six decades of combined investment management experience. They’ve managed the BB&T Special Opportunities Equity Fund since its inception in 2003 and the Equity Income Fund since its inception in 2004.
The Special Opportunities Equity Fund has the flexibility to buy large- or small-capitalization stocks and shift between so-called “value” and “growth” styles as the managers evaluate the relative merits of portfolio candidates.
“The fund holds 25 to 30 of the best capital-growth opportunities we can identify from all market sectors and investment styles,” Shipp said. “To us, ‘best’ means stocks that, relative to their current prices, offer the strongest underlying growth potential, no matter how they are labeled.
“As investors favor different areas of the market, we seek to find these relative values in different market segments. We aggressively pursue attractive opportunities wherever they can be found, limiting ourselves to neither a particular sector nor a single investing style.
“The investment process for the Equity Income Fund is driven by a search for both growth and income. We buy only stocks with growing dividend streams, since above-average yields may both generate current income and potentially moderate stock market volatility. This flexible, balanced approach enables us to focus on our very best investment ideas. We look forward to helping our shareholders achieve their financial goals, and very much appreciate their ongoing support.”
“We are very pleased with the performance that George and his team have achieved in managing both funds,” said Keith Karlawish, president of BB&T Asset Management. “The unique investment processes that the team employs have clearly resulted in excellent returns for our shareholders. We are proud that Lipper has recognized their efforts.”
As of Dec. 31, 2006, over the past one- and three-year periods, the BB&T Special Opportunities Equity Fund’s Class I shares returned 21.74 percent and 17.43 percent, respectively, and 21.74 percent year to date. The fund’s Class I shares were initiated June 2, 2003, and returned 19.82 percent from the inception date to Dec. 31, 2006.
As of March 31, 2007, over the past one- and three-year periods, the BB&T Special Opportunities Equity Fund’s Class I shares returned 22.61 percent and 16.67 percent, respectively, and 5.59 percent year to date. The fund’s Class I shares were initiated June 2, 2003, and returned 20.11 percent from the inception date to Dec. 31, 2006.
As of Dec. 31, 2006, the BB&T Equity Income Fund’s Class I shares returned 22.18 percent for the one-year period, 22.18 percent year to date and 19.27 percent since inception on June 30, 2004.
As of March 31, 2007, the BB&T Equity Income Fund’s Class I shares returned 20.34 percent for the one-year period, 3.94 percent year to date and 19.06 percent since inception.
For the one-year period ended March 31, 2007, the BB&T Special Opportunities Equity Fund’s Class I Shares ranked No. 1 out of 493 funds in the Lipper Multi-Cap Growth Category.
For the one-year period ended March 31, 2007, the BB&T Equity Income Fund’s Class I Shares ranked 16th out of 243 funds in the Lipper Equity Income Funds category.
BB&T Asset Management, a wholly owned subsidiary of BB&T Corporation, serves as investment adviser to the BB&T Funds and is paid a fee for its services. The funds are distributed by BB&T AM Distributors Inc., which is not affiliated with BB&T Corporation principal subsidiary Branch Banking and Trust Company or its affiliates.
The BB&T Funds offer 25 mutual funds covering a broad spectrum of equity and fixed-income styles, including value and growth stock funds that target the large-cap, mid-cap and small-cap sectors, and bond funds that focus on the government, corporate and municipal markets. Two money market funds also are included in the lineup. The funds’ assets under management exceeded $5 billion as of March 31, 2007.
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