In this piece, we will take a look at the five worst performing mutual funds in 2023. For a deeper look at the economy and the stock market, head on to 15 Worst Performing Mutual Funds in 2023.
5. Voya Multi-Manager International Eq P (NASDAQ:VIEPX)
Year to Date Return: -25.11%
Voya Multi-Manager International Eq P (NASDAQ:VIEPX) is another fund part of the Voya fund family. It has $285 million in net assets and was set up in 2011. More than 95% of the fund’s holdings are invested in stocks, and it focuses on investing in firms that are located outside of the U.S. The fund invests in high quality stocks and companies with stable operations and large markets. Some of its largest investments are in the locally traded shares of the Taiwan Semiconductor Manufacturing Company (TSMC) and Novartis.
4. Voya SmallCap Opportunities Fund (NASDAQ:NSPCX)
Year to Date Return: -25.60%
Voya SmallCap Opportunities Fund (NASDAQ:NSPCX) has $89 million in net assets and was set up in 1999. The fund invests primarily in small cap stocks, and its benchmark index is the Russell 2000 Growth Index. Naturally, since the fund tracks a growth index, its forward price to earnings ratio is 24.27. Healthcare, industrial, and information technology stocks account for more than two thirds of the Voya SmallCap Opportunities Fund (NASDAQ:NSPCX)’s holdings.
3. Ultra Short Japan ProFunds Investor Class (NASDAQ:UKPIX)
Year to Date Return: -36.68%
Ultra Short Japan ProFunds Investor Class (NASDAQ:UKPIX) is part of the ProFunds fund family. The mutual fund was set up in 2006 and it has net assets of $780,430. The fund invests primarily in companies traded on the Tokyo Stock Exchange, and it seeks to deliver twice the opposite returns of Japan’s flagship Nikkei 225 index. This means that the Ultra Short Japan ProFunds Investor Class (NASDAQ:UKPIX) is a short fund since it delivers returns when the Nikkei 225 is dropping. Since the index is up by 21.47% to date in price terms, the mutual fund is one of the worst performing funds of 2023.
2. ProFunds UltraShort NASDAQ-100 Svc (NASDAQ:USPSX)
Year to Date Return: -45.67%
ProFunds UltraShort NASDAQ-100 Svc (NASDAQ:USPSX) is another short mutual fund. As opposed to the Ultra Short Japan ProFunds fund, which targets the Nikkei 225 index, the ProFunds UltraShort NASDAQ-100 Svc (NASDAQ:USPSX) instead tracks the top tier Nikkei 100 index. Naturally, and as we mentioned in our introduction since the NASDAQ 100 has been one of the best performing indexes this year due to the surge in hype for artificial intelligence, the ProFunds UltraShort NASDAQ-100 Svc (NASDAQ:USPSX) is the second worst performing mutual fund in 2023.
1. Rydex Inverse NASDAQ-100 2x Strategy C (NASDAQ:RYCDX)
Year to Date Return: -45.74%
The strong performance of the NASDAQ 100 index this year has ensured that inverse funds are left in the dust. This is also the case with the Rydex Inverse NASDAQ-100 2x Strategy C (NASDAQ:RYCDX) fund, which is down by more than 45% year to date. The fund is part of the Rydex Funds fund family and it has $95.9 million in net assets.
Disclosure: None. You can also take a look at Hedge Funds Selling Energy Stocks: 10 Most Sold Clean Energy Stocks and 10 Best EV, Battery and Autonomous Driving ETFs.
