happened before. Look at May 2006....this fund fell out of bed and also did not rebound with the market at all. It took a few months of consolidation and then it was off to the races through 2007. I think what is happening is that the fund has rotated to higher quality names with solid balance sheets as the models often point to names like that. The rebound has been led by the lowest quality and worst balance sheets so the fund has underperformed. I do not believe the financials and other junk will unltimately lead the way. I think investors rotated to make a quick buck to make up for the blow ups for last year but when the real bull market resumes it will in in cash rich names that do not need bug access to capital. Small caps and value led the way from 2003 to 2008 because capital was so easy to access. the ORCL's of the world (a top holding of BRAIX) does not need access to credit as they have so much cash they can reinvest in their company and grow without access to credit. Just watch, the rotation might have begun today as CASH rich names outperformed dramatically.