Capital Appreciation, bumped out of the first quintile last month, has clawed its way back. Here are the YTD standings as of March 31, 2008.

first quintile
Oakmark Equity & Income I (OAKBX): +.97%
Janus Balanced (JABAX): -.90%
Ivy Asset Strategy Y (WASYX): -1.76%
State Farm Balanced (STFBX): -2.55%
John Hancock Balanced A (SVBAX): -3.28%
Nuveen Balanced Stock & Bond R (NNSRX): -3.44%
AARP Moderate Report (AAMDX): -3.54%
T. Rowe Price Capital Appreciation (PRWCX): -3.87%
Vanguard Wellington (VWELX): -3.92%
Value Line Income & Growth Fund (VALIX): -3.97%
Mairs & Power Balanced (MAPOX): -4.10%

second quintile
GAMCO Westwood Income AAA (WESRX): -4.26%
DFA Global 60/40 I (DGSIX): -4.68%
Vanguard Balanced Index (VBINX): -4.86%
Buffalo Balanced (BUFBX): -5.18%
Vanguard Target Retirement 2015 (VTXVX): -5.21%
**Vanguard 60/40: -5.38%
Manning & Napier Extended Term (MNBAX): -5.44%
GE Moderate Allocation Fund (GMALX): -5.60%
T. Rowe Price Retirement 2010 Fund (TRRAX): -5.61%
T. Rowe Price Balanced (RPBAX): -5.87%
Vanguard STAR (VGSTX): -6.23%

third quintile
First Eagle Global A (SGENX): -6.50%*
AARP Aggressive (AAGSX): -6.52%
Elfun Diversified (ELDFX): -6.72%
Pax World Balanced (PAXWX): -6.84%
TIAA-CREF Inst Managed Alloc II Retail (TIMRX): -7.03%
Waddell & Reed Adv Asset Strategy A (UNASX): -7.23%*
Fidelity Freedom 2020 (FFFDX): -7.27%
Fidelity Balanced (FBALX): -7.29%
Fidelity Puritan (FPURX): -7.51%
Russell LifePoints Growth Strategy S (RALSX): -7.96%
Dodge & Cox Balanced (DODBX): -8.04%

fourth quintile
American Funds Capital Inc Bldr C (CIBCX): -9.24%*
AFBA Five Star Balanced A (AFSAX): -9.48%*
MFS Total Return B (MTRBX): -9.80%*
Loomis Sayles Global Markets Y (LSWWX): -10.17%
Transamerica Premier Balanced Inv (TBAIX): -10.28%
Calvert Social Investment Balanced A (CSIFX): -10.36%*
Dreyfus Premier Balanced Opportunity A (DBOAX): -10.70%*
Morgan Stanley Strategist B (SRTBX): -11.57%*
Delaware Balanced A (DELFX): -11.85%*
Morgan Stanley Strategist Fund A (SRTAX): -11.87%*
Putnam Asset Allocation Balanced A (PABAX): -12.31%*

fifth quintile
American Funds American Balanced A (ABALX): -12.59%*
Lord Abbett Balanced Strategy A (LABFX): -12.63%*
Evergreen Asset Allocation A (EAAFX): -12.95%*
Van Kampen Equity and Income A (ACEIX): -13.01%*
Calamos Growth & Income A (CVTRX): -13.53%*
American Funds Capital Inc Bldr A (CAIBX): -13.56%*
Eaton Vance Balanced A (EVIFX): -13.58%*
Franklin Templeton Growth Target A (FGTIX): -13.62%*
Legg Mason Partners CapInc A (SOPAX): -14.28%*
Wells Fargo Advantage Growth Balanced A (WFGBX): -14.35%*
Oppenheimer Quest Balanced B (QGRBX): -14.56%*

disqualified horses
FPA Crescent (FPACX): -1.19%
Leuthold Asset Allocation (LAALX): -1.58%
Leuthold Core Investment (LCORX): -2.11%
Utopia Core (UTCRX): -2.50%
Greenspring (GRSPX): -2.76%
Fairholme (FAIRX): -3.55%
Permanent Portfolio (PRPFX): 3.83%
Vanguard Tax Managed Balanced Fund (VTMFX): -4.30%
Auxier Focus (AUXFX): -6.82%
Bruce (BRUFX): -6.91%
BlackRock Global Allocation A (MDLOX): -6.93%*
BlackRock Asset Allocation Inv A (PCBAX): -10.57%*
Marsico Flexible (MFCFX): -10.64%
American Century Equity Income A (TWEAX): -11.68%*
Fidelity Magellan (FMAGX): -12.37%

(The disqualifed horses have failed to meet criterion of large cap with between 50-75% equities—they’re included here by request.)

*load adjusted return
**portfolio of three Vanguard index funds:
    45% Total Stock Market—0.19—(VTSMX)
    15% Total International—0.32—(VGTSX)
    40% Total Bond—0.20—(VBMFX)

Looking at T. Rowe Price’s stable of equity funds, the YTD winner so far is Real Estate (TRREX) at +2.50. The biggest loser is New Asia (PRASX) at -22.80. What goes around comes around.

And finally, let’s recall the truism that there are three kinds of lies: lies, damned lies, and statistics. Consider T. Rowe Price Capital Appreciation’s oft-touted 18 year record of positive returns. As of the end of March 2008, the one year return of PRWCX was -0.37%. So PRWCX’s calendar year winning streak is just a lucky quirk—it has lost money in a twelve month period, but not from January 1 to December 31. So the record marches on, sort of.