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Analysis: Tony Genua took over this underperforming fund at the start of 2005 and it has shown some improvement since. Over the year to June 30/07 the fund showed a gain of 15.3%, about three percentage points ahead of the category average. This is highly encouraging, to say the least, and may finally signal a return to past glories. For a time in the 1990s, AGF American Growth was a powerhouse under the direction of Steve Rogers. The fund was a first-quartile performer in both 1998 and 1999 when it scored gains of 50% and 20% respectively. But the bear market exposed the weaknesses in Rogers’ aggressive growth style and the rise of the loonie exacerbated his woes. From 2000 to 2004, the Canadian dollar units of the fund lost money in four of the five years, the only gain being a tiny 1.7% advance in 2003. Not surprisingly, the fund, which was one of the jewels in the AGF crown for a time, was bleeding assets when Rogers departed the scene. Genua, who moved to AGF from KBSH Capital Management, also uses a growth approach to stock selection. His portfolio emphasizes blue-chip stocks such as Apple Computers, Cisco Systems, and Monsanto and he doesn’t hesitate to make big bets – Monsanto shares accounted for 6% of the portfolio as of June 30/07. He also isn’t concerned about investing in beaten-down sectors of the economy; currently information technology accounts for 28.5% of the total asset mix. We like what we’re seen from him so far but we need a little more evidence before bumping up the rating another notch.