SHORT INTERESTS: TIPS, TRENDS, OBSERVATIONS

Anniversary schmaltz

Investors who gleaned meager returns from their mutual funds last year may be in no mood to party, but that didn’t stop Massachusetts Financial Services from marking the 75th anniversary of its Massachusetts Investors Trust fund with some kitsch. The company, which believes the fund is the country’s oldest, began the festivities by plastering a “75” in lights across the facade of its Boston headquarters.

Conscious that investors keep an eye on expenses, MFS served no cake at its offices. Instead, it put a faux birthday cake candle in the top center window of its building. “Cake, well there are health issues, but we did light the building up,” says Jerry Potts, a senior vice president.

On a more serious note, the company has been holding a daily drawing for employees, rewarding winners with $1,000 worth of shares in Massachusetts Investors Trust.

MFS has also been circulating a list of mutual fund factoids to mark the occasion. Generation X — ages 18 to 30 — has the second-highest portion of household financial assets in mutual funds, 38%, after those aged 50 to 70. Also, more than 70% of fund owners have household incomes of less than $75,000, and 11% fall below $25,000. Good thing MFS didn’t break out the bubbly.

Born to run money

She won’t likely get into the Rock ‘n’ Roll Hall of Fame, but if VH1 starts a financial news show maybe the cable network will do a Behind the Scenes look at Susan Springsteen. The Legg Mason Inc. financial adviser, who’s based near the streets of Philadelphia — in Bryn Mawr, Pa. — landed the 10: 25 a.m. business slot reporting on the bond market for KYW Newsradio, the CBS Philadelphia affiliate.

She says relatives believe she is a distant cousin of rock icon Bruce, who was admitted to the hall last week, but “he’s never called to confirm.” Mr. Springsteen’s spokesman did not return telephone calls. Ms. Springsteen, who doesn’t promote herself as a long-lost cousin, has never met the Boss.

Ms. Springsteen, 40, acknowledges her last name draws attention: “It’s great for getting into restaurants.” She has been an adviser for 15 years, and her clients include individuals, corporations, municipalities and non-profit groups.

Less isn’t more

A study on small-capitalization stocks by Barclays Global Investors dashes cold water on the theory that historically they provide higher returns than large-caps. Most of the higher return was earned from 1974 to 1983, conclude managing directors Eric Clothier and Barton Waring, and part of the extra payoff is because small-caps are more risky than large-caps. Discounting for the extra risk, they find small-caps pay only about 0.5% to 2% more than large-caps, rather than the 3% to 6% that other research has indicated.