Russel Kinnel in a Fund Spy column Morningstar.com asks the question: Where did all the momentum funds go? During the Internet boom they dominated the lists of top performing fund charts. Today they are fewer in number and somewhat chastened. Kinnel notes their downside, but highlights a few fund families and their momentum methodologies.

One fund winner that is decidedly not a momentum fund is the Fidelity Leveraged Company Stock Fund (FLVCX). Bill Donoghue at Marketwatch.com thinks this fund could become Fidelity’s new flagship fund. Through a focus on sector rotation and levered stocks this fund has put up some outstanding returns.

Linda Stern at Reuters notes that a number of mutual fund investors who hold their funds in taxable accounts are going to be in for a shock this year. Despite mediocre returns a number of funds are planning large capital gains distributions. Stern provides some advice including focusing on ETFs for future investments.

Not only are open-end mutual funds taking a hit relative to ETFs, but it seems that close-end funds (CEFs) are as well. Gregg Greenberg at TheStreet.com notes that CEF discounts are on the rise. While there is a passel of reasons for the disinterest in CEFs, the rise of ETFs has taken a toll on the closed-end fund world.

As they say the only winner in a war are the arms dealers. Jon D. Markman in RealMoney.com notes that Morningstar (MORN) provides investment research to a range of end-users. A strong balance sheet, rapid earnings growth and the fundamental push from participation in the Global Research Analyst Settlement have generated strong returns for Morningstar, despite little analyst coverage. However, according to Markman, the stock has already reflects much of this good news.