Doug Fabian has unveiled his latest list of mutual fund lemons. The list for the first quarter has 2,335 mutual funds with a combined $718 billion in assets. To make the list, a fund has to underperform its peer group average for the last 12 months, as well as for the last three- and five-year periods.

"Investors need to wake up to the reality that many mutual fund managers do not perform as well as many exchange-traded funds (ETFs) with the same investment objective,” said Fabian, president of Fabian Wealth Strategies, a Costa Mesa, California-based fee-only RIA specializing in ETFs.

The lemon list includes Dodge & Cox Stock, American Funds Bond Fund of America, Fidelity Magellan, Davis NY Venture and Fidelity Equity-Income.

To view the complete list, click here.  

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