Seventy-three percent of mutual funds lost value in April, according to Morningstar Canada’s monthly performance survey. The median fund overall posted a loss of 1.7% last month. That’s the worst median result since September of last year.

Through the first four months of the year, the median return for 2002 is a loss of 0.5%. For the fourth consecutive month, precious metals funds ranked as the best performing category. The median one-year return for precious metals funds is 72.6%. Most of the funds in the category managed to outperform the TSE Gold and Precious Minerals Index return of 5% in April. Even the category’s lowest- performing fund did better than the median fund in any other fund group. However, the category’s median five-year return is a loss of 1.9%.

Rounding out the top five performing categories were: Japanese Equity at 2.2%; Foreign Bond at 1.8%; Canadian Bond at 1.3% and Canadian Short Term Bond at 0.8%.

For the second time in three months, science and technology funds ranked last in performance. The category’s median return in April was -13.6%. None of the category’s funds was able to make money for investors. The median one-year return for the category is now a loss of 36.1%, though the five-year return remains positive at 4.7%. The other weakest categories were: U.S. Equity at -7.1%; Global Healthcare at -7.0%; U.S. Small and Mid Cap Equity at -4.0% and Global Equity at -3.7%.

Mackenzie Financial Corp. continues to have the most Five Star Funds, with a total of 14, with the additions of Mackenzie Income Class A and Mackenzie Cundill Value Series A. Runners-up are CI Mutual Funds Inc. and AIM Funds Management Inc., with eight apiece, followed by TD Mutual Funds, with seven top-rated funds.

Among fund companies with at least three five-star rated funds, I.A.Michael Investment Counsel Ltd. is the only company to offer nothing but top-rated funds. Other companies to earn the top rating for a significant percentage of their rated funds include Clarington Funds Inc. with 36%, Phillips Hager & North Investment Management with33%; Mawer Investment Management with 33% and Fidelity Investments Canada Ltd. with 29%.