Q. Can I expect improved results from my shares of Colgate-Palmolive Co.? - BR, via the Internet

A. This steady performer with more than 200 years of experience selling toothpaste and oral-care items continues to polish its expanded product line.

Some of its recent arrivals include Colgate Total Advanced Whitening toothpaste, Colgate 360 degree deep-clean manual toothbrush and upgraded-formula Mennen Speed Stick 24/7 deodorant.

Increased popularity of profitable premium toothpastes and more extensive advertising have helped to boost its key products to higher market share. It has derived significant benefits from corporate restructuring and overall cost savings.

Three-fourths of sales are outside the US, providing its strongest growth. But it is in a global battle with mighty Procter & Gamble, a much larger rival that boasts the power brands Crest, Gillette, Tide, Pampers and Oral B.

Both companies have targeted emerging markets as primary growth vehicles and say there has been no slowdown in the demand for their products there.

Colgate-Palmolive shares are up two percent this year after gains of 19 percent in each of the two prior years. The board has authorised a plan to buy back 30 million shares over the next two years.

The firm has experienced some weakness in its Latin American markets, while its Hill's pet food business has been hurt by higher commodity prices.

Meanwhile, French antitrust authorities reportedly are completing a two-year investigation of alleged collusion and price-fixing by European and US consumer-products firms. Colgate-Palmolive is among those being probed.

The consensus recommendation on Colgate-Palmolive shares at their current price is "buy," according to Thomson Financial. That consists of five "strong buys," nine "buys," five "holds" and one "underperform."

Some of the well-known Colgate-Palmolive brands are Palmolive, Irish Spring, Softsoap, Ajax, Axion, Soupline and Tom's of Maine. Earnings are expected to increase 13 percent this year and 12 percent next year, with the five-year annualised growth rate projected to be 11 percent.

New chief executive Ian Cook - who replaced Reuben Mark, who left the post July 1 after 23 years in that job - received total 2007 compensation of $11.4 million, including stock awards, a Securities and Exchange Commission filing indicated.

Q. I am very disappointed with results from my Putnam Vista Fund shares. Any hope? - LC, via the Internet

A. The low-expense fund employs a mix of quantitative and fundamental analysis to make its stock selections.

Sounds good, but the resulting choices have not been all that great.

Its portfolio management team has not been on board very long, which has meant fluctuations in its investment strategy. Kevin Divney started in 2003, Brian DeChristopher in 2005 and Raymond Haddad in late 2007.

The $1.49 billion Putnam Vista Fund is down 11 percent in the past 12 months and has a three-year annualised return of three percent. Both results rank in the lowest 15 percent of mid-cap growth funds.

"We do not recommend Putnam Vista because management execution has been so uneven," said Wenli Tan, analyst with Morningstar Inc. in Chicago. "There are better, more proven funds with better records."

Fund managers screen the Russell Midcap index to find stocks with attractive earnings growth and free cash flow, then follow with fundamental work from five analysts.

The goal is to provide consistency with a combination of growth, value and quality.

Gold company Yamana Gold Inc. was recently added to the portfolio as a hedge against global inflation, and the managers increased its energy stake as well.

There is no certainty that recent portfolio adjustments will pan out long term.

Largest portfolio concentrations in Putnam Vista Fund are industrial materials, health care, energy and technology hardware.

Top holdings were recently Autodesk Inc., Cameron International Corp., Nvidia Corp., McDermott International Inc., Noble Corp., Precision Castparts Corp., BMC Software Inc., US Steel Corp., L-3 Communications Holdings Inc. and Albemarle Corp.

This 5.75 percent "load" (sales charge) fund requires a $500 minimum initial investment and has an annual expense ratio of 1.11 percent.

In recent years, parent company Putnam has undergone significant management changes following regulatory problems. CEO Charles Haldeman is working to build a solid investment culture, rather than just a marketing machine.

The giant insurance firm Marsh & McLennan sold Putnam last year to a division of Canadian fund company Power Financial Corp. It remains to be seen just how patient Power Financial will be with Putnam's underperforming funds.

Andrew Leckey answers questions only through the column. Address inquiries to Andrew Leckey, PO Box 874702, Tempe, Ariz. 85287-4702, or by e-mail at andrewinv@aol.com

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