FLVCX is not following the steady upward trend anymore. That and the fact that it's not going up with recent upswings in the Market tells me I made a big mistake putting my IRA in this at $36.04 on 7/9/07...
All of the indices made a "negative crossover" using monthly charts in January. This was the first such crossover since spring of 2003 for the S&P 500. Anytime monthly charts go south, you're in a bear market.
This fund did great starting in early 2003, and it will again when this bear market ends. In the meantime, this fund will rally during bear market rallys, but the fund will generally suffer until this bear market ends.
A leveraged fund is always going to be more volatile on both the up and down side.
Are you really surprised that a "debt leveraged" focused fund is having a little rougher go of it relative to the market averages these days? That being said, YTD, FLVCX is down 10.39% while the S&P 500 is down 12.27% (as of Friday's 3/14 close).
So a relative booo-yaaaah! instead of boooo-hooooo. ;)