FBR Funds Ranked First in Financial Sector; Eleventh Overall

FBR Small Cap Financial Fund Has 53.11% Return in Last 12 Months

FBR Financial Services Fund Has 41.66% Return in Last 12 Months



Apr 10, 2001, 01:00 ET from Friedman, Billings, Ramsey Group, Inc.

    ARLINGTON, Va., April 10 /PRNewswire/ -- FBR Investment Services, Inc. --
 a subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR) --
 announced today that its premier financial services mutual funds -- the FBR
 Small Cap Financial Fund and the FBR Financial Services Fund -- are ranked
 first and third out of 80 financial services funds for the last 12 months,
 according to Lipper Analytical Services, Inc.
     Moreover, the FBR Small Cap Financial Fund and the FBR Financial Services
 Fund are ranked the 11th and 18th best-performing equity mutual funds across
 all sectors for the last 12 months, according to Lipper's universe of 9096
 domestic equity mutual funds.
     "The declining interest rate environment coupled with our focus on
 companies with strong balance sheets and predicable earnings helped us
 generate these returns," David Ellison, Managing Director of FBR Investment
 Services, and the portfolio manager of both funds said.  "Over the near-term,
 the financial services sector should continue to offer healthy returns, as
 interest rate trends remain favorable, improving the earnings outlook for the
 sector," he added.
     The FBR Small Cap Financial Fund returned 53.11 percent for the last 12
 months, and the FBR Financial Services Fund had a 41.66 percent return for the
 last 12 months.  During the same time, the S&P 500 Index had a -21.66 percent
 return.  Both FBR funds commenced operations in December 1996.
     "FBR's historical focus on the financial services sector has given us a
 remarkably clear understanding of that industry, and, as a result, our ability
 to understand the possible effects of macro-economic trends on the sector,"
 Chairman and Co-Chief Executive Officer Emanuel J. Friedman said.  "Nobody
 knows the financial services sector better than Dave Ellison.  From his days
 at Fidelity through today, Dave's understanding of the sector and his ability
 to positively position his portfolios continues to create real shareholder
 value."
 
     Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR) is a financial holding
 company for investment banking, institutional brokerage, specialized asset
 management, and banking products and services. FBR provides capital and
 financial expertise throughout a company's lifecycle and affords investors
 access to a range of proprietary financial products and services.
 Headquartered in the Washington metropolitan area, FBR has offices in
 Arlington and Reston, Va., Bethesda, Md., Boston, Charlotte, Chicago,
 Cleveland, Dallas, Irvine, Ca., New York City, Portland, Seattle, London, and
 Vienna.  For more information, see http://www.fbr.com .
 
     The FBR Financial Services Fund and the FBR Small Cap Financial Fund
 investments are focused in the financial services industry, which may be
 adversely affected by regulatory or other market conditions, such as rising
 interest rates.  Total returns represent past performance, which is no
 guarantee of future results.  Investment return and principal value will
 fluctuate so that an investor's shares, when redeemed, may be worth more or
 less that their original cost. The indices are unmanaged and unlike the funds
 have no management fees or operating costs that reduce reported returns.  The
 volatility and other risk characteristics for the funds will differ from the
 volatility and risk characteristics of the indices.
 
                        FBR          FBR         S&P        Russell    Lipper
                     Financial    Small Cap      500         2000    Financial
                   Services Fund  Financial                           Services
                                                                        Index
     Quarter Ended
     03/31/01         -1.36%        6.33%      -11.86%      -6.05%     -8.85%
     One Year
     (03/31/00-       41.66%       53.11%      -21.66%     -15.27%     15.29%
      03/31/01)
     Three Years
     (03/31/98-        4.32%        3.05%        3.05%      -0.79%      2.13%
      03/31/01)
     Avg. Annual
     Since Inception
     (12-31-96-       15.65%       15.16%       12.72%       6.69%     13.75%
      03/31/01)
 
     For more complete information about the FBR Family of Funds, call
 1-888-888-0025 for a free prospectus or visit on the Web at
 http://www.fbrfunds.com .  Please read the prospectus carefully before you
 invest or send money.
 
 

SOURCE Friedman, Billings, Ramsey Group, Inc.
    ARLINGTON, Va., April 10 /PRNewswire/ -- FBR Investment Services, Inc. --
 a subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR) --
 announced today that its premier financial services mutual funds -- the FBR
 Small Cap Financial Fund and the FBR Financial Services Fund -- are ranked
 first and third out of 80 financial services funds for the last 12 months,
 according to Lipper Analytical Services, Inc.
     Moreover, the FBR Small Cap Financial Fund and the FBR Financial Services
 Fund are ranked the 11th and 18th best-performing equity mutual funds across
 all sectors for the last 12 months, according to Lipper's universe of 9096
 domestic equity mutual funds.
     "The declining interest rate environment coupled with our focus on
 companies with strong balance sheets and predicable earnings helped us
 generate these returns," David Ellison, Managing Director of FBR Investment
 Services, and the portfolio manager of both funds said.  "Over the near-term,
 the financial services sector should continue to offer healthy returns, as
 interest rate trends remain favorable, improving the earnings outlook for the
 sector," he added.
     The FBR Small Cap Financial Fund returned 53.11 percent for the last 12
 months, and the FBR Financial Services Fund had a 41.66 percent return for the
 last 12 months.  During the same time, the S&P 500 Index had a -21.66 percent
 return.  Both FBR funds commenced operations in December 1996.
     "FBR's historical focus on the financial services sector has given us a
 remarkably clear understanding of that industry, and, as a result, our ability
 to understand the possible effects of macro-economic trends on the sector,"
 Chairman and Co-Chief Executive Officer Emanuel J. Friedman said.  "Nobody
 knows the financial services sector better than Dave Ellison.  From his days
 at Fidelity through today, Dave's understanding of the sector and his ability
 to positively position his portfolios continues to create real shareholder
 value."
 
     Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR) is a financial holding
 company for investment banking, institutional brokerage, specialized asset
 management, and banking products and services. FBR provides capital and
 financial expertise throughout a company's lifecycle and affords investors
 access to a range of proprietary financial products and services.
 Headquartered in the Washington metropolitan area, FBR has offices in
 Arlington and Reston, Va., Bethesda, Md., Boston, Charlotte, Chicago,
 Cleveland, Dallas, Irvine, Ca., New York City, Portland, Seattle, London, and
 Vienna.  For more information, see http://www.fbr.com .
 
     The FBR Financial Services Fund and the FBR Small Cap Financial Fund
 investments are focused in the financial services industry, which may be
 adversely affected by regulatory or other market conditions, such as rising
 interest rates.  Total returns represent past performance, which is no
 guarantee of future results.  Investment return and principal value will
 fluctuate so that an investor's shares, when redeemed, may be worth more or
 less that their original cost. The indices are unmanaged and unlike the funds
 have no management fees or operating costs that reduce reported returns.  The
 volatility and other risk characteristics for the funds will differ from the
 volatility and risk characteristics of the indices.
 
                        FBR          FBR         S&P        Russell    Lipper
                     Financial    Small Cap      500         2000    Financial
                   Services Fund  Financial                           Services
                                                                        Index
     Quarter Ended
     03/31/01         -1.36%        6.33%      -11.86%      -6.05%     -8.85%
     One Year
     (03/31/00-       41.66%       53.11%      -21.66%     -15.27%     15.29%
      03/31/01)
     Three Years
     (03/31/98-        4.32%        3.05%        3.05%      -0.79%      2.13%
      03/31/01)
     Avg. Annual
     Since Inception
     (12-31-96-       15.65%       15.16%       12.72%       6.69%     13.75%
      03/31/01)
 
     For more complete information about the FBR Family of Funds, call
 1-888-888-0025 for a free prospectus or visit on the Web at
 http://www.fbrfunds.com .  Please read the prospectus carefully before you
 invest or send money.
 
 SOURCE  Friedman, Billings, Ramsey Group, Inc.