Mutual Funds: Portfolio Structures, Analysis, Management, and Stewardship

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Mutual Funds: Portfolio Structures, Analysis, Management, and Stewardship

Format:  Hardcover,

358 pages

Publisher: John Wiley & Sons

Publish Date: Nov 2009

ISBN-13: 9780470499092

ISBN-10: 0470499095

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The following content was provided by the publisher.

An authoritative, must-read guide to making more informed decisions about mutual funds

Providing a balance of theory and application, this authoritative book will enable you to evaluate the various performance and risk attributes of mutual funds. It covers a broad range of topics, including understanding the advantages and disadvantages of mutual funds, evaluating stock/bond allocations within fund portfolios, assessing fund diversification risk, measuring fund returns and risk, and making fund buy/sell decisions.

While informative chapters combine clear summaries of existing research with practical guidelines for mutual fund analysis, step-by-step decision checklists guide you through the selection of various mutual funds.Puts the risks and rewards of mutual fund investing in perspectiveSkillfully examines how to select and evaluate the best mutual fundsOutlines mutual fund service advantages and disadvantagesDiscusses the long- and short-term effectiveness of mutual funds

Covering major theoretical and management issues in mutual fund analysis and portfolio management, this book is an authoritative guide.

Specifications

Editor:
Publisher: John Wiley & Sons
Publish Date: Nov 2009
ISBN-13: 9780470499092
ISBN-10: 0470499095
Format: Hardcover
Number of Pages: 358
Shipping Weight (in pounds): 1.85
Product in Inches (L x W x H): 7.1 x 1.3 x 10.0

Chapter outline

Mutual Funds: Nature, Regulation, and Costs
The Nature of Mutual Funds by (Conrad Ciccotello)
Attributes of the Open-End Mutual Fund
The Board of Directors
Liquidity
All Equity Capital Structure
Portfolio Diversification
Professional Management
Investor Services
Mutual Funds and the Competitive Environment
Employer Sponsored Retirement Plans
After-Tax Accounts
References
About The Author
Mutual Fund Regulation and Issues by (Conrad Ciccotello)
Historical Perspective
Regulation of Open-End Funds
Recent Regulatory Issues in Open-End Funds
NAV Pricing and Trading Policies
Fund Pricing and the (Late) Trading Scandal
Current Regulatory Issues in Funds
Board Governance
Fees
Performance Reporting
References
About The Author
The Economics of Mutual Funds by (David M. Smith)
Size and structure of the mutual fund industry
Mutual fund creation and mortality
Scale economies: Expenses and fees
Scale Diseconomies: Fund Returns
Benefits of mutual fund investing to fund shareholders
Diversification
Professional portfolio management
Ready access to asset classes and market sectors
Drawbacks of mutual fund investing
Persistent high fees in some families
Underperformance relative to index funds
Tax inefficiency
Inadequate disclosure
Financial barriers to mutual fund investing and redemption
Mutual fund governance and agency problems
Fund family marketing and cross-subsidization
Conclusions
References
About The Author
Mutual Fund Fees and Expenses by (David M. Smith)
Loads
Expenses
Management Fees
Rule 12b-1 Fees
Other" Expenses within the Expense Ratio
The Load Versus Expense Relation
Distribution Channel
ETFs and Closed-End Mutual Funds
Taxes
Fees and Expenses Internationally
Charges Not Included in the Expense Ratio
Partitioning Actively Managed Mutual Fund Fees Based on Alpha and Beta. Separation
Conclusions
References
About The Author
The Realities and Analogies of Investing
How Financial Markets Work by (Larry E. Swedroe)
How Markets Set Prices
Point Spreads and Random Errors
Examining the Evidence
An Efficient Market
How Stock Prices Are Set
Battle of the Discount Stores
The Financial Equivalent of the Point Spread
Individual Investors
Institutional Investors
The Moral of the Tale
Great Companies Do Not Make High-Return Investments
Small Companies versus Large Companies
Why Great Earnings Don't Translate Into Great Investment Returns
The Moral of the Tale
For Every Buyer There Must Be a Seller
The Moral of the Tale
References
About The Author
Active Versus Passive Investing by (Larry E. Swedroe)
Whose Interests Do They Have at Heart?
When Even the Best Aren't Likely to Win the Game
The Evidence
Lots of Counterproductive Activity
The Moral of the Tale
Why Is Persistent Outperformance So Hard to Find?
Conclusions
Investment Graffiti
The Death of Equities
The Great Depression of 1990
Dow 36,000
The Value of Stock Market Forecasts
Even if Your Crystal Ball Was Clear
Conclusions
Outfoxing the Box
The Moral of the Tale
Appendix: Investment Vehicle Recommendations
References
About The Author
Fund Types and Comparative Performance, Efficient Markets, Asset Allocation, and Morningstar Analysis
Efficient Markets and Mutual Fund Investing: The Advantages of Index Funds by (Burton Malkiel)
The Justification for Using Index Funds
The Evidence from U.S. Index Funds
The Evidence in Favor of Passive Management in World Financial Markets
Active vs. Passive Management in the Bond Market
Costs are Important Determinants of Net Returns
Mutual Funds vs. ETFs
Stock Market Returns vs. Investor Returns
Style or Factor Tilts in Mutual Funds
Conclusions
References
About The Author
Asset Allocation: Design and Care of Portfolios by (William J. Bernstein)
The Policy Allocation
Rebalancing
Strategic Asset Allocation
References
About The Author
The Morningstar Approach to Mutual Fund Analysis - Part I by (Don Phillips and Paul D. Kaplan)
The Cycle of Fear and Greed
Risk Management
Approaches to Portfolio Construction
Tools for Analyzing Funds
Morningstar Category
Mutual Fund Analysis Tools
Returns-Based Analysis
Total Returns
Sample Fund Comparison-Historical Performance
Risk and Risk-Adjusted Performance Measures
Modern Portfolio Theory Statistics
Beta
Alpha
R-Squared
Best-Fit Index
Sample Fund Comparison - Risk and Risk-Adjusted Performance Measures
The Morningstar RatingTM for Funds
Risk- and Cost-Adjusted Performance
Overall and Period-Specific Ratings
How to Use the Star Rating
How Not to Use the Star Rating
Sample Fund Comparison - Star Rating
Conclusions
About The Authors
The Morningstar Approach to Mutual Fund Analysis - Part II by (Don Phillips and Paul D. Kaplan)
Holdings-Based Analysis
Asset Allocation
Stock Portfolio Analysis
Income, Costs, and Taxes
Yield
Loads
Expense Ratio
Tax Analysis
Qualitative Analysis
Stewardship GradeSM.
Morningstar Fund Analyst PicksSM.
Analyst Research Report
Conclusions
About The Authors
Building a Portfolio of Mutual Funds: A Morningstar Approach by (Don Phillips and Paul D. Kaplan)
Approaches to Portfolio Construction
Fund Selection
Domestic Large-Cap Stocks
Domestic Small/Mid-Cap Stocks
Foreign Stocks
Domestic Bonds
Portfolio 1 - A Less-Diversified Approach
Portfolio 2 - A Well-Balanced Approach
Analysis of the Portfolios
Asset Allocation
Style Diversification
Stock Sector
World Regions
Stock Stats
Fees & Expenses
Ongoing Maintenance
Conclusions
About The Authors
Performance of Actively Managed Versus Index Funds: The Vanguard Case by (Edward Tower)
Introduction
Methodology
In Defense of Geometric Alpha
The Tracking Indexes for the Old Funds
Prowess of Style Jumping and Equity Choice for the Old Funds
Prescient Style Jumping?
Alpha Fell
How have the young funds performed?
Did R2 Predict Performance (Including Young Funds)?
Is the Past Prologue? Did Past Performance Predict Future Performance?
Did a Combination of R2 and Past Alpha Predict Performance?
Did Morningstar Stars Predict?
Did Dan Wiener's Ratings Predict?
The Best Prediction Equation
Is Wiener Right That Vanguard's Managed Funds are Better Than its Index Funds?
Conclusions
References
About The Author
Classic and Enhanced Index Funds: Performance and Issues by (Edward Tower)
Vanguard
Dimensional Fund Advisors (DFA)
DFA's Feeder and Master Funds
DFA's Core Portfolios
DFA: Other Aspects
WisdomTree's Approach to Fundamental Indexation
Some Evaluations of Fundamental Indexation
Style Analysis to Compare Vanguard and DFA
Recent Performance of DFA Funds
The Tracking Portfolio with Long and Short Positions in Tracking Index
Domestic DFA Over the Entire CRSP Horizon
International DFA over the entire CRSP horizon
DFA's Core Portfolios
Additional DFA Costs
DFA Summary
How Do These Alphas Differ from Tower and Yang Alphas?
WisdomTree Versus Vanguard: Which is Better?
WisdomTree Summary
Conclusions
Note
References
About The Author
Mutual Funds Versus Exchange-Traded Funds by (Gary L. Gastineau)
A Brief History of ETFs
Portfolio Trading and Stock Index Future Contracts
Index Participation Shares (IPS)
Toronto Stock Exchange (TSE) Index Participations (TIPs)
Supershares
Standard & Poor's Depository Receipts (SPDRS)
World Equity Benchmark Shares (WEBS) - Renamed iShares MSCI Series - and Other Products Called ETFs
How Open End Portfolio ETFs Work
Shareholder Protection
Tax Efficiency
Improving ETFs
ETF and Mutual Fund Comparative Economics
Conclusions
References
About The Author
Mutual Funds at the Crossroads
The Challenge to Mutual Fund Stewardship by (John C. Bogle)
Challenge to Stewardship
Industry Structure and Scandals
Misaligned Interests
Market Timing
Conflict of Interest in Fund Fees
Asset Growth
Marketing Focus-We Make What Will Sell
Market Returns versus Fund and Investor Returns
Fund Stewardship
Fund Costs-Management Fees and Operating Expense Ratios
Portfolio Turnover
Equity Diversification
Marketing Orientation
Advertising
Shelf Space
Sales Loads
Shareholder Stability
Limitations on Fund Size
Experience and Stability of Portfolio Managers
Insider Ownership
Organization of Managers
Sources
References
About the Author
Identifying Mutual Fund Stewardship by (John A. Haslem)
Five Dimensions of Analysis
Return, Risk, and Risk/Return Performance
Diversification Risk
Management and Culture
Morningstar's Stewardship Grades
Bogle's Stewardship Quotient
Complements to Bogle's Approach
Stewardship Fund (or Not)
Conclusions
References
About The Author
Normative Transparency of Mutual Fund Disclosure by (John A. Haslem)
Disclosure as an Effective Regulatory Tool
Normative Transparency of Disclosure
Disclosure Template
Normative Transparency and the Expense Ratio
Current SEC Expense Ratio
New Total Expense Ratio
12b-1 Fees and Multiple Share Classes
Transaction Cost Issues
Conclusions: Normative Disclosure, the Total Expense Ratio, and Regulatory. Change
References
About The Author
A Design for the Mutual Funds of the Future by (John C. Bogle)
The Vanguard Vision
A Design for the Future
A Fair Shake for Fund Shareholders
Serving Investors for a Lifetime
Long-Term Investment Horizons for Fund Managers
Serving Long-Term Investors
Fund Investors in the Driver's Seat
Conclusions
Sources
References
About the Author

Book description

An authoritative, must-read guide to making more informed decisions about mutual funds

Providing a balance of theory and application, this authoritative book will enable you to evaluate the various performance and risk attributes of mutual funds. It covers a broad range of topics, including understanding the advantages and disadvantages of mutual funds, evaluating stock/bond allocations within fund portfolios, assessing fund diversification risk, measuring fund returns and risk, and making fund buy/sell decisions.

While informative chapters combine clear summaries of existing research with practical guidelines for mutual fund analysis, step-by-step decision checklists guide you through the selection of various mutual funds.

  • Puts the risks and rewards of mutual fund investing in perspective
  • Skillfully examines how to select and evaluate the best mutual funds
  • Outlines mutual fund service advantages and disadvantages
  • Discusses the long- and short-term effectiveness of mutual funds

Covering major theoretical and management issues in mutual fund analysis and portfolio management, this book is an authoritative guide.

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