We investigate the relation between the performance and characteristics of 1,779 domestic, actively managed retail equity mutual funds with diverse expense ratios. We show that using expense ratio standard deviation classes is an effective method for characterizing fund expenses for investors. Using various performance measures including Russell-index-adjusted returns, the results indicate that superior performance, on average, occurs among large funds with low expense ratios, low trading activity, and no or low front-end loads. Performance is invariant with respect to whether funds have 12b-1 fees.
...By definition, the expense ratios increase in each successively ...
Historical Overview Analysis and Recommendations Conclusion
... 12(b) of the 1940 Act prohibits a mutual fund from acting as a distributor of its securities in ... could implement would be to change the definition of a "no-load" fund. Currently, NASD rules prohibi...
... . Shares in mutual funds can be "sold" by the shareholder only back to the ... of the `willing buyer-willing seller' definition usually applied in the determination of market val...
... PART 247: REGULATION R-EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFIN...
... of new exemptions for banks from the definition of the term ``broker'' under Section 3(a)(4) of th...3. Definition of ``Money Market Fund''. D. Affiliate Transactions Exception. E. Safekee...
We examine pure no-load funds over a 5-year period. For equity funds, trading activity is negatively related to returns. Expense ratios are not significantly related to returns. Potential capital gains exposure and tax cost ratio are positively related to return. For fixed income funds, trading activity is positively related to return. Expense ratios and tax cost ratios are negatively related to returns. Mutual funds exhibit economies of scale and managers experience scale and scope economies. The individual investor is better off in a large fund that is a member of a large fund family.
...By this definition, a fund that is experiencing only cash inflows and...
(This article originally ran in Minnesota Lawyer, Minneapolis, MN, another Dolan Media publication.) It seems everyone is a sophisticated investor, at least in securities arbitrations where investors seek to recover their investment losses. There, brokerage firm counsel routinely argues that the investor is sophisticated, such that the investments were suitable and there should be no recovery.
... (51 percent) of investors knew the definition of a junk bond;. * Only about 40 percent of invest... the definition of a no load mutual fund, and 37 percent would not venture to guess;. * Onl...
... blanket exemptions for banks from the definitions of "broker" and "dealer" under the Securities Exch... banking operations in a way that is fundamentally inconsistent with the "functional regulation" prin...
... a sale or utilizing any other form of fundraising. AmeriFund's financial services consultants will b...) microdisplay devices for use in High Definition televisions and rear projection monitors. The Comp...
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