The Fund Industry

Inhaltsverzeichnis

Foreword Robert J. Shiller xi

Preface to the Second Edition xiii

Acknowledgments xvii

SECTION ONE An Investor's Guide to Mutual Funds

CHAPTER 1 Investing through Mutual Funds 3

Advantages and Disadvantages of Mutual Funds 4

History and Growth 8

Regulators and Industry Associations 16

Chapter Summary 22

Notes 23

CHAPTER 2 How Mutual Funds Work 27

Buying and Selling Fund Shares 28

The Pass-Through Tax Status of Mutual Funds 31

A Virtual Corporation 34

Ethical Standards 41

Alternatives to Mutual Funds 46

Chapter Summary 52

Notes 53

CHAPTER 3 Researching Funds: The User Guides 57

Mutual Funds and Disclosure 57

The Summary Prospectus 62

Beyond the Summary Prospectus 69

Using the User Guides 75

Chapter Summary 76

Notes 77

CHAPTER 4 Comparing Mutual Funds 79

Delineating Your Own Investment Objectives 80

Evaluating Performance 83

The Taxonomy of Mutual Funds 88

Chapter Summary 101

Notes 102

CHAPTER 5 The Cost of Fund Ownership 105

The Focus on Fund Expenses 105

Distribution Expenses 109

Operating Expenses 117

The Management Fee 119

The Active versus Passive Debate 128

Chapter Summary 133

Notes 134

SECTION TWO Mutual Fund Portfolio Management

CHAPTER 6 Portfolio Management of Stock Funds 139

Stock Research 140

Putting It All Together: Managing a Stock Fund 151

Chapter Summary 164

Notes 165

CHAPTER 7 Portfolio Management of Bond Funds 169

Bond Fund Holdings 169

Putting It All Together: Managing a Bond Fund 181

Chapter Summary 187

Notes 188

APPENDIX TO CHAPTER 7

Funds and Derivatives 191

Uses of Derivatives in Funds 192

Regulation of Derivatives in Funds 194

Notes 197

CHAPTER 8 Portfolio Management of Money Market Funds 199

Money Market Funds and the Financial System 200

Rule 2a-7 202

Money Market Fund Holdings 210

Putting It All Together: Managing a Money Market Fund 214

Chapter Summary 217

Notes 218

CHAPTER 9 Implementing Portfolio Decisions: Trading 223

The Importance of Trading 224

The U.S. Stock Markets 225

The Role of the Mutual Fund Trader 236

Trading in Bond Funds 243

Chapter Summary 245

Notes 246

CHAPTER 10 Mutual Funds as Stockholders 249

Mutual Funds and the Proxy Voting Process 249

Proxy Voting by Mutual Funds 253

Activism and Mutual Funds 258

Current Issues in Proxy Voting 264

Proxy Voting Outside the United States 266

Chapter Summary 268

Notes 269

SECTION THREE Sales and Operations

CHAPTER 11 Retail Distribution 275

What Sells Mutual Funds? 276

Distribution Channels 277

Fund Platforms 284

Distribution Strategy 290

Chapter Summary 295

Notes 296

CHAPTER 12 Retirement Saving through 401(k) Plans 301

The Benefits of Tax-Deferred Saving 302

History and Growth of 401(k) Plans 304

Contributions to 401(k) Plans 310

Investment Options in 401(k) Plans 312

Target Date Funds 316

Plan Administration 319

Chapter Summary 320

Notes 321

CHAPTER 13 Other Retirement Planning Options 325

Individual Retirement Accounts 326

Variable Annuities 332

The Future of Retirement Income in the United States 334

Chapter Summary 339

Notes 339

CHAPTER 14 Fund Operations 343

The Transfer Agent 343

Fund Accounting 355

Investment Operations 366

Chapter Summary 370

Notes 372

SECTION FOUR Beyond Traditional Funds

CHAPTER 15 Exchange-Traded Funds 377

A Brief History 377

Advantages and Disadvantages 380

Legal Structure 381

Operations 384

Portfolio Holdings 387

The Future of ETFs 393

Chapter Summary 394

Notes 395

CHAPTER 16 Hedge Funds 399

Traditional Hedge Funds 400

Traditional Hedge Fund Investors 415

The New Hedge Funds: Liquid Alternatives 419

Chapter Summary 423

Notes 424

SECTION FIVE The Internationalization of Mutual Funds

CHAPTER 17 Cross-Border Investing 433

The Growth in Cross-Border Investing 433

Advantages and Risks of Investing Overseas 437

Operational Challenges of Investing Overseas 440

Putting It All Together: Managing a Global or International Fund 444

Chapter Summary 448

Notes 449

CHAPTER 18 Cross-Border Asset Gathering 451

The Global Market for Investment Funds 451

Models for a Global Fund Business 459

The UCITS Model 464

Chapter Summary 473

Notes 474

APPENDIX TO CHAPTER 18

Gathering Fund Assets through Retirement Plans 477

Chile's Retirement System 480

Singapore's Retirement System 483

Notes 487

About the Companion Website 489

About the Authors 491

Index 493

The Fund Industry

How Your Money is Managed

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The Fund Industry

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eBook

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Beschreibung

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Einband

Gebundene Ausgabe

Erscheinungsdatum

23.01.2015

Verlag

John Wiley & Sons

Seitenzahl

544

Maße (L/B/H)

23.5/15.7/3.4 cm

Beschreibung

Rezension

"The result is a timely, comprehensive book for retail investors who want to know how their funds work (or don't), for financial planners, and for students who aspire to join the fund industry."--ValueWalk

Details

Einband

Gebundene Ausgabe

Erscheinungsdatum

23.01.2015

Verlag

John Wiley & Sons

Seitenzahl

544

Maße (L/B/H)

23.5/15.7/3.4 cm

Gewicht

768 g

Auflage

2. Auflage

Reihe

Wiley Finance Editions

Sprache

Englisch

ISBN

978-1-118-92994-0

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Die Leseprobe wird geladen.
  • The Fund Industry
  • Foreword Robert J. Shiller xi

    Preface to the Second Edition xiii

    Acknowledgments xvii

    SECTION ONE An Investor's Guide to Mutual Funds

    CHAPTER 1 Investing through Mutual Funds 3

    Advantages and Disadvantages of Mutual Funds 4

    History and Growth 8

    Regulators and Industry Associations 16

    Chapter Summary 22

    Notes 23

    CHAPTER 2 How Mutual Funds Work 27

    Buying and Selling Fund Shares 28

    The Pass-Through Tax Status of Mutual Funds 31

    A Virtual Corporation 34

    Ethical Standards 41

    Alternatives to Mutual Funds 46

    Chapter Summary 52

    Notes 53

    CHAPTER 3 Researching Funds: The User Guides 57

    Mutual Funds and Disclosure 57

    The Summary Prospectus 62

    Beyond the Summary Prospectus 69

    Using the User Guides 75

    Chapter Summary 76

    Notes 77

    CHAPTER 4 Comparing Mutual Funds 79

    Delineating Your Own Investment Objectives 80

    Evaluating Performance 83

    The Taxonomy of Mutual Funds 88

    Chapter Summary 101

    Notes 102

    CHAPTER 5 The Cost of Fund Ownership 105

    The Focus on Fund Expenses 105

    Distribution Expenses 109

    Operating Expenses 117

    The Management Fee 119

    The Active versus Passive Debate 128

    Chapter Summary 133

    Notes 134

    SECTION TWO Mutual Fund Portfolio Management

    CHAPTER 6 Portfolio Management of Stock Funds 139

    Stock Research 140

    Putting It All Together: Managing a Stock Fund 151

    Chapter Summary 164

    Notes 165

    CHAPTER 7 Portfolio Management of Bond Funds 169

    Bond Fund Holdings 169

    Putting It All Together: Managing a Bond Fund 181

    Chapter Summary 187

    Notes 188

    APPENDIX TO CHAPTER 7

    Funds and Derivatives 191

    Uses of Derivatives in Funds 192

    Regulation of Derivatives in Funds 194

    Notes 197

    CHAPTER 8 Portfolio Management of Money Market Funds 199

    Money Market Funds and the Financial System 200

    Rule 2a-7 202

    Money Market Fund Holdings 210

    Putting It All Together: Managing a Money Market Fund 214

    Chapter Summary 217

    Notes 218

    CHAPTER 9 Implementing Portfolio Decisions: Trading 223

    The Importance of Trading 224

    The U.S. Stock Markets 225

    The Role of the Mutual Fund Trader 236

    Trading in Bond Funds 243

    Chapter Summary 245

    Notes 246

    CHAPTER 10 Mutual Funds as Stockholders 249

    Mutual Funds and the Proxy Voting Process 249

    Proxy Voting by Mutual Funds 253

    Activism and Mutual Funds 258

    Current Issues in Proxy Voting 264

    Proxy Voting Outside the United States 266

    Chapter Summary 268

    Notes 269

    SECTION THREE Sales and Operations

    CHAPTER 11 Retail Distribution 275

    What Sells Mutual Funds? 276

    Distribution Channels 277

    Fund Platforms 284

    Distribution Strategy 290

    Chapter Summary 295

    Notes 296

    CHAPTER 12 Retirement Saving through 401(k) Plans 301

    The Benefits of Tax-Deferred Saving 302

    History and Growth of 401(k) Plans 304

    Contributions to 401(k) Plans 310

    Investment Options in 401(k) Plans 312

    Target Date Funds 316

    Plan Administration 319

    Chapter Summary 320

    Notes 321

    CHAPTER 13 Other Retirement Planning Options 325

    Individual Retirement Accounts 326

    Variable Annuities 332

    The Future of Retirement Income in the United States 334

    Chapter Summary 339

    Notes 339

    CHAPTER 14 Fund Operations 343

    The Transfer Agent 343

    Fund Accounting 355

    Investment Operations 366

    Chapter Summary 370

    Notes 372

    SECTION FOUR Beyond Traditional Funds

    CHAPTER 15 Exchange-Traded Funds 377

    A Brief History 377

    Advantages and Disadvantages 380

    Legal Structure 381

    Operations 384

    Portfolio Holdings 387

    The Future of ETFs 393

    Chapter Summary 394

    Notes 395

    CHAPTER 16 Hedge Funds 399

    Traditional Hedge Funds 400

    Traditional Hedge Fund Investors 415

    The New Hedge Funds: Liquid Alternatives 419

    Chapter Summary 423

    Notes 424

    SECTION FIVE The Internationalization of Mutual Funds

    CHAPTER 17 Cross-Border Investing 433

    The Growth in Cross-Border Investing 433

    Advantages and Risks of Investing Overseas 437

    Operational Challenges of Investing Overseas 440

    Putting It All Together: Managing a Global or International Fund 444

    Chapter Summary 448

    Notes 449

    CHAPTER 18 Cross-Border Asset Gathering 451

    The Global Market for Investment Funds 451

    Models for a Global Fund Business 459

    The UCITS Model 464

    Chapter Summary 473

    Notes 474

    APPENDIX TO CHAPTER 18

    Gathering Fund Assets through Retirement Plans 477

    Chile's Retirement System 480

    Singapore's Retirement System 483

    Notes 487

    About the Companion Website 489

    About the Authors 491

    Index 493