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P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton MUTUAL FUNDS P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton The Robert W. Kolb Series in Finance provides a comprehensive view of the field of finance in all of its variety and complexity. The series is projected to include approximately65volumescoveringallmajortopicsandspecializationsinfinance, ranging from investments, to corporate finance, to financial institutions. Each volume in the Kolb Series in Finance consists of new articles especially written forthevolume. EachKolbSeriesvolumeiseditedbyaspecialistinaparticularareaoffinance,who develops the volume outline and commissions articles by the world’s experts in thatparticularfieldoffinance.Eachvolumeincludesaneditor’sintroductionand articles by experts that fully describe the current state of financial research and practiceinaparticularareaoffinance. Theessaysineachvolumeareintendedforpracticingfinanceprofessionals,grad- uatestudents,andadvancedundergraduatestudents.Thegoalofeachvolumeis toencapsulatethecurrentstateofknowledgeinaparticularareaoffinancesothat thereadercanquicklyachieveamasteryofthatspecialareaoffinance. P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton MUTUAL FUNDS Portfolio Structures, Analysis, Management, and Stewardship John A. Haslem, Ph.D. TheRobertW.KolbSeriesinFinance JohnWiley&Sons,Inc. P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton Copyright(cid:1)c 2010byJohnWiley&Sons,Inc.Allrightsreserved. PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey. PublishedsimultaneouslyinCanada. Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,or transmittedinanyformorbyanymeans,electronic,mechanical,photocopying, recording,scanning,orotherwise,exceptaspermittedunderSection107or108ofthe 1976UnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionofthe Publisher,orauthorizationthroughpaymentoftheappropriateper-copyfeetothe CopyrightClearanceCenter,Inc.,222RosewoodDrive,Danvers,MA01923, (978)750-8400,fax(978)750-4470,oronthewebatwww.copyright.com.Requeststothe PublisherforpermissionshouldbeaddressedtothePermissionsDepartment,John Wiley&Sons,Inc.,111RiverStreet,Hoboken,NJ07030,(201)748-6011, fax(201)748-6008,oronlineathttp://www.wiley.com/go/permissions. LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveused theirbesteffortsinpreparingthisbook,theymakenorepresentationsorwarrantieswith respecttotheaccuracyorcompletenessofthecontentsofthisbookandspecifically disclaimanyimpliedwarrantiesofmerchantabilityorfitnessforaparticularpurpose.No warrantymaybecreatedorextendedbysalesrepresentativesorwrittensalesmaterials. Theadviceandstrategiescontainedhereinmaynotbesuitableforyoursituation.You shouldconsultwithaprofessionalwhereappropriate.Neitherthepublishernorauthor shallbeliableforanylossofprofitoranyothercommercialdamages,includingbutnot limitedtospecial,incidental,consequential,orotherdamages. Forgeneralinformationonourotherproductsandservicesorfortechnicalsupport, pleasecontactourCustomerCareDepartmentwithintheUnitedStatesat(800)762-2974, outsidetheUnitedStatesat(317)572-3993orfax(317)572-4002. Wileyalsopublishesitsbooksinavarietyofelectronicformats.Somecontentthat appearsinprintmaynotbeavailableinelectronicbooks.Formoreinformationabout Wileyproducts,visitourwebsiteatwww.wiley.com. LibraryofCongressCataloging-in-PublicationData: Haslem,JohnA. Mutualfunds:portfoliostructures,analysis,management,andstewardship/ JohnHaslem. p.cm.–(RobertW.Kolbseries) Includesindex. ISBN978-0-470-49909-2(cloth) 1.Mutualfunds. 2.Investments. 3.Portfoliomanagement. I.Title. HG4530.H38672009 332.63’27–dc22 2009013311 ISBN-13978-0-470-49909-2 PrintedintheUnitedStatesofAmerica 10 9 8 7 6 5 4 3 2 1 P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton Thisbookisdedicatedtotheexpertswhogenerouslycontributedtheirknowledge, andtoJaneHaslemandourthreefamiliesandsevengrandchildren. JOHNA.HASLEM P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton Contents Introduction xvii PART I Mutual Funds: Nature, Regulation, and Costs 1 1 TheNatureofMutualFunds 3 ConradS.Ciccotello AttributesoftheOpen-EndMutualFund 4 BoardofDirectors 4 Liquidity 5 All-EquityCapitalStructure 7 PortfolioDiversification 8 ProfessionalManagement 8 InvestorServices 9 MutualFundsandtheCompetitiveEnvironment 12 Employer-SponsoredRetirementPlans 12 After-TaxAccounts 13 References 14 AbouttheAuthor 15 2 MutualFundRegulationandIssues 17 ConradS.Ciccotello HistoricalPerspective 18 RegulationofOpen-EndFunds 19 RecentRegulatoryIssuesinOpen-EndFunds 21 NAVPricingandTradingPolicies 22 FundPricingandthe(Late)TradingScandal 23 CurrentRegulatoryIssuesinFunds 24 BoardGovernance 24 Fees 26 PerformanceReporting 28 References 30 AbouttheAuthor 31 vii P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton viii Contents 3 TheEconomicsofMutualFunds 33 DavidM.Smith SizeandStructureoftheMutualFundIndustry 33 MutualFundCreationandMortality 35 Regulation 36 ScaleEconomies:ExpensesandFees 36 ScaleDiseconomies:FundReturns 38 BenefitsofMutualFundInvestingtoFund Shareholders 38 Diversification 38 ProfessionalPortfolioManagement 39 ReadyAccesstoAssetClassesandMarketSectors 39 DrawbacksofMutualFundInvesting 40 PersistentHighFeesinSomeFamilies 40 UnderperformanceRelativetoIndexFunds 40 TaxInefficiency 40 InadequateDisclosure 41 FinancialBarrierstoMutualFundInvestingand Redemption 41 MutualFundGovernanceandAgencyProblems 43 FundManagerTournamentBehavior 45 FundFamilyMarketingandCross-Subsidization 45 Conclusions 46 References 47 AbouttheAuthor 49 4 MutualFundFeesandExpenses 51 DavidM.Smith Loads 51 Expenses 54 ManagementFees 57 Rule12b-1Fees 58 “Other”ExpenseswithintheExpenseRatio 61 LoadversusExpenseRelation 61 DistributionChannel 62 ETFsandClosed-EndMutualFunds 62 Taxes 65 FeesandExpensesInternationally 65 ChargesNotIncludedintheExpenseRatio 66 PartitioningActivelyManagedMutualFundFeesBased onAlphaandBetaSeparation 67 Conclusions 70 References 71 AbouttheAuthor 73

Description:
Most investors, and even quite a few advisors, do not understand the detailed workings, costs, and incentives across the mutual fund industry. This book sets out with a goal of making mutual fund investing more transparent. The list of contributing authors is impressive, including chapters by Willia
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Mutual Funds: Portfolio Structures, Analysis, Management, and Stewardship (Robert W. Kolb Series) PDF

381 Pages·2009·4.57 MB·English
by  John A. Haslem
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P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton MUTUAL FUNDS P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton The Robert W. Kolb Series in Finance provides a comprehensive view of the field of finance in all of its variety and complexity. The series is projected to include approximately65volumescoveringallmajortopicsandspecializationsinfinance, ranging from investments, to corporate finance, to financial institutions. Each volume in the Kolb Series in Finance consists of new articles especially written forthevolume. EachKolbSeriesvolumeiseditedbyaspecialistinaparticularareaoffinance,who develops the volume outline and commissions articles by the world’s experts in thatparticularfieldoffinance.Eachvolumeincludesaneditor’sintroductionand articles by experts that fully describe the current state of financial research and practiceinaparticularareaoffinance. Theessaysineachvolumeareintendedforpracticingfinanceprofessionals,grad- uatestudents,andadvancedundergraduatestudents.Thegoalofeachvolumeis toencapsulatethecurrentstateofknowledgeinaparticularareaoffinancesothat thereadercanquicklyachieveamasteryofthatspecialareaoffinance. P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton MUTUAL FUNDS Portfolio Structures, Analysis, Management, and Stewardship John A. Haslem, Ph.D. TheRobertW.KolbSeriesinFinance JohnWiley&Sons,Inc. P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton Copyright(cid:1)c 2010byJohnWiley&Sons,Inc.Allrightsreserved. PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey. PublishedsimultaneouslyinCanada. Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,or transmittedinanyformorbyanymeans,electronic,mechanical,photocopying, recording,scanning,orotherwise,exceptaspermittedunderSection107or108ofthe 1976UnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionofthe Publisher,orauthorizationthroughpaymentoftheappropriateper-copyfeetothe CopyrightClearanceCenter,Inc.,222RosewoodDrive,Danvers,MA01923, (978)750-8400,fax(978)750-4470,oronthewebatwww.copyright.com.Requeststothe PublisherforpermissionshouldbeaddressedtothePermissionsDepartment,John Wiley&Sons,Inc.,111RiverStreet,Hoboken,NJ07030,(201)748-6011, fax(201)748-6008,oronlineathttp://www.wiley.com/go/permissions. LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveused theirbesteffortsinpreparingthisbook,theymakenorepresentationsorwarrantieswith respecttotheaccuracyorcompletenessofthecontentsofthisbookandspecifically disclaimanyimpliedwarrantiesofmerchantabilityorfitnessforaparticularpurpose.No warrantymaybecreatedorextendedbysalesrepresentativesorwrittensalesmaterials. Theadviceandstrategiescontainedhereinmaynotbesuitableforyoursituation.You shouldconsultwithaprofessionalwhereappropriate.Neitherthepublishernorauthor shallbeliableforanylossofprofitoranyothercommercialdamages,includingbutnot limitedtospecial,incidental,consequential,orotherdamages. Forgeneralinformationonourotherproductsandservicesorfortechnicalsupport, pleasecontactourCustomerCareDepartmentwithintheUnitedStatesat(800)762-2974, outsidetheUnitedStatesat(317)572-3993orfax(317)572-4002. Wileyalsopublishesitsbooksinavarietyofelectronicformats.Somecontentthat appearsinprintmaynotbeavailableinelectronicbooks.Formoreinformationabout Wileyproducts,visitourwebsiteatwww.wiley.com. LibraryofCongressCataloging-in-PublicationData: Haslem,JohnA. Mutualfunds:portfoliostructures,analysis,management,andstewardship/ JohnHaslem. p.cm.–(RobertW.Kolbseries) Includesindex. ISBN978-0-470-49909-2(cloth) 1.Mutualfunds. 2.Investments. 3.Portfoliomanagement. I.Title. HG4530.H38672009 332.63’27–dc22 2009013311 ISBN-13978-0-470-49909-2 PrintedintheUnitedStatesofAmerica 10 9 8 7 6 5 4 3 2 1 P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton Thisbookisdedicatedtotheexpertswhogenerouslycontributedtheirknowledge, andtoJaneHaslemandourthreefamiliesandsevengrandchildren. JOHNA.HASLEM P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton Contents Introduction xvii PART I Mutual Funds: Nature, Regulation, and Costs 1 1 TheNatureofMutualFunds 3 ConradS.Ciccotello AttributesoftheOpen-EndMutualFund 4 BoardofDirectors 4 Liquidity 5 All-EquityCapitalStructure 7 PortfolioDiversification 8 ProfessionalManagement 8 InvestorServices 9 MutualFundsandtheCompetitiveEnvironment 12 Employer-SponsoredRetirementPlans 12 After-TaxAccounts 13 References 14 AbouttheAuthor 15 2 MutualFundRegulationandIssues 17 ConradS.Ciccotello HistoricalPerspective 18 RegulationofOpen-EndFunds 19 RecentRegulatoryIssuesinOpen-EndFunds 21 NAVPricingandTradingPolicies 22 FundPricingandthe(Late)TradingScandal 23 CurrentRegulatoryIssuesinFunds 24 BoardGovernance 24 Fees 26 PerformanceReporting 28 References 30 AbouttheAuthor 31 vii P1:OTA/XYZ P2:ABC fm JWBT141-Haslem September1,2009 9:17 PrinterName:Hamilton viii Contents 3 TheEconomicsofMutualFunds 33 DavidM.Smith SizeandStructureoftheMutualFundIndustry 33 MutualFundCreationandMortality 35 Regulation 36 ScaleEconomies:ExpensesandFees 36 ScaleDiseconomies:FundReturns 38 BenefitsofMutualFundInvestingtoFund Shareholders 38 Diversification 38 ProfessionalPortfolioManagement 39 ReadyAccesstoAssetClassesandMarketSectors 39 DrawbacksofMutualFundInvesting 40 PersistentHighFeesinSomeFamilies 40 UnderperformanceRelativetoIndexFunds 40 TaxInefficiency 40 InadequateDisclosure 41 FinancialBarrierstoMutualFundInvestingand Redemption 41 MutualFundGovernanceandAgencyProblems 43 FundManagerTournamentBehavior 45 FundFamilyMarketingandCross-Subsidization 45 Conclusions 46 References 47 AbouttheAuthor 49 4 MutualFundFeesandExpenses 51 DavidM.Smith Loads 51 Expenses 54 ManagementFees 57 Rule12b-1Fees 58 “Other”ExpenseswithintheExpenseRatio 61 LoadversusExpenseRelation 61 DistributionChannel 62 ETFsandClosed-EndMutualFunds 62 Taxes 65 FeesandExpensesInternationally 65 ChargesNotIncludedintheExpenseRatio 66 PartitioningActivelyManagedMutualFundFeesBased onAlphaandBetaSeparation 67 Conclusions 70 References 71 AbouttheAuthor 73

Description:
Most investors, and even quite a few advisors, do not understand the detailed workings, costs, and incentives across the mutual fund industry. This book sets out with a goal of making mutual fund investing more transparent. The list of contributing authors is impressive, including chapters by Willia
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