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Informationen zum Autor ROBERT POZEN is Senior Lecturer at Harvard Business School and a Senior Fellow at the Brookings Institution. During his distinguished career, he has been active in business, government, and academia. From 1997 to 2001, he was President of Fidelity Management & Research Co. From 2004 to 2011, he was executive Chairman of MFS Investment Management, which now manages over $400 billion in assets. THERESA HAMACHER, CFA, is president of NICSA, a trade association serving the global investment management community. She is the former CIO for Pioneer Investment Management USA in Boston, Massachusetts. Previously, she was the CIO for Prudential Mutual Funds in Newark, New Jersey. Klappentext A guide to how your money is managed, with foreword by Nobel laureate Robert ShillerThe Fund Industry offers a comprehensive look at mutual funds and the investment management industry, for fund investors, those working in the fund industry, service providers to the industry and students of financial institutions or capital markets. Industry experts Robert Pozen and Theresa Hamacher take readers on a tour of the business of asset management. Readers will learn how to research a fund and assess whether it's right for them; then they'll go behind the scenes to see how funds are invested, sold and regulated. This updated edition expands coverage of the segments of the industry where growth is hottest, including hedge funds, liquid alternatives, ETFs and target date funds--and adds an introduction to derivatives.Mutual funds are a key component of financial planning for 96 million Americans. Nearly a quarter of U.S. household savings are invested in funds, which give individual investors affordable access to professional management. This book provides a detailed look at how firms in the industry: Invest those savings in stocks and bonds Evaluate the risks and returns of funds Distribute funds directly to consumers or through financial advisors or retirement plans Handle the complex operational and regulatory requirements of mutual funds Vote proxies at the annual meetings of public companies Expand their operations across bordersAlong the way, the authors describe the latest trends and discuss the biggest controversies--all in straightforward and engaging prose. The Fund Industry is the essential guide to navigating the mutual fund industry. Zusammenfassung A guide to how your money is managed, with foreword by Nobellaureate Robert Shiller The Fund Industry offers a comprehensive look at mutualfunds and the investment management industry, for fund investors,those working in the fund industry, service providers to theindustry and students of financial institutions or capital markets. Inhaltsverzeichnis Foreword Robert J. Shiller xiPreface to the Second Edition xiiiAcknowledgments xviiSECTION ONE An Investor's Guide to Mutual FundsCHAPTER 1 Investing through Mutual Funds 3Advantages and Disadvantages of Mutual Funds 4History and Growth 8Regulators and Industry Associations 16Chapter Summary 22Notes 23CHAPTER 2 How Mutual Funds Work 27Buying and Selling Fund Shares 28The Pass-Through Tax Status of Mutual Funds 31A Virtual Corporation 34Ethical Standards 41Alternatives to Mutual Funds 46Chapter Summary 52Notes 53CHAPTER 3 Researching Funds: The User Guides 57Mutual Funds and Disclosure 57The Summary Prospectus 62Beyond the Summary Prospectus 69Using the User Guides 75Chapter Summary 76Notes 77CHAPTER 4 Comparing Mutual Funds 79Delineating Your Own Investment Objectives 80Evaluating Performance 83The Taxonomy of Mutual Funds 88Chapter Summary 101Notes 102CHAPTER 5 The Cost of Fund Ownership 105The Focus on Fund Expenses 105Distribution Expenses 109Operating Expenses 117The Management Fee 119The Active versus Passive Debate 128Chapter Summary 133Notes 134SECTION TWO Mutual Fu...
Autorentext
ROBERT POZEN is Senior Lecturer at Harvard Business School and a Senior Fellow at the Brookings Institution. During his distinguished career, he has been active in business, government, and academia. From 1997 to 2001, he was President of Fidelity Management & Research Co. From 2004 to 2011, he was executive Chairman of MFS Investment Management, which now manages over $400 billion in assets.
THERESA HAMACHER, CFA, is president of NICSA, a trade association serving the global investment management community. She is the former CIO for Pioneer Investment Management USA in Boston, Massachusetts. Previously, she was the CIO for Prudential Mutual Funds in Newark, New Jersey.
Klappentext
A guide to how your money is managed, with foreword by Nobel laureate Robert Shiller The Fund Industry offers a comprehensive look at mutual funds and the investment management industry, for fund investors, those working in the fund industry, service providers to the industry and students of financial institutions or capital markets. Industry experts Robert Pozen and Theresa Hamacher take readers on a tour of the business of asset management. Readers will learn how to research a fund and assess whether it's right for them; then they'll go behind the scenes to see how funds are invested, sold and regulated. This updated edition expands coverage of the segments of the industry where growth is hottest, including hedge funds, liquid alternatives, ETFs and target date funds--and adds an introduction to derivatives. Mutual funds are a key component of financial planning for 96 million Americans. Nearly a quarter of U.S. household savings are invested in funds, which give individual investors affordable access to professional management. This book provides a detailed look at how firms in the industry: Invest those savings in stocks and bonds Evaluate the risks and returns of funds Distribute funds directly to consumers or through financial advisors or retirement plans Handle the complex operational and regulatory requirements of mutual funds Vote proxies at the annual meetings of public companies Expand their operations across borders Along the way, the authors describe the latest trends and discuss the biggest controversies--all in straightforward and engaging prose. The Fund Industry is the essential guide to navigating the mutual fund industry.
Zusammenfassung
A guide to how your money is managed, with foreword by Nobellaureate Robert Shiller The Fund Industry offers a comprehensive look at mutualfunds and the investment management industry, for fund investors,those working in the fund industry, service providers to theindustry and students of financial institutions or capital markets.
Inhalt
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 1…