1717:
Company S.A.) to spread their money in many different investment products such as shares, bonds, deposits, repo etc. Those companies in Greece may provide services according to article 4 of Law 3283/2004. People who own units (shares) of a mutual fund are called unitholders. In Greece co-unitholders, which are persons participating in the same units of M/F have exactly the same rights as the unitholder (according to the Law for the deposits in common account 5638/1932). The unitholders have to sign and accept the document which describes the purpose of the Mutual Fund, how it operates, and anything concerning the Fund. This document is the regulation of the M/F. The property of each M/F by law have to be under the control of a bank legally operating in Greece (Greek or foreign). The bank is the custodian of the M/F and except of the custody of the fund also controls the lawfulness of all movements of the management company. The
Supervisory and Regulatory Body of M.F. Management Companies and Portfolio Investment Companies is the
343:, where Part XVII, sections 235 to 284 deal with the requirements for a collective investment scheme to operate. It states in section 235 that a "collective investment scheme" means "any arrangements with respect to property of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property or sums paid out of such profits or income".
2265:
3121:
973:) this charge may be applied at the start of the plan or as an ongoing percentage of the fund value each year. While this cost will diminish your returns it could be argued that it reflects a separate payment for an advice service rather than a detrimental feature of collective investment vehicles. Indeed, it is often possible to purchase units or shares directly from the providers without bearing this cost.
3129:
2413:
1964:. (Yale School of Forestry and Environmental Studies, chapter 1, pp. 18–43). As Goetzmann & Rouwenhorst (2008) noted, "The 17th and 18th centuries in the Netherlands were a remarkable time for finance. Many of the financial products or instruments that we see today emerged during a relatively short period. In particular, merchants and bankers developed what we would today call
2279:
20:
720:. If markets are growing rapidly this can allow the vehicle to take advantage of the growth to a greater extent than if only the subscribed contributions were invested. However this premise only works if the cost of the borrowing is less than the increased growth achieved. If the borrowing costs are more than the growth achieved a net loss is achieved.
336:(typically known as UCITS for short) created an EU-wide structure, so that funds fulfilling its basic regulations could be marketed in any member state. The basic aim of collective investment scheme regulation is that the financial "products" that are sold to the public are sufficiently transparent, with full disclosure about the nature of the terms.
1721:. It comes under the jurisdiction of the Ministry of National Economy and controls the operation of all M/Fs available in Greece. All investors have to be very careful and about the risk they undertake. They have to have in mind that all investments have a certain degree of risk. Risk–free investments does not exist.
615:. Each time money is invested, new shares or units are created to match the prevailing share price; each time shares are redeemed, the assets sold match the prevailing share price. In this way there is no supply or demand created for shares and they remain a direct reflection of the underlying assets.
1387:
can be charged at the discretion of the fund manager, to offset the cost of market transactions resulting from large un-matched buy or sell orders. For example, if the volume of purchases outweigh the volume of sales in a particular trading period the fund manager will have to go to the market to buy
1392:
in the process and having an adverse effect on the fund as a whole ("diluting" the fund). The same is the case with large sell orders. A dilution levy is therefore applied where appropriate and paid for by the investor in order that large single transactions do not reduce the value of the fund as a
918:
If one investor had to buy a large number of direct investments, the amount this person would be able to invest in each holding is likely to be small. Dealing costs are normally based on the number and size of each transaction, therefore the overall dealing costs would take a large chunk out of the
697:
Unit investment trusts (UITs) are issued to the public only once when they are created. UITs generally have a limited life span, established at creation. Investors can redeem shares directly with the fund at any time (similar to an open-end fund) or wait to redeem them upon the trust's termination.
1716:
We could say that a mutual fund is a pool of money which belongs to many investors. Otherwise a M/F is the common cashier of many investors who trust a third party to operate and manage their wealth. Moreover, they order this third party which in Greece is called A.E.D.A.K. (Mutual Fund
Management
947:
managing the investment decisions on behalf of the investors will of course expect remuneration. This is often taken directly from the fund assets as a fixed percentage each year or sometimes a variable (performance based) fee. If the investor managed their own investments, this cost would be
927:
An investor that chooses to use an investment fund as a way to invest his or her money does not need to spend as much personal time making investment decisions, doing investment research, or performing actual trades. Instead, these actions and decisions will be done by one or more fund managers
1349:. The difference is typically 5% and may be varied by the vehicle's manager to reflect changes in the market; the amount of variation may be limited by the vehicles rules or regulatory rules. The difference between the buying and selling price includes initial charge for entering the fund.
1221:
is a measure of the association between a fund and its benchmark. Values are between 0 and 1. Perfect correlation is indicated by 1, and 0 indicates no correlation. This measure is useful in determining if the fund manager is adding value in their investment choices or acting as a
278:
technology). Depending on the country there is normally a bias towards the domestic market due to familiarity, and the lack of currency risk. Funds are often selected on the basis of these specified investment aims, their past investment performance, and other factors such as fees.
1294:
paid to intermediaries or salespeople. Typically this fee is a percentage of the investment. Some vehicles waive the initial charge and apply an exit charge instead. This may be gradually disappearing after a number of years. Closed-end funds traded on an exchange are subject to
901:
then there is a systematic risk that all the shares could be affected by adverse market changes. To avoid this systematic risk investment managers may diversify into different non-perfectly-correlated asset classes. For example, investors might hold their assets in equal parts in
1012:
investment. Income or value based investment tends to select stocks with strong income streams, often more established businesses. Growth investment selects stocks that tend to reinvest their income to generate growth. Each strategy has its critics and proponents; some prefer a
778:
Many collective investment vehicles split the fund into multiple classes of shares or units. The underlying assets of each class are effectively pooled for the purposes of investment management, but classes typically differ in the fees and expenses paid out of the fund's assets.
1368:
to protect the existing investors from the increased dealing costs. Adjusting the bid/offer prices closer to the cancellation/creation prices allows the manager to protect the interest of the existing investors in changing market conditions. Most unit trusts are dual priced.
1239:
is a measure of volatility of the fund's performance over a period of time. The higher the figure the greater the variability of the fund's performance. High historical volatility may indicate high future volatility, and therefore increased investment risk in a
989:
If the investor holds shares directly, he has the right to attend the company's annual general meeting and vote on important matters. Investors in a collective investment vehicle often have none of the rights connected with individual investments within the fund.
206:
It remains unclear whether professional active investment managers can reliably enhance risk adjusted returns by an amount that exceeds fees and expenses of investment management. Terminology varies with country but investment funds are often referred to as
1375:
vehicles notionally have a single price for units/shares and this price is the same if buying or selling. As single prices vehicle cannot adjust the difference between the buying and selling price to adjust for market conditions, another mechanism, the
1877:
1115:. Therefore, they employ dynamic portfolio strategies, buying and selling investments with changing market conditions, based on their belief that particular individual holdings or sections of the market will perform better than others.
3108:
322:
1208:
represents an estimate of how much the fund will move if its benchmark moves by 1 unit. This shows the fund's sensitivity to changes in the market. Beta investment strategies tend to favour asset allocation models to achieve
183:
money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages include an ability to:
1314:) to cover the cost of administering the vehicle and remunerating the investment manager. This may be a flat rate based on the value of the assets or a performance related fee based on a predefined target being achieved.
671:
Exchange-traded funds (ETFs) combine characteristics of both closed-end funds and open-end funds. They are structured as open-end investment companies or UITs. ETFs are traded throughout the day on a stock exchange. An
1003:
Each fund has a defined investment goal to describe the remit of the investment manager and to help investors decide if the fund is right for them. The investment aims will typically fall into the broad categories of
1266:
Many forms of investment may not be readily salable on the open market (e.g. commercial property) or the market has a small capacity and investments may take time to sell. Assets that are easily sold are termed
1226:
mirroring the market and making little difference. For example, an index fund will have an R-squared with its benchmark index very close to 1, indicating close to perfect correlation (the index fund's fees and
267:. The term also includes specialized vehicles such as collective and common trust funds, which are unique bank-managed funds structured primarily to commingle assets from qualifying pension plans or trusts.
1178:
When analysing investment performance, statistical measures are often used to compare 'funds'. These statistical measures are often reduced to a single figure representing an aspect of past performance:
1096:
The aim of most funds is to make money by investing in assets to obtain a real return (i.e. better than inflation). The philosophy used to manage the fund's investment vary and two opposing views exist.
593:(NAV) is the value of a vehicle's assets minus the value of its liabilities. The method for calculating this varies between vehicle types and jurisdiction and can be subject to complex regulation.
1144:, in which the manager minimizes costs by broadly following a passive indexing strategy, but has the discretion to actively deviate from the index in the hopes of earning modestly higher returns.
1129:, which attempt to replicate the performance of a market index by holding securities proportionally to their value in the market as a whole. Another example of passive management is the "
1708:
Both funds are run by
Investment Company (KUA - kompania z upravlinnya actyvami). Funds and companies regulated and supervised by DKTsPFR (Securities and stock market state commission)
1977:
Jong, Abe de & Kooijmans, Tim and
Koudijs, Peter, Intermediation in Mortgage-Backed Securities: The Plantation Business of F.W. Hudig, 1759-1797 (May 25, 2020). Available at SSRN:
1630:
1622:
1610:
701:
Unlike other types of mutual funds, unit investment trusts do not have a professional investment manager. Their portfolio of securities is established at the creation of the UIT.
516:. The nature of the vehicle and its limitations are often linked to its constitutional nature and the associated tax rules for the type of structure within a given jurisdiction.
1507:
are less common, with around $ 277 billion in assets under management as of 2019, including about $ 107 billion in equities and $ 170 billion in bonds; market leaders include
816:) may qualify to purchase "institutional" shares (and gain the benefit of their typically lower expense ratios) even though no members of the plan would qualify individually.
871:). If your money is invested in such a failed holding you could lose your capital. By investing in a range of equities (or other securities) the capital risk is reduced.
2152:
2855:
2748:
1080:
In most instances whatever the investment aim the fund manager will select an appropriate index or combination of indices to measure its performance against; e.g.
657:
In the United States, at the end of 2018, there were 506 closed-end mutual funds with combined assets of $ 0.25 trillion, accounting for 1% of the U.S. industry.
2815:
1790:. If the managed investment vehicle is open for retail investors, the managed investment vehicle must be registered with ASIC. An unregistered vehicle has a
1583:
1169:
index, nor his Virgin Index
Tracker fund over three years, nor achieve its stated aim to beat the index by 2% each year. He lost and paid ÂŁ6,000 to charity.
309:. Amsterdam-based businessman Abraham van Ketwich (also known as Adriaan van Ketwich) is often credited as the originator of the world's first mutual fund.
1999:
2317:
1360:. There is a differential between the cancellation and bid prices, and the creation and offer prices. The additional units are created are place in the
1259:
If the assets you invest in are held in another currency there is a risk that currency movements alone may affect the value. This is referred to as
761:—may be limited to family members or whoever set up the fund. They are not publicly traded and may be arranged for tax- or estate-planning purposes.
3124:
893:
Collective investments by their nature tend to invest in a range of individual securities. However, if the securities are all in a similar type of
981:
Although the investor can choose the type of fund to invest in, they have no control over the choice of individual holdings that make up the fund.
755:—are limited by laws, regulations, and/or rules to experienced and/or sophisticated investors and often have high minimum investment requirements.
340:
292:
1339:
vehicles have a buying (offer) price and selling (bid) price. The buying price is higher than the selling price, this difference is known as the
683:
At the end of 2018, there were 1,988 ETFs in the United States with combined assets of $ 3.3 trillion, accounting for 16% of the U.S. industry.
1896:
Closed-end funds are a special type of investment fund in the U.S. which is offered to the public, but not redeemable. Lemke, Lins and Smith,
288:
2049:
749:—are available to most investors within the jurisdiction they are offered. Some restrictions on age and size of investment may be imposed.
1252:
A common concern with any investment is that you may lose the money you invest—your capital. This risk is therefore often referred to as
1458:
are common. As of 2019, the top 5 asset managers accounted for 55% of the 19.3 trillion in mutual fund and ETF investments. However, for
2741:
248:
1968:. Mutual funds and various other forms of structured finance that still exist today emerged in the 17th and 18th centuries in Holland."
1944:
1121:—Passive managers stick to a portfolio strategy determined at outset of the fund and not varied thereafter, aiming to minimize the
611:
An open-end fund is equitably divided into shares which vary in price in direct proportion to the variation in value of the fund's
2066:
804:
Still a third class might have a high minimum investment limit and only be open to financial institutions; such a class is called
654:(NAV); it may be at a "premium" to NAV (i.e., higher than NAV) or, more commonly, at a "discount" to NAV (i.e., lower than NAV).
1754:
Société d'investissement à capital fixe|SICAF (Société d'investissement à capital fixe) (Investment company with fixed capital)
1718:
373:
49:
1290:
For an open-end fund, there may be an initial charge levied on the purchase of units or shares this covers dealing costs, and
3132:
2952:
2882:
2734:
2310:
1847:
1498:
1432:
1426:
727:
424:
100:
782:
These differences are supposed to reflect different costs involved in servicing investors in various classes; for example:
2840:
1852:
1541:
966:
723:
This can greatly increase the investment risk of the fund by increased volatility and exposure to increased capital risk.
439:
354:
115:
30:
3098:
2861:
2593:
2373:
1814:
1408:
1192:'s return is 0. This shows the fund's performance relative to the benchmark and can demonstrate the value added by the
3033:
1872:
1565:
1073:
are often divided into smaller funds e.g. US large caps, Japanese smaller companies, European Growth, UK mid caps etc.
2283:
2872:
1867:
1352:
The internal workings of a fund are more complicated than this description suggests. The manager sets a price for
770:
Some vehicles are designed to have a limited term with enforced redemption of shares or units on a specified date.
712:
Some collective investment vehicles have the power to borrow money to make further investments; a process known as
704:
In the United States, at the end of 2018, there were 4,917 UITs with combined assets of less than $ 0.1 trillion.
3156:
3151:
2820:
2789:
2639:
2303:
2099:
1766:
1660:
1490:
1462:, the top 5 account for 22% of the market, with the top 10 accounting for 30% and the top 25 accounting for 39%.
1414:
1389:
1296:
1291:
962:
864:
333:
329:
325:
270:
Investment funds are promoted with a wide range of investment aims either targeting specific geographic regions (
199:
3028:
2942:
2107:
318:
3103:
3088:
3062:
3057:
2907:
2835:
2777:
2700:
2690:
2539:
1600:
1553:
1474:
868:
632:
628:
867:. An investment in a single equity may do well, but it may collapse for investment or other reasons (e.g.,
3083:
2997:
2685:
2529:
2544:
2897:
2757:
2634:
2462:
1857:
1827:
1444:
1134:
943:
692:
1345:
301:
The first (recorded) professionally managed investment funds or collective investment schemes, such as
2200:
188:
hire professional investment managers, who may offer better returns and more adequate risk management;
2887:
2783:
2710:
2583:
2041:
1535:
1523:
1478:
1455:
1402:
666:
474:
244:
150:
812:
In some cases, by aggregating regular investments by many individuals, a retirement plan (such as a
2850:
2624:
2614:
2478:
2457:
2378:
1862:
1748:
1559:
1112:
1108:
575:
Please see below for general information on specific forms of vehicles in different jurisdictions.
538:
509:
264:
1769:
or LIC. Closed-ended collective investment either corporate or trust based. Available since 1928.
3052:
2962:
2927:
2619:
2452:
2437:
1795:
1482:
1467:
1235:
1118:
1104:
797:
Another class may be sold with no commission (load) direct to the public; such a class is called
644:
529:
383:
192:
59:
2442:
2269:
2248:
742:
Collective investment vehicles vary in availability depending on their intended investor base:
635:) or through private placement. If shares are issued through an IPO, they are then traded on a
2923:
2644:
2514:
2498:
2387:
2357:
2045:
1940:
1459:
1196:. The higher the 'alpha' the better the manager. Alpha investment strategies tend to favour
1141:
1100:
958:
787:
469:
464:
444:
256:
145:
140:
120:
2971:
2937:
2805:
2432:
1529:
1514:
Unit investment trusts are the least common, with about $ 6.5 billion in assets as of 2019.
953:
640:
449:
434:
317:
The term "collective investment scheme" is a legal concept deriving initially from a set of
125:
110:
2524:
3012:
3002:
2992:
2987:
2967:
2695:
2664:
2588:
2383:
2289:
2121:
2074:
1842:
1837:
1504:
1440:
1184:
1154:
677:
651:
624:
612:
590:
584:
479:
398:
252:
155:
74:
2176:
1739:(Société d'investissement à capital variable) (Investment company with variable capital)
1672:(Société d'investissement à capital variable) (Investment company with variable capital)
3046:
2957:
2947:
2715:
2705:
2519:
2493:
2078:
1965:
1666:
SICAF (Société d'investissement à capital fixe) (Investment company with fixed capital)
1273:
1228:
1204:
1162:
1066:
856:
731:
636:
454:
419:
306:
130:
95:
2264:
650:
The price that investors receive for their shares may be significantly different from
3145:
3042:
3007:
2892:
2867:
2830:
2795:
2576:
2467:
1808:
1486:
1436:
1122:
1054:
970:
898:
602:
571:
A "marketing" or "distribution" company to promote and sell shares/units of the fund.
403:
79:
2224:
1249:
Depending on the nature of the investment, the type of 'investment' risk will vary.
3093:
3038:
2845:
2669:
2629:
2534:
2391:
1937:
The
Origins of Value: The Financial Innovations that Created Modern Capital Markets
1578:
1193:
1189:
1158:
1130:
907:
860:
484:
393:
368:
160:
69:
44:
1817:, a corporate entity for holding various investments under a single legal entity.
3067:
2825:
2571:
2447:
2412:
1878:
Undertakings for
Collective Investment in Transferable Securities Directive 2009
1832:
1588:
1451:
1364:
for future purchasers. When heavy selling occurs units are liquidated from the
894:
813:
606:
557:
who safeguard the assets and ensure compliance with laws, regulations and rules.
505:
489:
302:
296:
240:
165:
2932:
2902:
2810:
2800:
2609:
2427:
2398:
2347:
1775:
1547:
1317:
Different unit/share classes may have different combinations of fees/charges.
1126:
260:
180:
2352:
1463:
1217:
1165:(head of SG Asset Management) that her SG UK Growth fund would not beat the
673:
378:
323:
Undertakings for
Collective Investment in Transferable Securities Directives
54:
19:
2278:
2153:"Fears of a World Domination by a Handful of Asset Managers Are Overblown"
1982:
790:
with an initial commission (front-end load); such a class might be called
1994:
1405:(ETFs)—an open-end fund traded by listed shares on major stock exchanges.
1166:
1081:
1070:
903:
2726:
1544:(OEICs or ICVCs)—Introduced 1997. Open-ended with a corporate structure.
923:
Reduction or elimination of requirement to spend personal time investing
855:
One of the main advantages of collective investment is the reduction in
23:
The values and performance of collective funds are listed in newspapers.
1791:
513:
429:
105:
1772:
Managed
Investment Vehicle per s 9 of the Corporations Act (Cth) 2001.
1508:
1062:
542:
who manages the trading, reconciliations, valuation and unit pricing.
1978:
2295:
2877:
1736:
1669:
1647:
1642:
1494:
1300:
1058:
18:
1962:
Carbon
Finance, Environmental Market Solutions to Climate Change
1615:
1380:
exists. SICAVs, OEICs and U.S. mutual funds are single priced.
1076:
Themed funds—Technology, Healthcare, Socially responsible funds.
459:
229:
undertaking for collective investment in transferable securities
135:
2730:
2299:
1036:, etc. Also, perhaps most commonly funds are divided by their
726:
Gearing was a major contributory factor in the collapse of the
2018:
1911:
Hedge Funds and Other Private Funds: Regulation and Compliance
698:
Less commonly, they can sell their shares in the open market.
2225:"ICI - Release: Unit Investment Trust Deposits, January 2020"
1140:
Additionally, some funds use a hybrid management strategy of
876:
The more diversified your capital, the lower the capital risk
568:
who own (or have rights to) the assets and associated income.
2177:"ICI - Release: Closed-End Fund Assets, Fourth Quarter 2019"
1733:
Anlagefonds (unincorporated investment fund or common fund)
1556:—Introduced 1970s. Open-ended with a life policy structure.
274:
emerging markets or Europe) or specified industry sectors (
239:). An investment fund may be held by the public, such as a
2247:
See Irish Collective Asset-management Vehicles Act 2015
1704:
Public investment fund (Korporatyvny investytsiyny fund)
1532:—Introduced 1868. Closed-ended with corporate structure.
1698:
Instytut spilnogo investuvannya, ISI (Investment Funds)
1623:
Qualifying investor alternative investment fund (QIAIF)
1568:
funds - introduced in 2014. Closed-ended or open-ended.
1411:(REITs)—a close-ended fund that invests in real estate.
321:
to regulate mutual fund investment and management. The
2292:(consumer information) – U.S. SEC Investment Companies
1631:
Loan Originating Alternative Investment Fund (L-QIAIF)
1956:
Goetzmann, William N.; Rouwenhorst, K. Geert (2008).
1935:
Goetzmann, William N.; Rouwenhorst, K. Geert (2005).
676:
mechanism is used to keep the trading price close to
1701:
Private investment fund (Payovyi investytsiyny fond)
1550:—Introduced 1931. Open-ended with a trust structure.
1470:
are the top two when including passive investments.
1388:
more of the assets underlying the fund, incurring a
3076:
3021:
2980:
2916:
2764:
2678:
2657:
2602:
2564:
2557:
2507:
2486:
2476:
2420:
2366:
2340:
2333:
1627:
Retail Investor Alternative Investment Fund (RIAIF)
639:. or directly through the fund manager to create a
627:issues a limited number of shares (or units) in an
504:Collective investment vehicles may be formed under
339:In the United Kingdom, the primary statute is the
1663:) (unincorporated investment fund or common fund)
1397:Internationally recognised collective investments
961:is built into the vehicle. Often referred to as
1778:open-ended trust based investments often called
1685:BEVEK (Investment Company with variable capital)
16:Way of investing money alongside other investors
2856:Qualifying investor alternative investment fund
1473:The top 5 active management funds in 2018 were
1231:prevent the correlation from ever equalling 1).
786:One class may be sold through a stockbroker or
2742:
2311:
1682:BEVAK (Investment company with fixed capital)
1526:(ETFs)—Open-ended with a corporate structure.
1435:, which broadly describes three major types:
1174:Alpha, Beta, R-squared and standard deviation
8:
2816:Labour-sponsored venture capital corporation
2067:"The Lesson From The Split Capital Debacle"
2000:The Modern Corporation and Private Property
3128:
2749:
2735:
2727:
2561:
2483:
2337:
2318:
2304:
2296:
1900:, §4.04; §9.05 (Matthew Bender, 2018 ed.).
1747:Kommanditgesellschaft fĂĽr Kapitalanlagen (
1137:where the portfolio is fixed from outset.
1123:ongoing costs of maintaining the portfolio
350:
26:
2038:The Split Capital Investment Trust Crisis
1611:Irish Collective Asset-Management Vehicle
1562:—Open-ended with a life policy structure.
1103:—Active managers seek to outperform the
1889:
1595:Ireland specific collective investments
1148:An example of active management success
1088:to measure success or failure against.
411:
360:
353:
341:Financial Services and Markets Act 2000
293:Financial history of the Dutch Republic
87:
36:
29:
1983:http://dx.doi.org/10.2139/ssrn.3610648
1688:PRIVAK (Closed-end investment company)
1431:Investment funds are regulated by the
1271:therefore this type of risk is termed
1188:represents the fund's return when the
289:Economic history of the Dutch Republic
2147:
2145:
2143:
2141:
533:who manages the investment decisions.
7:
2013:
2011:
2009:
919:capital (affecting future profits).
1958:The History of Financial Innovation
249:special-purpose acquisition company
2019:"2019 Investment Company Factbook"
1898:Regulation of Investment Companies
1794:whilst a registered vehicle has a
1518:UK-specific collective investments
1133:" method used by many traditional
14:
2201:"Closed End Funds: Fund Families"
2100:"Split Capital Investment trusts"
1979:https://ssrn.com/abstract=3610648
1761:Australian collective investments
1020:Funds are often distinguished by
233:collective investment undertaking
202:to reduce some unsystematic risk.
3127:
3120:
3119:
2411:
2277:
2263:
2122:"SEC.gov | Investment Companies"
2036:Adams, Andrew A (October 2004).
1566:Non mainstream pooled investment
1017:approach using aspects of each.
999:Investment aims and benchmarking
195:, i.e., lower transaction costs;
1803:Offshore collective investments
1719:Greek Capital Market Commission
1637:European collective investments
1573:Canadian collective investments
1542:Open-ended investment companies
1325:Open-ended vehicles are either
374:Development finance institution
50:Development finance institution
2953:Socially responsible investing
2883:Split capital investment trust
2065:Carlisle, James (2002-10-30).
1926:(Thomson West, 2017–2018 ed.).
1913:(Thomson West, 2017-2018 ed.).
1909:Lemke, Lins, Hoenig and Rube,
1848:Global assets under management
1477:(using American Funds brand),
1433:Investment Company Act of 1940
1427:List of asset management firms
1109:selectively holding securities
928:managing the investment fund.
728:split capital investment trust
425:Bull (stock market speculator)
255:, or it may be sold only in a
213:collective investment vehicles
101:Bull (stock market speculator)
1:
2841:Open-ended investment company
2716:Money-weighted rate of return
2268:The dictionary definition of
2249:(Original Act available here)
1853:Independent financial adviser
1613:(commonly referred to as an "
1493:; in 2008, the list included
1409:Real Estate Investment Trusts
759:Private-availability vehicles
753:Limited-availability vehicles
355:Financial market participants
217:collective investment schemes
31:Financial market participants
3099:Returns-based style analysis
2862:Real estate investment trust
2594:Real estate investment trust
2374:Real estate investment trust
2023:Investment Company Institute
1939:. (Oxford University Press,
1815:Segregated portfolio company
1281:Charging structures and fees
1092:Active or passive management
747:Public-availability vehicles
500:Constitution and terminology
3034:Efficient-market hypothesis
1873:Specialized investment fund
1784:managed investment vehicles
1306:The vehicle will charge an
3173:
2873:Short-term investment fund
2388:Mezzanine investment funds
1868:Separately managed account
1806:
1424:
1415:Sovereign investment funds
1299:, in the same manner as a
1200:methods to achieve growth.
1125:. Many passive funds are
957:given by a stockbroker or
819:Some of the fund classes:
690:
664:
600:
582:
305:, were established in the
297:Mutual fund § History
286:
227:. The regulatory term is
3117:
2821:Listed investment company
2790:Fonds commun de placement
2640:Sovereign investment fund
2409:
2104:Treasury Select Committee
1767:Listed investment company
1661:Fonds commun de placement
1491:Dimensional Fund Advisors
319:European Union Directives
3029:Arbitrage pricing theory
2108:British House of Commons
1924:ERISA for Money Managers
1554:Unitised Insurance Funds
1356:of units/shares and for
1308:annual management charge
886:is often referred to as
236:
3104:Traditional investments
3089:Commodity pool operator
3063:Noisy market hypothesis
3058:Modern portfolio theory
2908:Unitised insurance fund
2836:Open-ended fund company
2778:Common contractual fund
2701:Assets under management
2691:Traditional investments
2686:Alternative investments
1677:Netherlands and Belgium
1601:Common contractual fund
1475:Capital Group Companies
738:Availability and access
629:initial public offering
3084:Alternative investment
2998:Institutional investor
2515:Long/short equity fund
2157:Institutional Investor
1788:unlisted managed funds
1584:Labour Sponsored Funds
1450:Open-end funds called
1445:unit investment trusts
1135:unit investment trusts
1022:asset-based categories
985:Loss of owner's rights
984:
687:Unit investment trusts
24:
2898:Unit investment trust
2758:Investment management
2658:By measure of returns
2635:Sovereign wealth fund
2463:Asset allocation fund
2042:John Wiley & Sons
1858:Investment management
1828:Collective trust fund
1654:France and Luxembourg
1536:Tax transparent funds
1524:Exchange-traded funds
1403:Exchange-traded funds
1297:brokerage commissions
914:Reduced dealing costs
693:Unit investment trust
680:of the ETF holdings.
661:Exchange-traded funds
287:Further information:
22:
2888:Tax transparent fund
2784:Exchange-traded fund
2711:Time-weighted return
2584:Exchange-traded fund
2540:Managed futures fund
2384:Venture capital fund
2286:at Wikimedia Commons
1479:Fidelity Investments
1421:United States market
1053:The largest markets—
884:investment principle
708:Gearing and leverage
667:Exchange-traded fund
519:Typically there is:
475:Financial regulation
245:exchange-traded fund
151:Financial regulation
2943:Manager of managers
2851:Private-equity fund
2615:Private equity fund
2545:Multi-strategy fund
2520:Market neutral fund
2479:investment strategy
2379:Private equity fund
1863:Offshore investment
1749:Limited Partnership
1560:With-profits policy
1113:investment strategy
1084:. This becomes the
774:Unit or share class
379:Insurance companies
265:private equity fund
198:increase the asset
55:Insurance companies
3053:Martingale pricing
2963:Thematic investing
2928:passive management
2620:Pooled income fund
1796:Responsible Entity
1499:Franklin Templeton
1236:Standard deviation
1119:Passive management
1038:geographic markets
951:Often the cost of
851:Diversity and risk
539:fund administrator
530:investment manager
193:economies of scale
25:
3139:
3138:
2917:Investment styles
2724:
2723:
2653:
2652:
2645:Urban wealth fund
2580:
2553:
2552:
2535:Global macro fund
2530:Event-driven fund
2499:Stable value fund
2407:
2406:
2395:
2358:Money market fund
2282:Media related to
2051:978-0-470-86858-4
1538:—Introduced 2013.
1530:Investment Trusts
1460:active management
1142:enhanced indexing
1101:Active management
959:financial adviser
788:financial adviser
497:
496:
470:Financial planner
465:Financial analyst
460:Banks and banking
445:Corporate finance
257:private placement
173:
172:
146:Financial planner
141:Financial analyst
136:Banks and banking
121:Corporate finance
3164:
3157:Dutch inventions
3152:Investment funds
3131:
3130:
3123:
3122:
2972:growth investing
2938:Impact investing
2806:Investment trust
2751:
2744:
2737:
2728:
2574:
2562:
2484:
2433:Target date fund
2415:
2381:
2338:
2327:Investment funds
2320:
2313:
2306:
2297:
2284:Investment funds
2281:
2267:
2251:
2245:
2239:
2238:
2236:
2235:
2221:
2215:
2214:
2212:
2211:
2197:
2191:
2190:
2188:
2187:
2173:
2167:
2166:
2164:
2163:
2149:
2136:
2135:
2133:
2132:
2118:
2112:
2111:
2096:
2090:
2089:
2087:
2086:
2077:. Archived from
2062:
2056:
2055:
2033:
2027:
2026:
2015:
2004:
1991:
1985:
1975:
1969:
1954:
1948:
1933:
1927:
1922:Lemke and Lins,
1920:
1914:
1907:
1901:
1894:
1505:Closed-end funds
1441:closed-end funds
1346:bid–offer spread
1111:according to an
766:Limited duration
641:secondary market
450:Personal finance
435:Financial market
389:Investment funds
384:Investment banks
351:
328:, as amended by
209:investment pools
126:Personal finance
111:Financial market
65:Investment funds
60:Investment banks
27:
3172:
3171:
3167:
3166:
3165:
3163:
3162:
3161:
3142:
3141:
3140:
3135:
3113:
3072:
3017:
3013:Performance fee
3003:Net asset value
2993:Fund governance
2988:Closed-end fund
2976:
2912:
2769:
2767:
2760:
2755:
2725:
2720:
2696:Net asset value
2674:
2665:Absolute return
2649:
2598:
2589:Closed-end fund
2549:
2503:
2472:
2416:
2403:
2362:
2329:
2324:
2260:
2255:
2254:
2246:
2242:
2233:
2231:
2223:
2222:
2218:
2209:
2207:
2199:
2198:
2194:
2185:
2183:
2175:
2174:
2170:
2161:
2159:
2151:
2150:
2139:
2130:
2128:
2120:
2119:
2115:
2098:
2097:
2093:
2084:
2082:
2075:The Motley Fool
2064:
2063:
2059:
2052:
2035:
2034:
2030:
2017:
2016:
2007:
2003:(1932) Book III
1992:
1988:
1976:
1972:
1955:
1951:
1934:
1930:
1921:
1917:
1908:
1904:
1895:
1891:
1886:
1843:Fund governance
1838:Fund derivative
1824:
1811:
1805:
1763:
1727:
1714:
1695:
1679:
1656:
1639:
1597:
1575:
1520:
1511:and BlackRock.
1429:
1423:
1399:
1323:
1288:
1283:
1247:
1198:stock selection
1176:
1161:) publicly bet
1155:Richard Branson
1107:as a whole, by
1094:
1001:
996:
987:
979:
939:
934:
925:
916:
865:diversification
857:investment risk
853:
848:
776:
768:
740:
730:debacle in the
710:
695:
689:
678:net asset value
669:
663:
652:net asset value
625:closed-end fund
621:
619:Closed-end fund
613:net asset value
609:
601:Main articles:
599:
591:net asset value
587:
585:Net asset value
581:
579:Net asset value
502:
480:Fund governance
349:
315:
299:
285:
253:closed-end fund
200:diversification
177:investment fund
156:Fund governance
17:
12:
11:
5:
3170:
3168:
3160:
3159:
3154:
3144:
3143:
3137:
3136:
3118:
3115:
3114:
3112:
3111:
3106:
3101:
3096:
3091:
3086:
3080:
3078:
3077:Related topics
3074:
3073:
3071:
3070:
3065:
3060:
3055:
3050:
3036:
3031:
3025:
3023:
3019:
3018:
3016:
3015:
3010:
3005:
3000:
2995:
2990:
2984:
2982:
2978:
2977:
2975:
2974:
2965:
2960:
2958:Social trading
2955:
2950:
2948:Social finance
2945:
2940:
2935:
2930:
2920:
2918:
2914:
2913:
2911:
2910:
2905:
2900:
2895:
2890:
2885:
2880:
2875:
2870:
2865:
2859:
2853:
2848:
2843:
2838:
2833:
2828:
2823:
2818:
2813:
2808:
2803:
2798:
2793:
2787:
2781:
2774:
2772:
2762:
2761:
2756:
2754:
2753:
2746:
2739:
2731:
2722:
2721:
2719:
2718:
2713:
2708:
2706:Rate of return
2703:
2698:
2693:
2688:
2682:
2680:
2679:Related topics
2676:
2675:
2673:
2672:
2667:
2661:
2659:
2655:
2654:
2651:
2650:
2648:
2647:
2642:
2637:
2632:
2627:
2625:Endowment fund
2622:
2617:
2612:
2606:
2604:
2600:
2599:
2597:
2596:
2591:
2586:
2581:
2568:
2566:
2559:
2555:
2554:
2551:
2550:
2548:
2547:
2542:
2537:
2532:
2527:
2522:
2517:
2511:
2509:
2505:
2504:
2502:
2501:
2496:
2494:Long-only fund
2490:
2488:
2481:
2474:
2473:
2471:
2470:
2465:
2460:
2455:
2450:
2445:
2440:
2435:
2430:
2424:
2422:
2418:
2417:
2410:
2408:
2405:
2404:
2402:
2401:
2396:
2376:
2370:
2368:
2364:
2363:
2361:
2360:
2355:
2350:
2344:
2342:
2335:
2334:By asset class
2331:
2330:
2325:
2323:
2322:
2315:
2308:
2300:
2294:
2293:
2287:
2275:
2259:
2258:External links
2256:
2253:
2252:
2240:
2216:
2192:
2168:
2137:
2113:
2091:
2071:Market Comment
2057:
2050:
2028:
2005:
1997:and GC Means,
1986:
1970:
1966:securitization
1949:
1945:978-0195175714
1928:
1915:
1902:
1888:
1887:
1885:
1882:
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1880:
1875:
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1865:
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1820:
1819:
1818:
1807:Main article:
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1673:
1667:
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1655:
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1645:
1638:
1635:
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1628:
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1620:
1608:
1596:
1593:
1592:
1591:
1586:
1581:
1574:
1571:
1570:
1569:
1563:
1557:
1551:
1545:
1539:
1533:
1527:
1519:
1516:
1437:open-end funds
1425:Main article:
1422:
1419:
1418:
1417:
1412:
1406:
1398:
1395:
1322:
1321:Pricing models
1319:
1287:
1284:
1282:
1279:
1274:liquidity risk
1246:
1243:
1242:
1241:
1232:
1229:tracking error
1224:closet tracker
1214:
1211:outperformance
1201:
1175:
1172:
1171:
1170:
1163:Nicola Horlick
1093:
1090:
1078:
1077:
1074:
1008:investment or
1006:Income (value)
1000:
997:
995:
992:
986:
983:
978:
977:Lack of choice
975:
938:
935:
933:
930:
924:
921:
915:
912:
888:spreading risk
880:
879:
852:
849:
847:
844:
843:
842:
839:
836:
833:
830:
827:
824:
810:
809:
802:
795:
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772:
767:
764:
763:
762:
756:
750:
739:
736:
709:
706:
691:Main article:
688:
685:
665:Main article:
662:
659:
637:stock exchange
620:
617:
598:
595:
583:Main article:
580:
577:
573:
572:
569:
558:
543:
534:
501:
498:
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487:
482:
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455:Public finance
452:
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420:Angel investor
414:
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307:Dutch Republic
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196:
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158:
153:
148:
143:
138:
133:
131:Public finance
128:
123:
118:
113:
108:
103:
98:
96:Angel investor
90:
89:
85:
84:
83:
82:
77:
72:
67:
62:
57:
52:
47:
39:
38:
34:
33:
15:
13:
10:
9:
6:
4:
3:
2:
3169:
3158:
3155:
3153:
3150:
3149:
3147:
3134:
3126:
3116:
3110:
3107:
3105:
3102:
3100:
3097:
3095:
3092:
3090:
3087:
3085:
3082:
3081:
3079:
3075:
3069:
3066:
3064:
3061:
3059:
3056:
3054:
3051:
3048:
3044:
3040:
3037:
3035:
3032:
3030:
3027:
3026:
3024:
3020:
3014:
3011:
3009:
3008:Open-end fund
3006:
3004:
3001:
2999:
2996:
2994:
2991:
2989:
2986:
2985:
2983:
2979:
2973:
2969:
2966:
2964:
2961:
2959:
2956:
2954:
2951:
2949:
2946:
2944:
2941:
2939:
2936:
2934:
2931:
2929:
2925:
2922:
2921:
2919:
2915:
2909:
2906:
2904:
2901:
2899:
2896:
2894:
2893:Umbrella fund
2891:
2889:
2886:
2884:
2881:
2879:
2876:
2874:
2871:
2869:
2868:Royalty trust
2866:
2863:
2860:
2857:
2854:
2852:
2849:
2847:
2844:
2842:
2839:
2837:
2834:
2832:
2831:Offshore fund
2829:
2827:
2824:
2822:
2819:
2817:
2814:
2812:
2809:
2807:
2804:
2802:
2799:
2797:
2796:Fund of funds
2794:
2791:
2788:
2785:
2782:
2779:
2776:
2775:
2773:
2771:
2763:
2759:
2752:
2747:
2745:
2740:
2738:
2733:
2732:
2729:
2717:
2714:
2712:
2709:
2707:
2704:
2702:
2699:
2697:
2694:
2692:
2689:
2687:
2684:
2683:
2681:
2677:
2671:
2668:
2666:
2663:
2662:
2660:
2656:
2646:
2643:
2641:
2638:
2636:
2633:
2631:
2628:
2626:
2623:
2621:
2618:
2616:
2613:
2611:
2608:
2607:
2605:
2603:Institutional
2601:
2595:
2592:
2590:
2587:
2585:
2582:
2578:
2577:Open-end fund
2573:
2570:
2569:
2567:
2563:
2560:
2558:By structures
2556:
2546:
2543:
2541:
2538:
2536:
2533:
2531:
2528:
2526:
2523:
2521:
2518:
2516:
2513:
2512:
2510:
2506:
2500:
2497:
2495:
2492:
2491:
2489:
2485:
2482:
2480:
2475:
2469:
2468:Fund of funds
2466:
2464:
2461:
2459:
2458:Balanced fund
2456:
2454:
2451:
2449:
2446:
2444:
2441:
2439:
2436:
2434:
2431:
2429:
2426:
2425:
2423:
2419:
2414:
2400:
2397:
2393:
2389:
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2380:
2377:
2375:
2372:
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2369:
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2359:
2356:
2354:
2351:
2349:
2346:
2345:
2343:
2339:
2336:
2332:
2328:
2321:
2316:
2314:
2309:
2307:
2302:
2301:
2298:
2291:
2288:
2285:
2280:
2276:
2274:at Wiktionary
2273:
2272:
2266:
2262:
2261:
2257:
2250:
2244:
2241:
2230:
2226:
2220:
2217:
2206:
2202:
2196:
2193:
2182:
2178:
2172:
2169:
2158:
2154:
2148:
2146:
2144:
2142:
2138:
2127:
2123:
2117:
2114:
2110:. 2003-02-05.
2109:
2105:
2101:
2095:
2092:
2081:on 2012-03-12
2080:
2076:
2072:
2068:
2061:
2058:
2053:
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2032:
2029:
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2020:
2014:
2012:
2010:
2006:
2002:
2001:
1996:
1990:
1987:
1984:
1980:
1974:
1971:
1967:
1963:
1959:
1953:
1950:
1946:
1942:
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1932:
1929:
1925:
1919:
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1903:
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1893:
1890:
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1809:Offshore fund
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2970: /
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2846:Pension fund
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2670:Total return
2630:Pension fund
2392:Vulture fund
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1358:cancellation
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179:is a way of
176:
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161:Stock Market
116:Participants
64:
3068:Yield curve
2981:Terminology
2933:Hedge Funds
2826:Mutual fund
2766:Investment
2572:Mutual fund
2525:130–30 fund
2508:Alternative
2487:Traditional
2453:Sector fund
2448:Income fund
2438:Growth fund
2367:Alternative
2341:Traditional
2229:www.ici.org
2205:ycharts.com
2181:www.ici.org
2126:www.sec.gov
1833:Common fund
1776:Unit trusts
1730:open-ended
1725:Switzerland
1548:Unit Trusts
1337:Dual priced
1327:dual priced
1292:commissions
1127:index funds
895:asset class
814:401(k) plan
643:subject to
607:Mutual fund
566:unitholders
508:, by legal
506:company law
490:Super angel
334:2001/108/EC
330:2001/107/EC
241:mutual fund
231:, or short
166:Super angel
3146:Categories
2903:Unit trust
2811:Hedge fund
2801:Index fund
2770:structures
2610:Hedge fund
2443:Value fund
2428:Index fund
2399:Hedge fund
2348:Stock fund
2234:2020-02-28
2210:2020-02-28
2186:2020-02-28
2162:2020-01-06
2131:2020-02-28
2085:2007-11-22
1884:References
963:commission
846:Advantages
326:85/611/EEC
261:hedge fund
3047:Convexity
2353:Bond fund
1464:BlackRock
1286:Fee types
1218:R-squared
1190:benchmark
1157:(head of
1086:benchmark
948:avoided.
734:in 2002.
674:arbitrage
551:directors
347:Structure
181:investing
3125:Category
3043:Duration
2421:By style
1995:AA Berle
1822:See also
1483:Vanguard
1468:Vanguard
1354:creation
1167:FTSE 100
1153:In 1998
1082:FTSE 100
1071:Far East
1048:Examples
1034:property
1024:such as
969:(in the
904:equities
718:leverage
555:trustees
2858:(QIAIF)
2290:Answers
2025:. 2019.
1792:Trustee
1693:Ukraine
1393:whole.
1303:trade.
869:Marconi
841:Class Z
838:Class W
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832:Class D
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808:shares.
801:shares.
794:shares.
714:gearing
514:statute
430:Finance
283:History
106:Finance
3022:Theory
2924:Active
2864:(REIT)
2565:Public
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1643:SICAVs
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1269:liquid
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1063:Europe
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1010:Growth
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272:e.g.,
235:(cf.
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1497:and
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