Mutual Fund Investors Divergent Profiles共同基金投资者不同配置文件.pptVIP

Mutual Fund Investment What is a mutual fund? A pop quiz … Mutual funds are primarily owned by: Individuals on their own (through fund group, broker) Individuals with retirement accounts (401(k), IRA) Mutual funds mostly invest in: Stocks Bonds Notes (money market) 3. What have been annual returns on stock funds (last 20 years: 1987-2007): 17.8% 11.8% 9.3% 4.3% 7. As a mutual fund investor, you are entitled to: Prospectus (before you invest) Annual report (showing fund performance) Statements (showing breakdown of expenses / fees / trading costs) 8. Mutual funds only impose a sales charge at the time you invest. True False 9. Rate that average stock fund sells and replaces stock (“turnover”) in its portfolio: 6% 56% 90% 153% Mutual funds are primarily owned by: Individuals on their own (through fund group, broker) Individuals with retirement accounts (401(k), IRA) Mutual funds mostly invest in: Stocks Bonds Notes (money market) 3. What have been annual returns on stock funds (last 20 years: 1987-2007): 17.8% 11.8% [stock market] 9.3% [average fund] 4.3% [average fund investor] 7. As a mutual fund investor, you are entitled to: Prospectus (before you invest) Annual report (showing fund performance) Statements (showing breakdown of expenses / fees / trading costs) 8. Mutual funds only impose a sales charge at the time you invest. True False 9. Rate that average stock fund sells and replaces stock (“turnover”) in its portfolio: 6% 56% 90% 153% Who is averagemutual fund investor? Knowledge of basic fund characteristics Asset class? Fund risk? Fund expenses? Investment acumen: relevance of past returns Morningstar ***** Asset classes? A graphical look at business model … Investor profilesaccording to … Industry SEC Finance literature Prospectus VFINX Disseminated after investment / then once annually Including electronically / filed SEC Disclosure Investment strategies Risks (narrative) Performance (1/5/10 years) Expenses (sales charge, 12b-1