Do You Know Where Your Mutual Fund Is Sleeping Tonight?

Connelly, Thomas J.
August 1996
Journal of Financial Planning;Aug1996, Vol. 9 Issue 4, p20
Academic Journal
The article presents a study on mutual funds. Some funds may disclose portfolio holdings only twice a year, which leaves plenty of time for undocumented portfolio maneuvering and window dressing. Concerns about the consistency of mutual fund management are inevitable and logically consistent. The use of mutual funds that run too far afield from their stated objectives could result in tie de facto abdication of the asset allocation decision to fund managers. The biggest changes have occurred in fund investment restrictions. Investment restrictions generally are found in the Statement of Additional information. In some fund complexes have a upper boundary on the initial margin premiums and "the aggregate amount of such Fund's commitments under outstanding futures contracts positions of that Fund would exceed the market value of its total assets." Efficiencies may be gained in operations and monitoring by standardizing investment restrictions across fund families. The additional investment "freedoms" provide fund management the "flexibility" to respond to "rapidly changing regulatory and investment environments."


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