Mutual Funds

1

Chapter 5

Mutual Funds

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Ayşe Yüce – Ryerson University Copyright © 2012 McGraw-Hill Ryerson

 

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1.pdf

 

VALUATION AND MANAGEMENT

Investments

JORDAN MILLER DOLVIN YÜCE

third canadian edition

fundamentals of

 

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Learning Objectives

You are probably going to be a mutual fund investor very
soon, so you should definitely know the following:

    • The different types of mutual funds.
    • How mutual funds operate.
    • How to find information about how mutual funds have performed.
    • The workings of Exchange Traded Funds and hedge funds.

 

    • The workings of Registered Retirement Saving Plans.

 

  • The workings of Income Trusts.

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Mutual Funds: Overview

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

 

    • Our goal in this chapter is to understand the different types of mutual funds, their risks, and their returns.

 

    • As of the end of 2009, Canadian investors held an estimated 48 million mutual fund accounts.

 

    • Twenty one years ago, Canadian investors had only 2.5 million accounts.

 

  • The mutual fund industry grew from $21 billion to $595 billion in the same period.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Mutual Funds: Overview

 

  • Mutual funds are simply a means of combining or pooling the funds of a large group of investors.
  • The buy and sell decisions for the resulting pool are then made by a fund manager, who is compensated for the service provided.
  • Like commercial banks and life insurance companies, mutual funds are a form of financial intermediary.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Investment Companies and Fund Types

 

  • An Investment company is business that specializes in pooling funds from individual investors and making investments.
  • An Open-end fund is an investment company that stands ready to buy and sell shares in itself to investors, at any time.
  • A Closed-end fund is an investment company with a fixed number of shares that are bought and sold by investors, only in the open market.
  • Sometimes, if an open-end fund gets too big, it will not take in new investors.
  • It will, however, take more money from its current investors.
  • Of course, current investors can withdraw money from the fund.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Investment Companies and Fund Types

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Investment Companies and Fund Types

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

 

  • Net asset value (NAV) is the value of the assets held by a mutual fund, divided by the number of shares.
  • Shares in an open-end fund are worth their NAV, because the fund stands ready to redeem their shares at any time.
  • In contrast, share value of closed-end funds may differ from their NAV.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Mutual Fund Operations

Organization and Creation

 

 

  • A mutual fund is simply a corporation. It is owned by shareholders, who elect a board of directors.
  • Most mutual funds are created by investment advisory firms (say Fidelity Investments) or brokerage firms with investment advisory operations (say Merrill Lynch).
  • Investment advisory firms earn fees for managing mutual funds.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Mutual Fund Operations

The Fund Prospectus and Annual Report

 

    • Mutual funds are required by law to supply a prospectus to any investor who wishes to purchase shares.

 

  • Mutual funds must also provide an annual report to their shareholders.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Mutual Fund Costs and Fees

Types of Expenses and Fees

 

  • Sales charges or “loads”
  • Front-end loads are charges levied on purchases.
  • Back-end loads are charges levied on redemptions.

 

    • 12b-1 fees. SEC Rule 12b-1 allows funds to spend up to 1% of fund assets annually to cover distribution and marketing costs.

 

    • Management fees:
    • Usually range from 0.25% to 1.00% of the funds total assets each year.
    • Are usually based on fund size and/or performance.

 

  • Trading costs
  • Not reported directly
  • Funds must report “turnover,” which is related to the amount of trading.
  • The higher the turnover, the more trading has occurred in the fund.
  • The more trading, the higher the trading costs.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Mutual Fund Costs and Fees

Expense Reporting

 

  • Mutual funds are required to report expenses in a fairly standardized way in their prospectus.
  • Shareholder transaction expenses – loads and deferred sales charges.
  • Fund operating expenses – management and 12b-1 fees, legal, accounting, and reporting costs, director fees.
  • Funds report a hypothetical example showing total expenses paid by investors per $10,000 invested.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Example: Fee Table

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Mutual Fund Costs and Fees

Why Pay Loads and Fees?

 

    • After all, many good no-load funds exist.

 

    • But, you may want a fund run by a particular manager. All such funds are load funds.

 

  • Or, you may want a specialized type of fund.
  • Perhaps one that specialized in Italian companies
  • Loads and fees for specialized funds tend to be higher, because there is little competition among them.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Short-Term Funds

 

  • Short-term funds are collectively known as money market mutual funds.
  • Money market mutual funds (MMMFs) are mutual funds specializing in money market instruments.
  • MMMFs maintain a $1.00 net asset value to make them resemble bank accounts.
  • There is no guarantee that the net asset value will be $1.00 or more.
  • A Net Asset Value for a MMMF under $1.00 results in the term, “breaking the buck.”
  • Following the Crash of 2008, a few MMMF “broke the buck.”

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Short-Term Funds

 

    • Most banks offer what are called “money market” deposit accounts, or MMDAs, which are much like MMMFs.

 

  • The distinction is that a bank money market account is a bank deposit and offers CDIC protection.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Long-Term Funds

  • There are many different types of long-term funds, i.e., funds that invest in long-term securities.
  • Historically, mutual funds were classified as stock funds, bond funds, or balanced funds.
  • Today, the investment objective of the fund is the major determinant of the fund type.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Stock Funds

 

  • Some stock funds trade off capital appreciation and dividend income.
  • Capital appreciation
  • Growth
  • Growth and Income
  • Equity income
  • Some stock funds focus on companies in a particular size range.
  • Small company
  • Mid-cap
  • Large-cap
  • Some stock fund invest internationally.
  • Global
  • International
  • Region
  • Country
  • Emerging markets

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Stock Funds

 

  • Sector funds specialize in specific sectors of the economy, such as:
  • Biotechnology
  • Internet
  • Energy
  • Other fund types include:
  • Index funds
  • Social conscience, or “green,” funds
  • “Sin” funds (i.e., tobacco, liquor, gaming)
  • Tax-managed funds

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Bond Funds

 

  • Bond funds may be distinguished by their
  • Maturity range
  • Credit quality
  • Taxability
  • Bond type
  • Issuing country
  • Bond fund types include:
  • Short-term and intermediate-term funds
  • General funds
  • High-yield funds
  • Mortgage funds
  • World funds
  • Insured funds

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Stock and Bond Funds

    • Funds that do not invest exclusively in either stocks or bonds are often called “blended” or “hybrid” funds.

 

    • Examples include:
    • Balanced funds
    • Asset allocation funds
    • Convertible funds
    • Income funds

 

  • Target Date Funds (also known as Lifecycle Funds)
  • The asset allocation chosen by target date funds is based on the anticipated retirement date of the investors holding the fund.
  • If a company offers a Target Date 2040 Fund, the fund is for people planning to retire in about 2040.
  • In 2011, say, this fund would have a large equity exposure.
  • In 2039, say, this fund would have a large bond exposure.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Mutual Fund Objectives:

 

  • A mutual fund “style” box is a way of visually representing a fund’s investment focus by placing the fund into one of nine boxes:

 

Growth

 

 

 

 

 

 

 

 

Blend

Value

Large

Medium

Small

Size

Style

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Mutual Fund Objectives: Recent Developments

 

 

    • In recent years, there has been a trend toward classifying a mutual fund’s objective based on its actual holdings.

 

    • For example, the Wall Street Journal classifies most general purpose funds based on
    • the market “cap” of the stocks they hold
    • whether the fund tends to invest in “growth” or “value” stocks (or both).

 

  • Growth stocks are those considered more likely to grow their businesses.
  • Value stocks are those that look to be relatively undervalued.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Mutual Fund Objectives

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Mutual Fund Performance

 

  • Mutual fund performance is very closely tracked by a number of organizations.
  • Financial publications of all types periodically provide mutual fund data.
  • The Wall Street Journal is particularly timely print source.
  • www.morningstar.com has a “Fund Selector” that provides performance information.

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Mutual Fund Selection (www.morningstar.com)

Our Screen: domestic stock fund; small-cap growth; low expenses; no loads

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Mutual Fund Performance: Yardsticks

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Mutual Fund Performance: Online Version of The Wall Street Journal

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

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Mutual Fund Performance:
Online Version of The Wall Street Journal

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

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Mutual Fund Performance: Cautions

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

 

  • While looking at historical returns, the riskiness of the various fund categories should also be considered.
  • Whether historical performance is useful in predicting future performance is a subject of ongoing debate.
  • Some of the poorest-performing funds are those with very high costs.

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Closed Funds

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

 

  • Sometimes a fund will choose to close.
  • This means that the fund will no longer sell shares to new investors.
  • The use of the word “close” here should not be confused with “closed-end.”
  • The number of shares in a closed fund can still fluctuate as existing owners buy and sell.
  • Why would a fund choose to close?
  • When a fund grows rapidly, the fund manager may feel that the incoming cash is more than the fund can invest profitably.
  • Funds that close often reopen at a later date.

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Closed-End Funds

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

 

    • A closed-end fund has a fixed number of shares.
    • These shares are traded on stock exchanges.
    • There are about 600 closed-end funds that have their shares listed on U.S. Stock Exchanges.
    • There are about 8,000 long-term open-end mutual funds.

 

 

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Mutual Fund Performance: Closed-End Funds

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

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The Closed-End Funds Discount

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

 

    • Most closed-end funds sell at a discount relative to their net asset values.
    • The discount is sometimes substantial.
    • The typical discount fluctuates over time.

 

  • Despite a great deal of academic research, the closed-end fund discount phenomenon remains largely unexplained.

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Exchange Traded Funds, ETFs

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

 

    • An exchange traded fund, or ETF,
    • Is basically an index fund.
    • Trades like a closed-end fund (without the discount phenomenon).

 

    • An area where ETFs seem to have an edge over the more traditional index funds is the more specialized indexes.

 

  • A well-known ETF is the “Standard and Poor’s Depositary Receipt” or SPDR.
  • This ETF mimics the S&P 500 index.
  • It is commonly called “spider.”
  • Another well-known ETF mimics the Dow Jones—it is called “Diamond.”

 

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Exchange Traded Funds, Performance

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

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Leveraged ETFs

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

 

  • A particularly interesting, but potentially dangerous, ETF growth area is in leveraged ETFs.
  • The fund managers of a leveraged ETF create a portfolio designed to provide a return that tracks the underlying index.
  • But, by also using derivative contracts, the managers can magnify, or leverage, the return on the underlying.
  • The Fund Manager can also use derivatives to generate returns opposite, or inverse, of the index return.
  • Leveraged funds are designed to have twice the return on an index, say the S&P 500.
  • In other words, if the S&P 500 return on a given day is one percent, the leveraged fund should provide a return of two percent.
  • The danger is that leverage works both ways. Losses are also magnified by two.

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Leveraged ETFs

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

    • Levered ETFs seem to track their underlying indexes on a short-term basis, i.e., day by day.

 

    • Over longer periods of time, however, their performance is probably not what you would expect.

 

    • For example, trading in leveraged ETFs offered by Rydex, a reputable firm, began on November 7, 2007.
    • The Long Fund (RSU) was designed to earn twice the S&P 500 index return.
    • The Inverse Fund (RSW) was designed to earn the opposite of twice the S&P 500 Index return.

 

  • Over the next two years, the S&P 500 lost -22.4 percent.
  • Given its objective, the RSU fund should have lost -44.8 percent.
  • The inverse fund, RSW, should have gained 44.8 percent.
  • Over this two-year period, however, the RSU lost -56.5 percent, and the inverse fund, the RSW, lost -7.3%.

 

  • How is such a result possible?

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Leveraged ETFs

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

  • The answer lies in average versus geometric returns (and not with Rydex).
  • Recall that geometric returns are lower than arithmetic returns
  • Volatility fuels the difference.
  • Both Rydex leveraged funds add extra volatility to the series of S&P 500 index returns.
  • As a result, returns from any leveraged funds will be less than expected.
  • Example: Consider a week during which the S&P500 earns daily returns of 1, -2, 2, 1, and 3 percent, respectively.
  • The arithmetic average is 1%.
  • The geometric average is just slightly less, 0.986%.
  • This difference seems trivial.
  • Consider the returns, however, for a twice-leveraged fund.
  • The arithmetic average is exactly double, 2%.
  • The geometric average, however, is [(1.02)(0.96)(1.04)(1.02)(1.06)](1/5) – 1 = .0194, or 1.94%.
  • Six basis points tracking error in one week.
  • The longer the holding period and/or the more volatile the underlying index, the less accurate a leveraged fund will be in tracking its stated objective.

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Exchange Traded Notes, ETNs

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

 

    • Introduced in mid-2006 by Barclays Bank.
    • To investors, ETNs look like ETFs.
    • However, ETNs are unsecured debt—so, unlike holders of ETFs, holders of ETNs do have default risk.
    • ETNs provide investors with exposure to commodities, but without the leveraged risk of futures contracts.

 

  • Handy web source: www.ipathetn.com.

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Hedge Funds, Overview

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

 

  • Like mutual funds, hedge funds collect pools of money from investors.
  • Like mutual funds, hedge funds are generally required to register with the SEC. But:
  • Hedge funds are not required to maintain any particular degree of diversification or liquidity.
  • Hedge fund managers have considerably more freedom to follow various investment strategies, or styles.

 

  • Investing in hedge funds is not suitable for the all investors.
  • Hedge funds accept only “qualified” (or accredited) investors.
  • To be considered a qualified investor, you need to fulfill one of these conditions:
  • You must be an institution or an individual investor with a net worth of about a million dollars.
  • You must have a recurring annual income of over $200,000.

Hedge Fund Fees

 

  • Most common fee structure is 2/20, but many others exist.
  • A short way to say that the manager charges an annual 2% management fee and retains 20% of the hedge fund profits.
  • To prevent the fund from being manipulated by its managers, many fee structures include hurdles for the manager to meet.
  • A common example is called a “high-water mark.”
  • When a hedge fund fee structure includes a high-water mark, the manager will receive performance fees only when the fund value is higher than its previous highest value.
  • Why do hedge fund investors willingly pay high fees?
  • Obvious answer: returns earned are high enough to provide a reasonable return.
  • Some experts opine that hedge fund returns net of fees are about the same as the overall stock market return.
  • If these experts are correct, why would anyone invest in a hedge fund instead of a market index fund? The answer lies in the principle of diversification.

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

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Some Common Hedge Fund Investment Styles

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

  • Market Neutral. Goal: offset risk with opposite positions in pairs of securities.
  • These hedge funds are also called long-short funds.
  • Properly constructed, the resulting portfolio makes money regardless of how the overall market performs.
  • Hence the name “market neutral.”
  • Expected Volatility: Low.
  • Arbitrage. Goal: identify a mispricing in relationships between securities that theoretically should not exist.
  • These hedge fund managers look at pricing relationships for securities offered by the same company, or for investments across time or countries.
  • Expected Volatility: Low.
  • Distressed Securities. Goal: Buy securities that are being offered at deep discounts resulting from company-specific or sector-wide distress.
  • For example, a manager of distressed securities fund might buy securities of firms facing bankruptcy.
  • Expected Volatility: Low to moderate.

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Some Common Hedge Fund Investment Styles

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

 

  • Macro. Goal: These hedge fund managers attempt to profit from changes in global economies brought about by governmental policies that affect interest rates interest rates, currencies, or commodity prices.
  • Macro fund managers often use leverage and derivative securities to increase the impact of market moves.
  • Expected Volatility: High.
  • Short Selling. Goal: Managers of a pure short hedge fund only short sell.
  • In addition, these managers use leverage through the use of margin.
  • Expected Volatility: High
  • Market Timing. Goal: Managers of these hedge funds attempt to identify trends in particular sectors or overall global markets.
  • These managers often take concentrated positions and generally use leverage to increase the fund’s exposure to predicted movements.
  • Expected Volatility: High

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Hedge Funds

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

 

  • As you can see, hedge fund managers employ many approaches, and each has its own risk level.
  • The lesson?
  • Suppose you make your millions and become a qualified hedge fund investor
  • You still have your work cut out trying to identify the best hedge fund for your portfolio.
  • Suppose you just cannot decide?
  • You might want to use a “Fund of Funds.”
  • These investment companies invest in hedge funds.
  • Note: There is an additional, and significant, layer of fees heaped onto the already hefty hedge fund fees.

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Registered Retirement Savings Plan (RRSP)

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

  • Every year more and more Canadians choose to invest in registered retirement savings plans as part of their long-term investment portfolios.
  • The registered retirement savings plan is, as its name suggests, a retirement plan.
  • Investors can open an RRSP account and contribute throughout the year.
  • All contributions are tax deductible; thus, investors can use their contributions to these plans to reduce their income taxes.

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Registered Retirement Savings Plan (RRSP)

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

    • As long as their savings stay in the plan, investors do not pay tax. Once they withdraw their money, however, they do pay tax.

 

  • RRSP funds can be invested in stocks, bonds, and mutual funds.
  • Canadian investors choose mutual funds as the most popular RRSP investment option.

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Income Trusts

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

  • Income trusts started in 1985 with gas and oil company trusts and have become very popular in Canada since that time. Recently, Canadian mutual funds have started to invest heavily (similar to individual investors) in income trusts.
  • Income trusts are created as asset-holding entities by companies. A trust creates units and offers these units to the public in exchange for money.
  • Income trusts distribute their earnings as cash flows to the unitholders.
  • Cash distributions are taxed differently from dividends..
  • Income Trusts pay little or no corporate tax, and distribute the majority of their earnings to their unitholders.
  • This increased demand caused the unit prices to increase further and more and more companies applied to be restructured as income trusts.

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Useful Internet Sites

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

 

  • www.ici.org (mutual fund facts and figures)
  • www.vanguard.com (example of a major fund family website)
  • www.fidelity.com (website of largest investment advisory firm in US)
  • www.mfea.com (information on thousands of funds)
  • www.morningstar.com (one of the best mutual fund sites)
  • www.domini.com (more “social conscience” funds)
  • www.vicefund.com (“vice” funds)
  • www.ishares.com (more on exchange traded funds)
  • www.ipathetn.com (all about ETNs)
  • www.hedgeworld.com (hedge fund information)
  • www.hedgefundcenter.com (more hedge fund information)

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Chapter Review

 

  • Investment Companies and Fund Types
  • Open-End versus Closed-End Funds
  • Net Asset Value
  • Mutual Fund Operations
  • Mutual Fund Organization and Creation
  • Taxation of Investment Companies
  • The Fund Prospectus and Annual Report
  • Mutual Fund Costs and Fees
  • Types of Expenses and Fees
  • Expense Reporting
  • Why Pay Loads and Fees?
  • Short-Term Funds
  • Money Market Mutual Funds
  • Money Market Deposit Accounts

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33.pdf

 

VALUATION AND MANAGEMENT

Investments

JORDAN MILLER DOLVIN YÜCE

third canadian edition

fundamentals of

 

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Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Chapter Review

  • Long-Term Funds
  • Stock Funds
  • Taxable and Municipal Bond Funds
  • Stock and Bond Funds
  • Mutual Fund Objectives: Recent Developments
  • Mutual Fund Performance
  • Mutual Fund Performance Information
  • How Useful are Fund Performance Ratings?
  • Closed-End Funds, Exchange Traded Funds, and Hedge Funds
  • Closed-End Funds Performance Information
  • The Closed-End Fund Discount Mystery
  • Exchange Traded Funds
  • Leveraged Funds
  • Exchange Traded Notes
  • Hedge Funds and their Investment Styles

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34.pdf

 

VALUATION AND MANAGEMENT

Investments

JORDAN MILLER DOLVIN YÜCE

third canadian edition

fundamentals of

 

Chapter Review

    • Registered Retirement Savings Plan (RRSP)

 

  • Income Trusts

Ayşe Yüce – Ryerson University

Copyright © 2012 McGraw-Hill Ryerson

Loss)

 

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Gain

 

Capital

 

 

 

 

 

 

 

 

Income

 

Dividend

 

 

Stock

 

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Return

 

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