Mutual Funds: Risk and Performance Analysis for Decision Making

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John Wiley & Sons, Feb 9, 2009 - Business & Economics - 592 pages
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This authoritative book enables readers to evaluate the various performance and risk attributes of mutual funds, while also serving as a comprehensive resource for students, academics, and general investors alike. Avoiding the less useful descriptive approach to fund selection, this book employs a balanced approach including both technique and application. The chapters combine clear summaries of existing research with practical guidelines for mutual fund analysis.

  • Enables readers to analyze mutual funds by evaluating a fund's various performance and risk attributes.
  • Includes templates, which provide an efficient, sound approach to fund analysis, interpretation of results, buy/sell decisions, and the timing of decisions.
  • Combines clear summaries of existing research with practical guidelines for mutual fund analysis.
 

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Contents

VALUE VERSUS GROWTH TABLE 43
221
VANGUARD WINDSOR II CATEGORY PEERS AND MARKET INDEX
226
CASH ASSET ALLOCATION TABLE 45
229
MARKET LIQUIDITY TABLE 46
234
RETURNS DISTRIBUTION TABLE 47
239
INDUSTRY SECTOR CONCENTRATION TABLE 48
240
SECURITY CONCENTRATION TABLE 50
241
VALUE LINE SAFETY AND TIMELINESS TABLE 51
242

DIVERSIFICATION
25
A NOTE
27
CONSTRAINED ATTAINABLE GLOBAL DIVERSIFICATION
29
INVESTMENT OBJECTIVES
31
MUTUAL FUND SHAREHOLDER LIQUIDITY
38
SHAREHOLDER TRANSACTION COSTS
41
SHAREHOLDER SERVICES
50
PROFESSIONAL MANAGEMENT
58
RESOURCES AND PERFORMANCE OF PORTFOLIO MANAGEMENT
59
PORTFOLIO MANAGER BACKGROUND
80
4 MUTUAL FUND SERVICE DISADVANTAGES
84
LIMITED TYPES OF ASSETS
86
MUTUAL FUND TRADING COSTS
88
SHAREHOLDER TAX PLANNING
102
REGULATORY ISSUES
112
ASSESSING FUND DISCLOSURE
128
EXPENSES
130
NATURE AND PROS AND CONS
131
MUTUAL FUND ATTRIBUTES AND PORTFOLIO MANAGER BACKGROUND
144
6 LONGTERM INVESTING IN MUTUAL FUNDS AND STOCKBOND PORTFOLIO ALLOCATIONS
145
LONGTERM EQUITY INVESTING
147
MARKET TIMING VERSUS BUYANDHOLD STRATEGIES
150
TIME DIVERSIFICATION
154
THEORY
158
INVESTMENT POLICY AND INVESTMENT MANAGEMENT
165
INVESTMENT RISK
166
APPLIED
168
PORTFOLIO INVESTMENT OBJECTIVES AND THE CASH BUCKET
172
PASSIVE PORTFOLIO ALLOCATION
175
STOCK VERSUS BONDS
179
PORTFOLIO REBALANCING
181
BONDS
183
MODEL PORTFOLIOS
184
THE FINANCIAL ENGINE THAT COULD
192
7 PORTFOLIO DIVERSIFICATION RISK AND EQUITY STYLE ALLOCATION
194
DIVERSIFICATION CONSTRAINTS CONCEPT
195
EQUITY STYLE ALLOCATION AND STYLE ANALYSIS
197
DEGREE OF CONSTRAINED DIVERSIFICATION AND RISK TABLE 38
202
MORNINGSTAR CATEGORY AND INVESTMENT STYLE BOXES
206
MORNINGSTAR STAR RATINGS AND CATEGORY RATINGS
211
MUTUAL FUND RISK
212
VALUE VERSUS GROWTH INVESTMENT STYLES
214
MORNINGSTAR MUTUAL FUND REPORTS
220
OVERALL ASSESSMENT TABLE 52
244
8 MUTUAL FUND PERFORMANCE MEASURES AND BUY SELL DECISION CRITERIA
245
CDA ANNUALIZED RATES OF RETURN
246
CDA PERFORMANCE MEASURES
247
COMPUTED RISKRETURN PERFORMANCE MEASURES
250
CDA RETURNS PERFORMANCE MEASURES AND COMPUTED RISKRETURN PERFORMANCE MEASURES TABLE 66
257
MORNINGSTAR RATING AND RISK AND RETURN PERFORMANCE MEASURES TABLE 67
258
BUYSELL DECISION CRITERIA TABLE 68
259
9 MUTUAL FUND PERFORMANCE AND PORTFOLIO INVESTMENT STYLE ALLOCATIONS
262
MARKET ANOMALIES
263
VALUE VERSUS GROWTH STOCKS
264
SMALLCAP VERSUS LARGECAP STOCKS
270
TWEEDY BROWNE ON VALUE AND SMALLCAP INVESTING
272
LARGE FUNDS VERSUS SMALL FUNDS
273
DOMESTIC STOCKS VERSUS INTERNATIONAL STOCKS
275
BOND MUTUAL FUNDS
281
INDEXING
289
RECOMMENDED PORTFOLIO ALLOCATIONS
298
SIMPLE IS GOOD
299
THE SEARCH FOR MANAGERS
302
MUTUAL FUND SELECTION AND TIEBREAKERS
304
SUPERSTARS REDUX
307
ACTIVELY MANAGED VERSUS INDEX FUNDS
308
CAN ACTIVELY MANAGED MONEY BEAT THE MARKET?
311
SELECTED ISSUES
316
THE NEXT GENERATION
332
MUTUAL FUNDS SINCE THE 1990S
333
NATURE OF EXCHANGETRADED FUNDS ETFs
338
MAJOR EXCHANGETRADED FUNDS
344
CURRENT AND FUTURE DEVELOPMENTS
349
IMPLICATIONS FOR MUTUAL FUNDS
350
KNOWLEDGE NOT FAITH
352
IMPLEMENTING THE BUYSELL DECISION
353
DISCUSSION AND SAMPLE MENU
356
DISCUSSION AND SAMPLE MENU
369
FINAL COMMENT
382
APPENDIX ONLINE REFERENCES TO MUTUAL FUND AND RELATED INFORMATION INCLUDING ILLUSTRATIONS
384
TABLES
387
GLOSSARY
491
REFERENCES
505
INDEX
564
Copyright

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About the author (2009)

John A. Haslem is Professor Emeritus of Finance in the Smith School of Business at the University of Maryland, College Park. His research has been published in academic and practitioner journals, and he has written books on banking and mutual funds. He served as the College of Business and Management’s first academic dean, and as its first Chair of Finance. His mutual funds analysis course is considered to be the first offered in the finance curriculum of a collegiate school of business. He has been a consultant for the Director of Supersonic Transport, NASA, US Department of Justice, as well as various banks, law firms, and other organizations. Professor Haslem also advises on mutual funds selection and portfolio allocation.

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