Mutual Funds Research Papers

All total returns assume the reinvestment of all dividend and capital gain distributions at net asset value when paid.All total returns without sales charge do not reflect the deduction of the current maximum sales charge or the applicable contingent deferred sales charge or any applicable redemption fee.

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Based on the service model, the same or similar products, accounts and services may vary in their price or fees charged to a client. Investment funds are subject to market volatility and the risks of their underlying securities.

In addition, each fund has its own specific risk profile and investment strategies detailed in its prospectus or other offering material, which must be considered carefully before making an investment decision.

Suppose a fund manager uses predictors in changing portfolio allocations over time.

How does predictability translate into portfolio decisions?

Some funds that are reflected as front end load are offered load waived in Self-Directed accounts. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets.

The information herein was obtained from multiple sources, we do not guarantee its accuracy or completeness.While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Past performance is no guarantee of future results.The performance data contained herein represents past performance which does not guarantee future results.Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.To answer this question, we derive a new Bayesian time-varying CAPM-based beta model, where managers modulate the systematic risk in part by observing how the benchmark returns are related to some set of imperfect predictors, and in part reflecting their own information set.Based on single and equally weighted portfolios of U. domestic equity mutual funds over the 1990–2014 period, we estimate our model providing new evidence on mutual fund dynamics: (1) beta dynamics are significantly affected by economic variables, although (2) managers seem not to care about benchmark sensitivities toward predictors in choosing their instrument exposure; and (3) instruments play a key role on the long run.Before investing consider carefully the investment objectives, risks, and charges and expenses of the fund, including management fees, other expenses and special risks.This and other information may be found in each fund's prospectus or summary prospectus, if available.Current performance may be lower or higher than the performance quoted.For performance information current to the most recent month end, please contact us.


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