Download e-book for iPad: Diversification and Portfolio Management of Mutual Funds by Greg N. Gregoriou

By Greg N. Gregoriou

ISBN-10: 0230019153

ISBN-13: 9780230019157

ISBN-10: 0230626505

ISBN-13: 9780230626508

This crucial new publication addresses the $64000 factor of diversification in an age the place it will be significant to minimize volatility on investments. thoroughly utilized portfolio administration can result in higher profits. The specialist authors consultant traders via overseas portfolio diversification, clarify find out how to support enhance the potency in their investments, and clarify how foreign diversification reduces the chance of an funding portfolio. This key publication educates traders approximately how foreign mutual unearths increase the functionality in their portfolio. The authors research which elements are so much necessary to traders, and locate that either monetary components and behavioural arguments needs to be thought of. This booklet is a vital software for any investor trying to increase the revenue achieve from their funding.

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Additional info for Diversification and Portfolio Management of Mutual Funds (Finance and Capital Markets)

Sample text

Average annual expense ratio does not include front end or deferred loads. 045 Corp. 000 Note: The number of funds includes multiple share classes issued by the funds company on the same underlying portfolio of funds. * This category includes prospectus objectives such as municipal bond income, government-bond income, sector and index objectives. 037 Corp. 000 27 Notes: Allocation of FOFs and mutual fund (excluding FOFs) capitalization by investment objective. Capitalization (shares outstanding times NAV) is the total portfolio value based on shares outstanding as of 31 December 1999.

2 Benchmarking It is well-documented that effective performance evaluation of mutual fund managers depends crucially on the selection of the appropriate comparative benchmark (Lehman and Modest, 1987; Kothari and Warner, 1998). The current literature frequently relies on indices such as the S&P 500 index as both a market proxy and as a benchmark index. Our study uses this benchmark, and several others to provide robustness. The three additional benchmarks are: Morningstar Inc. “Best-fit” index for each fund; a simulated benchmark consisting of equally weighted, randomly selected portfolios of mutual funds from which the FOF can choose; and the overall average mutual fund performance for each investment objective.

10 If so, the average prices derived from sales from auction house data may overestimate the average market return. However it is likely that some art funds, who act more like private dealers, will be able to take a similar strategy and furthermore take account of inefficiencies in the market; likely to produce returns larger than the art market benchmark. 2 Methodologies There are four main methodologies for producing art price indices. Geometric means, average prices, repeat sales and hedonic regressions.

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Diversification and Portfolio Management of Mutual Funds (Finance and Capital Markets) by Greg N. Gregoriou


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