Mutual Funds: Portfolio Structures, Analysis, Management, and Stewardship
John A. Haslem
University of Maryland - Robert H. Smith School of Business
MUTUAL FUNDS: PORTFOLIO STRUCTURES, ANALYSIS, MANAGEMENT, AND STEWARDSHIP, John A. Haslem, ed., John Wiley & Sons, 2010
The goal of Mutual Funds is to provide an authoritative guide to making more informed decisions about this investment vehicle. The book uses a balance of theory and practical application to explore the approaches that will further improve, and lessen the hidden pitfalls, of mutual fund investing. The book covers a broad range of topics, including understanding the advantages and disadvantages of mutual funds, evaluating stock/bond allocations within fund portfolios, assessing fund diversification risk, measuring fund returns and risk, and making fund buy/sell decisions. The authors put the risks and rewards of mutual fund investing in perspective, examining how to select and evaluate the best mutual funds, mutual fund service advantages and disadvantages, and the long- and short-term effectiveness of mutual funds.
Mutual Funds includes major theoretical and management issues in fund analysis and portfolio management, and is a guide to understanding mutual funds and getting the most out of investments in them. The authors first provide an overview of the nature, structure, and services of open-end mutual funds, introducing the characteristics of an open-end fund and how they compare to those of alternative investment vehicles. They then explain how the financial markets really work and how prices are set – offering some well-researched cautions about active versus passive portfolio management. The authors go on to discuss specific strategies for investment in mutual funds, making a strong case for index fund investing, and also compare the advantages and disadvantages of mutual funds versus exchange-traded funds. The book concludes with a look at the recent scandals in the mutual fund industry and offers advice on how to evaluate whether the managers of the funds are truly acting as trustees of investor interests.
Keywords: mutual funds, future design,normative transparency, stewardship, funds/ETFs, classic/enhanced index funds, actively managed/index funds, M-Star analysis, asset allocation, index funds, active/passive, financial markets, fees/expenses, fund economics, regulation, nature of funds
JEL Classification: G2, G23, G28Accepted Paper Series
Date posted: December 14, 2009 ; Last revised: January 5, 2013
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