A mutual fund that is offered to investors by a brokerage firm without any form of commission charged for the transaction. This structure is advantageous to the investor because it allows him or her to purchase the mutual fund without incurring an up-front commission fee on the trade. For investors with a small amount of investment capital, this can be a significant advantage.Also referred to as an "NTF mutual fund". Watch: Mutual Funds Brokers are usually able to offer NTF mutual funds to their clients because the mutual fund companies that run the funds step in and compensate the brokers for their forgone commission fees. The typical arrangement is that the mutual fund company pays the brokerage firm marketing fees when an investor buys into the fund through a broker, instead of buying directly from the fund.
The change in the net asset value of an exchange-traded fund (ETF) or mutual fund over a given time period. The NAV return of an ETF or mutual fund can be different than the total return that investors realize because these products can trade at a premium or discount to the price of the fund and to the value of the assets held in the portfolio. Many investors will monitor the NAV return instead of total return. It is a better measure of comparing the relative performance of several funds because it ignores the market forces that can cause some funds to trade at a premium or discount to their net asset values.
A portfolio of mutual funds that are selected to match a pre-set asset allocation model based on the investor's objectives and offered in a single investment account together with the services of a professional investment advisor. Typically, investors won't be charged separate transaction fees, but periodic (i.e. monthly/quarterly/yearly) asset-management fees based on the average value of assets held within the account. Also known as a "mutual fund wrap". Watch: Mutual Funds Unlike managed accounts where the financial advisor has full discretion over any investment decisions, mutual-fund advisory programs allow the investor to work with the advisor in developing the optimal asset-allocation strategy. The advisor will help determine which model is best based on various factors such as the investor's goals, risk tolerance, time horizon and income, while providing ongoing guidance and investment support.
Also known as a mutual fund advisory program or a wrap account, these programs give investors access to a large pool of mutual funds for one annual fee (usually between 0.5% and 2%). In other words, that one fee is supposed to "wrap around" all your mutual fund activity, giving you a clear picture of what is paid to your broker or financial advisor. These mutual fund wrap programs are most often offered by full-service brokerage houses to give customers another pricing option besides paying an upfront commission or surrender charges. Watch: Mutual Funds While mutual fund wrap accounts may seem like a transparent way of managing your mutual fund costs, most investors miss a major facet. In most instances, the wrap fee only covers the services provided by your broker, not the actual management fees of the mutual fund itself. These management expenses can range from just a few basis points to 1-1.5% annually, putting your total combined cost as high as 2-3%.
A type of company or fund in the UK that is structured to invest in other companies with the ability to adjust constantly its investment criteria and fund size. The company's shares are listed on the London Stock Exchange, and the price of the shares are based largely on the underlying assets of the fund. There are no bid and ask quotes on the OEIC shares; buyers and sellers receive the same price. These are open ended, which means that they can adjust the amount of shares in the fund by either issuing or eliminating shares. When shares are issued, the fund receives money and invests it. When eliminating shares, the fund pays out money from the fund. These funds can mix different types of investment strategies such as income and growth, and small cap and large cap.
A mutual fund that is based in an offshore jurisdiction, which is generally considered to be outside the United States. The term is often used, perhaps incorrectly, to describe a fund that is not in a high-tax country. Watch: Mutual Funds Always be careful when investing your money in offshore accounts that have sponsors that are not well known and/or are located outside of established financial centers such as London or Hong Kong. Non-mainstream offerings may be more prone to scams because of relaxed regulations in some offshore locations. Offshore funds offer a number of features that distinguish them from those domiciled in the U.S., as a lower level of regulation makes it easier to establish and administer the funds. Consequently, operating costs are significantly reduced and management fees can be lower. Tax exempt status enables the fund to reinvest gains that would otherwise be taxable in high-tax areas.
A sentiment indicator based on the Nova and Ursa funds from the Rydex Fund Group. The Nova fund is bullish with a target beta of 1.5. Whereas, the Ursa fund is bearish with a target beta of -1.0. This ratio can be used as a proxy for the direction of market sentiment. More specifically, a high value represents a bullish sentiment and a low value represents a bearish sentiment.Calculated as: For example, A beta of 1.5 means that Nova has a target of 150% of the S&P 500 Index. Ursa's -1.0 means it has a target performance inverse to the S&P 500 Index. That is, if the S&P 500 is down 10%, Ursa should be up 10%. Rather than just measuring someone's opinion about market direction, this ratio shows where people actually are putting their money.
Mutual funds that are not offered for sale to the general public. Non-publicly offered mutual funds are usually registered via private placement, not as securities, and investors who buy them must meet suitability requirements for income and net worth. These funds should not be confused with closed-end funds, which have a limited number of shares but are usually offered to the public at large. Watch: Mutual Funds The expenses of non-publicly offered mutual funds are not automatically deducted from the returns realized by the investors in the same manner as publicly traded funds. Non-publicly offered mutual fund expenses appear in box 5 of Form 1099-DIV, and investors can deduct those expenses as miscellaneous investment expenses on www.iSchedule A of the 1040.
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