A fee or charge assessed to an investor for withdrawing money prior to a previously stipulated date. This is almost always expressed and charged as a percentage of assets rather than a flat fee.May also be known as a "redemption fee", "back-end load" or "contingent deferred sales charge". Exit Fees may be found not only on mutual funds as back-end loads, but also on hedge funds, annuities and limited partnership units. Often the managers of these funds employ investing strategies that keep daily liquidity to a minimum, and the exit fees act as a deterrent to early withdrawals.
A distribution from a mutual fund that is not subject to income tax. Exempt-interest dividends are often associated with mutual funds that invest in municipal bonds. While exempt-interest dividends are not subject to federal income tax, they may still be subject to state income tax or the Alternative Minimum Tax (AMT). The dividend income must be reported on the income tax return, and it is reported by mutual funds on Form 1099-INT. Individuals with high net worths are more likely to use municipal bonds and funds because the tax savings outweigh the lower returns provided by the investments. The tax benefits provided by the investments, including exempt-interest dividends, are lost if the investments are held in an IRA. This is because all dividends and interest within an IRA are considered tax-exempt.
The opportunity given to mutual fund shareholders to exchange their investment in a fund for another within the same fund family at no additional cost. This privilege allows investors to switch funds when market conditions change. For example, you might want to be in an aggressive growth fund when the market is going up, but when the markets start heading downward, you may switch to a bond fund. There is usually a limit to how many times an investor can switch funds within a year.
A mutual fund which rather than holding a diversified mix of equity positions focuses on a limited number stocks in a limited number of sectors; unlike many funds which hold positions in excess of 100 companies, focused funds generally will hold less than 20-30 types of stocks. Focused funds allocate their holdings between a limited number of carefully researched securities. Although they do not experience the benefits of diversification because of the "search for quality" strategy, focused funds rely on research expertise for above average stock picking. As a result, returns tend to be more volatile. This fund is also known as an "under-diversified fund" or "concentrated fund."
A type of mutual or hedge fund that is not restricted to investing in any company with a predetermined market capitalization. This type of fund structure will be indicated in the fund's prospectus, and will provide the fund manager with greater investment choices and diversification possibilities. Unlike other funds, such as mid cap or small cap funds, size is not an issue. Some mutual funds will not invest in companies that are below a certain market cap, which is usually around $100 million. A flexi cap fund may invest in any company regardless of the company's size.
1. The final version of a prospectus for a public offering of securities. This document is complete in all details concerning the offering and is referred to as a "statutory prospectus" or "offering circular."2. Because open-end mutual funds are continuously offering shares to the public, a fund prospectus is usually updated annually and made available to the public. Mutual fund prospectuses are all of the "final" variety. 1. With public offerings of securities, investors first receive what is called a preliminary prospectus, commonly called a "red herring" because of the pinkish color of the paper on which it is printed. Subsequently, the final prospectus is made available to investors who are considering a purchase of the security in question. A key difference between a final prospectus and a preliminary prospectus is that the final prospectus contains the security's price.
A fund that conducts virtually all of its investing through another fund (called the master fund). This is similar to a fund-of-funds arrangement, except that the master fund manager is responsible for managing the underlying investments. Often, an onshore feeder fund will invest in an offshore master fund. This is done so that the foreign master fund can gain a tax advantage for the domestic investors.
A group of mutual funds offered by one investment or fund company. Generally, the constituent funds cover a wide range of fund categories and investment objectives.Also referred to as a "mutual fund family" or simply a "fund family". Most fund companies offer a selection of mutual funds for investors to choose from. A large fund family offers investors a number of conveniences, such as "one-stop" shopping for their fund investing activities, the consolidation fund investments in one monthly statement, and the opportunity to make money transfers and undertake fund exchanges within the family easily and, usually, at little or no cost. Examples of large, well-known fund families are American, Fidelity, T. Rowe Price and Vanguard.
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