The following table presents information on four different open-end mutual funds. Use the information in the table to answer the questions that follow. FUND NAV NET CHG YTD % RET QtrF p 13.32 0.04 3.1 TmRE r 20.77 0.14 6.0 MRGG 29.81 0.28 8.5 MajTrk 44.21 0.37 9.6 The mutual fund charges a 12b-1 fee.
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FUND
|
NAV
|
NET CHG
|
YTD % RET
|
---|---|---|---|
QtrF p | 13.32 | 0.04 | 3.1 |
TmRE r | 20.77 | 0.14 | 6.0 |
MRGG | 29.81 | 0.28 | 8.5 |
MajTrk | 44.21 | 0.37 | 9.6 |
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- Q1. What is a mutual fund? In what sense is it a financial institution?. Q2. How is the net asset value (NAV) of a mutual fund determined? What is meant by the term marked-to-market daily? Q3. An investor purchases a mutual fund for $50. The fund pays dividends of $1.50, distributes a capital gain $2, and charges a fee of $2 when the fund is sold on year for $52.50. What is the net rate of return from this insurance? Formula for Question 3: Net gain = Dividend + capital gain + profit from fund sold – feeEXHIBIT 20-6 Mutual Fund Quotation Table in the Wall Street Journal Online (3) NAV (1) (2) (4) (5) (6) Family/Fund Symbol Change YTD % 3-year % change return American Funds Class A GwthA p ICAA р EupacA WshA p AGTHX 25.53 0.01 -6.6 -7.9 AIVSX 23.99 0.01 -6.6 -8.6 AEPGX 35.99 0.17 -6.1 -5.8 AWSHX 23.60 0.02 -3.1 -9.1 СaplBA p САIВХ 46.62 0.15 -0.8 -4.8 Fidelity Invest Contra FCNTX 56.46 0.07 -3.0 -5.0 Magellan FMAGX 58.16 -0.09 -9.5 -11.3 DivIntl FDIVX 25.61 0.04 -8.5 -11.1 GoldInst r FGDIX 49.26 0.69 16.3 17.7 RealEstInc r FRIFX 10.00 0.02 10.7 3.6 John Hancock Funds A BondA p САTXFA p Classic Val p HİYMUBDA p JHNBX 15.52 0.01 10.5 8.7 ТАСАХ 10.60 0.01 8.9 4.9 PZFVX 13.70 0.03 -4.8 -15.8 JHTFX 8.30 8.6 5.1 InvGrBdA TAUSX 10.36 0.02 9.6 7.9 PIMCO Fds Institutional AllAsset PAAIX 12.30 0.01 9.4 6.3 IntIStksPLS r PISIX 8.72 0.04 4.6 -2.4 MortBckSec r PTRIX 11.10 0.01 8.7 8.8 VANGUARD INDEX FDS 500 Index VFINX 96.95 0.04 -4.7 -8.7 Europe VEURX 23.29 0.09 -10.2 -12.0 ITBond VBIIX 11.69 0.03…1. What is a mutual fund or unit trust? Explain and discuss the business model of mutual funds. What role do they play in the economy, and in the financial sector in particular? 2. A mutual fund has assets of K5 092.2 million and K4.6 million in liabilities with outstanding shares of 150.6 million. Calculate the net asset value (NAV) of the portfolio. 3. Another mutual fund manages a portfolio of securities of K120 million. The fund owes K4 million to advisers and a further K1 million for running expenses and has 5 million shares outstanding. Calculate the net asset value.
- When investors switch between funds within the same fund family, mutual funds may charge Select one: O a. 12b-1 fees. O b. a redemption fee. O c. a contingent deferred sales charge. d. an account maintenance fee. e. an exchange fee.Calculate the sales charge (in $) and sales charge percent for the mutual fund. (Round percents to one decimal place.) Fund OfferPrice Net AssetValue SalesCharge SalesCharge % Northstar A: MuFl A $13.45 $12.83Calculate the sales charge (in $) and sales charge percent for the mutual fund. (Round percents to one decimal place.) Sales Charge Offer Net Asset Sales Fund Price Value Charge % Northstar A: MUFI A $13.65 $12.83 $ 0.82 X %
- List two of the main classes of mutual funds available to investorsFrom the following mutual fund quotation, complete the blanks: (Negative amounts should be indicated by a minus sign. Round the "NAV" and the "NAV change" to the nearest cent and the "Total return" to the nearest hundredth percent.) TOTAL RETURN Inv. obj. NAV NAV chg. YTD 4 wks. 1 yr. EuGr ITL 10.89 -0.03 +8.1 +0.82 +9.4 NAV NAV change Total return, 1 year % M acerFrom the following mutual fund quotation, complete the blanks: (Negative amounts should be indicated by a minus sign. Round the "NAV" and the "NAV change" to the nearest cent and the "Total return" to the nearest hundredth percent.) TOTAL RETURN Inv. obj. NAV NAV chg. YTD 4 wks. 1 yr. EuGr ITL 12.65 -0.05 +9.9 +0.97 +11.25 NAV NAV change Total return, 1 year ( Prev 11 of 18 Next > ...... .....I 96
- From the following mutual fund quotation, complete the blanks: (Negative amounts should be indicated by a minus sign. Round the "NAV" and the "NAV change" to the nearest cent and the "Total return" to the nearest hundredth percent.) TOTAL RETURN Inv. obj. NAV NAV chg. YTD 4 wks. 1 yr. EuGr ITL 10.01 -0.05 +7.1 +0.75 +8.4 NAV NAV change Total return, 1 year %From the following mutual funds quotation, complete the following blanks: (negative amount should be indicated by a minus sign. Round the "NAV" and the "NAV change" to the nearest cent and the total return to the nearest hundred percent.) Inv: EuGr obj: ITL NAV: 12.32 NAV -0.02 TOTAL RETURN: YTD: +9.7 4 wks: +0.94 1 yr: + 10.95 NAV: ?? NAV change: ?? Total return, 1 year: %??5. Comparing loads and fees Claire wants to buy shares in a mutual fund and has narrowed her selection to the following four funds. Answer the questions below to help assess each fund in terms of the fees each charges. Fund NAV Net Chg. YTD % Ret. MinT p $15.32 -0.05 2.5 IntRA r $18.77 0.05 5.4 MRGG r $27.81 0.19 7.9 MajTrkⁿ $45.21 0.28 9.0 Suppose MajTrkⁿ charges a commission of 8%. This_________an example of a relatively low-load fund. If Claire purchases $4,000 worth of MajTrkⁿ shares, only $___________will actually be invested. This means that the commission—as a percentage of the amount invested—is equal to . The mutual fund MinT p is a no-load fund that imposes a_________on reinvested dividends as well as on the initial investment. Funds that charge this type of fee _________ generally be expected to outperform funds that do not charge these fees. Claire is planning on holding her shares for at least a year and wants a fund that…
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