There are several types of domestic-hybrid mutual funds that apply various stock/bond allocations in efforts to provide full diversification in one portfolio. These “one-stop shopping” funds were initially designed to simplify decision making for long-term investors and pension plan...

This study uses the portion of a new Total Expense Ratio construct that discloses the reality of adviser/distributor payments of hidden distribution fees to sales brokers "behind the mutual fund curtain". Distribution fees consist of dealer (broker) concessions, accounts servicing (12b-1 fees),...

This study documents why mutual fund markets reflect “imperfect competition.” Discussions include fund industry and legal performance, fund distribution, fund share classes, attributes of imperfect competition, actively managed funds and index funds, fund advertising, financial literacy, and...

First, this study reviews Morningstar analytical grading measures used by investors to choose mutual funds. These measures include Morningstar Star Ratings, Analyst Ratings, Total Pillar Ratings, Upside and Downside Capture Ratios, and Stewardship Ratings. Second, the study provides results of...

The research provides the mutual fund Total Cost Construct that would provide “normative transparency of disclosure" to shareholders if adopted by the fund industry and by the SEC for fund reporting and disclosure. Full disclosure would enhance analysis to estimate each cost item for samples,...

The purpose of this study is to discuss various types of agency conflicts that negatively impact mutual fund shareholder interests. In so doing, shareholders should get an improved understanding of conflicts that place them at such a disadvantage in fund investing. Many fund advisers are...

For investor and institutional class index mutual funds that track the S&P 500 Index, there are just 25 funds with statistically low expense ratios (management fee findings are found above). However, there are only five index funds - all investor class - with statistically very high and...

Domestic-hybrid mutual funds vary with respect to investment objective, active or index management, proportions of stocks and bonds, and the mix of stock cap size/investment style and, therefore, risk.There are several types of domestic-hybrid mutual funds that apply various stock/bond...

This study further develops and defines the concept of normative transparency of disclosure. As defined, mutual fund normative transparency is that fund proactive, voluntary disclosure as well as legal and regulatory disclosure required for investors to be able to make information efficient fund...

This study documents why mutual fund markets reflect “imperfect competition.” Fund “prices” are explicit and opaque fees, expenses, costs, and sales loads that fund advisers charge investors for managing portfolios sold at market value. Numerous mutual fund market and fund attributes...