en wikipedia org wiki collective investment scheme

8/10/2019 En Wikipedia Org Wiki Collective Investment Scheme

1/17

pdfcrowd comopen in browser PRO version Are you a developer? Try out the HTML to PDF API New hot app: Facebook Albums To PDF

Collective investment scheme

Wikimania 2012 is July 1215 in Washington, D.C.

The values and performance of

collective funds are listed in

newspapers

From Wikipedia, the free encyclopedia

This article needs additional citationsfor verification. Please help

improve this articleby adding citations to reliable sources. Unsourced

material may be challengedand removed. (November 2007)

A collective investment schemeis a wayof investingmoney

alongside other investors inorder to benefit from the inherent

advantages of working as part of a group. These advantages include

an ability to

hire a professional investment manager, which theoretically offers

the prospects of better returns and/or risk management

benefit from economies of scale - cost sharing among othersdiversify more than would be feasible for most individual investors

which, theoretically , reduces risk.

Terminology varies with country but collective investment schemes

are oftenreferred to as mutual funds, investmentfunds,

managed funds, or simply funds(note: mutual fundhasa specific meaning in the US). Around the world

large markets have developed around collective investment and these account for a substantial portion of all

Read Edit View history

Log in / create account

Article Talk Search

Mainpage

Contents

Featured content

Current events

Random article

Donate to Wikipedia

Interaction

Help

About Wikipedia

Community portal

Recent changes

Contact Wikipedia

Toolbox

Print/export

Languages

Catal
http://wikimania2012.wikimedia.org/http://en.wikipedia.org/wiki/File:Financial_info.jpghttp://en.wikipedia.org/wiki/File:Financial_info.jpghttp://en.wikipedia.org/wiki/File:Financial_info.jpghttp://en.wikipedia.org/wiki/File:Financial_info.jpghttp://en.wikipedia.org/wiki/Investmenthttp://en.wikipedia.org/wiki/Investmenthttp://en.wikipedia.org/wiki/Investmenthttp://en.wikipedia.org/wiki/File:Financial_info.jpghttp://en.wikipedia.org/wiki/Template:Citation_neededhttp://en.wikipedia.org/wiki/Template:Citation_neededhttp://en.wikipedia.org/wiki/Wikipedia:Verifiability#Burden_of_evidencehttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edithttp://en.wikipedia.org/wiki/Wikipedia:Citing_sources#Inline_citationshttp://wikimania2012.wikimedia.org/http://en.wikipedia.org/wiki/Collective_investment_schemehttp://en.wikipedia.org/wiki/Talk:Collective_investment_schemehttp://en.wikipedia.org/wiki/Collective_investment_schemehttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edithttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=historyhttp://en.wikipedia.org/wiki/Collective_investment_schemehttp://en.wikipedia.org/wiki/Talk:Collective_investment_schemehttp://en.wikipedia.org/wiki/Collective_investment_schemehttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edithttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edithttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=historyhttp://en.wikipedia.org/wiki/Special:RecentChangeshttp://en.wikipedia.org/wiki/Wikipedia:Community_portalhttp://en.wikipedia.org/wiki/Wikipedia:Abouthttp://en.wikipedia.org/wiki/Help:Contentshttp://en.wikipedia.org/wiki/Special:Randomhttp://en.wikipedia.org/wiki/Portal:Current_eventshttp://en.wikipedia.org/wiki/Portal:Featured_contenthttp://en.wikipedia.org/wiki/Portal:Contentshttp://en.wikipedia.org/wiki/Main_Pagehttp://en.wikipedia.org/wiki/Main_Pagehttp://en.wikipedia.org/wiki/Main_Pagehttp://en.wikipedia.org/wiki/Main_Pagehttp://en.wikipedia.org/wiki/Main_Pagehttp://en.wikipedia.org/wiki/Main_Pagehttp://en.wikipedia.org/wiki/Main_Pagehttp://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://wikimania2012.wikimedia.org/http://en.wikipedia.org/wiki/File:Financial_info.jpghttp://en.wikipedia.org/wiki/File:Financial_info.jpghttp://en.wikipedia.org/wiki/Wikipedia:Citing_sources#Inline_citationshttp://en.wikipedia.org/wiki/Wikipedia:Verifiabilityhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edithttp://en.wikipedia.org/wiki/Wikipedia:Identifying_reliable_sourceshttp://en.wikipedia.org/wiki/Template:Citation_neededhttp://en.wikipedia.org/wiki/Wikipedia:Verifiability#Burden_of_evidencehttp://en.wikipedia.org/wiki/Investmenthttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Collective_investment_schemehttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edithttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=historyhttp://en.wikipedia.org/w/index.php?title=Special:UserLogin&returnto=Collective+investment+scheme&campaign=ACP2http://en.wikipedia.org/wiki/Collective_investment_schemehttp://en.wikipedia.org/wiki/Talk:Collective_investment_schemehttp://en.wikipedia.org/wiki/Main_Pagehttp://en.wikipedia.org/wiki/Portal:Contentshttp://en.wikipedia.org/wiki/Portal:Featured_contenthttp://en.wikipedia.org/wiki/Portal:Current_eventshttp://en.wikipedia.org/wiki/Special:Randomhttp://wikimediafoundation.org/wiki/Special:Landingcheck?landing_page=WMFJA085&language=en&utm_source=donate&utm_medium=sidebar&utm_campaign=20101204SB002http://en.wikipedia.org/wiki/Help:Contentshttp://en.wikipedia.org/wiki/Wikipedia:Abouthttp://en.wikipedia.org/wiki/Wikipedia:Community_portalhttp://en.wikipedia.org/wiki/Special:RecentChangeshttp://en.wikipedia.org/wiki/Wikipedia:Contact_ushttp://ar.wikipedia.org/wiki/%D8%B5%D9%86%D8%AF%D9%88%D9%82_%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1http://bg.wikipedia.org/wiki/%D0%94%D0%BE%D0%B3%D0%BE%D0%B2%D0%BE%D1%80%D0%B5%D0%BD_%D1%84%D0%BE%D0%BD%D0%B4http://ca.wikipedia.org/wiki/Fons_d%27inversi%C3%B3http://en.wikipedia.org/wiki/Main_Page


2/17


.

Collective investments are promoted with a wide range of investment aims either targeting specific

geographic regions (e.g.Emerging, Europe) or specified industry sectors (e.g.Technology). Depending on

the country there is normally a bias towards the domestic market to reflect national self-interest as

perceived by policymakers, familiarity, and the lack of currency risk. Funds are often selected on the basis

of these specified investment aims, their past investment performance and other factors such as fees.

Contents [hide]

1 Generic information - s tructure

1.1 Constitution and terminology

1.2 Net asset value

1.3 Open-end fund

1.4 Closed-end fund

1.5 Gearing and leverage

1.6 Availability and access

1.7 Limited duration

1.8 Unit or share class

2 Generic information - advantages

2.1 Diversity and risk

2.2 Reduced dealing costs

3 Generic information - disadvantages

3.1 Costs

3.2 Lack of choice

3.3 Loss of owner's rights

4 Style

4.1 Investment aims and benchmarking

4.2 Active or passive management

4.3 Alpha, Beta, R-squared and s tandard deviation

4.4 Types of risk

5 Charging structures and fees

Deutsch

Espaol

Franais

Hrvatski

Bahasa Indonesia

Italiano

Lietuvi

Nederlands

Norsk (bokml)

Polski

Portugus

/ Srpski

Suomi

Svenska

Trke
http://de.wikipedia.org/wiki/Investmentfondshttp://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/wiki/Stock_exchangehttp://de.wikipedia.org/wiki/Investmentfondshttp://es.wikipedia.org/wiki/Fondo_com%C3%BAn_de_inversi%C3%B3nhttp://fr.wikipedia.org/wiki/Fonds_de_placementhttp://ko.wikipedia.org/wiki/%ED%88%AC%EC%9E%90%EC%8B%A0%ED%83%81http://hr.wikipedia.org/wiki/Investicijski_fondovihttp://id.wikipedia.org/wiki/Reksadanahttp://it.wikipedia.org/wiki/Fondi_comuni_di_investimentohttp://he.wikipedia.org/wiki/%D7%A7%D7%A8%D7%9F_%D7%A0%D7%90%D7%9E%D7%A0%D7%95%D7%AAhttp://lt.wikipedia.org/wiki/Investicinis_fondashttp://nl.wikipedia.org/wiki/Beleggingsfondshttp://ja.wikipedia.org/wiki/%E6%8A%95%E8%B3%87%E4%BF%A1%E8%A8%97http://no.wikipedia.org/wiki/Verdipapirfondhttp://pl.wikipedia.org/wiki/Fundusz_inwestycyjnyhttp://pt.wikipedia.org/wiki/Fundo_de_investimentohttp://ru.wikipedia.org/wiki/%D0%98%D0%BD%D0%B2%D0%B5%D1%81%D1%82%D0%B8%D1%86%D0%B8%D0%BE%D0%BD%D0%BD%D0%B0%D1%8F_%D0%BA%D0%BE%D0%BC%D0%BF%D0%B0%D0%BD%D0%B8%D1%8Fhttp://sr.wikipedia.org/wiki/%D0%A3%D0%B7%D0%B0%D1%98%D0%B0%D0%BC%D0%BD%D0%B8_%D1%84%D0%BE%D0%BD%D0%B4http://fi.wikipedia.org/wiki/Sijoitusrahastohttp://sv.wikipedia.org/wiki/Fond_(ekonomi)http://tr.wikipedia.org/wiki/Fon_(ekonomi)http://zh.wikipedia.org/wiki/%E5%85%B1%E5%90%8C%E5%9F%BA%E9%87%91


3/17


[edit]

[edit]Financial market

participants

5.1 Fee types

5.2 Pricing models

6 Internationally recognised collective investments

7 US-specific collective investments

8 UK-specific collective investments

9 Canadian collective investments

10 Ireland specific collective investments

11 European collective investments

11.1 France & Luxembourg

11.2 Netherlands and Belgium

11.3 Ukraine

11.4 Greece

11.5 Switzerland

12 Australian collective investments

13 Offshore collective investments

14 See also

15 References

16 External links

Generic information - structure

Constitution and terminology

Collective investment schemes may be formed under company

law, by legal trustor by statute. The nature of the scheme and

its limitations are often linked to its constitutional nature and

the associated tax rules for the type of structure within a given

jurisdiction.

Typically there is:
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=1http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=2http://en.wikipedia.org/wiki/Financial_market_participantshttp://en.wikipedia.org/wiki/File:Assorted_United_States_coins.jpghttp://en.wikipedia.org/wiki/Company_lawhttp://en.wikipedia.org/wiki/Trust_(Law)_non-USAhttp://en.wikipedia.org/wiki/Statutehttp://en.wikipedia.org/wiki/Investment_manager


4/17


[edit]

[edit]

[edit]

Collective investm ent schem es

Credit unionsInsurance companies

Investment banksPension funds

Prime brokersTrusts

Financeseries

Financial marketParticipants

Corporate f inancePersonal f inance

Public financeBanks and banking

Financial regulationVTE

un manageror nves men managerw o manages

the investment decisions.

A fund administratorwho manages the trading,

reconciliations, valuation and unit pricing.

A boardof directorsor trusteeswho safeguards the

assets and ensures compliance with laws, regulations, and

rules.

The shareholdersor unitholderswho own (or have rights

to) the assets and associated income.

A "marketing" or "distribution" company to promote and sell

shares/units of the fund.

Please see below for general information on specific forms of scheme in different jurisdictions.

Net asset value

The net asset valueor NAV is the value of a scheme's assets less the value of its liabilities. The method forcalculating this varies between scheme types and jurisdiction and can be subject to complex regulation.

Open-end fund

An open-end fundis equitably divided into shares which vary in price in direct proportion to the variation in

value of the fund's net asset value. Each time money is invested, new shares or units are created to match

the prevailing share price; each time shares are redeemed, the assets sold match the prevailing share price.

In this way there is no supply or demand created for shares and they remain a direct reflection of the

underlying assets.

Closed-end fund

A closed-end fundissues a limited number of shares (or units) in an initial public offering(or IPO) or through

private placement. If shares are issued through an IPO, they are then traded on an exchange or directly

through the fund manager to create a secondary market subject to market forces. If demand for the shares

is high, they may trade at a premiumto net asset value. If demand is low they may trade at a discountto
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=3http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=4http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=5http://en.wikipedia.org/wiki/Credit_unionhttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Investment_bankinghttp://en.wikipedia.org/wiki/Pension_fundhttp://en.wikipedia.org/wiki/Prime_brokeragehttp://en.wikipedia.org/wiki/Trust_companyhttp://en.wikipedia.org/wiki/Financehttp://en.wikipedia.org/wiki/Financial_markethttp://en.wikipedia.org/wiki/Financial_market_participantshttp://en.wikipedia.org/wiki/Corporate_financehttp://en.wikipedia.org/wiki/Personal_financehttp://en.wikipedia.org/wiki/Public_financehttp://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Financial_regulationhttp://en.wikipedia.org/wiki/Template:Financial_market_participantshttp://en.wikipedia.org/wiki/Template_talk:Financial_market_participantshttp://en.wikipedia.org/w/index.php?title=Template:Financial_market_participants&action=edithttp://en.wikipedia.org/wiki/Investment_managerhttp://en.wikipedia.org/wiki/Fund_administrationhttp://en.wikipedia.org/wiki/Net_asset_valuehttp://en.wikipedia.org/wiki/Open-end_fundhttp://en.wikipedia.org/wiki/Closed-end_fundhttp://en.wikipedia.org/wiki/Initial_public_offeringhttp://en.wikipedia.org/wiki/IPO


5/17


[edit]

[edit]

[edit]

net asset value. Further share (or unit) offerings may be made by the scheme if demand is high although

this may affect the share price.

For listed funds, the added element of market forcestends to amplifythe performance of the fund increasing

investment risk through increased volatility.

Gearing and leverage

Some collective investment schemes have the power to borrow money to make further investments; aprocess known as gearingor leverage . If markets are growing rapidly this can allow the scheme to take

advantage of the growth to a greater extent than if only the subscribed contributions were invested. However

this premise only works if the cost of the borrowing is less than the increased growth achieved. If the

borrowing costs are more than the growth achieved a net loss is achieved.

This can greatly increase the investment risk of the fund by increased volatility and exposure to increased

capital risk.

Gearing was a major contributory factor in the collapse of the split capital investment trustdebacle in the

UKin 2002.[1][2][3]

Availability and access

Collective investment schemes vary in availability depending on their intended investor base:

Public-availability Schemes- are available to most investors within the jurisdiction they are offered.

Some restrictions on age and size of investment may be imposed.

Limited-availability schemes- are limited by laws, regulations, and/or rules to experienced and/or

sophisticated investors and often have high minimum investment requirements. Hedge fundsare often

restricted this way.

Private-availability schemes- may be limited to family members or whoever set up the fund. They are

not publicly quoted and often are arranged for tax- or estate-planning purposes. Private equity fundsare

typically structured this way.

Limited duration
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=6http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=7http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=8http://en.wikipedia.org/wiki/Supply_and_demandhttp://en.wikipedia.org/wiki/Amplifierhttp://en.wikipedia.org/wiki/Volatility_(finance)http://en.wikipedia.org/wiki/Split_capital_investment_trusthttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Hedge_fundhttp://en.wikipedia.org/wiki/Private_equity_fund


6/17


[edit]

[edit]

[edit]

Some schemes are designed to have a limited term with enforced redemption of shares or units on a

specified date.

Unit or share class

Many collective investment schemes split the fund into multiple classes of shares or units. The underlying

assets of each class are effectively pooled for the purposes of investment management, but classes

typically differ in the fees and expenses paid out of the fund's assets.

These differences are supposed to reflect different costs involved in servicing investors in various classes; for

example:

One class may be sold through a brokeror financial adviserwith an initial commission (front-end load)

and might be called retailshares.

Another class may be sold with no commission (load) direct to the public called directshares.

Still a third class might have a high minimum investment limit and only be open to financial institutions,

and called institutionalshares.

In some cases, by aggregating regular investments by many individuals, a retirement plan (such as a 401(k)

plan) may qualify to purchase "institutional" shares (and gain the benefit of their typically lower expense

ratios) even though no members of the plan would qualify individually.

Generic information - advantages

Diversity and risk

One of the main advantages of collective investment is the reduction in investment risk(capital risk) bydiversification. An investment in a single equity may do well, but it may collapse for investment or other

reasons (e.g., Marconi, Enron). If your money is invested in such a failed holding you could lose your

capital. By investing in a range of equities (or other securities) the capital risk is reduced.

The more diversified your capital, the lower the capital risk.

This investment principleis often referred to as spreading risk.
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=9http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=10http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=11http://en.wikipedia.org/wiki/Stock_brokerhttp://en.wikipedia.org/wiki/Financial_adviserhttp://en.wikipedia.org/wiki/401(k)_planhttp://en.wikipedia.org/wiki/Financial_riskhttp://en.wikipedia.org/wiki/Capital_riskhttp://en.wikipedia.org/wiki/Diversification_(finance)http://en.wikipedia.org/wiki/Marconi_Corporation_plchttp://en.wikipedia.org/wiki/Enron


7/17


[edit]

[edit]

[edit]

[edit]

Collective investments by their nature tend to invest in a range of individual securities. However, if the

securities are all in a similar type of asset classor market sectorthen there is a systematic risk that all the

shares could be affected by adverse market changes. To avoid this sys tematic risk investment managers

may diversify into different non-perfectly-correlated asset classes. For example, investors might hold their

assets in equal parts in equitiesand fixed incomesecurities.

Reduced dealing costs

If one investor were to buy a large number of direct investments, the amount they would be able to invest in

each holding is likely to be small. Dealing costs are normally based on the number and size of each

transaction, therefore the overall dealing costs would take a large chunk out of the capital (affecting future

profits).

Generic information - disadvantages

CostsThe fund managermanaging the investment decisions on behalf of the investors will of course expect

remuneration. This is often taken directly from the fund assets as a fixed percentage each year or

sometimes a variable (performance based) fee. If the investor managed their own investments, this cost

would be avoided.

Often the cost of advicegiven by a stock brokeror financial adviseris built into the scheme. Often referred

to as commissionor load(in the U.S.) this charge may be applied at the start of the plan or as an ongoing

percentage of the fund value each year. While this cost will diminish your returns it could be argued that it

reflects a separate payment for an advice service rather than a detrimental feature of collective investment

schemes. Indeed it is often possible to purchase units or shares directly from the providers without bearing

this cost.

Lack of choice

Although the investor can choose the type of fund to invest in, they have no control over the choice of

individual holdings that make up the fund.
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=12http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=13http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=14http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=15http://en.wikipedia.org/wiki/Asset_classhttp://en.wikipedia.org/wiki/Market_sectorhttp://en.wikipedia.org/wiki/Equitieshttp://en.wikipedia.org/wiki/Fixed_incomehttp://en.wikipedia.org/wiki/Investment_managementhttp://en.wikipedia.org/wiki/Financial_advicehttp://en.wikipedia.org/wiki/Stock_brokerhttp://en.wikipedia.org/wiki/Financial_adviserhttp://en.wikipedia.org/wiki/Commission_(remuneration)http://en.wikipedia.org/wiki/Mutual_fund_fees_and_expenses#Front-end_loadhttp://en.wikipedia.org/wiki/United_States


8/17


[edit]

[edit]

[edit]

[edit]

Loss of owner's rights

If the investor holds shares directly, they may be entitled to shareholders' perks (for example, discounts on

the company's products) and the right to attend the company's annual general meeting and vote on

important matters. Investors in a collective investment scheme often have none of the rights connected with

individual investments within the fund.

Style

Investment aims and benchmarking

Each fund has a defined investment goal to describe the remit of the investment manager and to help

investors decide if the fund is right for them. The investment aims will typically fall into the broad categories

of Income (value)investment or Growthinvestment. Income or value based investment tends to select

stocks with strong income streams, often more established businesses. Growth investment selects stocks

that tend to reinvest their income to generate growth. Each strategy has its critics and proponents; someprefer a blendapproach using aspects of each.

Funds are often distinguished by asset-based categoriessuch as equity, bonds,property, etc.

Also, perhaps most commonly funds are divided by their geographic marketsor themes.

Examples

The largest markets - U.S., Japan, Europe, UKand Far Eastare often divided into smaller funds e.g. US

large caps, Japanese smaller companies, European Growth, UK mid caps etc.

Themed funds - Technology, Healthcare, Socially responsible funds

In most instances whatever the investment aim the fund manager will select an appropriate index or

combination of indices to measure its performance against; e.g. FTSE 100. This becomes the benchmark

to measure success or failure against.

Active or passive management

The aim of most funds is to make money by investing in assets to obtain a real return (i.e. better than
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=16http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=17http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=18http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=19http://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Far_Easthttp://en.wikipedia.org/wiki/FTSE_100


9/17

df d mi b PRO i Are you a developer? Try out the HTML to PDF API New hot app: Facebook Albums To PDF

[edit]

inflation).

The methods used to make your investment vary and two opposing views exist.

Active management- Active managers believe that by selectively buying within a Financial marketthat it is

possible to outperform the market as a whole. Therefore they employ dynamic portfolio strategies buying

and selling investments with changing market conditions.

Passive management- Passive managers believe that it is impossible to predict which individual holdings or

section of the market will perform better than another therefore their portfolio strategy is determined at

outset of the fund and not varied thereafter. Many passive funds are index fundswhere the fund tries to

mirror the market as a whole. Another example of passive management is the "buy and hold" method used

by many traditional Unit Investment Trustswhere the portfolio is fixed from outset.

An example of active management success

In 1998 Richard Branson(head of Virgin) publicly bet Nicola Horlick(head of SG Asset Management)

that her SG UK Growth fund would not beat the FTSE 100index, nor his VirginIndex Tracker fund over

three years, nor achieve its stated aim to beat the index by 2% each year. He lost and paid 6,000 tocharity.

Alpha, Beta, R-squared and standard deviation

When analysing investment performance, statist ical measures are often used to compare 'funds'. These

statistical measures are often reduced to a single figure representing an aspect of past performance:

Alpharepresents the fund's return when the benchmark's return is 0. This shows the fund's performance

relative to the benchmark and can demonstrate the value added by the fund manager. The higher the

'alpha' the better the manager. Alpha investment strategies tend to favour stock selectionmethods to

achieve growth.

Betarepresents an estimate of how much the fund will move if its benchmark moves by 1 unit. This

shows the fund's sensitivity to changes in the market. Beta investment strategies tend to favour asset

allocation models to achieve outperformance.

R-squaredis a measure of the association between a fund and its benchmark. Values are between 0

and 1. Perfect correlation is indicated by 1, and 0 indicates no correlation. This measure is useful in
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=20http://en.wikipedia.org/wiki/Active_managementhttp://en.wikipedia.org/wiki/Markethttp://en.wikipedia.org/wiki/Passive_managementhttp://en.wikipedia.org/wiki/Index_fundhttp://en.wikipedia.org/wiki/Unit_Investment_Trusthttp://en.wikipedia.org/wiki/Richard_Bransonhttp://en.wikipedia.org/wiki/Virgin_Grouphttp://en.wikipedia.org/wiki/Nicola_Horlickhttp://en.wikipedia.org/w/index.php?title=SG_Asset_Management&action=edit&redlink=1http://en.wikipedia.org/wiki/FTSE_100http://en.wikipedia.org/wiki/Virgin_Grouphttp://en.wikipedia.org/wiki/Alpha_(investment)http://en.wikipedia.org/wiki/Benchmarkinghttp://en.wikipedia.org/wiki/Fund_managerhttp://en.wikipedia.org/wiki/Beta_coefficienthttp://en.wikipedia.org/wiki/R-squared


10/17

df di b PRO i Are you a developer? Try out the HTML to PDF API New hot app: Facebook Albums To PDF

[edit]

[edit]

[edit]

determining if the fund manager is adding value in their investment choices or acting as a closet tracker

mirroring the market and making little difference. For example, an index fund will have an R-squared with

its benchmark index very close to 1, indicating close to perfect correlation (the index fund's fees and

tracking errorprevent the correlation from ever equalling 1).

Standard deviationis a measure of volatility of the fund's performance over a period of time. The higher

the figure the greater the variability of the fund's performance. High historical volatility may indicate high

future volatility, and therefore increased investment risk in a fund.

Types of risk

Depending on the nature of the investment, the type of 'investment' risk will vary.

A common concern with any investment is that you may lose the money you invest - your capital. This risk

is therefore often referred to as capital risk.

If the assets you invest in are held in another currency there is a risk that currency movements alone may

affect the value. This is referred to as currency risk.

Many forms of investment may not be readily salable on the open market (e.g. commercial property) or the

market has a small capacity and investments may take time to sell. Assets that are easily sold are termed

liquidtherefore this type of risk is termed liquidity risk.

Charging structures and fees

Fee types

There may be an initial charge levied on the purchase of units or shares this covers dealing costs, and

commissions paid to intermediaries or salespeople. Typically this fee is a percentage of the investment.

Some schemes waive the initial charge and apply an exit charge instead. This may be gradually

disappearing after a number of years.

The scheme will charge an annual management chargeor AMCto cover the cost of administering the

scheme and remunerating the investment manager. This may be a flat rate based on the value of the assets

or a performance related fee based on a predefined target being achieved.
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=21http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=22http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=23http://en.wikipedia.org/wiki/Tracking_errorhttp://en.wikipedia.org/wiki/Standard_deviationhttp://en.wikipedia.org/wiki/Liquidity_risk


11/17

df di b PRO i A d l ? T t th HTML t PDF API N h t F b k Alb T PDF

[edit]

Different unit/share classes may have different combinations of fees/charges.

Pricing models

Open-ended schemes are either dual pricedor single priced.

Dual pricedschemes have a buying (offer) price and selling or (bid) price. The buying price is higher than

the selling price, this difference is known as the spreador bid-offer spread. The difference is typically 5%

and may be varied by the scheme manager to reflect changes in the market; the amount of variation may belimited by the schemes rules or regulatory rules. The difference between the buying and selling price

includes initial charge for entering the fund.

The internal workings of a fund are more complicated than this description suggests. The manager sets a

price for creationof units/shares and for cancellation. There is a differential between the cancellation and

bid prices, and the creation and offer prices. The additional units are created are place in the managers box

for future purchasers. When heavy selling occurs units are liquidated from the managers boxto protect the

existing investors from the increased dealing costs. Adjusting the bid/offer prices closer to the

cancellation/creation prices allows the manager to protect the interest of the existing investors in changing

market conditions.[4]

Most unit trusts are dual priced.

Single pricedschemes notionally have a single price for units/shares and this price is the same if buying

or selling. As single prices scheme can't adjust the difference between the buying and selling price to allow

for market conditions another mechanism the dilution levyexists. SICAVs, OEICs and U.S. mutual funds

are single priced.

A dilution levycan be charged at the discretion of the fund manager, to offset the cost of market

transactions resulting from large un-matched buy or sell orders. For example if the volume of purchases

outweigh the volume of sales in a particular trading period the fund manager will have to go to the market to

buy more of the assets underlying the fund, incurring a brokerage fee in the process and having an adverse

effect on the fund as a whole ("diluting" the fund). The same is the case with large sell orders. A dilution levy

is therefore applied where appropriate and paid for by the investor in order that large single transactions do

not reduce the value of the fund as a whole.[5]
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=24http://en.wikipedia.org/wiki/Bid-offer_spread


12/17df di b PRO i A d l ? T t th HTML t PDF API N h t F b k Alb T PDF

[edit]

[edit]

[edit]

[edit]

[edit]

Internationally recognised collective investments

Exchange-traded fundsor ETFs - a closed-end fund traded by listed shares on major stock exchanges.

Real Estate Investment Trustsor REITs - a close-ended fund that invests in real estate.

Sovereign investment funds

US-specific collective investments

(Click here for US SEC description of investment company types) .

Mutual Funds- Open-ended with a corporate or trust structure.

Closed-end funds- Closed-ended with corporate structure.

Unit Investment Trusts- Open-ended with a trust structure and limited duration.

Exchange-traded funds(ETFs) - Structured as mutual funds or unit investment trusts, but publicly

traded.

UK-specific collective investments

Exchange-traded funds(ETFs) - Open-ended with a corporate structure.

Investment Trusts- Introduced 1868. Closed-ended with corporate structure.

OEICsor ICVCs- Introduced 1997. Open-ended with a corporate structure.

Unit Trusts- Introduced 1931. Open-ended with a trust structure.

Unitised Insurance Funds- Introduced 1970s. Open-ended with a life policy structure.

With-profits policy- Open-ended with a life policy structure.

Canadian collective investments

Income Trusts

Labour Sponsored Funds

Mutual funds

Ireland specific collective investments
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=25http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=26http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=27http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=28http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=29http://en.wikipedia.org/wiki/Exchange-traded_fundhttp://en.wikipedia.org/wiki/Real_estate_investment_trusthttp://en.wikipedia.org/wiki/Sovereign_investment_fundhttp://www.sec.gov/answers/mfinvco.htmhttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Closed-end_fundhttp://en.wikipedia.org/wiki/Unit_investment_trusthttp://en.wikipedia.org/wiki/Exchange-traded_fundhttp://en.wikipedia.org/wiki/Exchange-traded_fundhttp://en.wikipedia.org/wiki/Investment_trusthttp://en.wikipedia.org/wiki/OEIChttp://en.wikipedia.org/wiki/ICVChttp://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Unitised_insurance_fundhttp://en.wikipedia.org/wiki/With-profits_policyhttp://en.wikipedia.org/wiki/Income_trusthttp://en.wikipedia.org/wiki/Labour_Sponsored_Venture_Capital_Corporationhttp://en.wikipedia.org/wiki/Mutual_fund


13/17df di b PRO i

Are you a developer? Try out the HTML to PDF API New hot app: Facebook Albums To PDF

[edit]

[edit]

[edit]

[edit]

[edit]

Common contractual fund

European collective investments

SICAVs

UCITS

France & LuxembourgInvestment funds

FCP (Fonds commun de placement) (unincorporated investment fund or common fund)

SICAF (Socit d'investissement capital fixe) (Investment company with fixed capital)

SICAV(Socit d'investissement capital variable) (Investment company with variable capital)

Netherlands and Belgium

BEVAK(Investment company with fixed capital)

BEVEK(Investment Company with variable capital)

PRIVAK(Closed-end investment company)

Ukraine

Instytut spilnogo investuvannya, ISI(Investment Funds)

Private investment fund (Payovyi investytsiyny fond)

Public investment fund (Korporatyvny investytsiyny fund)

Both funds are run by Investment Company (KUA - kompania z upravlinnya actyvami).Funds and companiesregulated and supervised by DKTsPFR (Securities and stock market state commission)

Greece

We could say that a mutual fund is a pool of money which belongs to many investors. Otherwise a M/F is

the common cashier of many investors who trust a third party to operate and manage their wealth. Moreover

they order this third party which in Greece is called A.E.D.A.K. (Mutual Fund Management Company S.A.)

t d th i i diff t i t t d t h h b d d it t
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=30http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=31http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=32http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=33http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=34http://en.wikipedia.org/wiki/Common_contractual_fundhttp://en.wikipedia.org/wiki/SICAVhttp://en.wikipedia.org/wiki/UCITShttp://en.wikipedia.org/wiki/Fonds_commun_de_placementhttp://en.wikipedia.org/w/index.php?title=Soci%C3%A9t%C3%A9_d%27investissement_%C3%A0_capital_fixe&action=edit&redlink=1http://en.wikipedia.org/wiki/SICAVhttp://en.wikipedia.org/w/index.php?title=BEVAK&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=BEVEK&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=PRIVAK&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Instytut_spilnogo_investuvannya,_ISI&action=edit&redlink=1


14/17df di b PRO iAre you a developer? Try out the HTML to PDF API New hot app: Facebook Albums To PDF

[edit]

[edit]

to spread their money in many different investment products such as shares, bonds, deposits, repo etc.

Those companies in Greece may provide services according to article 4 of Law 3283/2004. People who own

units (shares) of a mutual fund are called unitholders. In Greece co-unitholders, which are persons

participating in the same units of M/F have exactly the same rights as the unitholder (according to the Law

for the deposits in common account 5638/1932). The unitholders have to sign and accept the document

which describes the purpose of the Mutual Fund, how it operates, and anything concerning the Fund. This

document is the regulation of the M/F. The property of each M/F by law have to be under the control of a

bank legally operating in Greece (Greek or foreign). The bank is the custodian of the M/F and except of thecustody of the fund also controls the lawfulness of all movements of the management company. The

Supervisory and Regulatory Body of M.F. Management Companies and Portfolio Investment Companies is

the Greek Capital Market Commission. It comes under the jurisdiction of the Ministry of National Economy

and controls the operation of all M/Fs available in Greece. All investors have to be very careful and about the

risk they undertake. They have to have in mind that all investments have a certain degree of risk. Risk free

investments does not exist. You can find more about Greek Mutual Funds in the site of the Association of

Greek Institutional Investors[6]or the site of Greek (Hellenic) Capital Market Commission. [7]

Switzerland

open-ended

Anlagefonds(unincorporated investment fund or common fund)

SICAV(Socit d'investissement capital variable) (Investment company with variable capital)

closed-ended

Kommanditgesellschaft fr Kapitalanlagen(Limited Partnership)

SICAF(Socit d'investissement capital fixe) (Investment company with fixed capital)

Australian collective investments

Listed investment companyor LIC. Closed-ended collective investment either corporate or trust based.

Available since 1928.

Managed Investment Schemeper s 9 of the Corporations Act (Cth) 2001

Unit trustsopen-ended trust based investments often called Managed funds, managed investment

h li t d d f d If th d i t t h i f t il i t th
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=35http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=36http://en.wikipedia.org/wiki/Greek_Capital_Market_Commissionhttp://en.wikipedia.org/w/index.php?title=Anlagefonds&action=edit&redlink=1http://en.wikipedia.org/wiki/SICAVhttp://en.wikipedia.org/w/index.php?title=Kommanditgesellschaft_f%C3%BCr_Kapitalanlagen&action=edit&redlink=1http://en.wikipedia.org/wiki/Limited_Partnershiphttp://en.wikipedia.org/w/index.php?title=Soci%C3%A9t%C3%A9_d%27investissement_%C3%A0_capital_fixe&action=edit&redlink=1http://en.wikipedia.org/wiki/Listed_investment_companyhttp://en.wikipedia.org/w/index.php?title=Managed_Investment_Scheme&action=edit&redlink=1http://en.wikipedia.org/wiki/Unit_trust


15/17df di b PRO iAre you a developer? Try out the HTML to PDF API New hot app: Facebook Albums To PDF

[edit]

[edit]

[edit]

schemesor unlisted managed funds. If the managed investment scheme is open for retail investors, the

managed investment scheme must be registered with ASIC. An unregistered scheme has an Trustee

whilst a registered scheme has an Responsible Entity.

Offshore collective investments

Main article: Offshore fund

Segregated portfolio companya corporate entity for holding various investments under a single legalentity.

See also

Closed-end fund

Exchange-traded fund

Financial intermediary

Financial planner

Fund derivative

Fund of hedge funds

Global assets under management

Hedge fund

Independent financial adviser

Investment adviser

Investment management

Offshore investmentOpen-end fund

Private equity fund

Specialized investment fund

Common fund

References

1 ^ Adams Andrew A (October 2004) The Split Capital Investment Trust Crisis John Wiley & Sons ISBN 978
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=37http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=38http://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=39http://en.wikipedia.org/wiki/Trusteehttp://en.wikipedia.org/wiki/Responsible_entityhttp://en.wikipedia.org/wiki/Offshore_fundhttp://en.wikipedia.org/wiki/Segregated_portfolio_companyhttp://en.wikipedia.org/wiki/Closed-end_fundhttp://en.wikipedia.org/wiki/Exchange-traded_fundhttp://en.wikipedia.org/wiki/Financial_intermediaryhttp://en.wikipedia.org/wiki/Financial_plannerhttp://en.wikipedia.org/wiki/Fund_derivativehttp://en.wikipedia.org/wiki/Fund_of_hedge_fundshttp://en.wikipedia.org/wiki/Global_assets_under_managementhttp://en.wikipedia.org/wiki/Hedge_fundhttp://en.wikipedia.org/wiki/Independent_financial_adviserhttp://en.wikipedia.org/wiki/Investment_adviserhttp://en.wikipedia.org/wiki/Investment_managementhttp://en.wikipedia.org/wiki/Offshore_investmenthttp://en.wikipedia.org/wiki/Open-end_fundhttp://en.wikipedia.org/wiki/Private_equity_fundhttp://en.wikipedia.org/wiki/Specialized_investment_fundhttp://en.wikipedia.org/wiki/Common_fundhttp://en.wikipedia.org/wiki/John_Wiley_%26_Sonshttp://en.wikipedia.org/wiki/International_Standard_Book_Numberhttp://en.wikipedia.org/wiki/Special:BookSources/978-0-470-86858-4


16/17

Are you a developer? Try out the HTML to PDF API New hot app: Facebook Albums To PDF

[edit]

[hide]VTE

1. ^Adams, Andrew A (October 2004). The Split Capital Investment Trust Crisis. John Wiley & Sons. ISBN978-

0-470-86858-4.

2. ^Carlisle, James (2002-10-30). "The Lesson From The Split Capital Debacle" . Market Comment. The

Motley Fool.

3. ^"Split Capital Investment trusts" . Treasury Select Committee. British House of Commons. 2003-02-05.

4. ^"Unit trusts and OEICs" . Incademy Investor Education. Retrieved 2008-08-14.

5. ^"Unit trusts and OEICs" . Incademy Investor Education. Retrieved 2008-08-14.

6. ^agii.gr7. ^hcmc.gr

External links

Answers U.S. SEC Consumer Information

Investments UK FSAConsumer Information

Investment management

Collective investm ent schem e structures

Common contractual fundFond commun de placement

Investment trustUnit trustMutual fundICVCSICAV

Unit Investment TrustExchange-traded fundOffshore fund

Unitised insurance fund

Investment styles

Activeor Pass ive managementValueor Growth investingHedge fund

Socially responsible investingImpact investingFund of funds

Manager of managersIndex fund

Theory and terminology

Eff icient-market hypothesisNet asset valueOpen-end fund

Closed-end fund

Related topics List of asset management f irmsUmbrella f undUCITS

View page ratings

What's this?

Trustworthy Objective Complete Well-written

Rate this page
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&action=edit&section=40http://en.wikipedia.org/wiki/Template:Investment-managementhttp://en.wikipedia.org/wiki/Template_talk:Investment-managementhttp://en.wikipedia.org/w/index.php?title=Template:Investment-management&action=edithttp://en.wikipedia.org/wiki/John_Wiley_%26_Sonshttp://en.wikipedia.org/wiki/International_Standard_Book_Numberhttp://en.wikipedia.org/wiki/Special:BookSources/978-0-470-86858-4http://www.fool.co.uk/news/Comment/2002/c021030a.htmhttp://en.wikipedia.org/wiki/The_Motley_Foolhttp://www.publications.parliament.uk/pa/cm200203/cmselect/cmtreasy/418/41802.htmhttp://en.wikipedia.org/wiki/British_House_of_Commonshttp://www.incademy.com/courses/Unit-trusts-and-OEICs/Pricing-of-units---in-practice/8/1007/10002http://www.incademy.com/courses/Unit-trusts-and-OEICs/OEICs---charges/13/1007/10002http://www.agii.gr/http://www.hcmc.gr/http://www.sec.gov/answers/mfinvco.htmhttp://www.fsa.gov.uk/consumer/08_INVESTMENTS/index.htmlhttp://en.wikipedia.org/wiki/Financial_services_authorityhttp://en.wikipedia.org/wiki/Investment_managementhttp://en.wikipedia.org/wiki/Common_contractual_fundhttp://en.wikipedia.org/wiki/Fond_commun_de_placementhttp://en.wikipedia.org/wiki/Investment_trusthttp://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/ICVChttp://en.wikipedia.org/wiki/SICAVhttp://en.wikipedia.org/wiki/Unit_Investment_Trusthttp://en.wikipedia.org/wiki/Exchange-traded_fundhttp://en.wikipedia.org/wiki/Offshore_fundhttp://en.wikipedia.org/wiki/Unitised_insurance_fundhttp://en.wikipedia.org/wiki/Active_managementhttp://en.wikipedia.org/wiki/Passive_managementhttp://en.wikipedia.org/wiki/Value_investinghttp://en.wikipedia.org/wiki/Growth_investinghttp://en.wikipedia.org/wiki/Hedge_fundhttp://en.wikipedia.org/wiki/Socially_responsible_investinghttp://en.wikipedia.org/wiki/Impact_investinghttp://en.wikipedia.org/wiki/Fund_of_fundshttp://en.wikipedia.org/wiki/Manager_of_managers_fundhttp://en.wikipedia.org/wiki/Index_fundhttp://en.wikipedia.org/wiki/Efficient-market_hypothesishttp://en.wikipedia.org/wiki/Net_asset_valuehttp://en.wikipedia.org/wiki/Open-end_fundhttp://en.wikipedia.org/wiki/Closed-end_fundhttp://en.wikipedia.org/wiki/List_of_asset_management_firmshttp://en.wikipedia.org/wiki/Umbrella_fundhttp://en.wikipedia.org/wiki/Undertakings_for_Collective_Investment_in_Transferable_Securities_Directiveshttp://en.wikipedia.org/wiki/Wikipedia:Article%20Feedback%20Tool


17/17

pdfcrowd.comopen in browser PRO version Are you a developer? Try out the HTML to PDF API New hot app: Facebook Albums To PDF

Privacy policy About Wikipedia Disclaimers Mobile view

This page w as last modified on 4 March 2012 at 21:35.

Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. See Terms of usefor

details.

Wikipedia is a registered trademark of the Wikimedia Foundation, Inc., a non-prof it organization.

Contact us

Categories: Financial services Investment Funds Collective investment schemes

I am highly knowledgeable about this topic (optional)

Submit ratings
http://pdfcrowd.com/http://pdfcrowd.com/redirect/?url=http%3a%2f%2fen.wikipedia.org%2fwiki%2fCollective_investment_scheme&id=ma-120314185552-5ebb76d8http://pdfcrowd.com/customize/http://pdfcrowd.com/html-to-pdf-api/?ref=pdfhttp://www.albumstopdf.com/?ref=pdfhttp://wikimediafoundation.org/wiki/Privacy_policyhttp://en.wikipedia.org/wiki/Wikipedia:Abouthttp://en.wikipedia.org/wiki/Wikipedia:General_disclaimerhttp://en.wikipedia.org/w/index.php?title=Collective_investment_scheme&useformat=mobilehttp://wikimediafoundation.org/http://www.mediawiki.org/http://en.wikipedia.org/wiki/Wikipedia:Text_of_Creative_Commons_Attribution-ShareAlike_3.0_Unported_Licensehttp://wikimediafoundation.org/wiki/Terms_of_usehttp://www.wikimediafoundation.org/http://en.wikipedia.org/wiki/Wikipedia:Contact_ushttp://en.wikipedia.org/wiki/Category:Financial_serviceshttp://en.wikipedia.org/wiki/Category:Investmenthttp://en.wikipedia.org/wiki/Category:Fundshttp://en.wikipedia.org/wiki/Category:Collective_investment_schemeshttp://en.wikipedia.org/wiki/Special:Categories

en wikipedia org wiki collective investment scheme

Documents