TAILIEUCHUNG - The Four Pillars of Investing: Lessons for Building a Winning Portfolio_10

Tham khảo tài liệu 'the four pillars of investing: lessons for building a winning portfolio_10', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 210 The Four Pillars of Investing ular intervals in the newspaper and in the annual reports they must send to you by law there are few cookies or fees that can be hidden. But you can still learn a lot about the relative integrity of the fund companies just by watching those jars. For example almost all large fund companies offer an equity income fund which specializes in large value funds sporting reasonable dividends. Vanguard s equity income fund charges Fidelity s and Scudder s . Each company also offers a large international-growth fund Vanguard charges for its Fidelity and Scudder . Each has a small-cap growth fund Vanguard charges for its Fidelity and Scudder . Finally each offers a precious metals fund. Vanguard charges Fidelity and Scudder . I picked these four classes at random simply looking for equivalent funds offered by all three companies. What have we learned That there are real cultural differences among fund families. Scudder just can t keep its hands out of the cookie jar. It is no coincidence that Scudder before it was recently sold to Deutsche Bank belonged to the same corporate parent as Kemper Annuities Life producers of the annuity that keeps paying and paying and paying. Fido is a bit more restrained but not by much. And Vanguard seems to be very well behaved. None of the Vanguard funds I mentioned by the way are index funds which charge even lower expenses. In order to make the comparisons apples-to-apples all of the fees quoted above are for actively managed funds. What accounts for the differences among the fund companies Their ownership structures do. Nowadays most fund companies are owned by large financial holding companies. In Scudder s case it was owned by Zurich Scudder Investments and then by Deutsche Bank. Scudder in fact after helping pioneer international and no-load investing along with Vanguard has of late changed names multiple times and is in the process of .

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