Word: open-ended
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ETFs have distinct advantages over open-end stock funds. They tend to be widely diversified, and investors can get a daily view of what's in the fund. The annual management fee is low, and ETFs are tax efficient because the stocks within them seldom change and their unusual structure ensures that holders rarely if ever get socked with a capital-gains distribution. You can even sell an etf short (bet on the price to fall). There are disadvantages, like trading commissions that can quickly erode the benefits of ETFs, which for that reason make no sense for investors...
...available outside education circles. The flagship CREF Stock Account was started in 1952, and since then has returned an average annual 11.7%--under the S&P 500's 12.7%, but a noteworthy return in that it invests in a broader range of stocks that makes it less risky. The open-end funds are run much like the highly successful institutional funds, which are focused on the long term, engage in limited trading to keep costs down and avoid anything exotic. "There won't be any big surprises," says Martin Leibowitz, the firm's chief investment officer and a friend...
...year ago, the Teachers launched six open-end mutual funds, and so far they have been standouts. The Growth Equity fund and the Growth and Income fund are both up 21% since inception last September through last week, vs. an 18.5% gain for the Standard & Poor's 500, Morningstar reports. Ordinarily, I wouldn't write about a fund with less than a year's history. But these are irresistible in their simplicity, low expenses and minimums, proven record on the institutional side and now market-beating numbers on the retail side...
Hundreds of mutual funds target specific countries and regions. Most of them are open-end funds, meaning you can buy and sell anytime at a price that perfectly reflects the underlying value of the stocks in the funds' portfolios. In smaller numbers there are closed-end "country funds," whose shares trade freely on the New York and other stock exchanges. Closed-end fund prices are governed purely by supply and demand, so they frequently trade above or below the underlying value of the stocks in the portfolios. Today the average country fund trades at a discount of 15%. Now, that...
...Sierra Leone, imprisoned, and released just as unexpectedly 141 days later. Having witnessed the confusion and coups of Sierra Leone's birth and growing pains, he realizes that he cannot enjoy a peaceful retirement after a long, lucrative practice like that of most of his McGill classmates. His open-end appointment at Harvard is as secure...