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Morning Star Global Fund

Morning Star Global Fund

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Published by: kitkatneko on Jul 16, 2009
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©2009 Morningstar, Inc. All rights reserved. The information in this document is the property ofMorningstar, Inc. Reproduction or transcription by any means, in whole or in part, without the prior consentof Morningstar, Inc. is prohibited.
John Rekenthaler,
CFA
Michelle SwartzentruberCindy Sin-Yi Tsai,
CFA, CAIA
Morningstar Fund ResearchMay
2009
Global Fund Investor Experience
 
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Global Fund Investor Experience | May 2009©2009 Morningstar, Inc. All rights reserved. The information in this document is the property of Morningstar, Inc. Reproduction or transcription by any means, in whole or inpart, without the prior consent of Morningstar, Inc. is prohibited.
Table o Contents
Introduction 3Methodology 5Investor Protection 7Transparency in Prospectus and Shareholder Reports 8Transparency in Sales Practices and Media 11Fees and Expenses 13Taxation 14Distribution/Choice 15Australia 17Canada 23China 30France 36Germany 42Hong Kong 47Italy 52Japan 57Netherlands 62New Zealand 68Singapore 74Spain 79Switzerland 84Taiwan 90United Kingdom 95United States 101Appendix: Survey Questions and Responses 106 The authors would like to thank Managing Director Don Phillips or concept development and oversight.Additional credit is due to Benjamin N. Alpert, CFA, as well as the global und analysts or their contributions.Credit is also due to Regina Comito or graphic design and Janice Frankel or copy editing.
 
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Global Fund Investor Experience | May 2009©2009 Morningstar, Inc. All rights reserved. The information in this document is the property of Morningstar, Inc. Reproduction or transcription by any means, in whole or inpart, without the prior consent of Morningstar, Inc. is prohibited.
Much has been written about the rights o the shareholders o common stock, rom a global perspective. It iswell known that some jurisdictions saeguard the rights o stockholders better than do other jurisdictions. Thesepolicy dierences have sparked debate, and the gradual development o “best practices” documents.The goal o this report is to begin a similar dialogue about best practices, only rom the perspective o themutual und shareholder. (Although some o the questions in this report apply only to smaller, retail investors,other questions apply equally to retail and institutional owners. Thereore, this report should be interpretedas applying to
all 
und shareholders, not just individual investors.) Just as with stocks, some jurisdictions oerrelatively riendly investment climates or mutual und owners, and others less so. This report analyzes 16mutual und marketplaces, highlighting their strengths and weaknesses. The ndings are summarized via a serieso scores. These scores roll up into grades at the topic level, and then eventually into a single nal grade oreach country.Note that this report examines the issue rom multiple perspectives: the practices o industry manuacturers(that is, money managers); the practices o industry distributors; the structure and eectiveness o regulatorybodies; disclosure policies; the tax code; and the role o the media. Thereore, the report should not be construedas grading each country’s “und industry.” It aims much more broadly than that, in recognition o the act thatthe mutual und investor experience is shaped by ar more than the und industry alone. The countries studied are:The topics are:Investor ProtectionTransparency in Prospectus and Shareholder ReportsTransparency in Sales Practices and MediaFees and ExpensesTaxationDistribution/ChoiceAustraliaCanadaChinaFranceGermanyHong KongItalyJapanNetherlandsNew ZealandSingaporeSpainSwitzerlandTaiwanUnited KingdomUnited States
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