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Week 3:

1

**An Example of A Mutual Fund
**

• The largest mutual fund is the Fidelity Magellan Fund, with assets of $76.885 billion (31/1/2002). The fund has been in existence since May 1963. It is currently closed to most new investment. • What type of a fund is it? It invests in large caps, and blend of growth and value. • Given its style, what should its benchmark be? The appropriate benchmark, because of its emphasis on large caps, is the S&P 500. • What kind of stocks would you buy if you were the manager of Magellan?

2

**Magellan’s Stock Holding on 12/31/01
**

• • • • • • • • • • 1.GENERAL ELECTRIC CO (4.76%) 2. CITIGROUP INC (3.95%) 3. MICROSOFT CORP 4. TYCO INTL LTD (2.69%) 5. AMER INTL GROUP INC (3%) 6. VIACOM INC CL B NON-VTG 7. EXXON MOBIL CORP (2.83%) 8. PFIZER INC 9. WAL MART STORES INC 10. HOME DEPOT INC

3

**Magellan vs. the S&P 500
**

• 29.50% of Magellan’s holdings were in these top 10 stocks on 12/31/01. • First, note that many of the stocks in the top holdings match the stocks with the highest weight in the S&P 500. • Which stocks are missing from Fidelity’s holdings – Intel and IBM – so it appears that Fidelity is underweighted in technology. • Second, the weights are different. The S&P 500 had a weight of 22.09% in these 10 stocks. • (Given these weights of Magellan, what do you estimate Magellan’s performance, year to date, compared to its benchmark?).

4

But Fidelity Magellan charges a “front-end load” – a fee of 3% for entering the fund. .95%. – Magellan = 12.90%.56%. – S&P 500 = -11. The 1. 10.56%. – Average Growth Fund = -16.19%.fidelity. 10 year returns after the load are: -14. Average Fund in Group (as of 31 Dec 2001) • Last 1 year: – Magellan = -11. after accounting for the load.com/products/funds/mfl_frame.94%. Magellan underperforms the S&P 500 over each of these periods • • • • http://personal300. – S&P 500 = 10.70%.30%. – Average Growth Fund = 11. – S&P 500 = 12. 12.28%.76%. Last 10 years.shtml?31618 5 4100. 5.89%. – Average Growth Fund = 8.Magellan vs. S&P 500 vs. So. Last 5 years. – Magellan = 10.65%.

• Finally.000.89%. if necessary. Magellan has a 3% front-end load. called the 12B-1. including management fee.What Magellan Charges for Managing Your Money • According to its annual report. • The ratio of expenses to net assets = 0. This fee could be used for marketing purposes.000. added up to: 872. • Besides the management fee. • If Magellan was open to new investment. the fund will charge other operational expenses.203.000.538. Currently. Magellan has no 12B-1 fees. 3/31/2001: • Management fee Basic fee = $ 571. 6 . Magellan can charge a “load” – either a front-end or a back-end load. it could have charged an additional fee.113. Total expenses. Performance adjustment = $139.

) Net Realized and Unrealized Gain on Investment Distributions Dividends Distributions from Capital Gains NAV( End of Year) (Net Assets of $80.37 -34.27 -4.etc.000/ 767.89% 0.17 -0.261.360 shares) 2001 143.Fidelity Magellan Year Ending 31/3/2001 NAV (Beginning of Year) Investment Operations Net Investment Income (dividends.59% 24% 7 .50 Ratios/Supplemental Data Ratio of Total Expenses to Average Net Asset Ratio of Net Investment Income to Average Net Assets Portfolio Turnover Rate 0.190.69 $104.26 0.

8 . As we saw.Understanding the Numbers (1/2) • New NAV: Old NAV + investment income + net realized and unrealized gain .96 per share. The investors will now pay tax at their personal rate on both the dividends and capital gains. The Magellan Fund has an expense ratio of 0. the fund must pass on any dividend or capital gains directly to the investors.89%. this is equal to $872 million. • Distributions: To avoid taxation at the fund level. This is comparable with other funds. • Expense Ratio: This summarizes the operating expenses of the fund as a fraction of its NAV.all distributions. Fidelity has distributed $4. but appear high relative to its size.

• To see the effect of other potential charges.24=4. 9 .16 years.Understanding the Numbers • Portfolio Turnover Rate: This represents the fraction of the portfolio that is sold during the year. let us consider another example. A turnover rate of 24% indicates that the average stock was held for 1/0. in particular loads and 12b-1 fees.

as an example. the Oppenheimer Funds. 10 .The Types of Fees Charged by Funds: Loads and Fees • Loads: front end or back end • Fees: – Management Fee – 12B-1 Fees – Other expenses • Consider.

11 . For example. Oppenheimer Funds have a typical front end load of 5. For example. that decrease to 1% and is eliminated from 6th year onwards. • Front End Load: A commission or sales charge paid when the shares of the fund are purchased.75% for their Class A shares.Fund Fees: Loads (1/2): • Oppenheimer Growth Fund. – Oppenheimer’s Class B shares are converted automatically to Class A shares at the end of the 6th year. Oppenheimer charges a 5% back end fee for its Class B shares. • Back End Load: This is a redemption or exit fee that is paid when the funds are withdrawn.

01% after the 6th year. 12 .01% for its Class A shares. – Oppenheimer converts Class A shares to Class B shares after 6 years. and 1.Fund Fees: Operating Expenses(2/2) • Annual Fund Operating Expenses: Management Fee + 12b-1 + Other operating expenses. • Other Expenses: The other operating expenses were 0. • Thus. This can be in addition to a front-end/back-end load. For Oppenheimer.63% for all classes of shares. • Management Fee: This is a fee paid for the management of the funds.15% for B and C shares.78% for B and C shares.25% for its Class A shares. it is 0. Oppenheimer charges a 12b-1 fee of 1% for both its Class B and C shares.13% for Class A shares and 0. • 12b-1 Charges: The fund may charge a 12b-1 fee for marketing and advertising expenses. and a fee of 0. the total operating expenses for this fund is 1. so expenses for B shares are 1. as well as commissions paid to brokers that sell the fund.

Some Additional Notes on Calculation of Expenses and Loads • Back-End Load/Contingent Deferred Sales Load: • (1) It is calculated as the lesser of the amount that represents a specified percentage of NAV at the time of purchase. 13 . • (4) Shares are redeemed in the order purchased. • (2) It is not applied on shares purchased through reinvestment of dividends or capital gains distributions. • Operating Expenses: It is applied daily as fraction of NAV. unless some other order can result in a lower redemption fee. or at the time of redemption. • (3) It is calculated as if shares that are not subject to a load are redeemed first.

14 .Impact of Costs on Investment Performance (1/5) • Let us calculate the impact of the fees on the investor’s return. and can choose between investing in either A. Which class of shares should he invest in? • Let us calculate the net return to the investor after costs for different investment horizons. • Consider an investor who starts with $10.000. We will use the Oppenheimer growth fund as an example. B or C class of shares. Suppose the investor expects that the fund will earn an average of 15% return every year. before expenses.

13%).0.01% (12b-1 fee of 0.56 • Net return over 1-year = 7. • Return after expenses of 1. management fee of 0.1399)=10.40%.25%. other operating expenses of 0.75%. 15 .000(1 .743.000.99%. • Value of investment on 12/31/2000 = 9425(1+0. • Amount invested into fund on 1/1/2000 after front-end load = 10. • Total return before expenses = 15%. total operating expenses 1.0575)= 9.63%. • Original investment = $10.425.01=13.05% = 15-1.Impact of Costs on Investment Performance (2/5) • Class A : 1-Year Horizon • Front End Load of 5.

78=13.86%. • Value of investment on 12/31/2000 before back-end load= 10000(1+0.0.Impact of Costs on Investment Performance (3/5) • Class B : 1-Year Horizon: • Back End Load of 5. Original investment = $10. • Total return before expenses = 15%. • *If we assume that the load applies to the final amount. • If we assume that the backend load is applied to the initial amount of $10.822 • Net return over 1-year = 8. .22%.56%.1322)=11.22%. or you will earn 7.000.322.000 – – Value of investment after back-end load of 5% = 11322 .05x10000 = 10. • Return after expenses = 15-1. total operating expenses 1.05)=10756. then the value 16 of the fund will be 11322x(1-0.0%.000. • Amount invested into fund on 1/1/2000 = $10.

09%. • Original investment = $10. • Amount invested into fund on 1/1/2000 = $10. • Value of investment at year-end before back-end load= 10000(1+0.).000 = 11222.01x10. • Total return before expenses = 15%.209.1322)=11. then the value of the investment is 11322x0.000. • (*If the backend load is applied to ending amount.22%%. backend load of 1% in first year. • Value of investment after back end load of 1% applied to initial investment* = 11322 .78=13. so that the net return is 12. 17 .22%. total operating expenses 1.322. • Return after expenses of 1.78%.000. • Net return over 1-year = 12.99 = $11.05% = 15-1.Impact of Costs on Investment Performance (4/5) • Class C: 1-Year Horizon: • No front end load .0.

435575 3 139.598779 5 181. Horizon(Yr) Class A 1 107.6390577 355.0992337 20 1293.6361646 346.01% 1.Comparing Performance Across Share Classes Investment Annual ReturnsOperating Expenses Front End Load Back End 100 15.017083 18 .265915 1198.053315 Class B Class C 108.1340958 185.0440361 210.00% 1.1340958 145.7673115 10 349.00% 1.6390577 210.3907461 6 206.22 112.00% 2.78% 4.00% 3.00% Assumptions: Class B convert to Class A after 6th year.00% Class A Classes B&C 5.1238338 1317.0440361 186.75% 5.22 142.

Yet Another Example • Vanguard is a large fund family that is particularly known for its passive funds. 19 . it also has active funds .vanguard. but so are its returns! • Moral: Lower expenses by themselves are not a reason to buy active managed funds.pd f – Its expenses are lower than average. • However.see the annual report on Vanguard’s large cap growth fund: – Vanguard US Growth Fund: Annual Report – http://www.com/funds/reports/usgrar.

66% (5 yrs).16%) – Total expenses = 18 bps.Passive Funds • Passive funds have much lower expenses as they are simply trying to replicate an index.06% (3 yrs). – Class A Net Assets on 31/1/2002 = $73. . – Return before taxes: -12.84% (10 yrs) – The next slide provides a comparison with the S&P 20 500. 1. • As an example.02% (1 yr). fund returns relative to the benchmark are very sensitive to expenses.2B – Management fee = 16 bps (0. and thus there is additional pressure to keep expenses under control. 10. and thus do not require costly support staff. 12. let us consider the Vanguard Index Trust 500 Fund (VFINX). • Moreover.

11% 1.68% 6.21% S&P 500 Total Return -11.42% 26.04% 28.09% 5.22% -6.89% -9.28% 3.89% 4.19% 20.26% 18.97% 7.55% 4.08% 33.06% 26.Yearly Investment Return Vanguard 500 Index Fund Inv Year Ended 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 Capital Income Total Return Return Return -13.70% 1.58% 1.10% 31.09% 37.02% -9.84% 9.54% 4.36% 11.51% 2.75% 6.27% 21 .88% 34.84% 3.90% -9.04% 4.67% 4.69% 1.36% 22.02% 18.37% 21.52% -3.27% 2.61% 28.08% -12.18% 7.32% 26.45% -1.06% 2.08% 7.35% 3.10% 21.71% 14.62% 30.00% 1.22% 2.94% 30.68% 31.35% 22.95% 0.47% -3.69% 16.96% 37.58% 33.32% 10.07% 27.11% 2.06% 19.43% 4.14% 31.70% 31.53% 2.45% 2.23% 1.67% 16.61% 5.62% 31.

WEBS (World Equity Benchmark Shares). Mostly traded on the AMEX: – http://www. a recent innovation is to list a passive fund as an “Exchange Traded Fund” – the fund’s shares trade continuously on an exchange. SPDRs (S&P’s Depository Receipts). and thus can be bought and sold like a regular stock. Vanguard’s VIPER.com/indexshares/index_shares_over.Exchange Traded Funds (ETF) • Although passive funds can be bought directly from the fund family. • Exchange traded funds also have low expenses – Barclay’s charges about 9 bps (0.09%)! – The fund saves on marketing costs.) – The fund’s price tracks the NAV because the ETF allows for redemptions.amex. as ETF’s are listed on an exchange.stm • Examples: Barclay’s Ishares.. track the NASDAQ 100) 22 . QQQ (called “cubes. (In principle. ETF can be for both active as well as passive funds.

the price can. – Expenses of 15 bps. The next page provides details of how much the price differs from NAV. differ from the NAV.Vanguard’s VIPER • VIPER: Vanguard Index Participation Equity Receipts • Vanguard Total Stock Market VIPER: Tracks the Wilshire 5000 (Ticker: VTI). 23 . at times. • Although it allows for redemptions at NAV.

74 75 .100 >100 Total Closing Price below NAV Number of Days 55 9 0 0 1 65 % of Total Days 31% 5% 0% 0% 0% 36% Number of Days 103 7 1 % of Total Days 58% 3% 0% 0 0% 0 0% 111 63% 24 .Premium/Discount Since Inception (through 02/08/2002) Closing Price above or equal to NAV Basis Point Differential* 0 .49 50 .24 25 .

sec.html 25 . • The SEC has provided a calculator to help investors estimate the total cost over the lifetime of the fund: see http://www.gov/mfcc/getstarted.Exercises: • Please attempt all numerical exercises from the back of Chapter 4.

Chapter 8 (See Also Chapters 5-7) Basic Portfolio Mathematics 26 .

Introduction to Asset Allocation 27 .Road Map • 1. • 2. • 3. Averaging: Geometric vs Arithmetic. Calculation of Portfolio Returns and Variances.

r2. • Suppose you want to estimate the mean return over the last three years.and r3.Estimating the Mean Return (1/6) • We can estimate the mean return in two ways: Arithmetic Mean and Geometric Mean. when the returns were r1. • Arithmetic Average = (r1+r2+r3)/3 • Geometric Average = [(1+r1)*(1+r2)*(1+r3)]^(1/3)-1 • Note that the above method to calculate the geometric average is better than estimating is as [(r1)(r2)(r3)]^(1/3) 28 .

r1=r2=r3=0.10 Arithmetic average = (0.1)/3=0.1 In this case.1+0.1+0. the arithmetic average is equal to the geometric average.Arithmetic Vs Geometric (2/6) • • • • • Consider the following examples: 1. when all returns are identical. this is not true. In general. 29 .1)*(1.1 Geometric average = [(1.1)]^(1/3)-1 = 0.1)*(1.

r2=0. r1=0.05.Arithmetic Vs Geometric (3/6) • 2. r3=0.05)]^(1/3)1=0.09924 • The arithmetic average is greater than the geometric average. • Geometric Average = [(1.10.15. • Arithmetic average = (0.10.15)(1.10+0.15+0. • Qt: which average to use? 30 .10)(1.05)/3=0.

The Difference Between Geometric and Arithmetic Average (4/6) • There are two points to note: • 1.GA = 0. If the volatility is zero (or the returns in every period are the same) then both averages will be the same. AA . The difference between the arithmetic and geometric return will depend on the volatility of the return. The arithmetic average return will be always greater than or equal to the geometric average return.* • *Approximately. • 2. the greater will be the difference in the return. The greater the volatility.5 (vol^2) 31 .

For example.10 estimates the total 3-year return as (1+0. the exact three year return is (1. In comparison. if you know the geometric average.1)(1. However.09924)^3-1=32.15)(1. 32 .825%.825%. If you are trying to calculate the cumulative return over the past 3-year period. • 2.1%. the geometric average is better.Choice Between Arithmetic and Geometric (5/6) • 1. while the geometric average estimates it as (1+0. Thus. statistically.10)^3-1=33. then the arithmetic average will be. the better choice. If you are simply trying to predict the next period’s return. with the arithmetic average you will over-estimate the cumulative return. the arithmetic average of 0.05)-1=32. you can recover the cumulative return over the period.

5%/yr • 2.5%/yr. GA=12. Small Cap: AA=19%/yr. GA=10.6%/yr 33 . • Here are some estimates over the period 1926-1996 • 1. Large Cap:AA=12.Geometric Vs Arithmetic: Past Historical Returns (6/6) • The difference between estimates of geometric (GA) and arithmetic average (AA) are quite substantial.

• Annual Volatility = sqrt(260)[Daily Volatility]. a daily volatility of 1% implies an annual volatility of about 16%.what does that imply about the annual volatility? 34 . • For example. • Recently.5% . • Annual Volatility = sqrt(12) [Monthly Volatility]. The variance is defined as the square of the volatility (or standard deviation).Volatility and Correlations • We have already seen that we can easily estimate the volatility and correlation using Excel functions STDEV and CORREL. we have been observing daily fluctuations of about 1. it is conventional to express the volatility in an annual basis. • Similar to the case of the returns.

then w1=0. • Portfolio return = w1*r1 + w2*r2 • Portfolio variance = (w1*w1)*(var of asset 1) + (w2*w2)*(var of asset2) + 2 (w1)(w2)(correlation)(vol of asset1)(vol of asset 2) • To get the portfolio volatility. Thus. respectively.Portfolio Return and Variance • Suppose we have two assets. with weights w1 and w2.8. we take the square root of the portfolio variance.2 and w2=0. • The weight of w1 is defined as the ratio of the dollar invested in asset 1. if you invest $100 in asset 1 and $400 in asset 2. divided by the total $ investment. 35 .

• Qt: How easy is it to maintain such portfolio weights as market prices change? 36 . we saw the equal weighted portfolio and the value weighted portfolio.in particular.A Digression: On Re-balancing a Portfolio (1/3) • We have already observed that we can have different portfolios based on the way we choose the weights .

if you decide to invest a total of $1. • Do you need to buy or sell new shares of A or B? 37 . and Price = 40. • Company B: # of shares=200.Re-Balancing Cap-Weighted Portfolio (2/3) • Company A: #of shares=100.000 you will buy $200. • Therefore.w_a=0. • Therefore: w_a=(100*20)/[100*20+200*40] = 0.7619.20 and w_b=1 . Now what happens if the price of A increases by 25% to 25 and price of B remains constant? • New weights: w_a=0.80.000. and Price = 20.000 of B.000 of A and $800.2381 and w_b=0.

you have to actively rebalance a portfolio that has fixed weights. A and B.000.000. The 25% return has increased your $ invested in A from $200.so there is no need for you to buy/sell any additional shares. To see why. like an equal weighted portfolio. it is easy to maintain a cap-weighed portfolio.000 to $250.2381. w_a=250/(250+800)=0. • This is exactly the weight you wanted . calculate your dollar investment in each of the stocks. 38 . The $ invested in B remains at $800. • In contrast. Therefore. Thus.Cap vs Equal Weighted (3/3) • Answer: No.

Asset Allocation: The Fundamental Question • How do you allocate your assets amongst different assets? • Traditionally. The allocation between riskfree and a portfolio of risky assets. we divide the discussion here into two parts: • 1. 39 . The allocation between different risky asset within the portfolio of risky assets. • 2.

• The choice of w1 and w2 will depend on how risk averse you are. • w1 = proportion in riskfree asset • w2 = proportion in risky asset. 40 . • Rf = expected return on riskfree asset • Rp= expected return on risky asset portfolio • Volatility of riskfree asset = 0.Asset Allocation: Risky vs Riskless Asset • One of the first decisions that has to be made is the allocation between the risky and riskless asset.

Portfolio of Risky + Riskless Asset • To calculate the portfolio return and portfolio variance when we combine the risky asset and riskless asset. 41 . the mean return for the risky asset is 12%. The following graph shows this graph for the case when the mean return for the riskfree asset is 5%.s. it is a straight line. portfolio volatility (for different weights). we can use the usual formulas: • Portfolio Return = w_1 Rf + w_2 Rp • Portfolio Volatility = w_2 *(vol of risky asset) • If we draw a graph of the portfolio return v. and the volatility of the risky asset is 15%.

7 0.1 0.135 0.9 0.092 0.05 0 42 .03 0.3 0.2 0.6 0.8 0.6 0.06 0.15 0. Risky Return=0.5 0.2 0.09 0.078 0.4 0.057 0.15 w_1 (weight of riskfree) w_2 (weight of risky) Portfolio Return Portfolio Vol 0 1 0.5 0.045 0.106 0.085 0.12 0.1 0.075 0.105 0. Vol of Risky Asset=0.7 0.4 0.9 0.12.015 1 0 0.3 0.8 0.05.064 0.113 0.12 0.071 0.099 0.Riskfree Return=0.

15 0. Portfolio Vol 0.s.2 Series1 43 .Portfolio Return v.12 0.04 0.1 0.06 0.05 0.1 0.08 0.14 0.02 0 0 0.

and equals the increase in return of the portfolio for a unit increase in volatility. Ideally. it is also called the reward-tovariability ratio. • The greater the slope the greater the reward for taking risk. • Note that this tradeoff will be essentially determined by the mean return and volatility of the risky portfolio. 44 . Therefore.Capital Allocation Line (CAL) • The graph from the previous slide is called the Capital Allocation Line (CAL). you want to achieve the highest return per unit risk. so that you choose a risky portfolio that gives you the steepest slope. • It has a slope of (Rp-Rf)/(Vol of Risky Asset).

there are two decisions that an investor must make: • 1.The Decisions that an Investor Must Make • Thus. After making the choice of the risky stock portfolio. Which is the risky stock portfolio that results in the best risk-return tradeoff? • 2. the first objective of a financial advisor is to determine for her clients the appropriate allocation between the risky and riskless assets. 45 . how should you allocate your assets between this risky portfolio and the riskfree asset? • Typically. and then to choose how the risky portfolio should be constructed.

46 . but also your age. The more risk averse you are.How to allocate between the riskfree asset and the risky stock portfolio. etc. • Although different investors may differ in the level of risk they take. wealth. Your decision to allocate between the risky asset and the riskfree asset will be determined by your level of risk aversion. your decision will depend not only on your preferences. they are also alike in that each investor faces exactly the same risk-return tradeoff. the less you will invest in the risky asset. • Thus. • There is no single answer here that is best for all investors.

What kind of asset allocations would you recommend? 47 .Some Questions to Think About • Suppose you are a financial advisor.

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