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Update: Vanguard brokerage commission expense (1994 – 2017)

Mutual funds that buy and sell stock incur costs on these transactions. These transaction costs are not included in a fund’s expense ratio. Transaction costs include brokerage commission expense, buy and sell spread costs, and market impact costs, Among these

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Posted in Market statistics, Mutual funds

Vanguard fund-of-funds and investor shares

The Vanguard total market funds’ investor shares make it possible for Vanguard to offer its fund-of-funds for a direct cost of zero (0.00% ER). This, by the way, is why Vanguard can not offer “admiral shares” of the fund-of-funds because

Posted in Mutual funds, Target date funds

Update: Vanguard brokerage commission expense (1994 – 2016)

Mutual funds that buy and sell stock incur costs on these transactions. These transaction costs are not included in a fund’s expense ratio. Transaction costs include brokerage commission expense, buy and sell spread costs, and market impact costs, Among these

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Posted in Market statistics, Mutual funds

Vanguard municipal bond fund tracking error

Tracking error is one means of measuring active manager performance against an appropriate market index. Vanguard’s national municipal bond funds are actively managed, defined asset class funds. The funds include four municipal bond funds structured across four bond maturity levels:

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Posted in Bonds, Mutual funds

Mutual fund internal loss carryovers

Mutual funds are legally structured as pass-through conduits of investment income. The income can come from dividends and interest received from securities or by profits realized by selling securities. By law, the fund must distribute income and gains to shareholders

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Posted in Mutual funds

Investor fund flows and return gaps

Investors have the tendency to invest in markets as they perform well, and disinvest as they perform poorly. This pattern extends to the stock, bond, and money markets.

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Posted in Investing, Market statistics, Mutual funds
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