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Investment report on fund management provides clients with vital information about their investments. They are reliable and easy to understand. They present information on performance in various ways (MTD) QTD, YTD and YTD) and are often coupled with risk analysis data such as VaR or stress testing. The regulatory requirements are forcing managers to provide more detailed information about their risk management practices than ever before.
Investors are interested in knowing what they are paying for their fund investment, and this is reflected in the rising need for greater detail on fund fee information. Certain funds define management fee in a narrow sense, and only include the costs associated with the selection of portfolio securities in this amount. Other funds have “unified” fees which cover a broad range of expenses, including the administration and record-keeping services, brokerage commissions, and 12b-1 charges.
Many funds employ breakpoint contracts which allow the management fee to is reduced at specific asset intervals in relation to the total assets of the fund. To assess these agreements, investors must know the management fee for each of those intervals. The GAO recommends the Commission that funds provide fee information per share at the class level as also revealing any fees that are paid from the principal, but not the management fee.
The GAO has also recommended that the Investment Company Act require that independent directors (directors not connected with the fund’s management) comprise at least a majority of the members of a fund’s board. This is designed to ensure that directors who are independent can effectively represent the interests of fund shareholders.