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The New Fund had average daily assets of $3.6 billion in the past year. The fund sold $414 million and purchased $514 million worth of stock during the year. What was its turnover ratio? (Round your answer to 2 decimal places.)
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- The file MutualFunds contains a data set with information for 45 mutual funds that are part of the Morningstar Funds 500. The data set includes the following five variables: Fund Type: The type of fund, labeled DE (Domestic Equity), IE (International Equity), and FI (Fixed Income) Net Asset Value (): The closing price per share Five-Year Average Return (%): The average annual return for the fund over the past five years Expense Ratio (%): The percentage of assets deducted each fiscal year for fund expenses Morningstar Rank: The risk adjusted star rating for each fund; Morningstar ranks go from a low of 1 Star to a high of 5 Stars. a. Prepare a PivotTable that gives the frequency count of the data by Fund Type (rows) and the five-year average annual return (columns). Use classes of 09.99, 1019.99, 2029.99, 3039.99, 4049.99, and 5059.99 for the Five-Year Average Return (%). b. What conclusions can you draw about the fund type and the average return over the past five years?The New Fund had average daily assets of $2.2 billion last year. The fund sold $400 million worth of stock and purchased $500 million during the year. What was its turnover ratio?The New Fund had average daily assets of $3.9 billion last year. The fund sold $540 million worth of stock and purchased $680 million during the year. What was its turnover ratio? (Round your answer to 1 decimal place.)
- The New Fund had average daily assets of $3.2 billion in the past year. The fund sold $500 million and purchased $500 million worth of stock during the year. a. What was its turnover ratio? b. If the fund had an expense ratio of 1.1%, what were the total fees paid to the fund's investment managers?A mutual fund sold $60 million of assets during the year and purchased $78 million in assets. If the average daily assets of the fund were $256 million, what was the fund turnover?The New Fund had average daily assets of Php2.2 billion in the past year. The fund sold Php400 million and purchased Php500 million worth of stock during the year. What was its turnover ratio?
- Consider a mutual fund with $200 million in assets at the start of the year and 10 million shares outstanding. The fund invests in a portfolio of stocks that provides dividend income at the end of the year of $2 million. The stocks included in the fund’s portfolio increase in price by 8%, but no securities are sold and there are no capital gains distributions. The fund charges 12b-1 fees of 1%, which are deducted from portfolio assets at year-end. What is the fund’s net asset value at the start and end of the year? What is the rate of return for an investor in the fund?On July 1, 2008, Quality Mutual Funds had $450,000 cash in the bank, $215,000 invested in bonds that mature in 3 months and $300,000 in stocks. The fund owes $165,000 in administrative expenses. There are 112,000 shares in the fund. What is the net asset value per share of the fund?Richard invested $750,000 in a hedge fund with a 2/20 fee structure. The fund had a total of $15 million of assets under management and it returned 12% and 19% in the first and second years, respectively. Assume that management fees are paid at the beginning of each year and performance fees are paid at the end of each year in which they are applicable. How much will Richard pay in performance fees for the first two years, respectively?
- You pay $22,200 to the Laramie Fund, which has a NAV of $22 per share at the beginning of the year. The fund deducted a front-end load of 4%. The securities in the fund increased in value by 10% during the year. The fund's expense ratio is 1.2% and is deducted from year-end asset values. What is your rate of return on the fund if you sell your shares at the end of the year?A hedge fund with $25 million of assets under management has a standard 2/20 fee structure and earns 14 percent this year. Assume that management fees are paid at the beginning of each year and performance fees are paid at the end of each year. Assume that the fund’s fee structure also contains a high-water mark provision. What is the management fee collected by the fund managers? What is the performance fee collected by the fund managers? What is the investor’s net return?Consider a mutual fund with php200 million in assets at the start of the year and with 10 million shares outstanding. The fund invests in a portfolio of stocks that provides dividend income at the end of the year of php2 million. The stocks included in the fund's portfolio increase in price by 8%, but no securities are sold, and there are no capital gains distributions. The fund charges 12b-1 fees of 1%, which are deducted from portfolio assets at year-end. What is net asset value at the start and end of the year? What is the rate of return for an investor in the fund?