n********e
发帖数: 1789 | 1 假设2012年1月1日投入到一个Mutual Fund 100块钱，Expense Ratio是1%，12月31号钱
到了110块。几个问题：
(1) Expense Ratio是按照2012年开始算(100*1%=1)还是结束时候(110*1%=1.1)算？
(2)MF计算Return的时候是用110块算还是用(110-Expense)?
(3)除了Expense Ratio的，还有其他Expense吗？
谢谢 | n********e
发帖数: 1789 | 2 第(1)个问题，看来是按天扣：
Fund expenses (net of waivers and reimbursements) are subtracted from the
fund's assets on a daily basis. | n********e
发帖数: 1789 | 3 第(2)个问题，应该是按照110-Expense来算。
Annual Returns
Total returns calculated on a calendar-year basis. Total return includes
both income (in the form of dividends or interest payments) and capital
gains or losses(the increase or decrease in the value of a security).
Morningstar calculates total return by taking the change in a fund's NAV,
assuming the reinvestment of all income and capital gains distributions (on
the actual reinvestment date used by the fund) during the period, and then
dividing by the initial NAV. Unless marked as load-adjusted total returns,
Morningstar does not adjust total return for sales charges or for redemption
fees. Total returns do account for management, administrative, and 12b-1
fees and other costs automatically deducted from fund assets.
那这样的话，只从past performance来比较的话，只要看报告上的Return数值就可以?
Expense Ratio比较重要的地方在于看future performance？因为ER高的话，Mutual
Fund不能保证将来还能有这么高的return。这样理解对否？
【在 n********e 的大作中提到】
: 假设2012年1月1日投入到一个Mutual Fund 100块钱，Expense Ratio是1%，12月31号钱
: 到了110块。几个问题：
: (1) Expense Ratio是按照2012年开始算(100*1%=1)还是结束时候(110*1%=1.1)算？
: (2)MF计算Return的时候是用110块算还是用(110-Expense)?
: (3)除了Expense Ratio的，还有其他Expense吗？
: 谢谢
| X****r
发帖数: 3557 | 4 Yes. Past performance does not guarantee future results, however, past
expense pretty much guarantee future costs.
on
redemption
【在 n********e 的大作中提到】
: 第(2)个问题，应该是按照110-Expense来算。
: Annual Returns
: Total returns calculated on a calendar-year basis. Total return includes
: both income (in the form of dividends or interest payments) and capital
: gains or losses(the increase or decrease in the value of a security).
: Morningstar calculates total return by taking the change in a fund's NAV,
: assuming the reinvestment of all income and capital gains distributions (on
: the actual reinvestment date used by the fund) during the period, and then
: dividing by the initial NAV. Unless marked as load-adjusted total returns,
: Morningstar does not adjust total return for sales charges or for redemption
| S**C
发帖数: 2964 | 5 1) ER is subtracted from NAV daily.
2) Return is net of cost.
3) There are hidden costs imbedded, such as trading cost, borrowing cost (
some MFs report them as part of ER, some do not) etc.
【在 n********e 的大作中提到】
: 假设2012年1月1日投入到一个Mutual Fund 100块钱，Expense Ratio是1%，12月31号钱
: 到了110块。几个问题：
: (1) Expense Ratio是按照2012年开始算(100*1%=1)还是结束时候(110*1%=1.1)算？
: (2)MF计算Return的时候是用110块算还是用(110-Expense)?
: (3)除了Expense Ratio的，还有其他Expense吗？
: 谢谢
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