mutual funds

15 Stories

Meet the Best Investor No One's Ever Heard Of

Mark Mulholland's mutual fund is built on scripture—and a little help from Apple

(Newser) - One of the top mutual funds in the country is built on faith. That's faith in a higher power—it's not called the Matthew 25 Fund for nothing—and also faith that its assets would recover from a 2008 low of $22 million, down from $115 million. Well,... More »

Mutual Funds Bail on Facebook

Fidelity sells off huge chunk of stock at record speed

(Newser) - Usually, when big mutual funds invest in IPOs, they're in for the long haul. But that might not be the case with Facebook. Twenty-one mutual funds from Fidelity Investments, one of Facebook's earliest buyers, unceremoniously dumped more than 1.9 million public shares combined last month, with 16... More »

Market Swings Too Wild Even for Big Traders

Attempting to buy or sell can send prices fluctuating wildly

(Newser) - Even the biggest of fish are finding the waters too choppy on Wall Street. As the Dow swings about wildly—it fell 247 points yesterday, and has moved at least 1% in 14 of its past 19 sessions—so too are individual stocks. It’s become nigh-impossible to buy or... More »

Small Investors Flee Wall St. in Hordes

Investors are not sold on financial recovery, it seems

(Newser) - Americans love the stock market—that is, they used to love the stock market. But shaken by the financial crisis, investors withdrew $33.12 billion dollars from domestic stock market mutual funds in the first seven months of this year, finds the New York Times . Instead, they're putting their money... More »

Crooked Giants Dodge SEC Penalties

Agency routinely grants waivers for harshest punishments

(Newser) - Financial giants accused of swindling investors have been successfully dodging the SEC's harshest penalties by arguing that the law shouldn't apply to them. Firms including Citigroup, Bank of America, and AIG have recently sought and received waivers from regulations requiring lawbreakers to close their mutual fund businesses. Waivers have been... More »

How to Kill the Chamber of Commerce...

...before its lobbyists do more damage on climate change, etc.

(Newser) - The Chamber of Commerce's outrageous stand against action on global warming, which has spurred a number of huge corporations to drop out, is not an anomaly, says Eliot Spitzer. From environmental protection to deregulation to fiscal policy to health care reform, it’s always on the wrong side of history,... More »

Only One Fund Manager Made Money in 2008

But repeating the feat this year could prove tricky for Forester

(Newser) - Of the 8,200 stock mutual funds in the United States, only one—Forester Value—managed to turn a profit in 2008. With a gain of just 0.4%, Thomas Forester has become a minor celebrity in the financial world, and brokers are suddenly eager to sell his tiny fund... More »

Ignore Market Until February

End-of-year effects cause distorting swings

(Newser) - The stock market can be a great synthesizer of millions of individual judgment calls about economic growth, government policy, and world events, writes Andy Kessler in the Wall Street Journal. But it’s also subject to end-of-year distortions, especially in down times like these. What's an investor to do? "... More »

Fed Pledges $600B to Keep Money-Market Funds Afloat

Will partner with JPMorgan, lend money to help cover redemptions

(Newser) - The Federal Reserve today unveiled a $600 billion program to finance the purchase of assets from money-market mutual funds, Bloomberg reports. JPMorgan will oversee five special units, which will use money borrowed from the Fed to buy CDs, bank notes, and commercial paper nearing maturity. The program is the Fed’... More »

Even Money Market Funds Are Risky

Even 'safe' money markets show their soft underbellies in today's market

(Newser) - As one safe haven after another disappears—from money market funds to stock investments—financial advisers are telling consumers to take a more active role in their planning, reports the New York Times. But first, do your homework and understand what you’re investing in, experts say. More »

What Is AIG? (Now That We Own It)

From aircraft leasing arm to wealth management group

(Newser) - For one thing, the insurance behemoth the Federal Reserve just acquired for $85 billion is profitable, explains the New York Times. AIG, which started out insuring assets in Asia, is wildly diversified and sprawling globally. Businesses range from retirement plans in the US to life insurance in the Philippines to... More »

Lehman Shops Key Unit in Quest for Cash

The troubled Wall Street firm is taking offers for its strong fund management wing

(Newser) - Lehman Brothers is shopping a piece of its investment management unit, the Wall Street Journal reports, joining other large banks in shedding strong-performing businesses to offset mortgage meltdown losses. Lehman’s management business, which includes Neuberger Berman and hosts 27 mutual funds managing $22 billion in individual and institutional wealth,... More »

Obamas Play It Too Safe With Personal Finances

Despite big new book-generated income, and youth, they're too cautious

(Newser) - Barack and Michelle Obama invest their own money “very, very safely”—perhaps too conservatively, say Sam Grobart and Tara Siegel Bernard in Slate. The Democratic frontrunner and his wife only began rolling in the money recently and their portfolio—“for the most part, a collection of run-of-the-mill... More »

BNP Paribas Halts Fund Withdrawals

France’s biggest bank can’t value holdings after credit collapse

(Newser) - France's largest bank today froze three investment funds threatened by the subprime mortagage collapse, claiming it can’t “fairly” place a value on their rapidly declining assets. Citing the “complete evaporation of liquidity” in the US securities market, BNP Paribas halted withdrawals from the funds, which were worth... More »

Exit Scrambles Fidelity Succession Picture

Mutual-fund giant loses possible heir apparent

(Newser) - A top Fidelity Investments exec has resigned her post, reigniting speculation about the closely held firm's line of succession, reports the Wall Street Journal. Ellyn McColgan, 53, who was president of a division of the largest American mutual-fund company, was seen as a front-runner in the race to succeed 77-year-old... More »

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