Por Stacy Francis, CFP®, CDFA
Understanding where your investments are and how they behave is one of the most empowering steps you can take toward financial confidence. It helps you assess your risk, cost, and whether your portfolio still matches your goals.
Mutual funds are collections of different securities (stocks, bonds, and sometimes other assets) all managed together by a professional. But these funds aren’t all created equal, and some may be quietly hurting your long-term returns.
Below are four key questions to ask yourself to stay informed, in control and make sure that your mutual fund investments are aligned with your overall strategy.
Do you know where your investments are?
A survey of those who own mutual funds found about 40 per cent didn’t know the names of the funds they bought. Even if you are a pro when it comes to rattling off the latest mutual fund you purchased, you still may not have a clue about the mix of stocks, bonds and other investments. Sadly, mutual fund names don’t always tell the entire story. You have to dig deeper in the prospectus to figure out where fund assets are invested.
Your goal should be to create a balanced asset allocation with the mutual funds you won. Asset allocation is an investment portfolio technique that aims to balance risk and create diversification by dividing assets among major categories such as cash, bonds, stocks, real estate and derivatives. Each asset class has different levels of return and risk, so each will behave differently over time. For instance, while one asset category increases in value, another may be decreasing or not increasing as much. For most investors it’s the best protection against major loss should things ever go amiss in one investment class or sub-class.
¿Qué debes hacer?
Review fund fact sheets and prospectuses to see where the money is actually invested. There is no simple formula that can find the right asset allocation for every individual. You will need to assess your goals and risk tolerance to find out which asset allocation is best for you. Learn more about asset allocation aquí.
Does the mutual fund have unchecked asset growth?
Muchos gestores de fondos admiten —extraoficialmente, por supuesto— que cuanto mayor es el fondo, más difícil y costoso resulta comprar y vender acciones. Otro problema es que algunos fondos son tan grandes que las opciones de inversión se reducen, ya que el fondo se ve obligado a comprar empresas más grandes para mantener su creciente cartera de activos.
¿Qué debes hacer?
Look for funds run by families that have closed their doors to new investors once the fund became too large. Also, keep your ear to the ground for funds that publicly state they will close their funds to new investors if the fund size reaches a specific level.
How high are the mutual fund’s expenses?
Revise los gastos de sus fondos mutuos. Muchos fondos mutuos transfieren los costos de marketing, distribución y administración a sus accionistas.
¿Qué debes hacer?
Evite comprar fondos con gastos elevados y establezca un límite a las comisiones que esté dispuesto a pagar. Si bien no debe elegir un fondo basándose únicamente en las comisiones más bajas, los gastos sí deben ser un factor. Busque un fondo mutuo de gran capitalización con gastos inferiores a 1% o un fondo de pequeña capitalización o internacional inferior a 1,5%.
How is the fund’s communication with shareholders?
Los fondos deben gestionar las expectativas de los accionistas de forma responsable. Deben proporcionar comentarios sobre el rendimiento del fondo. Lamentablemente, muchas empresas no se toman esta responsabilidad tan en serio como deberían.
¿Qué debes hacer?
Asegúrese de leer la carta de la gerencia en el informe anual. Esta carta le permitirá comprender si la gerencia se rige por la preocupación por el marketing o por los accionistas. Me gusta ver que la gerencia admita sus errores y controle las expectativas.
Aquellas empresas que cumplan con su responsabilidad fiduciaria de proteger los intereses de sus accionistas deberían ser recompensadas, mientras que las demás recibirán el mensaje si votan con los pies y se van.
Visita http://www.morningstar.com para tener acceso completo a los análisis de fondos mutuos.
