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Which Funds Benefit Most From Securities Lending

John Rekenthaler (john.rekenthaler@morningstar.com)

Who understands securities lending? Registered funds (by which I mean traditional mutual funds and exchange-traded funds) sometimes permit other institutions to borrow shares from their portfolios, in exchange for a fee. If you know those answers, congratulations! You understand more about securities lending than your humble columnist did before he read "Securities Lending: An Examination of the Risks and Rewards," by Morningstar's Adam McCullough.