|Expense Ratio (net)||0.82%|
|Last Cap Gain||0.00|
|Morningstar Risk Rating||Below Average|
|Beta (3Y Monthly)||1.04|
|5y Average Return||N/A|
|Average for Category||N/A|
|Inception Date||May 17, 1967|
MENLO PARK, Calif./BOSTON (Reuters) - Protesters carrying an inflatable angry emoji greeted Facebook Inc shareholders as they gathered for the company's annual meeting on Thursday, the latest sign of its struggle to shake off privacy scandals and rein in fake news and hate speech. The social media giant again faced demands for reform at Thursday's meeting, including shareholder proposals that called for revamping the company's voting structure and ousting Chief Executive Officer Mark Zuckerberg as chairman. The measures had little chance of succeeding, as a dual class share structure gives Zuckerberg and other insiders control of about 58% of the votes.
A version of this article first appeared in the April 2019 issue of Morningstar FundInvestor. Download a complimentary copy of FundInvestor by visiting the website. Picking funds for an IRA is a little tricky. The limits on yearly contributions make it challenging to build a complete portfolio.
Ride-sharing company Lyft is set to go public this week. The company is one of several highly anticipated IPOs, with competitor Uber and content-sharing website Pinterest also expected to make their public market debuts this year. Lyft is one of many private firms that have grabbed the attention of mutual fund managers in recent years.
Ten years ago, Vanguard, American Funds, and Fidelity were the largest mutual fund companies, controlling 40% of the industry's assets. After those firms, there was a significant drop, with PIMCO placing fourth with 5% market share, most of which rested in a single fund ( PIMCO Total Return PTTRX). In aggregate, their funds had posted above-average performance, with below-average expense ratios (significantly below, in the case of Vanguard and American Funds).
The fund has greater latitude than Fidelity Total Bond, and it has used that flexibility to dial down credit and interest-rate risk in recent years. Unfortunately for the fund, those risks have generally paid off, even with rates rising more recently.
John "Jack" Bogle, the founder of index investment pioneer Vanguard Group Inc, changed Wall Street by convincing millions to turn away from mutual funds that actively pick stocks, but his legacy will also be shaped by the unintended consequences of index funds. Bogle, who died of cancer at age 89 on Wednesday, saved investors billions of dollars by devising and championing low-fee funds that tracked markets instead of trying to beat them. As recently as 2007, index funds and ETFs accounted for only 15 percent of long-term fund assets, according to the Investment Company Institute.
This article was published in the November issue of Morningstar FundInvestor. A nine-year bull market has made fund companies tremendously profitable. You've heard about the move from active to passive funds, but today there is $11.7 trillion in actively managed funds.
Activision Blizzard, Inc. (NASDAQ: ATVI) is one of the largest interactive gaming companies in the world. The company is the result of a December 2007 merger between Blizzard Entertainment and Activision Publishing, two of the largest video game producers at the time of the acquisition. Activision Blizzard's business is broken into three segments — media, technology, and entertainment — with a robust portfolio of top-performing video game franchises.
Electronic Arts Inc. (NASDAQ: EA) is one of the largest creators and marketers of video games. Launched by Fidelity in May 1967, the Fidelity Contrafund is an actively managed large-cap growth fund that seeks long-term capital appreciation.
Facebook, Inc. (NASDAQ: FB) has established itself as the leading social media giant with a market capitalization of $418.18 billion as of October 29, 2018. When Facebook issued its initial public offering (IPO) on May 18, 2012, many mutual funds had already snapped up shares on the private market. Thereafter, these funds spread their shares of Facebook across many funds. Although Facebook's stock price has gone on a roller coaster ride, those funds that held on to shares benefited from its high growth rate.
State treasurers from Illinois, Rhode Island and Pennsylvania, and New York City Comptroller Scott Stringer, co-filed the proposal. A similar shareholder proposal seeking an independent chair was defeated in 2017 at Facebook, where Zuckerberg's majority control makes outsider resolutions effectively symbolic.
There are 66 long-term portfolios in all, designed to suit investors with varying proximities to retirement and preferences. There are portfolios composed of traditional mutual funds as well as exchange-traded funds. Given all of those variations--and especially the fact that their asset allocations vary so widely--it's no surprise that their performance varied, too.
Thanks to an exceptionally strong equity market and decent, if not spectacular, bond market performance, our tax-efficient Bucket Portfolios for Vanguard investors have delivered solid returns over the past three years. The portfolios have performed so well, in fact, that they've beaten our model Vanguard portfolios that were created without regard for tax efficiency. A dash of small-cap exposure has been a boon, as has the fact that the two tax-managed U.S. equity funds in the portfolio both maintain a bias toward growth stocks, which have dramatically bested value and blend names over the trailing three-year period.
The group's annual conference, with Bogle himself as the headliner, typically sells out in a matter of days. Because the firm fields a competitive offering in every key market segment, building portfolios composed of Vanguard's funds is a breeze. Ultralow costs mean the firm's bond funds are invariably contenders in their categories, and Vanguard also fields a lineup of topnotch index products (traditional index funds and exchanged-traded funds) as well as fine actively managed offerings.