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Portfolio Representations by Jem Tugwell

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CHAPTER 6. Funds – Unitised and ETFs

6.1 Introduction

This section covers the use of internal and external funds added to a portfolio to gain exposure to funds run by other fund managers. These funds allow portfolios to access other fund managers’ skill centres and to gain exposure and diversification without the portfolio’s manager having to manage each individual holding, as well as getting round problems of a fund being too small to gain the exposure through direct investment. External funds can be mutual funds, unit trusts or exchange-traded funds (ETFs).

Mutual funds are a professionally managed type of collective investment that takes money from many investors, pools the cash and invests in shares, fixed income, etc. The mutual fund ...

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