Familiarizing Yourself With The Investment Business

by David Jenyns on August 6, 2008

As with so many industries, the investment company business has its trade association, now known as The Investment Company Institute. Its predecessor, The National Association of Investment Companies was founded in 1941; and by September 1960 it had a membership totaling 150 open-end and 26 closed-end investment companies.

A number of periodicals publish news and comments on investment companies. A number have special columns regularly devoted to investment company developments, and several feature computations of investment company quarterly results. An increasing number of newspapers also publish news items concerning investment companies. Investment companies and sponsors of funds advertise freely. I have in mind the unfortunate caption that appears from time to time: “X Investment Company Assets Increase.” Prices of open-end securities are determined by their net asset value. Holdings are redeemed at the asset value. The offering, or asking price, is the price the investor pays for his shares.

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