Efficiency of the Mutual Fund Industry: an Examination of U.S. Domestic Equity Funds: 1995-2004

Investors have the ability to choose between two different management styles in the mutual fund industry. These two management styles differ in both the investment strategy type the fund executes and management costs, which are charged to the funds’ investors. First, investors may invest their funds in index funds, which employ a passive investment strategy. Here, investors expect to earn a rate of return equivalent to the market index—minus a small management fee—which the fund seeks to track. Alternatively, investors may choose active fund management. The returns of these mutual funds rely on stock selection ability of portfolio managers. Active portfolio managers perform securities research and obtain information in an attempt to distinguish between undervalued and overvalued securities—allowing them to outperform the market. To compensate for the cost of this research, these funds generally charge a higher management fee which is paid by individual mutual fund investors. In 2004, the average actively managed fund expense ratio was approximately 140 basis points, while the majority of index funds charge fees ranging from 10 basis points to 50 basis points. A expense ratio of 140 basis points would mean that $140 of every$10,000 invested by an individual in a fund will go to the portfolio manager in order to compensate them for their research and management. Some funds carry further expenses in the form of load charges. They take a percentage of an investors initial investment as a sales commission, as these funds are distributed directly by the fund management company. Much debate within the investment community has revolved around the question of whether the fees charged by actively managed mutual funds are justified with higher returns. [excerpt

Helmet latching and attaching ring

A neck ring releasably secured to a pressurized garment carries an open-ended ring normally in the engagement position fitted into an annular groove and adapted to fit into a complementary annular groove formed in a helmet. Camming means formed on the inner surface at the end of the helmet engages the open-ended ring to retract the same and allow for one motion donning even when the garment is pressurized. A projection on the end of the split ring is engageable to physically retract the split ring

Promoting the emotional wellbeing and mental health of unaccompanied young people seeking asylum in the UK - Research Summary

This research summary provides an overview of findings from an 18-month, in-depth research project: The social functioning, emotional wellbeing and mental health of unaccompanied young people seeking asylum in the UK. The research was conducted by the Thomas Coram Research Unit, at the Institute of Education, University of London. It was commissioned and funded by the Department of Health, although the views expressed in this summary do not necessarily reflect those of the Department. The key findings from the study are presented and some of the specific implications for policy and practice for those working with unaccompanied children and young people in a range of health, social care, education, immigration and legal settings are discussed

Recognizing aboriginal oral tradition through blended learning: a success story

The Aboriginal Health and Community Administration Program (AHCAP) is a certificate program developed through the partnership of the Institute for Aboriginal Health and Continuing Studies at the University of British Columbia. This paper examines factors in the program’s blended design and development which have contributed to the exceptionally high completion rate and the strongly positive responses and outcomes for widely diverse learner cohorts. Factors which appear to contribute to the program success include: 1) a holistic approach compatible with traditional Aboriginal oral traditions of teaching and learning; 2) a university partnership that taps into unique networks and capacities; 3) incorporating the 4 R’s of Aboriginal education: relevance, reciprocity, respect and responsibility generated throughout the learning and teaching, both online and face-to-face; and 4) making the program accessible to geographically and technologically diverse communities of learners.\u

Stored mafic/ultramafic crust and early Archean mantle depletion

Both early and late Archean rocks from greenstone belts and felsic gneiss complexes exhibit positive epsilon(Nd) values of +1 to +5 by 3.5 Ga, demonstrating that a depleted mantle reservoir existed very early. The amount of preserved pre-3.0 Ga continental crust cannot explain such high epsilon values in the depleted residue unless the volume of residual mantle was very small: a layer less than 70 km thick by 3.0 Ga. Repeated and exclusive sampling of such a thin layer, especially in forming the felsic gneiss complexes, is implausible. Extraction of enough continental crust to deplete the early mantle and its destructive recycling before 3.0 Ga ago requires another implausibility, that the sites of crustal generation of recycling were substantially distinct. In contrast, formation of mafic or ultramafic crust analogous to present-day oceanic crust was continuous from very early times. Recycled subducted oceanic lithosphere is a likely contributor to present-day hotspot magmas, and forms a reservoir at least comparable in volume to continental crust. Subduction of an early mafic/ultramafic oceanic crust and temporary storage rather than immediate mixing back into undifferentiated mantle may be responsible for the depletion and high epsilon(Nd) values of the Archean upper mantle