Does Your Fund Meet Its Fiduciary Responsibilities?
Every mutual fund family talks the talk about meeting the fiduciary responsibilities of its investors, but the current scandal shows that not all families walk the walk. For all the investors who want to know where their fund firms rank, now there's a way.
Don Trone, founder and president of Fiduciary Analytics, said the firm conducted the extensive study due to the groundswell of investors and retirement-plan fiduciaries asking what to do with funds from families implicated in the scandal. "Not surprisingly, the funds that have been implicated didn't rank very well," Trone said.
Vanguard and T. Rowe Price (TROW) did the best among the big fund families, ranking No. 8 and No. 20. The study measured individual funds according to eight due-diligence screens -- including performance, manager tenure and expenses -- and ranked funds within their peer group as "passed," "acceptable," "watch" or "replace." Fiduciary Analytics then ranked the fund families based on the percentage of their funds that merited either "passed" or "acceptable," the top two categories. Of Vanguard's 100 funds, 85% were in the "passed/acceptable" camps, while 71% of T. Rowe Price's 83 funds made the cut."
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