Ins and Outs of Funds of Funds

Please help me with this rather mysterious group known as funds of funds. Are there any in particular that have good track records? How do they vary? -- Kingsley Hooker

A fund of funds can be a great all-in-one investment, depending on what's in the fund and how much it costs you.

There isn't much that's mysterious about a fund of funds. The name really says it all. It's a mutual fund that invests in other mutual funds. These portfolios can invest in the funds from a single fund family or from the universe of mutual funds. ...