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Born in Montgomery, Alabama, Dreyfus was a graduate of Lehigh University in Pennsylvania. [2] He is widely publicized for being the man who "invented" the commonplace mutual fund through direct marketing to the public.
A mutual fund is an investment fund that pools money from many investors to purchase securities.The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital'), and the open-ended investment company (OEIC) in the UK.
Edward G. Leffler was an American former salesman of aluminium pots and pans, who introduced in 1924 the mutual fund. [1] He was selling securities for six years before starting the first mutual fund. [2] He was of Swedish descent from Wisconsin. [3]
Founded in 1924, MFS is one of the oldest asset management companies in the world and has been credited with pioneering the mutual fund. [1] [2] The first mutual fund, the Massachusetts Investors Trust fund, is still in operation today. MFS had $645.3 billion in assets under management as of September 30, 2024.
An ideal investment vehicle for Bogle was a low-cost index fund representing the entire US market, held over a lifetime with dividends reinvested. His 1999 book Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor became a bestseller and is considered a classic within the investment community. [2] [3]
The fund’s share price fluctuates based on the net asset value (NAV) of all of the mutual fund’s holdings. NAV is calculated by dividing the total value of a mutual fund’s assets (less ...
As master investor T. Rowe Price noted: "No one can see ahead three years, let alone five or ten. Competition, new inventions -- all kinds of things -- can change the situation in twelve months." 59.
Two years later it created target-date retirement funds. [23] In 2010, T. Rowe Price bought a significant interest in Unit Trust of India, India's oldest mutual fund company and one of its five largest. [24] Since 2000, T. Rowe Price has opened global offices in locations ranging from Madrid and Dubai to Stockholm and Sydney. [25]