Funds & ETFs
What happens if a fund or platform fails
Client asset rules and compensation schemes protect against firm failure and not against investment losses.
Funds & ETFs
Index construction, tracking error, expense ratios and structure.
Funds & ETFs
Comparing two funds properly
Performance is the least useful comparison, and a short list of other checks distinguishes them reliably.
Funds & ETFs
Thematic and sector funds
They are launched after a theme has performed well, and the gap between fund returns and investor returns is widest here.
Funds & ETFs
Factor investing, explained honestly
The research is substantial, the implementation is variable, and the periods of underperformance are longer than most people can tolerate.
Funds & ETFs
Bond funds and how they differ from bonds
A bond has a maturity date and a bond fund does not, which changes the experience of holding one substantially.
Funds & ETFs
ESG and sustainable investing
The label covers approaches that differ enormously, the evidence on returns is mixed, and the impact question is separate from both.
Funds & ETFs
Dividends and what they actually mean
A dividend is not free money, income investing has behavioural appeal and mathematical limitations, and total return is what matters.
Funds & ETFs
Multi-asset funds and target date funds
A single fund holding a fixed allocation removes several decisions, and for many investors that is worth more than the extra cost.
Funds & ETFs
Reading a fund factsheet
Two pages contain everything needed to assess a fund, and most people read only the performance chart.
Funds & ETFs
Active management: what the evidence says
A majority underperform after costs over long periods, persistence is weak, and the arithmetic explaining this is simple.
Funds & ETFs
Exchange-traded funds and how they differ
The wrapper changes how you buy and sell, introduces its own costs, and encourages behaviour that costs more than it saves.
Funds & ETFs
Fund charges and what they actually cost you
A fraction of a percentage point compounds into a substantial sum, and several costs are not in the headline figure.
Funds & ETFs
What an index fund actually is
The construction of the index determines what you own, and the differences between apparently similar funds are larger than expected.