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・ Fund accounting
・ Fund administration
・ Fund derivative
・ Fund for Armenian Relief
・ Fund for Assistance to Private Education
・ Fund for Peace
・ Fund for Reconciliation and Development
・ Fund for Rural America
・ Fund for the Arts
・ Fund for the Defense of Net Neutrality
・ Fund for the Public Interest
・ Fund for the Replacement of Animals in Medical Experiments
・ Fund for UFO Research
・ Fund for Wild Nature
・ Fund governance
Fund of funds
・ Fund platform
・ Fund Processing Passport
・ Fund.com
・ Funda
・ Funda Arar
・ Funda Bilgi
・ Funda Payan
・ Funda Önal
・ Funda, Angola
・ Fundable
・ Fundacion Arcoiris (Rainbow Foundation) (NGO)
・ Fundacion Manantiales
・ Fundacion NYC
・ Fundacion Pablo Atchugarry


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Fund of funds : ウィキペディア英語版
Fund of funds

A "fund of funds" (FOF) is an investment strategy of holding a portfolio of other investment funds rather than investing directly in stocks, bonds or other securities. This type of investing is often referred to as multi-manager investment. A fund of funds may be "fettered", meaning that it invests only in funds managed by the same investment company, or "unfettered", meaning that it can invest in external funds run by other managers.
There are different types of FOF, each investing in a different type of collective investment scheme (typically one type per FOF), for example a mutual fund FOF, a hedge fund FOF, a private equity FOF, or an investment trust FOF. The original Fund of Funds was created by Bernie Cornfeld in 1962. It went bankrupt after being looted by Robert Vesco.〔De Vries, M. F. R. "The entrepreneurial personality: a person at the crossroads." ''Journal of management studies'' 14.1 (1977): 34-57.〕
==Features==
Investing in a collective investment scheme may increase diversity compared with a small investor holding a smaller range of securities directly. Investing in a fund of funds may achieve greater diversification. According to modern portfolio theory, the benefit of diversification can be the reduction of volatility while maintaining average returns. However, this is countered by the increased fees paid both at FOF level and at the level of the underlying investment fund.

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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