Open-end mutual fund redemptions (part 2)

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Open-end mutual fund redemptions (part 2)발음듣기

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Let's continue with the story of Pete's mutual fund.발음듣기

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So let's say that a year goes by and that even after paying Pete the 1%, so it had $500 of assets under management, this whole assets under management a year later, let's say it goes to, like I mentioned at the end of the last video, $1,000.발음듣기

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So Pete either is really good at or really lucky, or a little bit of both.발음듣기

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So it goes to $1,000.발음듣기

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So let me draw it like this.발음듣기

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So now it is that $1,000, and it still has the same five investors here.발음듣기

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And I'm lucky enough to be one of them.발음듣기

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So here are the five investors.발음듣기

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Let me draw the shares.발음듣기

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So there's one, two, three, four, five shares.발음듣기

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Now, each of the shares - well, the $1,000 is called the NAV, or the net asset value.발음듣기

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So let me give you that piece of terminology, just means net asset value.발음듣기

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And so there's an NAV per share.발음듣기

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The NAV per share right over here is $200.발음듣기

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I just took the total NAV and I just divided it by the shares.발음듣기

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And what's special about an open-ended mutual fund is at the close, or at the end of every day, either new shares can be removed from the fund or could be created for the fund.발음듣기

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So in the first video, I showed how I wanted to buy into the fund so I bought a share.발음듣기

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And that increase the NAV.발음듣기

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And it also increased the number of shares.발음듣기

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He had to create a share for me to buy, he didn't sell me share that already existed.발음듣기

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So you can imagine, after this type of performance more people would want to buy shares.발음듣기

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So now they would have to buy in to make things fair at $200 per share, because that's the current NAV per share.발음듣기

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So let's say that five more people want to buy in at $200 per share.발음듣기

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So what Pete would do, or what this mutual fund - it's not Pete really, it's the corporation - it would create five new shares.발음듣기

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So one, two, three, four, five.발음듣기

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If there was only one person that day it would create one share that day.발음듣기

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If there was 10 people that they would create 10 shares that day.발음듣기

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And it could keep doing this.발음듣기

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And the NAV of each of these are $200.발음듣기

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So it gives the shares to each of these people.발음듣기

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And they had to contribute $200.발음듣기

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So essentially it puts another $1,000 into the pool that Pete can now manage.발음듣기

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And so now the total NAV for the fund is $2,000 now.발음듣기

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And Pete will get his 1% management fee off of this entire $2,000.발음듣기

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Now let's say that we fast forward a little bit.발음듣기

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We fast forward a little bit to let's say Pete starts having a not so good year.발음듣기

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So let's say we fast forward a year past that and Pete has a negative 10% return.발음듣기

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So if you started at $2,000, and that's when you include taking his management fee out, you start at $2,000, you lose 105 in one year.발음듣기

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So it goes down to $1,800.발음듣기

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Let me do this in a new color.발음듣기

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So now he's at $1,800.발음듣기

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It's not completely drawn to scale, but hopefully you get the idea.발음듣기

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So now he is at $1,800.발음듣기

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But you still have a total of 10 shares.발음듣기

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So let me do my best to draw the 10 shares.발음듣기

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So I have one, two, three, four, five, six, seven, eight, nine, 10.발음듣기

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These should be of equal size.발음듣기

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And now the NAV per share is going to be 1,800 divided by 10, or $180.발음듣기

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And let's say that I get a little bit freaked out by this recent performance.발음듣기

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And I have some other commitments with my money.발음듣기

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So I say Pete, you need to buy my share back from me.발음듣기

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So what Pete does is he would give me back $180.발음듣기

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So the total NAV would lose $180.발음듣기

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So it would go down to $180.발음듣기

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So we would take this out of it.발음듣기

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1,800 minus 180 is 1,620.발음듣기

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So now it is 1,620.발음듣기

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And they would buy back a share from me.발음듣기

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So they would cancel one of the shares.발음듣기

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But notice, the NAV per share does not change.발음듣기

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By me redeeming my share it does not change what happens to everyone else.발음듣기

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Now you have 1,620 divided by 9 shares, that should still get you to be $180 per share, if I did my math right.발음듣기

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So 1,800 minus 180 gets you 1,620.발음듣기

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It should still be one $180 per share.발음듣기

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But this is the nature of an open-ended fund.발음듣기

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You can keep creating shares and selling them to the public to raise more money.발음듣기

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Or when someone wants their money back you essentially buy the share back from them, give them their money when you buy it back, and you remove that share.발음듣기

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So an open-ended fund, really at the close of every trading day, can keep growing or shrinking.발음듣기

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It could be keep adding more and more investors.발음듣기

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Or their investors can take their money back.발음듣기

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What's difficult about this from the fund manager's point of view, is that they have to manage this.발음듣기

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They have to manage this constant buying and selling with the public.발음듣기

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They have to manage the paperwork.발음듣기

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And if you think about it, they can't have all of their money invested in relatively illiquid assets, or even in regular stocks.발음듣기

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They have to keep some amount of their money.발음듣기

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And it's usually like 3% to 5%.발음듣기

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They have to keep some of this $2,000 before he lost my money, they have to keep some of it in cash.발음듣기

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And from an investor's point of view, they would say, well, if I'm good at investing I should try to minimize the amount of cash that I have because I'm not getting return on cash.발음듣기

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But because it's open-ended, because investors might come by and say, hey, I want my money, you have to have a little bit of cash as part of the asset pool in order to be able to buy people's shares back.발음듣기

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