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Asset-Backed Mutual Fund Launched by Angel Oak

Asset-Backed Mutual Fund Launched by Angel Oak-Image via Wikipedia

Angel Oak Capital Advisors, LLC (Angel Oak) is pleased to announce the launch of the Angel Oak Multi Strategy Income Fund (The Fund, Ticker: ANGLX). The Fund offers an easier way for individual and professional investors to invest in alternative fixed income instruments. It seeks to achieve high current income while providing less interest rate sensitivity than traditional fixed income assets.

The fund is managed by an Angel Oak team headed by portfolio managers Brad Friedlander and Ashish Negandhi.

“Our strategy initially is to focus on the asset-backed securities market. This asset class has traditionally been available only to hedge fund like structures, so we are excited to be opening a mutual fund that takes advantage of these types of opportunities in the fixed income marketplace,” said Friedlander, Angel Oak’s managing partner. Even though the initial focus will be on the asset-backed securities market, the Fund’s versatility allows the portfolio management team to continuously evaluate relative-value opportunities across all areas of the fixed income market. The advisor’s knowledge and expertise enhances its ability to incorporate alternative, structured and traditional fixed income.

“The Fund invests across fixed rate and floating rate securities, in an effort to effectively manage the interest rate risk of the overall portfolio according to our current views on the market,” added Friedlander.

Investors can purchase the Fund directly or through TD Ameritrade. More options to purchase the fund will be available over the coming months.

About Angel Oak Capital Advisors, LLC

Angel Oak Capital Advisors, LLC, is a boutique asset management firm based in Atlanta, with $200 million in assets under management. The firm is a fixed income specialist focused on creating value through fundamental credit analysis and asset selection.  The widely experienced Angel Oak Capital team targets its strategies to the unique needs of institutional investors and individuals. For more information, visit


Disclosure Statement: Past results are not indicative of future results. There is risk of loss when investing in mutual funds. Investors should carefully consider the investment objectives, risks, charges and expenses of the Angel Oak Multi Strategy Income Fund. This and other important information about the Fund is contained in the Prospectus, which can be obtained by calling 678-856-3275. The Prospectus should be read carefully before investing.

Distributed by Unified Financial Securities, Inc., 2960 North Meridian Street, Suite 300, Indianapolis, IN  46208. (Member FINRA)

Gold vs. The Fed

Gold vs. The Fed

Gold vs. The Fed-Image by digitalmoneyworld via Flickr

There were no worldwide financial crises of major magnitude during the Bretton Woods era (1947 to 1971), proving that Gold and Free Markets are a more efficient regulator of monetary policy than the Federal Reserve. When it last met, the FOMC signaled its desire to increase the rate of inflation by providing additional monetary stimulus. This policy is based on a false and dangerous premise – that manipulating the dollar’s buying power will lead to higher employment and economic growth. But empirical experience of the past 40 years points to the opposite conclusion. Guaranteeing a stable value for the dollar by restoring dollar-gold convertibility would be the surest way for the FED to achieve its dual mandate of maximum employment and price stability. For the 20 years (1947 to 1967) under dollar-gold convertibility, unemployment averaged only 4.7% and never rose above 7%, while real growth averaged 4% a year. Low unemployment and high growth coincided with low inflation, which averaged only 1.9% while interest rates were low and stable. However, since 1971 when President Nixon introduced Socialist Price Controls and formally broke the link between the dollar and gold, the USA has suffered higher unemployment (averaging 6.2%, more than 1.5 percentage points above the 1947-67 average) and lower real growth rates (averaging less than 3%). In addition, we have since experienced the three worst recessions since the end of World War II, with the unemployment rate averaging 8.5% in 1975, 9.7% in 1982, and above 9.8% for the past 2 years. During these 39 years of Government and FED manipulation, the consumer-price index rose, on average, 4.4% a year. That means that a dollar today is only worth about 1/6th of what it was worth in 1971.

Interest rates, too, have been high and unstable with Treasuries averaging more than 8% and hitting a high in 1980 of 21% and until 2003, never falling below 6%. This is symptomatic of the monetary uncertainty that has reduced the economy’s ability to recover from both external and internal shocks and led directly to one financial crisis after another. The world suffered no fewer than 10 major financial crises, beginning with the Oil Crisis of 1973 and culminating in the Financial Crisis of 2008-09, and now the Sovereign Debt Crisis and potential Currency Wars of 2010-11, and a MUNI Bond crisis looming for 2011. At the center of each of these crises were gyrating currency values – as the dollar’s value gyrates, it produces windfall profits and losses destroying the Capitalist System by interfering with the life blood signals given off by Supply and Demand. Thus, it never achieves the false promises that a floating dollar would make American labor more competitive and improve the nation’s trade balances. In 1967, one Dollar could buy the equivalent of 2.4 Euros and 362 Yen. Over the succeeding 42 years, the Dollar has been devalued by 72% against the Euro and 75% against the Yen. Yet net exports have fallen from surpluses up until 1967 to a $450 billion deficit today. The FOMC, like their predecessors, after 42 years still do not know what it is that needs to be done. By keeping the federal-funds rate near zero for almost two years, small businesses still cannot get loans and seniors not only suffer from the loss of safe retirement income due to artificially low interest rates, but they’re now advocating higher inflation at a time when their measures of inflation have completely broken down and are distrusted by everybody, both Foreign and Domestic, in the fallacious hopes of spurring economic growth and creating jobs. Economists may disagree on why the Gold Standard (Capitalism) delivered such superior results compared to the recurrent instability and overall inferior economic performance delivered by the current system (Socialism), but the data is clear. A Gold-based Capitalist System delivers higher employment and more price stability. The time has come to begin the serious work of reversing our accelerating march towards European style Socialism and move back as quickly as possible to a Gold backed Capitalist system for the benefit of America and the World.

The Communist’s desire for worldwide domination through an appointed UN, has been succeeding slowly but surely over the last 65 years, by first constantly changing their names from Progressives to Democrats, to Liberals (Socialists) and now back again to Progressives. This is an ongoing attempt to fool the electorate as to what and who they really are and blame their failures on Capitalism. Their political success really blossomed when the Socialists succeeded in taking over control of our education system so that even so called Conservative Economists were brought up on text books written by Socialists. (I was brought up on Samuelson and Keynes, but fortunately for me I could not get into Princeton or Harvard because their Jewish quota was full). They have succeeded to the point that, with the backing of a Liberal Press and Media, they are now blaming the debacle that we are now in on greedy banks, investors and businesses under the Capitalist system, feeding speculation and poor judgment. In truth the two housing bubbles were fed totally by 40 years of government interference with the workings of Capitalism.

Not knowing what else to do beginning in 2001, individual investors started accumulating Gold, while both the governments and their bankers were dumping Gold in an effort to hold down its rise. But today, most country’s central bankers are now piling back into Gold in hopes of finding a safe haven, while trying to get out of Fiat Currency, especially Euros and US Dollars (while trying their best to avoid crashing the dollar. This is a common sense response to the FOMC’s intention to decrease the buying power of the Dollar and destroy our savings.


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ETFs: Warnings From SEC

Certain ETFs May Not be Appropriate for Long-term Investors

Exchange-traded funds (ETFs) have grown increasingly popular with retail investors during the last decade. Securities regulators are concerned that investors may not understand how these complex investment products work or the potential risks they may face.

The Pennsylvania Securities Commission (PSC) today cautioned investors to make sure they understand ETFs before they invest and consider whether these investments are right for them. The PSC’s ETF advisory is available at

“As with any investment, investors should know what they are investing in. They should understand the risks, costs and tax consequences before investing in ETFs. Check under the hood,” said Chairman Robert Lam.

Exchange-traded funds are baskets of investments such as stocks, bonds, commodities, currencies, options, swaps, futures contracts and other derivative instruments that are created to mimic the performance of an underlying index or sector.

While ETFs are often compared to mutual funds and marketed to investors seeking safe, stable investments, not all ETFs are the same. The PSC’s advisory notes that some traditional ETFs may be appropriate for long-term holders, but others, including exotic leveraged and inverse ETFs, may require daily monitoring.

Two years ago, the association of state securities regulators, the North American Securities Administrators Association (NASAA), identified unsuitable ETF sales as a top threat to Main Street investors. “We continue to actively scrutinize a variety of issues related to ETF sales practices, such as point of sale disclosures, and the suitability of these products, particularly inverse and leveraged ETFs for long-term investors,” Commissioner Tom Michlovic said.

The ETF advisory outlines several risks associated with ETFs, including:

  • Liquidation. The number of ETFs that are shut down or liquidated, while previously a rare occurrence, is on the rise, up 500 percent in each of the last three years over 2007 levels (which equates to one ETF each week).
  • Fees. Leveraged and inverse ETFs must be traded all the time, therefore incurring substantial brokerage fees and commissions.
  • Tax Consequences. Leveraged and inverse ETFs may be less tax efficient due to daily resets that can result in significant short-term capital gains that may not be offset by a loss.


“Before you invest, you should contact the PSC to determine if the ETF and the person recommending the investment are properly registered with Pennsylvania,” Commissioner Steven Irwin said. Contact the PSC at 1-800-600-0007.

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Recent Zacks Analyst Blog Highlights announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: ConAgra (NYSE: CAG), Rite Aid (NYSE: RAD), Lennar (NYSE: LEN), Jabil Circuit Inc. (NYSE: JBL) and Paychex Inc. (Nasdaq: PAYX).

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Here are highlights from Thursday’s Analyst Blog:

Weak Jobless Claims

Stocks will likely continue to reflect what Fed Chair Bernanke said, or didn’t say, on Wednesday even as we got another negative labor market report this morning. The weak growth picture emerging out of the Fed chief’s news conference and today’s Jobless Claims report will likely force stocks to give back the gains of the last few days.

I discuss the disconcerting aspect of what the Fed chief said Wednesday below, but let’s look at this morning’s weaker than expected labor market report first.

Jobless Claims increased 9 thousand to 429 thousand, while the four-week average remained unchanged at 426 thousand. This is the 11th week running that the jobless claims number has remained above the 400 thousand level. Today’s number is a reversal of last week’s report and takes us back to the negative upward trend that we have been consistently seeing since early April. This does not bode well for the June non-farm payroll report coming early next month.

With respect to the Fed, it delivered as expected on most issues. It left interest rates unchanged, announced the end of QE2, and reiterated a positive economic outlook for the second half of the year. Importantly, the Fed did not tip its hand on another round of monetary stimulus.

But one negative thing stood out for me in the Fed chief’s news conference and this pertained to the causes of the ongoing weakness in the economy. Everybody, including the Fed, expects the weakness to be temporary and restricted to the first half of the year, with ‘normal’ growth resuming in the second half of the year. The consensus narrative assigns the blame for the weakness to factors such as Japan, high fuel costs, and inclement weather.

On Wednesday, the Fed chief came across as tentative and uncertain in explaining the causes of the softness. Granted, he did mention the above referred factors (Japan/Fuel), but stated that they were ‘partly’ to blame. Here is a direct quote of what Bernanke said on Wednesday, as reported by the Wall Street Journal:

“We don’t have a precise read on why this slower pace of growth is persisting…Maybe some of the headwinds that had been concerning us, like weakness in the financial sector, problems in the housing sector, balance sheet and deleveraging issues, some of these headwinds may be strong or more persistent than we had thought.”

This is a far less benign take on the ongoing economic weakness than a few transitory factors holding us back. if the causes of the slowdown are more structural and enduring, then we may have to recalibrate our growth outlook for the rest of the year.

Aside from Fed watch and the labor market report, we also have a few earnings reports this morning. ConAgra (NYSE: CAG) modestly missed on earnings, but beat on revenues. Rite Aid (NYSE: RAD) beat both earnings and revenue expectations, while homebuilder Lennar (NYSE: LEN) came ahead of expectations.

Jabil Reports Mixed 3Q

Jabil Circuit Inc. (NYSE: JBL) reported third quarter 2011 earnings of 49 cents per share, which missed the Zacks Consensus Estimate by a penny.

However, earnings per share (EPS) increased 75.0% year over year from 28 cents (including stock-based compensation but excluding amortization) reported in the prior-year quarter.

The strong results were driven by solid revenue growth in the quarter (up 22.2% year over year to $4.23 billion).

Operating Performance

Net income surged 83.4% year over year to $109.9 million. Net margin was 2.6% in the quarter compared with 1.7% in the year-ago period.

The solid bottom-line growth was driven by operating margin expansion in the quarter. Operating income shot up 51.1% year over year to $157.7 million in the first quarter. Operating margin was 3.7% compared with 3.0% in the year-earlier quarter.

Segment wise, Diversified manufacturing margin was 6.2% in the quarter. Core operating margin for the Enterprise and Infrastructure segment was 3.9%. High velocity posted a margin of 2.0% in the quarter.

The strong growth in operating margin fully offset a slight decline in gross margin. Although gross profit increased 21.5% year over year from $318.4 million in the quarter, gross margin stood at 7.5% in the quarter, down from 7.6% in the prior-year quarter.

The strong growth in operating margin was primarily driven by modest increases in selling, general and administrative expense (SG&A) and research and development expense (R&D), which were outpaced by strong revenue growth in the quarter.

SG&A expense increased 1.8% year over year to $154.1 million, while R&D was up 3.0% year over year to $6.5 million in the third quarter.


Jabil expects net revenue in the range of $4.1 billion to $4.3 billion for the fourth quarter of 2011. Diversified Manufacturing is expected to grow 7.0% sequentially, Enterprise and Infrastructure is anticipated to increase 3.0% sequentially, while High Velocity is forecasted to decline 13.0% on a sequential basis in the fourth quarter.

Jabil forecasts operating income for the fourth quarter (excluding stock-based compensation) in the $165.0 million to $185.0 million range (4.0% to 4.3% of the total revenue).

Jabil expects non-GAAP earnings per share to be between 52 cents and 60 cents for the fourth quarter. The Zacks Consensus Estimate is currently pegged at 48 cents (Zacks Consensus Estimate includes stock-based compensation).

Jabil expects to achieve revenues of $16.4 billion for fiscal 2011 (up approximately 22.3% year over year) and $20 billion by 2013.


Jabil provided a robust fourth quarter outlook, anticipating strong top-line growth for fiscal 2011 on the back of a mix shift toward high-margin diversified manufacturing systems. We believe Jabil remains well positioned to grow from the increasing adoption of clean technology and alternative energy. Moreover, a lean cost structure, increasing cash flow generation capabilities and an improving balance sheet are positives for the stock.

Paychex Disappoints in Q4

Paychex Inc. (Nasdaq: PAYX) reported fourth-quarter fiscal 2011 earnings of 33 cents per share, which came in line with the Zacks Consensus Estimate. Though the quarter’s results indicate an improving client retention rate and higher checks per client, lower sale of new units remains an overhang.


Paychex reported fourth-quarter 2011 revenues of $522.7 million, which missed the Zacks Consensus Estimate of $542.0 million, but increased 5.3% from $496.2 million reported in the year-ago quarter. The revenue upside can be attributed to year-over-year growth in both checks processed per client and the HR services client base.

Payroll Service segment revenue increased 4.6% from the year-ago quarter to $356.9 million, attributable to the contribution from SurePayroll Inc., acquired in February. Excluding the SurePayroll contribution, Payroll revenue would have grown only 3.0%.

Continued growth in checks processed per client as well as revenue per checks also added to the growth. However, the increase in new unit sales was sluggish, due to the limited number of new companies commencing business during the quarter.

The Human Resource Services segment generated $153.5 million in revenues, up 8.7% from the prior-year quarter. The improvement was partly due to the contribution from ePlan Services, which was acquired in May. The number of client employees served and the number of clients grew during the quarter, contributing to the increase. Moreover, demand for a new product, HR Essentials, also added to the segment’s revenue growth.


For fiscal 2012, Paychex expects a 5–7% increase in Payroll Service revenues compared to the year-ago quarter. Human Resource Services revenues are expected to increase in the range of 12.0% to 15.0%.

Total service revenue is likely to grow in the range of 7% to 9%. The company expects a 12–14% decline in interest on funds held for clients and a roughly 2% increase in net investment income.

Interest on funds held for clients and investment income for fiscal 2012 are expected to be impacted by the low interest rate environment. However, investment of cash generated from operations is expected to continue, so investment income will increase.

Net operating income is expected in the range of 35–36% of total service revenue. The effective tax rate is expected to be roughly 35% and net margin is projected at between 5% and 7%.

The guidance for fiscal 2012 includes anticipated results from Paychex’s recent acquisition of SurePayroll Inc. and its ePlan Services. The acquisitions are expected to have approximately a 2% positive impact on revenue, nonetheless resulting in earnings dilution of around 1 cent per share due to amortization on acquired intangible assets and some one-time acquisition costs.

Our Take

The fourth quarter has been lackluster over the past few years, relative to the other three quarters. Although results matched the company’s guidance in the fourth quarter of 2011, we are disappointed with the top line, which was well below our estimates.

However, we remain positive on management’s positive commentary regarding continued investments in product development and synergies from the recent acquisitions. We also believe that cost control measures will remain catalysts for Paychex, going forward.

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The Right Way To Increase Returns From Stock Option Trading

The Right Way To Increase Returns From Stock Option Trading-Image by Getty Images via @daylife

There was a steady rise in the employment of stock options by stockholders to maximise their leverage and returns during the last 12 months. Chicago Board Options Exchange affirms this observation when they reported recently the month of March was their busiest on record with volume up fifty five % over the same month last year. In truth all prior stock option dealing records were damaged when over 5.6 million stock option contracts were traded in one day.

Stock option trading enables investors to increase their leverage and thus their rate of return over simple stock trading. If an investor has a solid approach to picking stocks that go up in the short term, the returns can be increased by 10 to 15 times using stock options. The trade off for this increased return is that the investor has to also judge the time period over which the increase will occur.

Having the ability to pick the stock, direction, and time period are all vital for successful stock option dealing. A probabilistic research of over 30 years of stock information has made public certain reoccurring patterns that will yield significant returns in stock options trading. The research was done with custom developed software and then the technique was applied to all stocks for the last 5 years. Stock dealing ended in a mean return per trade of 3.2%, but with stock option dealing the average return per trade was over fifty five % for 2005.

Investors have already begun to exploit the patterns found in this research and are reporting highly profitable trades. Whenever investors find inefficiencies in the market, there is a rush to take advantage of those inefficiencies.

Although stock options are not available on all stocks, about half of the stocks found in the analysis did have tradable options. If the trend of increasing use of stock options by investors continues, we should see even more stocks add options for investors. It is easy to see that 60 to 70 percent of actively traded stocks will have option contracts available in the coming year if this trend continues.

Backers are suggested to look rigorously at the open interest and volume when considering which option contract to purchase. A low volume / open interest will most likely result in huge spreads between the bid / ask costs and therefore reduce profits, and it may make it tricky to sell the option contract.

Another thing to be considered in picking the option contract is volatility. Stocks with high swings in costs will translate into dearer options since the options will have a larger chance of being in the money. If you’ve got a trustworthy method of predicting stock movement, this higher price won’t be a consideration.

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Venture Capitalists: IPO Activity is Too Low

Venture capitalists from around the world say the current level of IPO activity is too low to support the health of the venture capital industry in their respective countries, according to the 2011 Global Venture Capital Survey sponsored by Deloitte and the National Venture Capital Association.

More than 80 percent of global venture capitalists surveyed stated that current IPO activity levels in their home countries are too low. The survey, conducted annually, reveals that venture capitalists believe high returns generated by IPOs are critical in providing superior returns to limited partners and growth capital to developing portfolio companies.

Venture capitalists in the United States, China, Brazil, India and France found it most important to have an active IPO market in their home countries, followed closely by the United Kingdom, Canada, Germany and Israel. In the U.S., where there has been a large and active venture capital and entrepreneurial community for many years, 91 percent of venture capitalists deemed the U.S. IPO market a critical element of the U.S. venture capital industry. In contrast to the global trend, only 36 percent of U.S. venture capitalists said that IPO markets in other geographies were essential to the success of the U.S. venture capital industry.

Globally, 87 percent of respondents selected NASDAQ as one of the three most promising stock exchanges for venture-backed IPOs; 39 percent selected the New York Stock Exchange (NYSE), and 33 percent cited the Shanghai Stock Exchange. The vast majority of venture capitalists around the world still look to the U.S. exchanges to provide a healthy and vibrant market, yet 87 percent of U.S. venture capitalists believe that the current level of IPO activity is too low.

“Clearly the industry continues to feel the ripple effects of the global economic downturn — most notably in the form of limited exit opportunities,” said Mark Jensen, partner, Deloitte & Touche LLP and national managing partner for venture capital services. “However, with signs of improvement in the economy and easing of the liquidity crisis, the tide may be turning.  Innovation continues to be an important driver in our economic health and a strong exit marketplace is critical to the venture capital ecosystem driving much of that innovation.”

Mark Heesen, president of the National Venture Capital Association, said, “The venture-backed IPO market has been an extraordinary creator of economic value in countless ways.  Not only have millions of jobs been created, but superior returns have been delivered to pension beneficiaries, endowments and charitable foundations for decades. Entire industries have been formed, pushing innovation forward, and changing the way we live and work for the better.  The recovery of the IPO market, both here in the U.S. and abroad, is not a nicety but a necessity for the future health of the global economy.”

The slowdown in IPO activity is attributed to a lack of several key drivers that are necessary for a vibrant capital markets system.  According to survey respondents the most important factors are a strong investor appetite for equity in public companies (83 percent); the need for a stable economic environment (52 percent); and the need for more adequate stock analyst coverage (32 percent). In the U.S., venture capitalists also cited the need for a competitive investment banking community (30 percent) for IPOs and easier reporting for newly public companies (33 percent).

“There is no doubt that the limited IPO market impacts investors and limited partners, but it’s important to remember that it affects entrepreneurs as well,” said Scott Tobin of Battery Ventures GP and head of the firm’s Israel office.  “When I talk to these folks, whether in the U.S., Israel or anywhere in the world, they dream of solving big problems and building long-lasting public companies that survive beyond their tenure as CEO. You need a healthy IPO ecosystem to encourage that innovation and ensure that these incredibly smart and talented individuals truly reach for the stars.”

Despite capital markets challenges, tremendous promise remains for the venture capital industry globally. Of those who are investing outside their home countries, more than half (57 percent) plan to increase this activity during the next five years and an additional 35 percent plan to maintain their level of investment.

The survey also shows a tremendous amount of excitement around IT, healthcare services and clean tech innovation globally. Approximately 69 percent of respondents cited a surge in investment in cloud computing, while 65 percent plan to increase investment in social and new media. Clean technology remains attractive with 62 percent of respondents planning to increase investments in this area and an additional 26 percent planning to maintain their levels of clean tech investment. In China and India, there is considerable interest in both biopharmaceuticals and healthcare services.

“The recent run of global IPOs shows that innovative companies can come from anywhere,” said Deepak Kamra, general partner of Canaan Partners. “Some of the companies with the strongest potential to become profitable global leaders have a multinational focus from the beginning – leveraging R&D in Israel, manufacturing in China, services in India, and partnerships in the U.S. — and this is driving investors to increase their global coverage.”

About NVCA

Venture capitalists are committed to funding America’s most innovative entrepreneurs, working closely with them to transform breakthrough ideas into emerging growth companies that drive U.S. job creation and economic growth. According to a 2011 Global Insight study, venture-backed companies accounted for nearly 12 million jobs and $3.1 trillion in revenues in the United States in 2010. As the voice of the U.S. venture capital community, the National Venture Capital Association (NVCA) empowers its members and the entrepreneurs they fund by advocating for policies that encourage innovation and reward long-term investment. As the venture community’s preeminent trade association, NVCA serves as the definitive resource for venture capital data and unites its 400 plus members through a full range of professional services. For more information about the NVCA, please visit

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

CONTACT: Anisha Sharma, Deloitte , Public Relations, +1-212-492-4427,; or Emily Mendell, National Venture Capital Association, +1-610-565-3904,

Web Site:

What Is A Mutual Fund?

What Is A Mutual Fund?

What Is A Mutual Fund?-Image via Wikipedia

Looking for a mutual fund to invest in will probably send your through many stocks and funds managers as you do your mutual fund research. Most investors will learn that retirement plans and broker managed investing accounts invest heavily in mutual funds. The facts about mutual funds is that in the United States, alone, more than half the population is invested in mutual funds.

The popularity of mutual funds rests in the concept behind mutually owned stocks and bonds. A mutual fund is managed by a portfolio manager. As you do more mutual fund research, you learn that the fund manager buys and sells stocks and bonds following the investment strategies for his mutual fund that is detailed in the mutual fund’s prospectus which can be ordered by contacting the mutual fund directly or through a stock broker.

Your mutual fund research will lead you to the most important information about your mutual fund which is the fees charged by the mutual fund to manage itself for their investors benefit. These fees are used to pay the portfolio manager and other managers that conduct trades and services for the mutual fund. Additionally, as you continue, you will learn that these fees are collected in several different manners.

Doing mutual fund research without discovering how and when fees are collected is not complete in understanding the operations of mutual fund. Your mutual fund research should let you know if a fee is charged when you first buy into a mutual fund. Some mutual funds charge a fee only when an investor sells his shares in the mutual fund. A mutual fund’s prospectus details when fees are charged, in what manner and what percentage is charged based on the total investment or the shares bought.

Part of your mutual fund research will be on identifying the meaning of terms used by mutual funds. Terms like open end funds, closed end funds, exchange traded funds and unit investment funds are general mutual fund terms that have generally understood definitions when used by a mutual fund prospectus. Finishing your mutual fund research into an understanding of the SEC and its overseeing capacity into the ethical management of mutual funds will give you a clear understanding of what a mutual fund is as well as learning about the Investment Company Act of 1940 that covers mutual funds as well.

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Bankrate, Inc. (NYSE: RATE) Goes Public

Apax Partners (“Apax”) has announced the successful initial public offering of Bankrate, Inc. (NYSE: RATE) (“the Company”), an online personal finance portal, marking the start of the next phase of the growth strategy for the business. Following the completion of the IPO, Apax Funds remain the majority shareholder with approximately 70% ownership of Bankrate’s common stock.

The Company has emerged from the downturn with a leadership position across each of its core verticals, strengthened by numerous acquisitions, including and in the second half of 2010. Apax Partners worked closely with management to identify, structure, negotiate and eventually integrate these two businesses that significantly expanded Bankrate’s depth and breadth of offerings to consumers and advertisers alike.

Mitch Truwit, a partner at Apax, comments: “These acquisitions strengthened Bankrate’s leadership position in online personal finance. They allowed Bankrate to achieve even greater scale and to further diversify its revenue streams, making it a great candidate for a return to the public markets — particularly given the continuing appetite amongst investors for high-quality, high-growth Internet companies.”

Apax Partners has been a meaningful investor in online sales and distribution platforms via its investments in Trader Media in the UK, SouFun in China and Trader Corporation in Canada. Amidst a cyclical downturn in financial services advertising, Apax Funds acquired Bankrate in August 2009 for $571 million in an all-equity investment. Following significant cutbacks in marketing budgets during the downturn, financial institutions have now refocused on brand promotion and customer acquisition, and Bankrate is well-positioned to strongly benefit from this recovery.

Funds advised by Apax Partners indirectly sold 6,782,962 shares of the common stock of Bankrate, Inc. in the Company’s IPO of 20 million shares of common stock, which was priced at the mid-point of the range at $15.00 per share on June 16, 2011.  Underwriters were also granted an option to acquire another 2,456,612 shares from these funds.  Bankrate’s shares began trading on June 17, 2011, on the New York Stock Exchange under the trading symbol “RATE.” At the offer price of $15.00, Bankrate has a market capitalization of $1.5 billion.

About Bankrate, Inc.

Bankrate is a leading publisher, aggregator and distributor of personal finance content on the Internet. We provide consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes.

About Apax Partners

Apax Partners is one of the world’s leading private equity investment groups. It operates across the United States, Europe and Asia and has more than 30 years of investing experience.  Funds under the advice and management of Apax Partners globally total around $40 billion.  These Funds provide long-term equity financing to build and strengthen world-class companies.  Apax Partners Funds invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services. For more information visit:


Ben Harding
Tel: +44 (0) 20 7872 6401

Todd Fogarty
Tel: +1 212 521 4854
Email: unveils new site to help investment advisors generate leads for their business

Upvice announces the official launch of their new Web site,, which helps connect investors with investment advisors. The mission of the company is to help investors get matched to advisors that are best qualified to meet their needs and most interested in their business.

“Upvice is the fastest and easiest way to find the right adviser,“ explains Christopher Joyce, CEO of Upvice Inc. “Investors can find financial advisors that have the experience they seek, get in-depth information about the advisor, and they can see how other investors rate the advisors. Advisors bid for the types of clients they want and pay only when we make a match.”

Upvice uses a proprietary algorithm to match investors to experienced, proven advisors that meet their requirements and have expressed interest in working with similar clients. Investors can get an excellent match with just their geographic location and portfolio size, or they can customize their search with additional details, such as preferred compensation model, investment goals, or risk tolerance.

Detailed financial advisor profiles are key to the Upvice website. On Upvice, each advisor maintains a comprehensive profile page, allowing investors to assess their services, philosophy, and other factors. Users can also rate financial advisors and can see ratings from other Upvice users.

At Upvice, rapid response times are built into the system. “We believe a great advisor understands the value of your time,” adds Joyce. Investors receive full contact information for their Upvice-matched advisor immediately, and will will be contacted directly within 30 minutes.

For investment advisors, Upvice is a new way to grow their business. Upvice is a sophisticated matching engine that empowers advisors to bid on and compete for investors that meet their qualifications. In other words, investment advisors can name their own price for high-quality leads on exactly the types of clients they want. Advisors can set bids based on the new client criteria that matter most to them, such as portfolio size, location, services needed, risk profile, and investment goals. Upvice only gets paid when an advisor accepts a lead, and they stand behind every lead with a money-back guarantee.

“For Investment Advisors, Upvice is a breakthrough business development tool that eliminates risk and maximizes revenue potential,” adds Joyce. “And investors win too because they get matched to the advisors that are best qualified to meet their needs and most interested in their business.”

Click here to see video about Upvice and how it works.

About Upvice:
Upvice Inc., based in Wilmington, Del., is the fastest and easiest way to find an advisor. Upvice is a sophisticated matching engine that empowers advisors to bid on and compete for investors that meet their qualifications. In other words, advisors can name their own price for high-quality leads on exactly the types of clients they want. Upvice Inc. is a Joyce Co company. To learn more about Upvice, visit the website at

About Joyce Co:
Joyce Co., based in Wilmington, Del., is a business development company specializing in identifying revolutionary ideas and turning them into successful start-up companies. To learn more about Joyce Co, visit the site at

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