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How to find out if the managers of a fund invest in the fund(s) that they are managing
Holy cow. It does take some digging, unless you are directly receiving the fund reports yourself, as a prospective or current shareholder... I just checked this one: DLFNX, run by the famous (or infamous?) Jeffrey Gundlach: DLFNX. That's the retail, not the institutional, class of shares.
Anyhow, at Morningstar, you can put in the ticker symbol and get the "snapshot" profile basic "quote" page. Click on "filings."
BURIED in all of the legalese is a spot where the "interested parties" are listed, and below that, it will show just HOW "interested" they are, in terms of the amounts they have invested in the funds. There are no hard-dollar figures, but in this case, at least, there are letter-codes indicating a RANGE between $0-X.xx that each of them has invested in EACH of the funds within the fund family.
Here's a link. I suppose the presentation and vocabulary used might vary depending on the fund; but I would bet that the information is required to be reported by the SEC or by some kind of federal law.
The SEC requires fund managers to list ownership stakes in the SAI, which is available either from M* under "filings" or from the fund company themselves.
That being said, funds are only required to list ownership within certain bands, with $1M being the top amount listed.
The data is presented in the fund's Statement of Additional Information, along with the ownership stake (if any) of the members of its Board of Directors, the names of the major shareholders (often 3rd parties or institutions) and the aggregate ownership of the fund by all interested parties combined.
The SAI is updated annually and generally filed with the fund's prospectus.
Every MFO fund profile contains this information, and we try to update it annually (though we sometimes miss). For funds where Morningstar offers a written analysis, the manager's stake is disclosed in the last sentence of the "people" section.
Comments
Anyhow, at Morningstar, you can put in the ticker symbol and get the "snapshot" profile basic "quote" page. Click on "filings."
BURIED in all of the legalese is a spot where the "interested parties" are listed, and below that, it will show just HOW "interested" they are, in terms of the amounts they have invested in the funds. There are no hard-dollar figures, but in this case, at least, there are letter-codes indicating a RANGE between $0-X.xx that each of them has invested in EACH of the funds within the fund family.
Here's a link. I suppose the presentation and vocabulary used might vary depending on the fund; but I would bet that the information is required to be reported by the SEC or by some kind of federal law.
http://quote.morningstar.com/fund-filing/SAI/2013/10/29/t.aspx?t=DLFNX&ft=497&d=124448c2e461db27b362241c0a68cdd5
That being said, funds are only required to list ownership within certain bands, with $1M being the top amount listed.
The SAI is updated annually and generally filed with the fund's prospectus.
Every MFO fund profile contains this information, and we try to update it annually (though we sometimes miss). For funds where Morningstar offers a written analysis, the manager's stake is disclosed in the last sentence of the "people" section.
David