professionally managed firm of
collective investments that collects money from many investors and puts it in
stocks,
bonds, short-term
money market instruments, and/or other
securities.
[1] The
fund manager, also known as portfolio manager,
invests and
trades the fund's underlying securities, realizing
capital gains or losses and passing any proceeds to the individual investors. Currently, the worldwide value of all mutual funds totals more than $
26 trillion. [2]
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