Mutual Funds
Gain During 1958
By JOSEPH E. WELCH
President, National Asso
ciation of Investment Com
panies and Executive Vice
President, Wellington Fund.
Although investment companies
got their start more than a cen
tury ago, they have had their big
gest growth in the United States
since 1940. Signs persist that 1958
is the year of their widest recogni
tion
Assets of the 145 open-end in
vestment company (mutual fund)
members of the National Associa
tion of Investment Companies
reached an estimated new high of
$lO 5 billion on June 30 In part,
this record total reflects the ris
ing value of the underlying seem
jty portfolios of these companies
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It is also a measure of the public
acceptance of investment com
panies generally.
During the first six months of
1958, for example, investors pur
chased mutual fund shares hav
ing an estimated value of $685,-
000,000 More than 1,500,000 in
dividuals and institutions or
about one-of-every-six U S inves
tors own such shares
For the most pait, they use
them as long-range investments
aimed at providing furure income
loi retirement and to receive
higher current income from their
savings Funds for future educa
uonal needs of children and pro
tection against inflation are other
accounts durnig the first half of
1958, making a total now in force
of more than 3,400,000 such ac
popular investment objectives.
There has been an increase of
300,000 mutual fund shareholder
counts
Studies show that mutual fund
AN AMBITIOUS SPOTTED POLAND pro
vided several moments of excitement dur
ing early phases of the Elizabethtown Ki
wanis Community Fair, Wednesday as he
was unloaded for weighing in the Swine
tent. Attempting an exit from his tilted
“shareholders are long-range inves
tors whose investment programs
apparently are unaffected by
short-term market shifts. Re
demptions of mutual fund shares,
largely representing the attain
ment of investment objectives by
shareholders, during the first half
of 1958 totaled an estimated $195
million, ora yearly ratio of 3.7
per cent based on current assets.
This compares with redemption
of -$212,811,000 for the first six
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months of 1957 and a redemption
latio of 4.7 per cent for the full
year.
Accumulation plans for the re
gular monthly or quarterly acqui
sitions of mutual fund shares con
tinued steady in popularity, af
fording many small investors the
opportunity to create modest es
tates for themselves out of cur
rent income. As of June 30, ap
proximately 757,000 such plans
were in force. They are incrcas-
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Lancaster Farming, Friday, September 19, 1958—11
crate is the pig, with onlookers, from left,
Carl Weidler, five-year-old son of Mr- and
Mrs Paul Weidler, Elizabethtown R. 3,
Mr. Weidler, Willis Hackman, swine super
visor at the fair, and Kerman Aldinger, also
of R.D. 3, Elizabethtown. (LF Photo)
mg at the rate of about 18,000
each month
Diversification of investment
and orofessional management of
portfolio are features investors
like best about mutual funds, our
association surveys show Con-
of ownership plus the
redemption feature, whereby the
companies stand ready at all
times to redeem an investor s
shares actually the unique
characteristic of all mutual funds
are also mentioned by inves
tors as favorite features of mu
tual funds.
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