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A public company is an open book--albeit one written in CPA-speak. In its annual report and in mountains of other public information, investors can find a wealth of details, from currency hedges to the CEO's compensation and perks.
You would think that mutual-fund shareholders have similar rights to information about their investments. But they don't. Few funds give their investors much more than the law demands: a description of their legal structures, summaries of investment strategies, data on past performance, and details on commissions and expenses.
Missing is significant information that could help investors make more informed fund choices: a ...