The French presidency is based on a semi-presidential system where both a president and a prime minister are active participants in the day-to-day administration of the state. France's president appoints a prime minister, who then forms a government.
The Portfolio Management Rating is the same as our Stock Rating except that we incorporate Asset Allocation in the Portfolio Management Rating. The Total Annual Costs Rating captures the all-in cost of being in a fund over a 3-yr holding period, the average holding period of all mutual fund investors.
For a mutual fund, the net asset value per share usually represents the fund's market price, subject to a possible sales or redemption charge. For a closed-end fund, the market price may vary significantly from the net asset value.