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.
A fund's expense ratio has a direct effect on the return to investors. If a fund portfolio earns 10 percent and the fund's expense ratio is 1 percent, the investors will realize a 9 percent return from their mutual fund shares. The average expense ratio for the different types of mutual funds can help investors evaluate the expenses of their own mutual fund investments.