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 long-term hold, as defined by the Internal Revenue Service for tax purposes, is owning a stock position for one year or longer. Theoretically, the longer you hold a stock, the more likely you will ride through periods of volatility and eventually enjoy profits as the underlying company grows.