Comprehensive and Detailed Explanation From Exact Extract:
Fund wraps are managed portfolios with pre-selected asset allocation models, where the wrap sponsor is responsible for allocation decisions. The feedback from the document states:
"A fund wrap program provides a series of portfolios with multiple mutual funds to reflect pre-selected asset allocation models. Each model is designed to meet the needs of a group of investors sharing a similar client profile. Responsibility for the asset allocation decision falls to the wrap sponsor."
[Reference:Chapter 12 – Riskier Mutual Fund ProductsLearning Domain:Analysis of Mutual Funds, ]
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