A mutual fund consists of assets, i.e. securities, funds, bonds and other tangible values. A fund’s assets are owned by investors and their ownership rights are expressed by unit certificates. An unlimited number of people can invest in a mutual fund. Every investor has a share in the fund, by which the investor participates in all the fund’s investments and returns.
A mutual fund does not have legal personality. Its assets are not a part of the asset management company’s assets.