Asset classes represent different segments of the economy and the financial markets. For example, the taxable bond asset class is comprised of debt securities such as U.S. Government bonds and Corporate bonds, whereas the international equity asset class includes stocks of publicly traded companies that are not based in the United States.
Similar to mutual funds, which are frequently offered in different share classes, Core accounts have objectives, management, and underlying investments that are identical across all classes. The primary difference is in the costs to you. Unlike mutual funds, which have different expense ratios and other fees that are unrelated to the direct management of the fund, such as 12b-1 fees, Galleon Core accounts have 0.0% expense ratios and no such fees. This simple fee structure was developed by Global Advisers with investors in mind.