Question 20 Which one of the following statements is false? The fund manager chooses when to buy and sell securities in the fund. The fund manager is responsible for choosing the securities that are contained in the fund. As an investor, you should be concerned with how long a fund manager has been managing a mutual fund. If a manager has been managing a fund for 5 or 10 years, it is time to change managers and get someone with new ideas. Managed funds have higher fees than index funds