A managed fund is a type of financial vehicle made up of a pool of money collected from many investors to invest in securities like stocks, bonds, property, and other assets. Managed funds are operated by professional fund managers, who allocate the fund's assets and attempt to produce capital gains or income for the fund's investors. A managed fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus. Managed funds give small or individual investors access to professionally managed portfolios of equities, bonds, and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Managed funds invest in a vast number of securities, and performance is usually tracked as the change in the total market cap of the fund—derived by the accumulative performance of the underlying investments.