Mutual Funds Other Investment Companies.ppt
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1、CHAPTER 4 Mutual Funds Other Investment Companies,Curriculum name: Investment 投资学Curriculum teacher: Ying Dong 董莹 Major: Finance 金融学专业,4-2,Investment Companies,定义:Pool funds of individual investors and invest in a wide range of securities or other assets.功能 Services provided:Administration & record
2、keeping记账管理Diversification & divisibility分散化与分割性Professional management专业化管理Reduced transaction costs降低交易成本,http:/ Asset Value 资产净值,Calculation: Market Value of Assets - Liabilities Shares Outstanding,4-4,Types of Investment Companies,Unit Trusts (redeemable trust certificates)单位投资信托Fixed portfolio
3、of uniform assetsUnmanagedSponsors earn profit by selling shares at a premium to the cost of assetsTotal assets have declined from $105 billion in 1990 to $29 billion in early 2009,4-5,Types of Investment Companies,2. Managed Investment Companies投资管理公司Open-End 开放型基金(not trade on organized exchanges)
4、Fund issues new shares when investors buy in and Redeems shares when investors cash outPriced at Net Asset Value (NAV)Closed-End 封闭型基金( trade on organized exchanges )no change in shares outstanding; old investors cash out by selling to new investorsPriced at premium or discount to NAV like stocks,4-
5、6,Types of Investment Companies,Other investment organizations Not formally organizedCommingled funds 综合基金Offer unit not share, like open-endTrust or retirement account; By bank or insurance company (money/bond/stock funds)REITs 不动产投资信托(高杠杆/负债率在70%以上)Like closed-endEquity trust & Mortgage trust(obje
6、ct)By bank, insurance or mortgage company Hedge Funds 对冲基金(私人合伙/免监管/富有或机构投资者),http:/ Funds: Open-End Investment Companies,Money Market 货币市场基金Equity 股权基金Sector 行业基金Bond 债券基金(by issuer/maturity)Balanced 平衡型基金Asset Allocation and Flexible 资产灵活配置型基金Index 指数基金Global/International/Regional/Emerging 全球/国际/
7、区域/新兴市场基金,4-8,Table 4.1 U.S. Mutual Funds by Investment Classification,8,Junk,3-9,Exercise 1,Does Mutual Funds mean a fixed portfolio of uniform assets? Can a Open-end Fund Priced at premium or discount to NAV like stocks ? Why? Does Index Fund replicate the composition of stock price index and is r
8、elative low-cost?,4-10,How Funds Are Sold,Direct-marketed funds 基金承销商直接交易Sales force distributed 通过销售商的经纪人间接交易Revenue sharing on sales force distributedPotential conflicts of interestFinancial Supermarkets 金融超市Not charging sales commission不收佣金Unified record offered by different complexes 尽管由不同个体提供,但
9、有统一交易记录Higher expense ratios passed along the cost of participating in these programs,4-11,Costs of Investing in Mutual Funds,Fee Structure: Four typesFront-end load 前端费用(broker commissions; paid once/ at first) 购买股份时需要支付的佣金或销售费用,支付给出售基金的经纪人2. Operating expenses 运营费用(reduced from P value) 管理资产组合时产生的
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