资本市场和金融机构81学习教案

1、会计学1第一页，共21页。24-2第1页/共21页第二页，共21页。3Asset Growth as percentage of previous years assetsMoney Market FundsLong-Term FundsSource: The Investment Funds Institute of Canada第2页/共21页第三页，共21页。4Long-Term Stand-Alone FundsFund-of- FundsSource: The Investment Funds Institute of Canada第3页/共21页第四页，共21页。5第4页/共21页

2、第五页，共21页。6FundParent Co.Dec 04 Assets ($billions)1IGM Financial (Investors, Mackenzie Financial)Power Corp of Canada82.72RBC Asset Management IncRoyal Bank47.03C.I. Mutual Funds Inc.Independent43.14Aim Trimark InvestmentsAMVESCAP PLC, U.K.42.15CIBC Asset ManagementCIBC41.76TD Asset Management GroupT

3、D Canada Trust26.37Fidelity Investment Canada LtdFidelity Investments, U.S.32.38AGF Management LimitedIndependent23.39Franklin Templeton InvestmentsFranklin Templeton Inv. US20.110BMO Investments Inc.Bank of Montreal19.7Total Assets387.4Big Six Banks subsidiaries. MF of $165.2-billion (1/3 of total

4、in 2004)第5页/共21页第六页，共21页。7第6页/共21页第七页，共21页。8第7页/共21页第八页，共21页。94-9第8页/共21页第九页，共21页。10Vanguard 500 Index Fund Investor Shares (VFINX)Average Annual Total Returns as of 03/31/2004Ten Largest Holdings as of 04/30/20041. General Electric Co.2. Microsoft Corp.3. Exxon Mobil Corp.4. Pfizer Inc.5. Citigroup

5、, Inc.6. Wal-Mart Stores, Inc.7. American International Group, Inc.8. Intel Corp.9. Bank of America Corp.10. Johnson & JohnsonTop Ten Equals 22.4% of Total Net Assets第9页/共21页第十页，共21页。111 Year1 Year3 Year3 Year5 Year5 Year10 Year10 YearSince Since InceptionInception8/31/19768/31/1976500 Index Fun

6、d Inv35.31%10.84%2.80%2.56%9.84%S&P 500 Index35.31%10.76%2.70%2.48% 第10页/共21页第十一页，共21页。12Portfolio of Canadian and international stocksBy diversifying the portfolio, the variance of the portfolios return relative to the variance of the markets return (beta) is reduced to the level of systematic

7、risk - the risk of the market itself.20406080Number of stocks in portfolio10203040501100Portfolio ofCanadian stocks12%27%Percent risk第11页/共21页第十二页，共21页。13第12页/共21页第十三页，共21页。14第13页/共21页第十四页，共21页。15第14页/共21页第十五页，共21页。16e) What is the total value of net assets at the end of the day (NA1)? f) What is the NAV at the end of the day? g) Suppose the asset manager is paid a fee of 0.5% of the increase in the total value of net assets.What is the dollar amount of the fee obtained at the end of the day? 第15页