中文chap共同基金与其他投资公司

1、第四章共同基金与其他投资公司4-2投资公司它从个人投资者手中汇集资金再将其广泛投资于各种证券或其他资产。提供的服务:记账与管理分散化与可分割性专业化管理较低的交易成本4-3资产净值计算公式: 资产的市值 负债 发行在外的股份数量4-4投资公司的类型单位投资信托固定统一的资产组合不需要积极的管理活动总资产从1990年的1050亿美元下降到2009年的290亿美元。4-5投资公司的类型投资管理公司开放式基金当投资者想要变现基金份额时，他们可以赎回或发行基金股份。以资产净值(NAV)把股份再卖给基金4-6投资公司的类型投资管理公司封闭式基金发行在外的股份数量没有变化；老的投资者想要变现的话必须将股份

2、出售给新的投资者。它的价格是资产净值的溢价或折价。4-7投资公司的类型其他投资机构综合基金Partnerships of investors that pool their funds. Designed for trusts or larger retirement accounts to get professional management for a fee. Operates similar to a mutual fund.Open-End and Closed-End Funds: Key Differences Shares OutstandingClosed-end: no

3、change unless new stock is offeredOpen-end: changes when new shares are sold or old shares are redeemed PricingOpen-end: Fund share price = Net Asset Value (NAV)Closed-end: Fund share price may trade at a premium or discount to NAV不动产投资信托Similar to closed end fund. Invest in real estate and real est

4、ate loans.Equity trusts purchase real estate.Mortgage trusts invest in mortgage and construction loans对冲基金 Similar to mutual funds, but not registered and not subject to SEC regulations.Available to institutional and high net worth investorsCan pursue investment strategies that are not allowed for m

5、utual funds. Grew from about $50 billion in 1990 to about $2 trillion in 2008.对冲基金对冲基金受到的约束与共同基金不同，一般不对外公布持有的证券组合。共同基金必须 披露投资策略在任意时刻允许份额赎回杠杆率受到限制不能持有空头头寸 对冲基金不受这些约束的限制出于对冲、投机和套利的目的，对冲基金使用复杂交易策略，已经成为衍生产品最大的用户。期权、期货及其他衍生产品（第八版） Copyright John C. Hull 201211对冲基金的交易策略股票多空对冲可转换债券套利受压（高风险）债券新兴市场全球宏观兼并套利期权

6、、期货及其他衍生产品（第八版） Copyright John C. Hull 2012124-13共同基金：开放式投资公司货币市场基金 股权基金行业基金债券基金平衡型基金资产灵活配置型基金指数基金国际基金4-14表4.1 美国共同基金的投资分类14Funds & Investment ObjectivesDomestic Stock FundsAggressive Growth Growth Growth & e Countercyclical Investment characteristicsFocus on capital gains, low eHigh turnoverSubstan

7、tial potential for capital lossCompatible Investor GoalsLong time horizonFinancial ability to remain in the marketsAbility to handle losses*Morningstar fund definitionsSector, Small Cap Growth, Mid Cap Growth*Large Cap GrowthSmall, Med, Large BlendSmall, Med, Large ValueBear MarketFunds & Investment

8、 ObjectivesIndex Funds Investment characteristicsGoal is to duplicate the performance of an index or market sector.Low turnover, low expensesCompatible Investor GoalsInvestors who believe in efficient markets and are seeking market returns with minimal expenses and turnover.Stock funds still require

9、 ability to handle risk and staying power.Broad marketIndustry or market sectorInternational marketSize subsetFunds & Investment ObjectivesBalanced fundsAllocation Funds Target Date Funds Investment characteristicsHold both stocks and bonds, allocations may vary over timeTurnover variesHigher e, low

10、er capital gains & lower potential for capital lossCompatible Investor GoalsIntermediate to long time horizonWilling to face higher tax liabilitySome ability to handle lossesWorld, moderate, conservativeConvertiblesNear term (to 2014), Intermediate (2015-2029),Long term (2030+)Funds & Investment Obj

11、ectivesFixed e fundsFederal Government Corporate Investment characteristicsFocus on e and current yieldLower potential for capital loss, inflation risk higherCompatible Investor GoalsShort to moderate time horizon okayUnderstand tax liabilityAdds diversification, e and safetyShort, Intermediate, Lon

12、g Inflation ProtectedUltrashort, Short, Intermediate, LongHigh Yield, MultisectorEmerging Markets, WorldBank LoansFunds & Investment ObjectivesInternational Stock FundsForeign Global or World Geographic regionEmerging marketsInvestment characteristicsRisk varies, but can be high, FX exposureExpense

13、ratios can be highSubstantial potential for capital lossCompatible Investor GoalsLonger time horizonInvestor seeking diversification and/or higher returnsAbility to remain in the markets & handle lossesSize and Value/GrowthSize and Value/GrowthFunds & Investment ObjectivesMoney market fundsTaxableTa

14、x ExemptInvestment characteristicsFocus on safety of principal and eEarn more than on bank accounts with little additional riskCompatible Investor GoalsShort time horizonAdd stability to a portfolioPotentially large opportunity losses & inflation risk4-21如何出售基金直接交易基金通过销售人员售出基金在销售人员之间实现收入共享潜在的利益冲突金融超

15、市 4-22共同基金的投资成本费用结构：四种费用运营费用前端费用撤离费用12 b-1 费用费用必须在招股说明书上披露不同等级证券组合的费用类型也不同4-23例 4.2: 不同等级基金的费用(德弗莱斯首要成长基金)4-24费用与共同基金的收益:例如期初资产净值 = $20获得的收入分配 $.15资本利得 $.05期末资产净值 = $20.10:4-25表 4.2 成本对投资业绩的影响4-26延时交易和市场择时延时交易 是指收市且资产定价已经确定之后接受买入指令或卖出指令的行为。市场择时 快进快出，允许以逾期资产净值的价格交易。净效应是将价值从普通股持有者手中转移到拥有特权的交易者手中。共同基金的

16、这种不正当交易行为受到了处罚。 新法规的实施制止了这种非法行为。4-27共同基金所得税在美国税收制度下，它具有转手性质。税赋仅由投资者承担基金投资者不能控制投资证券组合中证券的销售时间。投资组合换手率高的基金，其税收无效率更加明显。平均换手率 = 60%4-28交易所交易基金例如: “蜘蛛”, “钻石” 和“立方体”潜在的优势:像股票一样持续交易 可以卖空或用保证金买入低成本税收优势潜在的缺陷:价格可能会小幅度的偏离资产净值必须从经纪人手中购买4-29图 4.2 美国交易所交易基金的发展状况4-30表 4.3 交易所交易基金发起人及其产品4-31共同基金投资业绩: 初步探讨积极管理基金的业绩:19712009年的39年间，其中23年的平均