Chapter 25 Professional Asset Management(投资分析与投资组合管理)解析.pptVIP

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Chapter 25 Professional Asset Management(投资分析与投资组合管理)解析.ppt

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Lecture Presentation Software to accompanyInvestment Analysis and Portfolio ManagementSeventh Editionby Frank K. Reilly Keith C. Brown Chapter 25Professional Asset Management Questions to be answered: What are the different ways that professional asset management firms can be organized? How has the structure of the asset management industry changed over time? How are managers at investment advisory firms compensated? Chapter 25Professional Asset Management Who manages the investment company portfolio and how are its managers compensated? How do you compute the net asset value (NAV) for an investment company? What is the difference between closed-end and open-end investment companies? What is the difference between the NAV and market price for a closed-end fund? Chapter 25Professional Asset Management What are load fees, 12b-1 fees, and management fees and how do they influence investment company performance? What are the two major means of fund distribution and what has been the trend for each approach? Given the breakdown of all funds by investment objectives, which groups have experienced relative growth or decline? Chapter 25Professional Asset Management Given a desire to have a personal portfolio manager perform certain functions for you, how do investment companies help fulfill this need? What are the ethical dilemmas involved in the professional asset management industry? What has been the risk-adjusted performance of mutual funds relative to alternative market indexes? The Asset Management Industry: Structure and Evolution Contract directly with a management and advisory firm relationship with client assets under management (AUM) separate accounts customized Commingling of investment capital of several clients in an investment company What is an Investment Company? An investment company invests a pool of funds belonging to many individuals in a portfolio of individual investments such as stocks and bonds The total market value of all investments di