了解各种回报计算方法.PDFVIP

積金課室MPF Classroom –How to... May 2013 了解各種回報計算方法 Understand the calculations of various return metrics 以便投資者更透徹了解列印在基金便覽上的資訊，以下是一些 To help investors better understand the information disclosed 與基金回報有關的名詞略加解釋 。 on fund factsheets, we have listed below explanations of some fund returns terminologies. 曆年回報 Calendar Year Return This is the return that captures the performa nce from the 又稱為期內回報，是指某一年由年頭至年底的全年回報。假設 beginning of year to year-end in a particular year. For example, 某基金在2011 年1 月1 日的價格為港幣10 元，而該基金在 the unit price of the fund as of 1 January 2011 was HK$10, and 2011 年12 月31 日的價格為港幣10.5 元，它的曆年回報便 the fund price at the end of the year was HK$10.5. The 會是5% （即（10.5 元-10 元）/ 10 元x100% ）。 calendar year return of this fund was thus 5% (HK$10.5 – HK$10)/ HK$10. 累積回報 Cumulative Return 累積回報的計算方式與曆年回報一樣，只是回報計算年期有所 The methodology in calculating cumulative return is the same as calendar year return. However there is a difference in terms 不同。 of the duration of calculation. 一般來說，基金便覽會包括1 年、3 年、5 年、10 年及自基 In general, fund factsheet would include the 1-year, 3-year, 5- 金成立以來的累積回報數據。假設某基金截至2011 年12 月 year, 10-year and since inception cumulative return of the fund. 31 日的3 年累積回報是10% ，該基金的價格於2009 年1 月 For instance, if a fund’s 3-year cumulative return as of 31 1 日為港幣10 元，它在2011 年12 月31