-基金管理公司和基金的管理pic(17页).pptVIP

基金管理公司和基金的管理 金岩石 Turning Point-Between $40 Million and $80 Million (II) Performance versus Assets业绩和资产规模：转折点在4000万-8000万美圆II * 1900 1924 1928 1929 1940 1953 1960 1968 1970 Mutual Fund “Go-Go Years” “Star” portfolio managers promoted to the public First significant investment in funds by public First no-load Fund introduced by Scudder, Stevens Clark NYSE begins The Monthly Investment Plan Introduces dollar-cost averaging Market Crash Leads to Great Depression First mutual funds Introduced in the United States Massachusetts Investors Trust State Street Investment Trust First balanced fund introduced Industrial Power Securities (Created by Walter L. Morgan) Renamed in 1935 as The Wellington Fund Investment Company Act of 1940 defines three types of investment companies: Face Amount certificate Company Unit Investment Trust Management Company Mutual fund time line:1924-1970 (Figure3-1) 共同基金发展历程1924-1970 197019721973……..19741975197619791980 Two-year severe bear market, lasts to end of 1974 Dow loses nearly 50% of its value Investors flee stocks and funds. Securities Act Amendments of 1975 Deregulation of fixed commissions Tax-exempt money market funds introduced 12b-1 fees approved by the SEC First index fund introduced Vanguard Index Trust-tracks SP 500 Fidelity launches first money market mutual fund with check writing privileges. First Money market mutual fund created Mutual fund time line:1970-1980. ( Figure 3-2) 共同基金发展历程1970-1980 1980198119821983198719881990……1992…….199519982000 Tax Act of 1981 creates Individual Retirement Accounts (IRAs) Mutual funds marketed to IRA holders, transforming them from savers to investors The longest bull market in history begins Banks offer money market checking accounts to compete with money market mutual funds October 19th Market Crash Dramatic increase in the number of mutual funds and cash inflow Number of funds exceed the number of stocks listed in exchanges Americans invest more in m