投资学Chap03.pptVIP

Chapter 3 Mutual Funds and Other Investment Companies 3.1 Investment Companies Investment companies are financial intermediaries that collection funds from individual investors and invest those funds in a potentially wide range of securities or other assets. Administration record keeping Diversification divisibility Professional management Reduced transaction costs Net Asset Value(基金净值) Calculation Market Value of Assets - Liabilities Shares Outstanding Used as a basis for valuation of investment company shares. Selling new shares Redeeming existing shares Questions Consider a fund that managers a portfolio worth $120 million, the fund owes $5 million to its investment advisers, the fund has 5 million shares outstanding. NAV=($120-5)/5=$23/share If during the year, the fund manager sells one of the holding stock and replaces it with another stock worth $30 million, what is the fund turnover rate? turnover rate =$30/$120=25% Suppose that every time a fund manage trade, the transaction costs amount to 0.4% of the value of the trade, how much is the total return of the fund reduced by trading cost? (2 ? 0.4% ? 0.25) = 0.2% 3.2 Types of Investment Organizations Unit Investment Trusts（单位投资信托） Managed Investment Companies（投资管理公司） Open-End/ Closed-End Funds（开放/封闭式基金） Public/ Privately Offered funds(公募/私募基金） Other investment organizations（其他投资机构） Commingled funds（综合基金） REITs（不动产投资信托） Hedge funds（对冲基金） Unit Investment Trusts(单位投资信托) Unit investment trusts are pools of money invested in a portfolio that is fixed for the life of the fund. A sponsor buys a portfolio of securities which are deposited into a trust, then sells to the public the shares or units, all income and payments of principal from the portfolio are paid out by the trustees to the shareholders. Feature : unmanaged, the portfolio composition is fixed Managed Investment Companies Managed Investment Companies are pools of money invested in a portfolio of