同基金.pptVIP

Summary 单位投资信托、封闭型基金管理公司以及开放型基金管理公司都是把投资公司按类别与法规划分后形成的。从本质上来说，单位投资信托是不用管理的，它的资产组合一旦确立就固定不变。相反，管理投资公司，当其资产组合的经理认为有必要时 就改变其资产组合的构成。封闭型基金的交易与其他证券相同，投资者不能赎回股份。 而开放型基金可按投资者的要求，以资产净值赎回股份。 Unit investment trusts, closed-end management companies, and open-end management companies are all classified and regulated as investment companies. Unit investment trusts are essentially unmanaged in the sense that the portfolio, once established, is fixed. Managed investment companies, in contrast, may change the composition of the portfolio as deemed fit by the portfolio manager. Closed-end funds are traded like other securities; they do not redeem shares for their investors. Open-end funds will redeem shares for net asset value at the request of the investor. Summary 资产净值等于基金所持有的资产市值减去基金的负债，再除以发行在外的基金 股份数。 Net asset value equals the market value of assets held by a fund minus the liabilities of the fund divided by the shares outstanding. Summary 共同基金在很大程度上免除了个人投资者管理自己证券的麻烦，为他们的资产组合提供了专业化服务，也为他们带来了通常只有大投资者才有的优势，譬如节约交 易成本等。另一方面，投资于共同基金，也要支付管理费用与其他费用，这减少了投 资者的收益率。基金也减少了某些投资者变现资本利得的机会。 Mutual funds free the individual from many of the administrative burdens of owning individual securities and offer professional management of the portfolio. They also offer advantages that are available only to large-scale investors, such as discounted trading costs. On the other hand, funds are assessed management fees and incur other expenses, which reduce the investor’s rate of return. Funds also eliminate some of the individual’s control over the timing of capital gains realizations. Summary 共同基金通常按照投资策略进行分类，主要分为货币市场基金和股权基金。对于股权基金，再按照对收入和增长不同的重视程度进一步分为：固定收入型基金、平衡和收入型基金、资产配置型基金、指数化基金及特定行业基金。 Mutual funds are often categorized by investment policy. Major policy groups include money market funds; equity funds, which are further grouped according to emphasis on income versus growth; fixed-income funds; balanced and income funds; asset allocation funds; in