投资学 4 Mutual Funds and Other Investment Companies教学幻灯片.pptVIP

Mutual Funds and Other Investment Companies;A mutual fund ;History of A mutual fund ;Usage of A mutual fund ;Net asset value;Used as a basis for valuation of investment company shares. Selling new shares Redeeming existing shares Calculation: Market Value of Assets - Liabilities Shares Outstanding;Turnover;Expenses and TERs;Expenses and TERs;Management fees;Non-management expenses;12b-1/Non-12b-1 service fees;Investor fees and expenses;Brokerage commissions;Types of mutual funds;Open-end fund;Exchange-traded funds;Equity funds;Shares Outstanding Closed-end: closed –end funds do not redeem or issue shares. Investors in closed-end funds who wish to cash out must sell their shares to other investors.no change unless new stock is offered. Open-end: Open-end funds stand ready to redeem or issue shares at their net asset value(although both purchases and redemptions may involve sales charges). When investors in open-end funds wish to “cash out ”their shares, they sell them back to the fund at NAV. changes when new shares are sold or old shares are redeemed. ;Open-End and Closed-End Funds: Key Differences; Introduction of Investment Companies Individual investors are choosing not to trade securities directly for their own accounts. Instead, they direct their funds to investment companies who purchase securities on their behalf. The most important of these financial intermediaries are open-end investment companies, more commonly known as mutual funds, to which we devote most briefly on other types of investment companies such as unit investment trusts and closed-end funds. Investment companies are financial intermediaries that collect funds from individual investors and invest those funds in a potentially wide range of securities or other assets. ;Services of Investment Companies;Unit Trusts: Unit investment trusts are pools of money invested in a portfolio that is fixed for the life of the fund. In fact, about 90% of all