资本市场经济分析.pptVIP

Mutual Fund Fees International Funds international funds tend to concentrate primarily on international stocks Global funds tend to keep a minimum of 25 percent of their assets in the United States Single-country funds concentrate on the securities of a single country Some ETFs concentrate on foreign country and international indexes. Investing internationally exposes investors to currency risk (exchange-rate risk) 私募基金(Privately Offered Fund) 　 相对于公募基金（public offering）而言； 　　一般只面向特定的少数投资者筹集资金； 　　销售、赎回等运作过程私下协商, 依靠私人间信任； 　　投资起点通常较高； 　　不得利用公开传媒等进行广告宣传，不得公开地吸引和招徕投资者； 　　基金发起人、管理人通常也会以自有的资金进行投资，从而形成利益捆 绑、风险共担、收益共享的机制； 　　监管环境相对宽松； 　　信息披露要求不严格； 　　保密度较高； 　　反应较为迅速，具有非常灵活自由的运作空间； 　　投资回报相对较高； 阳光私募基金 借助信托公司发行的，经过监管机构备案，资金实现第三方银行托管，有定期业绩报告的投资于股票市场的基金，阳光私募基金与一般（即所谓“灰色的”）私募证券基金的区别主要在于规范化，透明化，借助信托公司平台发行能保证私募认购者的资金安全。与阳光私募基金对应的有公募基金。 对冲基金（Hedge Fund） Open to a limited range of professional or wealthy investors Undertake a wider range of investment and trading activities Typically commit to a particular investment strategy Do not actually hedge their investments.Using short selling and other hedging methods to increase rather than reduce risk. Using leverage and derivative securities Typical manager may charge fees of 2 and 20, a management fee of 2% of the funds net asset value each year and a performance fee of 20% of the funds profit Secretive entities with few public disclosure requirements As a general indicator of scale, the industry may have managed around $2.5 trillion at its peak in the summer of 2008. 对冲基金的风险Hedge Fund Risk Leverage Short selling Appetite for risk Lack of transparency Lack of regulation How Mutual Fund Shares Are Sold Mutual funds typically are purchased either: 1. Directly, from a fund company, using mail or telephone, or at the company’s office locations; 2. Indirectly, from a sales agent, including securities firms, banks, life insurance companies, and financial planners.