资本市场和金融机构8-1讲义教材.ppt

Mutual Funds, Hedge Funds and Pension Funds (Ch 5 Textbook by Saunders et al) Outline Mutual Funds 1.1 Quick Facts of MFs 1.2 Advantages 1.3 Types 1.4 Structure of MFs 1.5 Expenses 1.6 Regulations Hedge Funds Pension Funds Defined Contribution Plan Defined Benefit Plan. Numerical Examples Concluding remarks 1.1 Quick Facts of Canada’s MF Industry Assets Growth 1990, $25-billion. 2001, $426-billion. 2002, $391-billion. 2004, $497.2-billion (See next Slide) Aging of the baby boomers and increasing life expectancy Entry of banks into the mutual fund market Professional management and diversification at minimal?cost 1990s years of lower interest rates and strong equity markets Over 25% return on 1993, 1996, and 1999, 2002 75 MF management companies. (2004) Market share of the top 10 MF companies accounted for 77.9% of all assets in 2004. 111 dealer firms involved in the sale of MFs. 1,915 MFs being sold Growth of Mutual Funds 4-* Net Sales by Fund Typelong-term funds only (millions) Long-Term Stand-Alone Funds Fund-of- Funds Source: The Investment Funds Institute of Canada 1. MUTAL FUNDS What is a Mutual Fund? A MF is a separate, legally incorporated, equity-financed investment vehicle managed by an asset manager for the benefit of the equity investors. A MF pools the resources of many small investors by selling them shares and using the proceeds to invest in securities (e.g., stocks, bonds, options, futures, currencies, or money market securities. ) Mutual Funds Fund Parent Co. Dec ’04 Assets ($billions) 1 IGM Financial (Investors, Mackenzie Financial) Power Corp of Canada 82.7 2 RBC Asset Management Inc Royal Bank 47.0 3 C.I. Mutual Funds Inc. Independent 43.1 4 Aim Trimark Investments AMVESCAP PLC, U.K. 42.1 5 CIBC Asset Management CIBC 41.7 6 TD Asset Management Group TD Canada Trust 26.3 7 Fidelity Investment Canada Ltd Fidelity Investments, U.S. 32.3 8 AGF Management Limited Independent 23.3 9 Franklin Templeton Investments Franklin Templeton Inv. U