投资分析与资产组合管理 Investment Analysis and Portfolio Management.pptVIP

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Securities 5. Indirect investing The purchase of a shares of an investment portfolio A mutual fund holds a portfolio of securities, usually in line with a stated policy objective. Unit trusts invest depositors funds in bonds or equities. Size is determined by inflow of funds. Investment trusts Issue a certain fixed sum of stock to raise capital. This fixed capital is then managed by the trust. The initial investors purchase shares, which are then traded on the stock market Hedge funds actively manage deposits in excess of ￡100,000. Trade in all financial markets, including derivatives. Return Initial value of investment Final value of investment Return is Or as a percentage Return Example 1 An initial investment of $10,000 is made. One year later, the value of the investment has risen to $12,500. The return on the investment is Example 2 An investment initially costs $5,000. Three months later, the investment is sold for $6,000. The return on the investment per three months is Return and Risk The risk inherent in holding a security is the variability, or the uncertainty, of its return Factors that affect risk are 1. Maturity Underlying factors have more chance to change over a longer horizon Maturity value of the security may be eroded by inflation or currency fluctuations Increased chance of the issuer defaulting the longer is the time horizon Return and Risk 2. Creditworthiness The governments of the US, UK and other developed countries are all judged as safe since they have no history of default in the payment of their liabilities Some other countries have defaulted in the recent past Corporations vary even more in their creditworthiness. Some are so lacking in creditworthiness that an active junk bond market exists for high return, high risk corporate bonds that are judged very likely to default Return and Risk 3. Priority Bond holders have the first claim o