基金管理公司和基金的管理pic.pptxVIP

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基金管理公司和基金的管理pic.pptx

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基金管理公司和基金的管理金岩石First balanced fund introducedIndustrial Power Securities(Created by Walter L. Morgan)Renamed in 1935 as The Wellington FundFirst mutual funds Introduced in the United StatesMassachusetts Investors TrustState Street Investment TrustNYSE beginsThe Monthly Investment PlanIntroducesdollar-costaveragingMarket CrashLeads to GreatDepression1900 1924 1928 1929 1940 1953 1960 1968 1970First no-loadFund introducedby Scudder,Stevens ClarkInvestmentCompany Act of 1940 defines three types of investmentcompanies:Face Amountcertificate CompanyUnit Investment TrustManagement CompanyMutual Fund“Go-Go Years”“Star” portfoliomanagers promoted to the publicFirst significant investment in funds by publicMutual fund time line:1924-1970 (Figure3-1) 共同基金发展历程1924-1970Mutual fund time line:1970-1980. ( Figure 3-2)共同基金发展历程1970-1980Fidelity launchesfirst moneymarket mutualfund withcheck writingprivileges.First index fund introducedVanguard IndexTrust-tracksSP 500First Moneymarket mutualfund created12b-1 feesapproved by the SEC197019721973……..19741975197619791980Two-year severebear market,lasts to end of 1974Dow loses nearly 50% of its valueInvestors fleestocks and funds.Securities ActAmendmentsof 1975Deregulationof fixed commissionsTax-exemptmoney marketfundsintroducedMutual fund time line:1980-today (Figure 3-3)共同基金发展历程1980-2000Dramatic increasein the number ofmutual funds and cash inflowNumber of funds exceed the number of stocks listed inexchangesAmericans investmore in mutualfunds than in theirhomesThe longest bull market inhistory beginsBanks offer money marketchecking accounts tocompete withmoney marketmutual fundsSEC approves the use of a twosummaryprospectusthat mutualfunds can use to sell sharesOctober 19thMarket Crash 1980198119821983198719881990……1992…….199519982000Tax Act of 1981 createsIndividualRetirementAccounts(IRAs)Mutual fundsmarketed to IRA holders,transformingthem fromsavers toinvestorsDual pricingintroducedby MerrillLynchDifferentclasses of