Chap004基金和投资机构.ppt

INVESTMENTS | BODIE, KANE, MARCUS 4-* Investment Companies投资公司 Pool funds of individual investors and invest in a wide range of securities or other assets.汇聚个人投资者资金分散投资 Services provided: Administration record keeping记账管理 Diversification divisibility分散化、可分割性 Professional management专业管理 Reduced transaction costs降低交易成本 4-* Net Asset Value资产净值 Calculation: Market Value of Assets - Liabilities Shares Outstanding（发行股份） 比如50美元/股 4-* Types of Investment Companies Unit Trusts单位投资信托 Fixed portfolio of uniform assets相对单一资产的固定投资组合 Unmanaged被动型管理 Total assets have declined from $105 billion in 1990 to $29 billion in 2009信托在国外是下降趋势，国内是上升趋势（是银行资产证券化的替代品） 4-* Types of Investment Companies Managed Investment Companies投资管理公司 Open-End开放式基金 Fund issues new shares when investors buy in and redeems shares when investors cash out 随时发行或者赎回股份 Priced at Net Asset Value (NAV) 以资产净值定价 4-* Types of Investment Companies Managed Investment Companies Closed-End封闭式基金 no change in shares outstanding; old investors cash out by selling to new investors 不能发行股份，只能二级市场买入 Priced at premium or discount to NAV通常有溢价或者折扣，中国一般都是折扣比较大，通常认为是流动性溢价 4-* Types of Investment Companies Other investment organizations Commingled funds综合基金，合伙制，类似信托或者公司养老基金管理账户 REITs不动产投资信托 Hedge Funds 对冲基金 4-* Mutual Funds: Open-End Investment Companies共同基金：开放式公司 Money Market 货币基金 Equity股权基金 Sector行业基金 Bond债券基金 Balanced平衡基金 Asset Allocation and Flexible灵活型配置基金 Index 指数 International国际基金 4-* Table 4.1 U.S. Mutual Funds by Investment Classification * 4-* How Funds Are Sold销售渠道 Direct-marketed funds承销商直接销售 Sales force distributed销售方式 Revenue sharing on sales force distributed与销售人员共享收入 Potential conflicts of interest潜在利益冲突 Financial Supermarkets 金融超市 4-* Costs of Investing in Mutual Funds Fee Structure: Four types费用结构 Operating expenses运营费用 Front-end load前端费用（佣金、销售 Back-end load后端费用（赎回佣金 12 b-1 charge资产支付的发行成本 Fees must be disclosed in the prospectus招股说明书必须说明费用情况 Share classes with different fee combinations不同等级基金费用组合也不同 4-* E