投資學英文課件：Chap004 Mutual Funds and Other Investment Companies

1、INVESTMENTS | BODIE, KANE, MARCUSCopyright 2011 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinCHAPTER 4Mutual Funds and Other Investment CompaniesINVESTMENTS | BODIE, KANE, MARCUS4-2Investment Companies Pool funds of individual investors and invest in a wide range of securi

2、ties or other assets. Services provided: Administration & record keeping Diversification & divisibility Professional management Reduced transaction costsINVESTMENTS | BODIE, KANE, MARCUS4-3Net Asset ValueCalculation: Market Value of Assets - Liabilities Shares OutstandingINVESTMENTS | BODIE, KANE, M

3、ARCUS4-4Types of Investment Companies Unit TrustsFixed portfolio of uniform assetsUnmanagedTotal assets have declined from $105 billion in 1990 to $29 billion in 2009INVESTMENTS | BODIE, KANE, MARCUS4-5Types of Investment Companies Managed Investment CompaniesOpen-End Fund issues new shares when inv

4、estors buy in and redeems shares when investors cash out Priced at Net Asset Value (NAV)INVESTMENTS | BODIE, KANE, MARCUS4-6Types of Investment Companies Managed Investment CompaniesClosed-End no change in shares outstanding; old investors cash out by selling to new investors Priced at premium or di

5、scount to NAVINVESTMENTS | BODIE, KANE, MARCUS4-7Types of Investment Companies Other investment organizations Commingled funds REITs Hedge Funds INVESTMENTS | BODIE, KANE, MARCUS4-8Mutual Funds: Open-End Investment Companies Money Market Equity Sector Bond Balanced Asset Allocation and Flexible Inde

6、x InternationalINVESTMENTS | BODIE, KANE, MARCUS4-9Table 4.1 U.S. Mutual Funds by Investment Classification9INVESTMENTS | BODIE, KANE, MARCUS4-10How Funds Are Sold Direct-marketed funds Sales force distributed Revenue sharing on sales force distributed Potential conflicts of interest Financial Super

7、markets INVESTMENTS | BODIE, KANE, MARCUS4-11Costs of Investing in Mutual Funds Fee Structure: Four types1. Operating expenses2. Front-end load3. Back-end load4. 12 b-1 charge Fees must be disclosed in the prospectus Share classes with different fee combinationsINVESTMENTS | BODIE, KANE, MARCUS4-12E

8、xample 4.2: Fees for Various Classes(Dreyfus Worldwide Growth Fund)INVESTMENTS | BODIE, KANE, MARCUS4-13Fees and Mutual Fund Returns:An ExampleInitial NAV = $20Income distributions of $.15Capital gain distributions of $.05Ending NAV = $20.10:$20.10 - $20.00 + $.15 + $.05Rate of Return = 1.5%$20.0010

9、0NAVNAV Income and capital gain distributionsRate of return =NAVINVESTMENTS | BODIE, KANE, MARCUS4-14Table 4.2 Impacts of Costs on Investment PerformanceINVESTMENTS | BODIE, KANE, MARCUS4-15Late Trading and Market Timing Late trading accepting buy or sell orders after the market closes and NAV is de

10、termined Market timing rapid in-and-out trading on stale net asset values Net effect is to transfer value from ordinary shareholders to privileged traders Mutual funds penalized for improper trading. New rules to prevent these practicesINVESTMENTS | BODIE, KANE, MARCUS4-16Taxation of Mutual Fund Inc

11、ome Pass-through status under the U.S. tax code Taxes are paid only by the investor Fund investors do not control the timing of the sales of securities from the portfolio High portfolio turnover leads to tax inefficiency Average turnover = 60%INVESTMENTS | BODIE, KANE, MARCUS4-17Exchange Traded Fund

12、s Examples: “spiders”, “diamonds” and “cubes” Potential advantages: Trade continuously like stocks Can be sold short or purchased on margin Lower costs Tax efficient Potential disadvantages: Prices can depart by small amounts from NAV Must be purchased from a brokerINVESTMENTS | BODIE, KANE, MARCUS4

13、-18Figure 4.2 Growth of U.S. ETFs over timeINVESTMENTS | BODIE, KANE, MARCUS4-19Table 4.3 ETF Sponsors and ProductsINVESTMENTS | BODIE, KANE, MARCUS4-20Mutual Fund Investment Performance: A First Look Performance of actively managed funds: below the return on the Wilshire index in 23 of the 39 years

14、 from 1971 to 2009 Evidence for persistent superior performance (due to skill and not just good luck) is weak, but suggestive Bad performance more likely to persistINVESTMENTS | BODIE, KANE, MARCUS4-21Figure 4.3 Diversified Equity Funds versus Wilshire 5000 IndexINVESTMENTS | BODIE, KANE, MARCUS4-22Table 4.4 Consistency of Investment ResultsINVESTMENTS | BODIE, KANE, MARCUS4-23Information on Mutual Funds Funds prospectus describes: investment objectives Fund investment adviser and portfolio manager Fees and costs Statement of Additi