CH06FundManagement(金融市场学,上海大学,悉尼大学)

CHAPTERFundManagement6ChapterObjectivesExplaintheconceptofmutualfundoperationExplainvarioustypesofmutualfundsDescribethevarioustypesofstockandbondmutualfundsDescribethecharacteristicsofmoneymarketfundsBackgroundonMutualFundsMutualfundsofferawayforsmallinvestorstodiversifywhentheycouldnotdosoontheirownwiththepurchasesofindividualstocksComparisontodepositoryinstitutionsLikedepositoryinstitutions,mutualfundsrepackageproceedsfromindividualstomakeinvestmentsBankdepositsarealiabilitycontract,butamutualfundrepresentspartialownershipNofederalinsurancewithmutualfundsharesBackgroundonMutualFundsMutualfundsadheretoavarietyoffederalandstateregulationsSecuritiesandExchangeCommission(SEC)regulatesFundsmustregisterandprovideaprospectustoinvestorsDisclosuresince1993ofmanager’snameandlengthoftimeemployedinthatpositionMutualfunditselfisexemptfromincometaxationiffunddistributes90percentoftaxableincomeBackgroundonMutualFundsMutualfundprospectusinformationincludes:TheminimumamountofinvestmentrequiredTheinvestmentobjectiveofthefundThereturnonthefundoverthepastyear,thepastthreeyearsandthethepastfiveyearsTheexposureofthefundtovarioustypesofriskServicesthefundoffersCheckwritingTelephoneorInternetfundstransferManagementfeesincurredthatinvestorspayBackgroundonMutualFundsEstimatingthenetassetvalueNetassetvalueisthevaluepershareEstimateddailyDeterminethemarketvalueofallthesecuritiesinthefundAnyinterestordividendsaddedinExpensessubtractedDividebythenumberofsharesDividendslowerNAVNAVquotesMutualFundDistributionsMutualFundPriceAppreciationCapitalGainsfromtheSaleofSecuritiesinFundEarnedIncomefromDividendsorCouponPaymentsBackgroundonMutualFundsMutualfundclassificationsdependonthetypeofsecuritiesthefundinvestsinandcanincludeStockorequitymutualfundsBondmutualfundsMoneymarketmutualfundsFamilyoffundsofferedbyinvestmentcompaniesInvestorabletoallocatethentransferfundsamongfundsExhibit24.2DistributionofInvestmentinMutualFundsStockFunds$3,962billion57%BondFunds$808billion11%HybridFunds$349billion5%MoneyMarketFunds$1,845billion27%BackgroundonMutualFundsManagementofmutualfundsManagersinvestinaportfolioofsecuritiestomeettheobjectivesofthefundCovermanagementcostswithfeeswhicharetypicallyaroundonepercentoftotalassetsperyearManagersadjustthecompositionoftheirportfoliosinresponsetomarketandeconomicconditionsBackgroundonMutualFundsExpensesFeesincludemanagementplusrecord-keepingandclericalfeesExpenseratio=annualexpenses/fundNAVPassedontoinvestorssinceNAVisreducedbyfeesInvestorshouldcompareexpenseratiosActivemarketingexpensesandcompensationincreasesexpenses—12b-1expensesBackgroundonMutualFundsCorporatecontrolbymutualfundsMutualfundsarelargeshareholdersincompanieswhosestocktheyholdManagersmayserveontheboardofdirectorsofcompaniesinwhichthefundinvestsCompaniestrytosatisfymutualfundmanagersinordertokeepthemfromsellingtheirstakeinthefirmLoadversusNo-LoadMutualFundsClassificationreferstowhetherornotthereisasaleschargeNo-loadmeansfundsarepromoted,boughtandsolddirectlyviathemutualfundLoadfundsPromotedbyregisteredrepresentativesofbrokeragefirmswhogetacommissionInvestorspaythesalescharge12b-1expensesare“loads”usedbyno-loadfundsOpen-EndversusClosed-EndFundsClosed-endfundsMutualfunddoesnotrepurchasethesharestheysell—similartodirectcommonstockinvestmentInvestorsmustsellsharesonanexchangeNumberofoutstandingsharesisconstantValueofsharesrelatedtoexpectationsofportfolioanddeterminedinmarketOpen-end“mutual”fundsWillingtorepurchaseinvestorsharesatanytimeNumberofsharesoutstandingdoesnotremainconstantNAVdeterminedbyfunddailyStockMutualFundCategoriesGrowthfundsforinvestorswhowanthighreturnswithmoderateriskMutualfundinvestsincompaniesthatareexpectedtogrowatahigherthanaveragerateGenerateanincreaseininvestmentvalueratherthansteadyincomeCapitalappreciationoraggressivegrowthfundsHighbutunprovengrowthpotentialstocksHigherriskStockMutualFundCategoriesGrowthandincomefundstrytooffergrowthbutwithsomestabilityofincomeInternationalandglobalfundsallowinvestmentinforeignsecuritieswithoutthecostsinvolvedinpurchasingandmonitoringindividualstocksReturnsaffectedbystockpricesReturnsalsoaffectedbyforeignexchangeratesAglobalmutualfundinvestsinsomeU.S.stocksStockMutualFundCategoriesInternetfundsfocusoninvestmentsinInternetcompaniesSpecialtyfundsfocusonagroupofcompaniessharingaparticularcharacteristicIndexfundsaredesignedtosimplymatchtheperformanceofanexistingstockindexMultifundfundsinvestinaportfolioofdifferentmutualfundsMorediversifiedInvolveshigherexpensesExhibit24.3GrowthinNumberofEquityandBondFundsYear010002000300040005000600070008000BondFundsStockFunds200119991995199019851978Exhibit24.4InvestmentinBondandStockMutualFundsYear010002000300040005000BondFundsStockFunds2000199919981997199619951994199319921991199019891988198719861985Exhibit24.5DistributionofAggregateMutualFundAssetsCommonStock$3,882Billion76%MunicipalBond$269Billion5%Long-TermU.S.Gov’t$309Billion6%Cash$277Billion5%CorporateBonds$349Billion7%PreferredStoc