基金管理公司和基金的管理pic(2)

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,基金管理公司和基金的管理,金岩石,1900 1924 1928 1929 1940 1953 1960 1968 1970,Mutual Fund,“Go-Go Years”,“Star”portfolio,managers promoted,to the public,First significant,investment in funds,by public,First no-load,Fund introduced,by Scudder,Stevens&Clark,NYSE begins,The Monthly,Investment Plan,Introduces,dollar-cost,averaging,Market Crash,Leads to Great,Depression,First mutual funds,Introduced in the,United States,Massachusetts,Investors Trust,State Street,Investment Trust,First balanced fund introduced,Industrial&Power Securities,(Created by Walter L.Morgan),Renamed in 1935 as,The Wellington Fund,Investment,Company Act of,1940 defines three,types of investment,companies:,Face Amount,certificate Company,Unit Investment Trust,Management Company,Mutual fund time line:1924-1970,(Figure3-1)共同基金发展历程1924-1970,1970-1972-1973.1974-1975-1976-1979-1980,Two-year severe,bear market,lasts to end of 1974,Dow loses nearly,50%of its value,Investors flee,stocks and funds.,Securities Act,Amendments,of 1975,Deregulation,of fixed,commissions,Tax-exempt,money market,funds,introduced,12b-1 fees,approved by,the SEC,First index,fund introduced,Vanguard Index,Trust-tracks,S&P 500,Fidelity launches,first money,market mutual,fund with,check writing,privileges.,First Money,market mutual,fund created,Mutual fund time line:1970-1980.,(Figure 3-2),共同基金发展历程1970-1980,1980-1981-1982-1983-1987-1988-19901992.1995-1998-2000,Tax Act of,1981 creates,Individual,Retirement,Accounts,(IRAs),Mutual funds,marketed to,IRA holders,transforming,them from,savers to,investors,The longest,bull market in,history begins,Banks offer,money market,checking,accounts to,compete with,money market,mutual funds,October 19th,Market Crash,Dramatic increase,in the number of,mutual funds,and cash inflow,Number of funds,exceed the number,of stocks listed in,exchanges,Americans invest,more in mutual,funds than in their,homes,SEC approves,the use of a,two-page,summary,prospectus,that mutual,funds can use,to sell shares,Dual pricing,introduced,by Merrill,Lynch,Different,classes of,shares(A&B),in the same fund,Charles Schwab,launches OneSource,its mutual funds,supermarket,which,enables investors to,buy the no-load funds,of many different,companies and receive,one consolidated,statement,Magellan fund,expected to,exceed$100,billion in total,net assets-larger,than all stock,funds in 1984,and larger than,the entire industry,in 1979,Mutual fund time line:1980-today,(Figure 3-3),共同基金发展历程1980-2000,Return,100,0,30,40,50,10,20,20,40,60,80,Risk,Money Market,Income,Growth and Income,Growth,New Concept Growth,Sector and Regional,Growth,Mutual Fund Families,共同基金家族,SPONSOR,Portfolio Manager,Investment Adviser,Investment Manager,Fund Manager,Management Company,MILLENNIUM GROWTH FUND,Board of,Directors,Sub-adviser,May be a division of the,sponsor or an outside firm,Creates the fund and registers,it with the SEC,Files required reports with,the SEC,Hires,Advises and directs,investment activities,CUSTODIAN BANK,Investment Portfolio,Stocks,-,Bonds,-,Cash,May advise and direct,investment activities,Has expertise in other,types of investments,(e.g.,foreign securities),or has a different,investment style,Oversees the funds,management,Acts as watchdog for,shareholder interests,Approves annual contract,for investment adviser,Safeguards the funds assets,Acts as a paying agent and/or transfer agent,Calculates the funds NAV daily,Structure of a typical mutual fund and the basic responsibilities of the various parties,.共同基金的组织结构以及相关当事人的职责,1972,1973,1974,1975,1976,1977,1978,1979,1980,1981,1982,1983,1984,1985,1986,1987,1988,1989,1990,1991,1992,1993,1994,1995,1996,1997,1998,Year,Equally,Weighted Equity,Allocation,Greater,Equity,Diversification,Moderate,Equity,Diversification,Limited,Equity,Diversification,S&P 500,Performance Statistics,共同基金业绩和史普500的比较,26.75,7.65,-7.63,19.09,15.81,11.26,20.70,23.57,23.08,-5.74,13.43,23.50,9.03,29.50,27.40,12.57,21.71,22.35,-3.16,18.15,3.71,12.56,4.46,21.15,24.65,10.40,-1.08,25.53,-3.20,-15.79,26.87,17.65,8.55,18.79,19.97,25.79,-4.03,13.50,23.85,8.81,34.26,31.94,11.86,21.15,21.94,-7.31,21.39,2.69,15.82,4.19,23.36,21.71,15.46,9.30,24.98,-8.25,-19.91,31.27,17.98,5.42,17.09,17.84,27.59,-3.79,14.05,23.62,8.05,36.47,32.82,11.45,20.76,23.18,-8.27,2.3.11,2.37,16.39,3.83,25.93,20.21,19.11,16.29,22.67,-10.78,-22.47,33.57,20.25,0.62,13.07,18.06,29.44,-4.19,16.86,23.21,7.38,34.85,27.39,9.06,19.24,26.33,-6.37,25.98,4.39,13.98,2.87,30.31,21.29,24.57,21.01,18.98,-14.66,-26.47,37.20,23.84,-7.18,6.56,18.44,32.42,-4.91,21.41,22.51,6.27,32.16,18.47,5.23,16.81,31.49,-3.17,30.55,7.67,9.99,1.31,37.43,23.07,33.36,28.58,Simple average return 14.25 14.59 14.80 14.91 15.09,Standard deviation 10.55 12.28 13.62 14.4016.69,Compound annual return 13.77 13.92 13.96 13.9613.82,Future Value of$1$32.53$33.74$34.05$34.07$32.92,Sharpe ratio 0.66 0.60 0.55 0.53 0.48,Investors,Administrator,Investment Manager,Fund,Limited,Partnership,Custodian,20%Incentive,1%Management,Offshore,Servic