基金管理公司和基金的管理pic(ppt 17)

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,19001924 192819291940 1953 196019681970,Mutual Fund,“Go-Go Years”,“Star,”,”portfolio,managers promoted,to the public,Firstsignificant,investmentin funds,by public,Firstno-load,Fundintroduced,by Scudder,Stevens&Clark,NYSEbegins,The Monthly,InvestmentPlan,Introduces,dollar-cost,averaging,Market Crash,Leadsto Great,Depression,Firstmutual funds,Introducedin the,United States,Massachusetts,InvestorsTrust,StateStreet,InvestmentTrust,Firstbalancedfundintroduced,Industrial&Power Securities,(Created by Walter L.Morgan),Renamed in1935as,The WellingtonFund,Investment,Company Act of,1940defines three,typesofinvestment,companies:,FaceAmount,certificate Company,UnitInvestmentTrust,ManagementCompany,Mutual fund time line:1924-1970,(Figure3-1)共同基,金,金发展历程1924-1970,1970-1972-1973,.1974-1975-1976-1979-1980,Two-year severe,bearmarket,laststo end of1974,Dow losesnearly,50%of its value,Investorsflee,stocks andfunds.,SecuritiesAct,Amendments,of 1975,Deregulation,of fixed,commissions,Tax-exempt,moneymarket,funds,introduced,12b-1fees,approved by,the SEC,Firstindex,fundintroduced,Vanguard Index,Trust-tracks,S&P 500,Fidelity launches,firstmoney,market mutual,fundwith,checkwriting,privileges.,FirstMoney,market mutual,fundcreated,Mutual fund time line:1970-1980.,(Figure 3-2),共同基金发,展,展历程1970-1980,1980-1981-1982-1983-1987-1988-19901992.1995-1998-2000,Tax Act of,1981creates,Individual,Retirement,Accounts,(IRAs),Mutual funds,marketed to,IRA holders,transforming,themfrom,savers to,investors,The longest,bullmarket in,history begins,Banksoffer,moneymarket,checking,accounts to,compete with,moneymarket,mutual funds,October 19th,Market Crash,Dramatic increase,in the number of,mutual funds,and cash inflow,Number offunds,exceed thenumber,of stockslisted in,exchanges,Americansinvest,morein mutual,fundsthanin their,homes,SEC approves,the use ofa,two-page,summary,prospectus,thatmutual,fundscanuse,to sell shares,Dualpricing,introduced,by Merrill,Lynch,Different,classes of,shares(A&B),in the same fund,Charles Schwab,launches OneSource,its mutualfunds,supermarket,which,enables investors to,buy the no-loadfunds,of many different,companiesand receive,one consolidated,statement,Magellan fund,expected to,exceed$100,billion intotal,net assets-larger,thanall stock,fundsin 1984,and largerthan,the entireindustry,in 1979,Mutual fund time line:1980-today,(Figure 3-3),共同基金发,展,展历程1980-2000,Return,100,0,30,40,50,10,20,20,40,60,80,Risk,MoneyMarket,Income,Growth andIncome,Growth,New Concept Growth,Sector andRegional,Growth,Mutual Fund Families,共同基金家,族,族,SPONSOR,PortfolioManager,InvestmentAdviser,InvestmentManager,FundManager,ManagementCompany,MILLENNIUMGROWTH FUND,Boardof,Directors,Sub-adviser,May be a division ofthe,sponsor oran outside firm,Creates the fund andregisters,it with the SEC,Filesrequiredreports with,the SEC,Hires,Advises and directs,investmentactivities,CUSTODIANBANK,InvestmentPortfolio,Stocks,-,Bonds,-,Cash,May adviseanddirect,investmentactivities,Has expertise in other,typesof investments,(e.g.,foreignsecurities),or has a different,investmentstyle,Oversees the funds,management,Actsas watchdog for,shareholder interests,Approves annualcontract,for investmentadviser,Safeguardsthefunds assets,Actsas apaying agent and/ortransfer agent,Calculates thefundsNAV daily,Structure of atypical mutual fundand thebasicresponsibilities of the various parties,.共同基金,的,的组织结构以及,相,相关当事人的职,责,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,史普500的比,较,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,Simpleaveragereturn14.2514.5914.8014.9115.09,Standard deviation10.5512.2813.6214.4016.69,Compound annual return 13.7713.9213.9613.9613.82,FutureValue of$1$32.53$33.74$34.05$34.07$32.92,Sharperatio0.660.600.550.530.48,Investors,Administrator,Investment Manager,Fund,Limited,Partnership,Custodian,20%Incentive,1%Management,Offshore,Services,Fee,Fee,Assets,Shares,Services,OFFSHORE FUND,离岸避险基金的,组,组织和管理结构,Investors,Management,Company,Gener