Investments: 共同基金和其他投资公司

最新推荐文章于 2020-09-03 07:21:03 发布

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最新推荐文章于 2020-09-03 07:21:03 发布

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复习投资学写的笔记，有些地方直接翻译的，可能一些翻译不是很对

投资公司

Managed investment companies
- 开放式Open-end funds: mutual funds 共同基金：以净值发行赎回份额
- 封闭式Closed-end funds：不能赎回，交易价格不同于资产净值

其他投资组织

投资公司

投资者购买投资公司份额，每股份额称为 净资产值（NAV，资产净值）

它用于

1. 投资公司股票估值的基础
2. 出售新股
3. 赎回现有股份

计算：
资产净值 NAV=(资产的市场价值 Maket Value of Assets - 负债 Liabilities) / Shares Outstanding 已发行股数

Load 申购费，赎回费：共同基金的营业佣金

共同基金 - “资产管理公司”

人们汇集他们的金融资产：规模经济
低成本多元化
- 一般来说全面多元化意味着至少有20家低关联企业
- 很难实现小储户
  - 佣金，其他交易费用，使全面的多元化成本过高
  - 国际投资，特别是在新兴市场，对于没有共同基金的大多数储户几乎是不可能的
低成本的投资专长
- 规模经济：证券分析成本分散：
- 信息问题：对于小储户来说，学习基本的东西

Money market funds 货币市场基金: Commercial paper 商业票据，T-bills，CDs等
Equity funds股权基金
- 投资股票
- Growth Funds 增长基金: 试图投资高增长的公司，理论上可以提供高回报
- Value or Income Funds 价值或收入基金: 试图投资于支付高额红利的公司, 通常在成熟行业，不被视为“成长型”企业
Specialized sector funds 特定行业基金
- 专注于特定行业，特定国家，具体风险类别等。
Bond funds 债券基金: 固定收益（债券）
International funds
- 全球证券，美国内
- 美国境外投资
- Reginal funds 区域基金专注于世界的特定区域
- Emerging market funds 新兴市场基金投资发展中国家
Balanced funds 平衡式基金
- 持股比例固定的equities和fixed-income securities
- Life-cycle funds 生命周期基金：资产组合范围从侵略性到保守
1. - 静态分配资金在股票和债券之间保持稳定的组合
  - 有针对性的成熟基金在投资者年龄变得更加保守
- Funds of funds ：主要投资于其他共同基金的共同基金
Asset allocation and flexible funds
- proportion varies according to market forecast
Index funds
- Try to match performance of broad market index 尝试匹配广泛市场指数的表现
- Buy shares in securities included in particular index in proportion to security’s representation in index 复制了某些指数的比例标准

Retail: Individuals, small institutions
- Retirement accounts through employers 退休金账户
- Rainy day savings, college
- Church endowments, cemetery funds, etc.
Wholesale: Other institutional asset managers, e.g.,
- Pension funds (other retirement money, more later)
- Insurance companies
- Large endowments （捐赠）

Front-end load: commission or sales charge paid when you purchases the shares
- Pay the brokers
- no-load funds
- Low-load funds: range up to 3%
- Others could up to 8.5%
Back-end load: redemption or exit fee incurred when you sell your shares当卖出份额
- Start from 5-6% and reduce them by 1% for every year the funds are left invested
- e.g. An exit fee that starts at 6% would fall to 4% by the start of your third year
Operating expenses：运行组合的费用
- Administrative expenses
- Advisory fees paid to the investment manager 投资经理咨询费
- 0.2-2 % of total assets under management
12 b-1 charges
- distribution costs paid by the fund
  - Advertising, promotional literature including annual reports and prospectuses 广告，促销文献，包括年度报告和招股说明书
  - Commissions paid to brokers who sell the fund to investors 投资经理的佣金
- Alternative to a load
- Are limited to 1% of a fund’s average NAV per year

ETF allow investors to trade index portfolios like shares of stock 以股票的形式交易指数投资组合
Examples – SPDRs and Diamonds, Cubes, WEBS
Potential advantages
- Trade continuously throughout day 交易不断
- Can be sold or purchased on margin
- Potentially lower tax rates
- Lower costs (no marketing, lower fund expenses)
Potential disadvantages
- Price departed from the NAV by small amounts

2010

平均而言，共同基金表现低于市场表现

Evidence suggests some persistence in positive performance over certain horizons