資本市場和金融機(jī)構(gòu)(2)(已修改)
2025-05-29 22:51 本頁面
【正文】 1 Mutual Funds, Hedge Funds and Pension Funds (Ch 5 Textbook by Saunders et al) Outline 1. Mutual Funds Quick Facts of MFs Advantages Types Structure of MFs Expenses Regulations 2. Hedge Funds 3. Pension Funds a) Defined Contribution Plan b) Defined Benefit Plan. Numerical Examples 4. Concluding remarks 2 Quick Facts of Canada’s MF Industry ? Assets Growth ? 1990, $25billion. 2021, $426billion. 2021, $391billion. 2021, $billion (See next Slide) ? Aging of the baby boomers and increasing life expectancy ? Entry of banks into the mutual fund market ? Professional management and diversification at minimal cost ? 1990s years of lower interest rates and strong equity markets ? Over 25% return on 1993, 1996, and 1999, 2021 ? 75 MF management panies. (2021) ?Market share of the top 10 MF panies accounted for % of all assets in 2021. ? 111 dealer firms involved in the sale of MFs. ? 1,915 MFs being sold 3 Growth of Mutual Funds 43 4 Mutual Fund Net Assets in billions $ 2 8 6 . 5$ 3 3 2 . 0 $ 3 3 2 . 6$ 3 4 3 . 4$ 2 9 4 . 6$ 3 7 8 . 3$ 4 1 8 . 6$ 5 1 2 . 8$ 5 9 1 . 9$ 5 7 9 . 1$ 4 4 3 . 2$ 3 8 . 8$ 4 0 . 9 $ 4 7 . 9$ 5 9 . 5$ 5 7 . 7$ 5 2 . 3$ 4 8 . 1$ 4 0 . 9$ 4 6 . 4$ 6 4 . 9$ 7 4 . 4$ 3 2 5 . 4$ 3 7 2 . 9$ 3 8 0 . 5$ 4 0 2 . 9$ 3 5 2 . 3$ 4 3 0 . 6$ 4 6 6 . 7$ 5 5 3 . 7$ 6 3 8 . 3$ 6 4 4 . 0$ 5 1 7 . 76 . 1 %1 4 . 6 %2 . 0 %5 . 9 % 1 2 . 6 %2 2 . 2 %8 . 4 %1 8 . 6 %1 5 . 3 %0 . 9 % 1 9 . 6 %A p r1999A p r2021A p r2021A p r2021A p r2021A p r2021A p r2021A p r2021A p r2021A p r2021A p r2021Asset Growth as percentage of previous year’s assets Money Market Funds LongTerm Funds Source: The Investment Funds Institute of Canada 5 Net Sales by Fund Type longterm funds only (millions) $ 5 6 4 $ 1 5 6 $ 5 8 9 $ 1 , 1 6 0 $ 4 9 5 $ 1 , 6 2 0 $ 4 , 8 8 6 $ 2 , 0 4 1 $ 2 , 4 6 6 $ 3 3 9 $ 1 5 2 $ 5 9 6$315$534$718$611$41
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