chapter6fundmanagement-全文預(yù)覽
【正文】 or Where: ? PERF= f (? MKT, ? SECTOR, ? MANAB) MKT = General stock market conditions MANAB = The ability of the fund’s management Performance of Stock Mutual Funds ? Change in market conditions ? Close relationship between performance and market conditions ? Change in sector conditions ? Depends on the focus of the fund ?Index funds ?Asian funds ? Change in management ability includes both managers’ skills and operating efficiency Performance of Stock Mutual Funds ? Performance of closedend stock funds ? Driven by the same factors that influence openended funds ?Fixed supply of the fund’s shares ? Additional issues ?Performance is affected by changes in the premium or discount relative to NAV ?If the fund’s premium increases relative to NAV, return to fund holders increases Performance of Bond Mutual Funds ? Performance of bond mutual funds as shown in the model below ? PERF= f (? Rf, ? RP, ? CLASS, ? MANAB) PERF = Performance RP =Risk premium Where: Rf = Risk free interest rates CLASS =the classification of the bond fund MANAB = The ability of the bond fund’s management Performance of Bond Mutual Funds ? Change in the risk free rate ? Bond prices are inversely related to the risk free rate ? When rates decline, most bond funds perform well ? Change in the risk premium ? If required risk premiums increase, bond prices fall ? Linked to economic condition: ?Risk premiums increase in recessions ?Risk premiums decrease in boom times as investors buy riskier investments Performance of Bond Mutual Funds ? Impact of the bond fund’s classification ? Some funds target a specific risk or maturity ? Classification may have more impact than any other factor ? Change in management abilities ? Performance of closedend bond funds is affected by all of the other factors and changes in the premium or discount Performance of Mutual Funds ? Investors should diversify among different kinds of funds to reduce volatility ? Research on stock mutual fund performance ? Using return only is not valid ? Mutual funds typically do not outperform the market ? Evaluate mutual fund expenses ? Research on bond mutual funds ? Bond mutual funds underperform bond indexes ? Investors should look for low expense bond funds Money Market Funds ? Money market funds are portfolios of shortterm assets ? Can include checkwriting privileges for investors ? Number of checks per month may be restricted ? Shareholders get periodic statements ?Liquid, “cash” balance for investor Money Market Funds ? Asset position of money market funds ? Individual funds concentrate in assets that reflect the fund’s objective ? M
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