chapter6fundmanagement(存儲版)
【正文】 ies to meet the objectives of the fund ? Cover management costs with fees which are typically around one percent of total assets per year ? Managers adjust the position of their portfolios in response to market and economic conditions Background on Mutual Funds ? Expenses ? Fees include management plus recordkeeping and clerical fees ? Expense ratio = annual expenses/fund NAV ? Passed on to investors since NAV is reduced by fees ? Investor should pare expense ratios ? Active marketing expenses and pensation increases expenses—12b1 expenses Background on Mutual Funds ? Corporate control by mutual funds ? Mutual funds are large shareholders in panies whose stock they hold ? Managers may serve on the board of directors of panies in which the fund invests ? Companies try to satisfy mutual fund managers in order to keep them from selling their stake in the firm Load versus NoLoad Mutual Funds ? Classification refers to whether or not there is a sales charge ? Noload means funds are promoted, bought and sold directly via the mutual fund ? Load funds ? Promoted by registered representatives of brokerage firms who get a mission ? Investors pay the sales charge ? 12b1 expenses are “l(fā)oads” used by noload funds OpenEnd versus ClosedEnd Funds ? Closedend funds ? Mutual fund does not repurchase the shares they sell—similar to direct mon stock investment ? Investors must sell shares on an exchange ? Number of outstanding shares is constant ? Value of shares related to expectations of portfolio and determined in market ? Openend “mutual” funds ? Willing to repurchase investor shares at any time ? Number of shares outstanding does not remain constant ? NAV determined by fund daily Stock Mutual Fund Categories ? Growth funds for investors who want high returns with moderate risk ? Mutual fund invests in panies that are expected to grow at a higher than average rate ? Generate an increase in investment value rather than steady ine ? Capital appreciation or aggressive growth funds ? High but unproven growth potential stocks ? Higher risk Stock Mutual Fund Categories ? Growth and ine funds try to offer growth but with some stability of ine ? International and global funds allow investment in foreign securities without the costs involved in purchasing and monitoring individual stocks ? Returns affected by stock prices ? Returns also affected by foreign exchange rates ? A global mutual fund invests in some . stocks Stock Mutual Fund Categories ? Inter funds focus on investments in Inter panies ? Specialty funds focus on a group of panies sharing a particular characteristic ? Index funds are designed to simply match the perform
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