chapter6fundmanagement(編輯修改稿)
2025-01-18 04:12 本頁面
【文章內(nèi)容簡(jiǎn)介】 ance of an existing stock index ? Multifund funds invest in a portfolio of different mutual funds ? More diversified ? Involves higher expenses Exhibit Growth in Number of Equity and Bond Funds Y e a r 0 1 0 0 0 2 0 0 0 3 0 0 0 4 0 0 0 5 0 0 0 6 0 0 0 7 0 0 0 8 0 0 0 B o n d F u n d s S t o c k F u n d s 2 0 0 1 1 9 9 9 1 9 9 5 1 9 9 0 1 9 8 5 1 9 7 8 Exhibit Investment in Bond and Stock Mutual Funds Y e a r 0 1 0 0 0 2 0 0 0 3 0 0 0 4 0 0 0 5 0 0 0 B o n d F u n d s S t o c k F u n d s 2 0 0 0 1 9 9 9 1 9 9 8 1 9 9 7 1 9 9 6 1 9 9 5 1 9 9 4 1 9 9 3 1 9 9 2 1 9 9 1 1 9 9 0 1 9 8 9 1 9 8 8 1 9 8 7 1 9 8 6 1 9 8 5 Exhibit Distribution of Aggregate Mutual Fund Assets C o m m o n S t o c k $ 3 , 8 8 2 B i l l i o n 7 6 % M u n i c i p a l B o n d $ 2 6 9 B i l l i o n 5 % L o n g T e r m U . S . G o v ’ t $ 3 0 9 B i l l i o n 6 % C a s h $ 2 7 7 B i l l i o n 5 % C o r p o r a t e B o n d s $ 3 4 9 B i l l i o n 7 % P r e f e r r e d S t o c k $ 2 8 B i l l i o n 1 % Bond Fund Investment Objectives ? Risks of bond funds ? Interest rate risk ? Credit risk ? Tax implications of bond fund investments ? Ine bond funds vary in terms their exposure to credit risk and focus on periodic coupon payments and attract investors who are ? Interested in periodic ine since prices are volatile ? Plan to hold the fund long term Bond Fund Investment Objectives ? Taxfree funds for high tax bracket investors ? Highyield or junk bond funds invest in bonds with a high risk of default ? International and global bond funds ? International bond funds contain bonds issued by governments or corporations from other countries ? Global funds may contain both . and foreign bonds Bond Fund Investment Objectives ? Maturity classifications ? Interest rate sensitivity depends on the maturity of bonds ? Funds are typically segmented based on maturity ?Intermediateterm funds invest in bonds with 5 to 10 years remaining to maturity ?Longterm funds invest in maturities of 15 to 30 years Bond Fund Investment Objectives ? Asset allocation funds ? Funds that contain a variety of investments ? Composition among stocks, bonds and money market securities is based on manager’s expectations Growth and Size of Mutual Funds ? Volume and mix in the kind of funds varies over time ? Overall investment via mutual funds much higher in recent years ? New kinds of funds target customers with different risk preferences Performance of Stock Mutual Funds ? Both investors and managers closely monitor performance as modeled by the equation below PERF = Performance SECTOR = Conditions in the fund’s sect
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