chapter6fundmanagement-資料下載頁
2024-12-31 04:12本頁面
【正文】 oney market securities of varying maturity ? Maturity of money market funds ? Varies over time with market conditons ? Risk increases with term Exhibit Composition of Money Market Fund Assets U . S . T r e a s u r y S e c u r i t i e s $ 9 1 b i l l i o n 6 % O t h e r $ 3 0 3 b i l l i o n 2 0 % C o m m e r c i a l P a p e r $ 6 2 0 b i l l i o n 4 1 % C D s $ 1 2 3 b i l l i o n 8 % R e p u r c h a s e A g r e e m e n t s $ 1 8 6 b i l l i o n 1 2 % O t h e r U . S . S e c u r i t i e s $ 1 8 9 b i l l i o n 1 3 % Money Market Funds ? Risk of money market funds ? Credit risk minimized by the shortterm nature of maturities ? Returns for money market funds fall as interest rates in the economy fall ? Expected returns are low relative to stock and bond funds ?Consistent positive returns over time ?Lower credit risk ?Lower interest rate risk Money Market Funds ? Management of money market funds ? Managers try to maintain the overall objective of the fund ? Manage the position of the assets ? Investors have a variety of choices when it es to money market funds Money Market Funds ? Regulation of money market funds ? Securities Act of 1933 requires that funds provide full information to investors via a prospectus ? Investment Company Act of 1940 contains restrictions to prevent conflicts of interest between investors and mangers ? Funds are exempt from tax if 90% of earnings are distributed to shareholders Hedge Funds ? Financial problems experienced by LongTerm Capital Management (LTCM) ? Hedge funds sell shares to wealthy investors and financial institutions ? Historically unregulated ? Invest in derivatives, sell stock short, and bine borrowing to magnify returns ? LTCM experienced problems when risky investments lost money Real Estate Investment Trusts ? A real estate investment trust or REIT is a closedend mutual fund that invests in real estate or mortgages ? Classifications ? Equity REIT ? Mortgage REIT ? Hybrid of the two ? Sometimes seen as an inflation hedge ? Performance influenced by interest rates and area real estate performance Other Issues ? Mutual funds interact with banks, savings institutions, finance panies, securities firms, insurance panies, and pension funds ? Mutual funds typically use all the various financial markets including money, bond, mortgage, stock, futures, options, and swap markets ? Globalization is facilitated by mutual funds ? Reduces transactions costs ? Increases market integration 謝謝觀看 /歡迎下載 BY FAITH I MEAN A VISION OF GOOD ONE CHERISHES AND THE ENTHUSIASM THAT PUSHES ONE TO SEEK ITS FULFILLMENT REGARDLESS OF OBSTACLES. BY FAITH I BY FAITH
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