資本市場和金融機構(gòu)(2)(參考版)
2025-05-17 22:51本頁面
【正文】 Risk Portfolio of Canadian and international stocks By diversifying the portfolio, the variance of the portfolio’s return relative to the variance of the market’s return (beta) is reduced to the level of systematic risk the risk of the market itself. 20 40 60 80 Number of stocks in portfolio 10 20 30 40 50 1 100 Portfolio of Canadian stocks 12% 27% Percent risk 14 Structure of MF ? Openend Fund (most mon). Mutual fund in which shares can be redeemed at any time at a price that is tied to the NAV (at the end of the day). ? No set number of shares outstanding. The number may go up or down each day as new investments (purchase) arrive or as redemptions (sales) occur. ? Closedend Fund. An unmanaged portfolio of stock with each share representing partial ownership of the portfolio. ? A fixed number of no redeemable shares are sold at an initial offering and are then traded in anized exchanges like mon stock. ? The market price of these shares depend on the interaction of demand and supply for these funds 15 Investors buy shares in MF and ownership is proportional to the number of shares purchased. The value of each share is called the asset value or NAV. NAV = Market value of assets minus liabilities Shares Outstanding. ., The Balance Sheet of the Index Trust 500 a mutual index fund sponsored by the Vanguard Group at the end of Dec 1996 was as follows. Assets (Cash, bond and stocks at current market value): $105, 496 million. Liabilities: $844 million. Shares: million. Determine the NAV A: NAV= ($105,496 million $844 million)/ million = $ 16 A mutual fund is usually called an openend fund because the number of shares increases (decreases) with new purchases (redemptions) of mutual fund shares. EXAMPLE Assume that at the beginning of a day a MF has a Net Assets (NA0) portfolio of $100 million, and shares outstanding (units) of 5 million. a) What is the NAV of the fund? Assume that during the day the mutual fu
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