資本市場(chǎng)和金融機(jī)構(gòu)(2)-文庫(kù)吧資料
2025-05-21 22:51本頁(yè)面
【正文】 nd sold $600,000 of fund shares (units) and unit holders withdrew (redeemed) $200,000, and the prices of all the securities in the portfolio remain constant. b) How many shares (units) were issued (sold)? c) How many shares (units) were redeemed? d) What is the number of shares (units) at the end of the day? 17 e) What is the total value of assets at the end of the day (NA1)? f) What is the NAV at the end of the day? g) Suppose the asset manager is paid a fee of % of the increase in the total value of assets. What is the dollar amount of the fee obtained at the end of the day? 18 MF expenses ? Operating Expenses: Administrative expenses (legal, custodial, and recordkeeping fees) and advisory fees paid to the investment manager. ? Other charges: General marketing expenses, and trailer fees to distributors, ., financial advisors for providing services to investors of the MF. The Operation Expenses and Other Charges as a ratio of total assets is referred as the Management expense ratio (MER). Usually expressed as a % of total assets under management (range % %) 19 ? Sales Charges: Commissions paid to brokers Load fund (Frontand BackEnd charge). ? Front charge (typically 8%): at the time of the purchase ? BackEnd charge. Deferred Sales charge (typically 6%) upon sale ? NoLoad fund ? No sale fee. Sold by sponsoring MF. ? Special Fees ? Specific administrative costs (. account setup fee, transfer fee, RRSP registration fee) are paid directly by individual investors. 20 Rate of Return of a Mutual Fund RofR = (NAV1NAV0 + Ine and capital gain distributions) / NAV0 Example 1 ? A fund has an initial NAV at the start of the month NAV0 = $20 (Net asset value per unit) ? Makes ine distributions of $ and capital gain distributions of $, ? End the month NAV is NAV1 = $ A: Monthly RofR = ? 21 Example 2 ? Consider a fund with ? $100 million in assets at the start of the yea
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