資本市場和金融機(jī)構(gòu)(2)-展示頁
2025-05-25 22:51本頁面
【正文】 r (NA0) ? 10 million shares outstanding. ? The fund invests in a portfolio of stocks that provides no ine but increases in value by 10%. ? The management expense ratio (MER), including other charges, is 1% () of initial total asset value of the funds. ? What is the rate of return for un investor in the fund? A: NAV0 = ? NAV1 = ? Expenses per share = MER*Net asset value/shares = ? RofR = (NAV1 Expenses per share – NAV0)/NAV0 Alternatively ? RofR= [(NAV1 NAV0)/NAV0] – MER = 22 Regulations ? Provincial securities ? If distributed by Investment dealers ? OSFI and provincial regulators (Bank Act, TLMs, Insurance Companies Act) ? If distributed by Banks,TLMs, Insurance Companies Self Regulatory Organizations (SRO) ? Distribution of the MF industry. ? Mutual Fund Dealers Association (MFDA) ? Production of MF (creation of publicly traded securities)` ? Investment Industry Regulatory Organization of Canada (IIROC) Investment Funds Institute of Canada (IFIC) ? Information provider concerning the industry and to reflect the industry concerns to government and the public at large. 。 Johnson Top Ten Equals % of Total Net Assets 12 Vanguard 500 Index Fund Investor Shares (VFINX) Average annual performance As of 04/30/2021 1 Year 3 Year 5 Year 10 Year Since Inception 8/31/1976 500 Index Fund Inv –% –% –% –% % Samp。1 Mutual Funds, Hedge Funds and Pension Funds (Ch 5 Textbook by Saunders et al) Outline 1. Mutual Funds Quick Facts of MFs Advantages Types Structure of MFs Expenses Regulations 2. Hedge Funds 3. Pension Funds a) Defined Contribution Plan b) Defined Benefit Plan. Numerical Examples 4. Concluding remarks 2 Quick Facts of Canada’s MF Industry ? Assets Growth ? 1990, $25billion. 2021, $426billion. 2021, $391billion. 2021, $billion (See next Slide) ? Aging of the baby boomers and increasing life expectancy ? Entry of banks into the mutual fund market ? Professional management and diversification at minimal cost ?
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