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1、基金管理公司和基金的管理,金岩石,1900 1924 1928 1929 1940 1953 1960 1968 1970,Mutual Fund “Go-Go Years” “Star” portfolio managers promoted to the public First significant investment in funds by public,First no-load Fund introduced by Scudder, Stevens & Clark,NYSE begins The Monthly Investment Plan Introduces dollar
2、-cost averaging,Market Crash Leads to Great Depression,First mutual funds Introduced in the United States Massachusetts Investors Trust State Street Investment Trust,First balanced fund introduced Industrial & Power Securities (Created by Walter L. Morgan) Renamed in 1935 as The Wellington Fund,Inve
3、stment Company Act of 1940 defines three types of investment companies: Face Amount certificate Company Unit Investment Trust Management Company,Mutual fund time line:1924-1970 (Figure3-1) 共同基金发展历程1924-1970,1970-1972-1973.1974-1975-1976-1979-1980,Two-year severe bear market, lasts to end of 1974 Dow
4、 loses nearly 50% of its value Investors flee stocks and funds.,Securities Act Amendments of 1975 Deregulation of fixed commissions,Tax-exempt money market funds introduced,12b-1 fees approved by the SEC,First index fund introduced Vanguard Index Trust-tracks S&P 500,Fidelity launches first money ma
5、rket mutual fund with check writing privileges.,First Money market mutual fund created,Mutual fund time line:1970-1980. ( Figure 3-2) 共同基金发展历程1970-1980,1980-1981-1982-1983-1987-1988-19901992.1995-1998-2000,Tax Act of 1981 creates Individual Retirement Accounts (IRAs),Mutual funds marketed to IRA hol
6、ders, transforming them from savers to investors,The longest bull market in history begins Banks offer money market checking accounts to compete with money market mutual funds,October 19th Market Crash,Dramatic increase in the number of mutual funds and cash inflow Number of funds exceed the number
7、of stocks listed in exchanges Americans invest more in mutual funds than in their homes,SEC approves the use of a two-page summary prospectus that mutual funds can use to sell shares,Dual pricing introduced by Merrill Lynch Different classes of shares (A&B) in the same fund,Charles Schwab launches O
8、neSource, its mutual funds supermarket, which enables investors to buy the no-load funds of many different companies and receive one consolidated statement,Magellan fund expected to exceed $100 billion in total net assets-larger than all stock funds in 1984, and larger than the entire industry in 19
9、79,Mutual fund time line:1980-today (Figure 3-3) 共同基金发展历程1980-2000,Return,100,0,30,40,50,10,20,20,40,60,80,Risk,Money Market,Income,Growth and Income,Growth,New Concept Growth,Sector and Regional Growth,Mutual Fund Families 共同基金家族,SPONSOR,Portfolio Manager Investment Adviser Investment Manager Fund
10、Manager,Management Company MILLENNIUM GROWTH FUND,Board of Directors,Sub-adviser,May be a division of the sponsor or an outside firm,Creates the fund and registers it with the SEC Files required reports with the SEC,Hires,Advises and directs investment activities,CUSTODIAN BANK,Investment Portfolio
11、Stocks - Bonds - Cash,May advise and direct investment activities,Has expertise in other types of investments (e.g., foreign securities) or has a different investment style,Oversees the funds management Acts as watchdog for shareholder interests Approves annual contract for investment adviser,Safegu
12、ards the funds assets Acts as a paying agent and/or transfer agent Calculates the funds NAV daily,Structure of a typical mutual fund and the basic responsibilities of the various parties. 共同基金的组织结构以及相关当事人的职责,1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 19
13、90 1991 1992 1993 1994 1995 1996 1997 1998,Year,Equally Weighted Equity Allocation,Greater Equity Diversification,Moderate Equity Diversification,Limited Equity Diversification,S&P 500,Performance Statistics 共同基金业绩和史普500的比较,26.75 7.65 -7.63 19.09 15.81 11.26 20.70 23.57 23.08 -5.74 13.43 23.50 9.03
14、29.50 27.40 12.57 21.71 22.35 -3.16 18.15 3.71 12.56 4.46 21.15 24.65 10.40 -1.08,25.53 -3.20 -15.79 26.87 17.65 8.55 18.79 19.97 25.79 -4.03 13.50 23.85 8.81 34.26 31.94 11.86 21.15 21.94 -7.31 21.39 2.69 15.82 4.19 23.36 21.71 15.46 9.30,24.98 -8.25 -19.91 31.27 17.98 5.42 17.09 17.84 27.59 -3.79
15、14.05 23.62 8.05 36.47 32.82 11.45 20.76 23.18 -8.27 2.3.11 2.37 16.39 3.83 25.93 20.21 19.11 16.29,22.67 -10.78 -22.47 33.57 20.25 0.62 13.07 18.06 29.44 -4.19 16.86 23.21 7.38 34.85 27.39 9.06 19.24 26.33 -6.37 25.98 4.39 13.98 2.87 30.31 21.29 24.57 21.01,18.98 -14.66 -26.47 37.20 23.84 -7.18 6.56 18.44 32.42 -4.91 21.41 22.51 6.27 32.16 18.47 5.23 16.81 31.49 -3.17 30.55 7.67 9.99 1.31 37.43 23.07 33.36 28.58,Simple average return 14.25 14.59 14.80 14.91 15.09 Standard deviation 10.55 12.28 13.62 14.4016.69 Compound annual return 13.77 13.92 13.96 13.9613.82 Future Valu
