共同基金与对冲基金 Mutual Funds and Hedge Funds

FinancialMarketsandInstitutions:MutualFundsandHedgeFundsChapterPreviewSupposeyouwantedtostartsavingsforretirement,butyoucanonlyaffordtoinvest$100/month.Howdoyoudevelopadiversifiedportfolio?ChapterPreviewWestudywhymutualfundshavebecomesopopular,thevarioustypesofmutualfunds,theirregulation,andscandalsinthemutualfundindustry.Topicsinclude:TheGrowthofMutualFundsMutualFundStructureInvestmentObjectiveClassesFeeStructureofInvestmentFundsRegulationofMutualFundsHedgeFundsConflictsofInterestintheMutualFundIndustryMutualFundsAmutualfundisaprofessionally-managedcollectiveinvestmentvehiclethatpoolsmoneyfrommanyinvestorsbysellingthemsharesandthenusesthefundstoinvestinsecuritiesaccordingtoprespecifiedinvestmentobjectiveandapproachinitsprospectus.Investors,likeshareholdersofacompany,takethelossandgainproportionaltotheirinvestment.AdvantagesofMutualFunds1.Managerialexpertise:manyinvestorsprefertorelyonprofessionalmoneymanagerstoselecttheirinvestments.2.Diversification:investorsimmediatelyrealizethebenefitsofdiversificationevenforsmallinvestments.3.Denominationintermediation:investorscanparticipateinequityanddebtofferingsthat,individually,requiremorecapitalthantheypossess.4.Liquidityintermediation:investorscanquicklyconvertinvestmentsintocashwhilestillallowingthefundtoinvestforthelongterm.5.Costadvantages:thefundcannegotiatelowertransactionfeesthanwouldbeavailabletotheindividualinvestor.DisadvantagesThedisadvantagesofmutualfundsinclude:FeesLesscontrolovertimingofrecognitionofgainsLesspredictableincomeNoopportunitytocustomizeGrowthofMutualFundsinU.S.ThefirstmutualfundsimilartothefundsoftodaywasintroducedinBostonin1824.Thestockmarketcrashof1929setthemutualfundindustrybackbecausesmallinvestorsavoidedstocksanddistrustedmutualfunds.Congresspassedaseriesofactsregulatingthesecuritiesmarketsingeneralandmutualfundsinparticular.LawsRelatedtoMutualFundsTheSecuritiesActof1933requiresthatallinvestmentssoldtothepublic,includingmutualfunds,beregisteredwiththeSecuritiesandExchangeCommission(SEC)andthattheyprovideprospectiveinvestorswithaprospectusthatdisclosesessentialfactsabouttheinvestment.TheSecuritiesandExchangeActof1934requiresthatissuersofsecurities,includingmutualfunds,reportregularlytotheirinvestors;thisactalsocreatedtheSEC,whichistheprincipalregulatorofmutualfunds.TheRevenueActof1936establishedguidelinesforthetaxationofmutualfunds.TheInvestmentCompanyActof1940governsthestructuremutualfunds.GrowthofMutualFundsinU.S.Assetsheldbymutualfundshavegrownbyover17.5%peryearforthelast20years,reachingover$10trillion.25%oftheretirementmarketandalmost45%ofallU.S.householdsholdstockviamutualfunds.GrowthofMutualFundsinU.S.Ownershipinmutualfundshaschangeddramaticallyoverthelast20yearsIn1980,only5.7%ofhouseholdsheldmutualfundsharesInthebeginningof2010,thatnumberwas45%Assetsundermanagement,numberoffunds,andnumberofaccountsallhaveincreasedsubstantiallyThenextfourslidesshowthetimeseriesofthesetrends.GrowthofMutualFundsGrowthofMutualFunds(a)GrowthofMutualFunds(b)MutualFundStructureInvestmentcompaniesusuallyofferanumberofdifferenttypesofmutualfunds(calledcomplexes).Investorscanoftenmoveinvestmentsamongthesefundswithoutpenalty.Thecomplexesoftenissueconsolidatedstatements.Top10mutualfundcomplexesinU.S.VanguardFidelityAmericanFunds(CapitalResearch&Management)BlackRockPIMCOFranklinTempletonJPMorganChaseStateStreetGlobalAdvisorsT.RowePriceFederatedInvestorsCalculatingaMutualFund’sNetAssetValueNetAssetValue(NAV)Definition:Totalvalueofthemutualfund’sstocks,bonds,cash,andotherassetsminusanyliabilitiessuchasaccruedfees,dividedbythenumberofsharesoutstandingStocks$35,000,000Bonds$15,000,000Cash$3,000,000Totalvalueofassets$53,000,000Liabilities–$800,000Networth$52,200,000Outstandingshares15millionNAV=$52,200,000/15,000,000=$3.48MutualFundStructureClosed-EndFunds:afixednumberofnonredeemablesharesaresoldthroughaninitialofferingandarethentradedintheOTCmarket.Priceforthesharesisdeterminedbythenetassetvalueandsupplyanddemandforces.Open-EndFunds:investorsmaybuyorredeemsharesatanypoint,wherethepriceisdeterminedbythenetassetvalueofthefund.InU.S.,thepriceissetonceadayat4:00PMeasterntimeExchange-TradedFunds(ETFs):combinecharacteristicsofbothclosed-endandopen-endfunds.MutualFundStructure:theOrganizationCorporatemutualfunds(U.S.model)MutualfundsareorganizedascorporationsTheshareholders,orowners,ofthemutualfundaretheinvestors.Theboardofdirectorsoverseesthefund’sactivities,hirestheinvestmentadvisor,anunderwriter,etc.,tomanagethedaytodayoperationsofthefund.CorporateMutualFundsCorporateMutualFundsIntheory,theboardcanfirethefundmanagerandhireanyonetheychoose.Forinstance,theboardfortheFidelityMagellanFundcanfireFidelity.Ofcourse,iftheboardhiresanon-Fidelitymanagementteam,thefundwillprobablyloseitsname,andpossiblyitsreputationalongwithit.ContractualMutualFundsConstitutedunderatrustagreementbyfundsponsor,fundmanager,andfundtrustee.Thefundmanagerrunsthetrustforprofit.Thetrusteeensuresthefundmanagerkeepstothefund'sinvestmentobjective