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基金管理公司和基金的管理金岩石190019241928192919401953196019681970MutualFund“Go-GoYears”•“Star”portfoliomanagerspromotedtothepublic•FirstsignificantinvestmentinfundsbypublicFirstno-loadFundintroducedbyScudder,Stevens&ClarkNYSEbeginsTheMonthlyInvestmentPlan•Introducesdollar-costaveragingMarketCrash•LeadstoGreatDepressionFirstmutualfundsIntroducedintheUnitedStates•MassachusettsInvestorsTrust•StateStreetInvestmentTrustFirstbalancedfundintroduced•Industrial&PowerSecurities(CreatedbyWalterL.Morgan)•Renamedin1935asTheWellingtonFundInvestmentCompanyActof1940definesthreetypesofinvestmentcompanies:•FaceAmountcertificateCompany•UnitInvestmentTrust•ManagementCompanyMutualfundtimeline:1924-1970(Figure3-1)共同基金发展历程1924-19701970---------1972--------1973……..1974-----------1975------------1976------------1979------------1980Two-yearseverebearmarket,laststoendof1974•Dowlosesnearly50%ofitsvalue•Investorsfleestocksandfunds.SecuritiesActAmendmentsof1975•DeregulationoffixedcommissionsTax-exemptmoneymarketfundsintroduced12b-1feesapprovedbytheSECFirstindexfundintroduced•VanguardIndexTrust-tracksS&P500Fidelitylaunchesfirstmoneymarketmutualfundwithcheckwritingprivileges.FirstMoneymarketmutualfundcreatedMutualfundtimeline:1970-1980.(Figure3-2)共同基金发展历程1970-19801980--------1981---------1982--------1983--------1987--------1988-------1990……1992…….1995------1998-------2000TaxActof1981createsIndividualRetirementAccounts(IRAs)MutualfundsmarketedtoIRAholders,transformingthemfromsaverstoinvestorsThelongestbullmarketinhistorybegins•BanksoffermoneymarketcheckingaccountstocompetewithmoneymarketmutualfundsOctober19thMarketCrashDramaticincreaseinthenumberofmutualfundsandcashinflow•Numberoffundsexceedthenumberofstockslistedinexchanges•AmericansinvestmoreinmutualfundsthanintheirhomesSECapprovestheuseofatwo-pagesummaryprospectusthatmutualfundscanusetosellsharesDualpricingintroducedbyMerrillLynch•Differentclassesofshares(A&B)inthesamefundCharlesSchwablaunchesOneSource,itsmutualfundssupermarket,whichenablesinvestorstobuytheno-loadfundsofmanydifferentcompaniesandreceiveoneconsolidatedstatementMagellanfundexpectedtoexceed$100billionintotalnetassets-largerthanallstockfundsin1984,andlargerthantheentireindustryin1979Mutualfundtimeline:1980-today(Figure3-3)共同基金发展历程1980-2000Return1000304050102020406080RiskMoneyMarketIncomeGrowthandIncomeGrowthNewConceptGrowthSectorandRegionalGrowthMutualFundFamilies共同基金家族SPONSORPortfolioManagerInvestmentAdviserInvestmentManagerFundManagerManagementCompanyMILLENNIUMGROWTHFUNDBoardofDirectorsSub-adviser•Maybeadivisionofthesponsororanoutsidefirm•CreatesthefundandregistersitwiththeSEC•FilesrequiredreportswiththeSECHiresAdvisesanddirectsinvestmentactivitiesCUSTODIANBANKInvestmentPortfolioStocks-------------------------------Bonds---------------------------------CashMayadviseanddirectinvestmentactivities•Hasexpertiseinothertypesofinvestments(e.g.,foreignsecurities)orhasadifferentinvestmentstyle•Overseesthefund’smanagement•Actsaswatchdogforshareholderinterests•Approvesannualcontractforinvestmentadviser•Safeguardsthefund’sassets•Actsasapayingagentand/ortransferagent•Calculatesthefund’sNAVdailyStructureofatypicalmutualfundandthebasicresponsibilitiesofthevariousparties.共同基金的组织结构以及相关当事人的职责197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998YearEquallyWeightedEquityAllocationGreaterEquityDiversificationModerateEquityDiversificationLimitedEquityDiversificationS&P500PerformanceStatistics共同基金业绩和史普500的比较26.757.65-7.6319.0915.8111.2620.7023.5723.08-5.7413.4323.509.0329.5027.4012.5721.7122.35-3.1618.153.7112.564.4621.1524.6510.40-1.0825.53-3.20-15.7926.8717.658.5518.7919.9725.79-4.0313.5023.858.8134.2631.9411.8621.1521.94-7.3121.392.6915.824.1923.3621.7115.469.3024.98-8.25-19.9131.2717.985.4217.0917.8427.59-3.7914.0523.628.0536.4732.8211.4520.7623.18-8.272.3.112.3716.393.8325.9320.2119.1116.2922.67-10.78-22.4733.5720.250.6213.0718.0629.44-4.1916.8623.217.3834.8527.399.0619.2426.33-6.3725.984.3913.982.8730.3121.2924.5721.0118.98-14.66-26.4737.2023.84-7.186.5618.4432.42-4.9121.4122.516.2732.1618.475.2316.8131.49-3.1730.557.679.991.3137.4323.0733.3628.58Simpleaveragereturn14.2514.5914.8014.9115.09Standarddeviation10.5512.2813.6214.4016.69Compoundannualreturn13.7713.9213.9613.9613.82FutureValueof$1$32.53$33.74$34.05$34.07$32.92Sharperatio0.660.600.550.530.48InvestorsAdministratorInvestmentManagerFund,LimitedPartnershipCustodian20%Incentive1%ManagementOffshoreServicesFeeFeeAssetsSharesServicesOFFSHOREFUND离岸避险基金的组织和管理结构InvestorsManagementCompanyGeneralPartner(PortfolioManager)Fund,LimitedPartnershipCustodian20%IncentiveServices1%FeeFeeAssetsLimitedPartnerInterestsCarriedInterestsDOMESTICFUND境内基金的组织和管理结构InvestorInvestorHedgeFundHedgeFundHedgeFundFundofFundsFUNDOFFUNDS基金中的基金1991ManagerGeorgeSorosJulianRobertsonPaulTudorJonesBruceKovnerMichaelSteinhardtJohnHenryPhilipHempelmanStanleyDruckenmillerGeorgeWeissLouisBaconLeonLevyJackNashMalcolmWienerMartinZweigDouglasFlorenJosephDiMennaLarryHitePeterMatthewsMarkStro