资本市场和金融机构81.pptx

1GrowthofMutualFunds4-4-11第1页/共21页2MutualFundNetAssetsinbillionsAsset Growth as percentage of previous years assetsMoney Market FundsLong-Term FundsSource:The Investment Funds Institute of Canada第2页/共21页3NetSalesbyFundTypelong-termfundsonly(millions)Long-Term Stand-Alone FundsFund-of-FundsSource:The Investment Funds Institute of Canada第3页/共21页41.MUTALFUNDSWhat is a Mutual Fund?A MF is a separate,legally incorporated,equity-financed investment vehicle managed by an assetmanager for the benefit of the equity investors.A MF pools the resources of many small investors by selling them sharesand using the proceeds to investinsecurities(e.g.,stocks,bonds,options,futures,currencies,or money market securities.)第4页/共21页5MutualFundsFundParent Co.Dec 04 Assets($billions)1IGM Financial(Investors,Mackenzie Financial)Power Corp of Canada82.72RBC Asset Management IncRoyal Bank47.03C.I.Mutual Funds Inc.Independent43.14Aim Trimark InvestmentsAMVESCAP PLC,U.K.42.15CIBC Asset ManagementCIBC41.76TD Asset Management GroupTD Canada Trust26.37Fidelity Investment Canada LtdFidelity Investments,U.S.32.38AGF Management LimitedIndependent23.39Franklin Templeton InvestmentsFranklin Templeton Inv.US20.110BMO Investments Inc.Bank of Montreal19.7Total Assets387.4Big Six Banks subsidiaries.MF of$165.2-billion(1/3 of total in 2004)第5页/共21页61.2AdvantagesofinvestinginMFRecord keeping and administrationDiversificationanddivisibility(seegraphontheadvantagesofglobaldiversification)Professional ManagementLower Transaction Costs第6页/共21页71.3TypesofMFs1.Equity Funds:Value Firms:High dividend yields2.Fixed-Income(bond)Funds3.Balanced Funds(money market,equity and bonds)4.Growth Funds:Growth firms.5.Specialized Funds:Specific economic sectors,and regions6.Money Market Funds:T-bills,BAs,term deposits,provincial short-term notes,commercial paper.7.Index Funds.They try to replicate an index.Example:S&P/TSX 60 index fund.Index funds are passively managed funds,in contrast,types 1-6 are activelymanagedfunds.第7页/共21页8TypesofMutualFunds4-4-88第8页/共21页9Vanguard500IndexFundInvestorShares(VFINX)Average Annual Total Returns as of 03/31/2004Ten Largest Holdings as of 04/30/20041.General Electric Co.2.Microsoft Corp.3.Exxon Mobil Corp.4.Pfizer Inc.5.Citigroup,Inc.6.Wal-Mart Stores,Inc.7.American International Group,Inc.8.Intel Corp.9.Bank of America Corp.10.Johnson&JohnsonTop Ten Equals 22.4%of Total Net Assets第9页/共21页10Vanguard500IndexFundInvestorShares(VFINX)AverageannualperformanceAsof04/30/20091 Year3 Year5 Year10 YearSince Inception8/31/1976500 Index Fund Inv35.31%10.84%2.80%2.56%9.84%S&P 500 Index35.31%10.76%2.70%2.48%第10页/共21页11InternationalDiversification&RiskPortfolio of Canadian and international stocksBy diversifying the portfolio,the variance of the portfolios return relative to the variance of the markets return(beta)is reduced to the level of systematic risk-the risk of the market itself.20406080Number of stocks in portfolio10203040501100Portfolio ofCanadian stocks12%27%Percent risk第11页/共21页121.4StructureofMFOpen-endFund(most common).Mutual fund in which shares can be redeemed at anytime at a price that is tied to the NAV(at the end of the day).Nosetnumberofsharesoutstanding.The number may go up or down each day as new investments(purchase)arrive or as redemptions(sales)occur.Closed-endFund.An unmanaged portfolio of stock with each share representing partial ownership of the portfolio.A fixed number of no redeemable shares are sold at an initial offering and are then traded in organized exchanges like common stock.The marketprice of these shares depend on the interaction of demand and supply for these funds第12页/共21页13Investors buy shares in MF and ownership is proportional to the number of shares purchased.The valueofeachshare is called the net asset value or NAV.NAV=Market value of assets minus liabilities Shares Outstanding.E.g.,The Balance Sheet of the Index Trust 500 a mutual index fund sponsored by the Vanguard Group at the end of Dec 1996 was as follows.Assets(Cash,bond and stocks at current market value):$105,496 million.Liabilities:$844 million.#Shares:773.3 million.Determine the NAVA:NAV=($105,496 million-$844 million)/773.3 million=$135.38 第13页/共21页14Amutualfundisusuallycalledanopen-endfundbecausethenumberofsharesincreases(decreases)withnewpurchases(redemptions)ofmutualfundshares.EXAMPLEAssumethatatthebeginningofadayaMFhasaNetAssets(NA0)portfolioof$100million,andsharesoutstanding(units)of5million.a)WhatistheNAVofthefund?Assumethatduringthedaythemutualfundsold$600,000offundshares(units)andunitholderswithdrew(redeemed)$200,000,andthepricesofallthesecuritiesintheportfolioremainconstant.b)Howmanyshares(units)wereissued(sold)?c)Howmanyshares(units)wereredeemed?d)Whatisthenumberofshares(units)attheendoftheday?第14页/共21页15e)What is the total value of net 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 0.5%of the increase in the total value of net assets.What is the dollar amount of the fee obtained at the end of the day?第15页/共21页161.5MFexpensesOperatingExpenses:Administrative expenses(legal,custodial,and record-keeping fees)and advisory fees paid to the investmentmanager.Othercharges:General marketing expenses,and trailer fees to distributors,e.g.,financial advisors for providing services to investors of the MF.TheOperationExpensesandOtherChargesasaratiooftotalassetsisreferredastheManagementexpenseratio(MER).Usually expressed as a%of total assets under management(range 0.2%-2.5%)第16页/共21页17SalesCharges:Commissions paid to brokers Load fund(Front-and Back-End charge).Front charge(typically 8%):at the time of the purchaseBack-End charge.Deferred Sales charge(typically 6%)upon sale No-LoadfundNo sale fee.Sold by sponsoring MF.SpecialFeesSpecific administrative costs(e.g.account set-up fee,transfer fee,RRSP registration fee)are paid directly by individual investors.第17页/共21页18RateofReturnofaMutualFundRofR=(NAV1-NAV0+Incomeandcapitalgaindistributions)/NAV0Example#1A fund has an initial NAV at the start of the month NAV0=$20(Net asset value per unit)Makes income distributions of$0.15 and capital gain distributions of$0.05,End the month NAV is NAV1 =$20.10A:Monthly RofR =?第18页/共21页19Example#2Consider a fund with$100 million in net assets at the start of the year(NA0)10 million shares outstanding.The fund invests in a portfolio of stocks that provides no income but increases in value by 10%.The management expense ratio(MER),including other charges,is 1%(0.01)of initial total net 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)/NAV0Alternatively RofR=(NAV1-NAV0)/NAV0 MER =第19页/共21页201.6RegulationsProvincial securitiesIf distributed by Investment dealersOSFI and provincial regulators(Bank Act,TLMs,Insurance Companies Act)If distributedbyBanks,TLMs,Insurance CompaniesSelfRegulatoryOrganizations(SRO)Distribution of the MF industry.MutualFundDealersAssociation(MFDA)Production of MF(creation of publicly traded securities)InvestmentIndustryRegulatoryOrganizationofCanada(IIROC)InvestmentFundsInstituteofCanada(IFIC)Information provider concerning the industry and to reflect the industry concerns to government and the public at large.第20页/共21页21感谢您的观看！第21页/共21页