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Chapter 15 第十五章

Chapter 15 第十五章. Mutual Funds: An Easy Way to Diversify 共同基金：分散投資的一種簡易方法. What is a Mutual Fund? 什麼是共同基金.

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Chapter 15 第十五章

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  1. Chapter 15第十五章 Mutual Funds: An Easy Way to Diversify共同基金：分散投資的一種簡易方法

  2. What is a Mutual Fund?什麼是共同基金 Investment company that pools money from investors to buy stocks, bonds, and other investments. Investors own a share of the fund proportionate to the amount of the investment共同基金是投資公司集合了投資人的資金去購買股票、債券和做其他投資，投資人擁有它所投資基金的一個比例權證 Prentice Hall Inc.

  3. Why Invest in Mutual Funds?為何要投資在共同基金 • Benefit the small investor – diversification and reduced risk對小額投資人有利─分散並降低風險 • Level the playing field between corporations and the individual investor使得大額投資者和小額投資者之間的投資領域変相等 Prentice Hall Inc.

  4. Advantages of Mutual Fund Investing投資共同基金的優點 • Diversification – owning numerous securities reduces risk分散投資─擁有多種證券以降低風險 • Professional management專業的管理 • Minimal transaction costs較少的交易費 • Liquidity流動性 • Flexibility靈活性 • Service服務 • Avoidance of bad brokers避免差勁的經紀人 Prentice Hall Inc.

  5. Disadvantages of Mutual Fund Investing投資共同基金的缺點 • Lower-than-market performance:績效低於一般市場 • 1985 – 2000, 84.5% of average annual returns trailed the S&P 500 Index在1985 – 2000年間，有平均84.5%的表現皆低於標準普爾500指數 • Costs成本 • Risks – Unsystematic risk風險─非系統性風險 • Risk – Systematic risk風險─系統性風險 • Capital gains taxes資本利得的稅賦 Prentice Hall Inc.

  6. To Operate, Mutual Funds共同基金的操作 • Pool money from investors with similar goals從有相似投資目標的投資人處募得資金 • Invest in numerous securities投資於廣泛的證券領域 • Hire a management company to run the fund僱用專業投資公司管理基金 Prentice Hall Inc.

  7. To Operate, Mutual Funds (cont’d)共同基金的操作 • Hire an investment advisor to manage the fund’s portfolio僱用投資顧問管理基金的投資組合 • Hire:僱用 • a custodian to safeguard fund holdings.保管人為保護基金資產的第三者 • a transfer agent to act as record keeper.移轉代理人是一個紀錄的確保者 • an underwriter to sell new shares.承銷商負責出售共同金的發行的受益憑證 Prentice Hall Inc.

  8. Ways of Making Money With Mutual Funds共同基金賺錢的方式 • Increases in market value (appreciation)市場價值增加(漲價) • Dividends股息 • Capital gains distribution資本利得分配 Prentice Hall Inc.

  9. Types of Investment Companies投資公司的型態 • Open-end investment companies or mutual funds開放型投資公司或共同基金 • Closed-end investment companies or mutual funds封閉型投資公司或共同基金 • Unit investment trusts單位投資信託 • Real estate investment trusts (REITs)房地產投資信託 Prentice Hall Inc.

  10. Open-End Investment Companies or Mutual Funds開放型投資公司或共同基金 • Have an unlimited number of shares能發行不限量的受益憑證 • Buy and sell shares directly to investors without a secondary markt買賣股票直接由基金公司而不由次級市場交易 • Purchase and selling price is determined by the net asset value of the fund買價與賣價是依據共同基金的資產淨值計算而得 • NAV = value of all securities - liabilities total shares outstanding淨資產價值 = 持有証券的市場價值 - 負債 / 受益憑證的總發行數量 Prentice Hall Inc.

  11. Closed-End Investment Companies or Mutual Funds封閉型投資公司或共同基金Have a limited number of shares發行受益憑證的數量受限制 • Sell only the initial offering. Subsequent trades are done in a secondary market, similar to the common stock market.僅出售最初的發行量，伴隨發生的交易在次級交易市場完成，與普通股票交易市場相類似 • Purchase and selling price is determined by supply and demand.供需決定了買價與賣價 Prentice Hall Inc.

  12. Unit Investment Trusts單位投資信託 • Fixed pool of securities, normally municipal bonds有固定的共同資金，通常是市政公債 • Have shares that represent a proportionate share of the trust每股代表適當比例的公同資金所有權 • Are passive investments that operate on a buy-and-hold strategy是消極的買、持有的投資策略 • Normally require $1,000 minimum investment通常最小投資金額是$1,000 • Long time horizon recommended建議長期的投資 Prentice Hall Inc.

  13. Real Estate Investment Trusts (REITs)房地產投資信託 • Professional managers invest pooled funds in a diversified portfolio of real estate.由專業經理人募集資金分散風險，買賣投資用於房地產 • REITs require that 75% of fund income is generated from real estate investments and must distribute 95% of income as dividends.要求必須有75%的收入來自房地產，而且收入的 95%必須是以股息的形式配發 Prentice Hall Inc.

  14. Real Estate Investment Trusts (cont’d)房地產投資信託(續) • Have 3 types (equity; mortgage; hybrid)有三種類型(權益型、抵押型與兩種的混合型) • Lack the liquidity of most mutual funds, but more liquidity than direct real estate investments與一般共同基金相比較，缺乏流動性，但是若與直接投資房地產來比較又顯流動性較佳 • Actively traded REITs recommended建議了解它交易的活絡性 • Offer diversification independent of the stock market提供獨立於股票市場外多樣化的分散的選擇 Prentice Hall Inc.

  15. Equity REITs權益型房地產投資信託 • Buy property directly 直接購買房地產 • Manage the property管理房地產 • Investors hope the real estate appreciates in value當投資者買進REITs時，希望房地產會增值 Prentice Hall Inc.

  16. Mortgage REITs抵押型房地產投資信託 • Buy mortgages 購買抵押權 • Do not have any capital appreciation資產無增值的機會 • Investors only receive interest payments on the mortgages投資人僅收到抵押權的利息 Prentice Hall Inc.

  17. Hybrid REITs混合型房地產投資信託 • Invest in both properties and mortgages投資房地產與抵押權 • Investments result in both capital appreciation and interest income投資者將有增值及利息的收益 Prentice Hall Inc.

  18. The Costs of Mutual Funds共同基金的成本 • Load funds – sales commissions charged to the investor when purchasing fund shares手續費─當購買共同基金時，所收取的佣金手續費 • Back-end load funds – commissions charged to the investor when selling the shares; may be a sliding scale贖回手續費─當投資者贖回持股時所收的手續費，可能被設定在一個滑動區間內 • No-load funds – no commission charged無手續費型基金─不收取佣金的共同基金 Prentice Hall Inc.

  19. The Costs of Mutual Funds (cont’d)共同基金的成本 • Management fees and expenses – fees associated with the operation of the company:管理費與費用 • Expense ratio費用率 • Turnover rate週轉率 • 12b-1 fees – fees charged to cover the fund’s cost of advertising and marketing 12b-1費─基金的廣告和促銷行銷費用 Prentice Hall Inc.

  20. Types and Objectives of Mutual Funds共同基金的類型和目標 • Money market mutual funds貨幣市場共同基金 • Stock mutual funds股票型共同基金 • Balanced mutual funds平衡型共同基金 • Asset allocation funds資產配置型基金’ • Life-cycle funds生命週期型基金 • Bond funds債券型基金 Prentice Hall Inc.

  21. Money Market Mutual Funds (MMMFs)貨幣市場共同基金 • Invest in short-term securities with maturities of less than 30 days投資於短期有價證券且到期日低於30以內 • Trade at a constant net asset value of $1 per share每股最小投資金額為$1 • Work much like an interest bearing checking account with some limitations基金的運作有點類似孳息的存款帳戶而有些限制 • Considered practically risk-free幾乎是無風險 Prentice Hall Inc.

  22. Specialized Types of MMMFs專業型態的貨幣市場共同基金 • Tax-exempt MMMFs – invest in only muni’s免稅貨幣市場共同基金─投資在非常短期的市政公債，報酬可以免聯邦稅 • Government securities MMMFs – invest in government paper to reduce risk, but lower return政府證券貨幣市場共同基金─僅投資在美國政府證券以規避風險，但是報酬較低 Prentice Hall Inc.

  23. Stock Mutual Funds股票型共同基金 • Aggressive growth funds積極成長型基金 • Small-company growth funds小型股成長基金 • Growth funds成長型基金 • Growth-and-income funds成長收益型基金 • Sector funds產業型基金 • Index funds指數型基金 • International funds國際型基金 Prentice Hall Inc.

  24. Balanced Mutual Funds平衡型共同基金 • Try to balance objectives of long-term growth, income, and stability of the capital invested 是種試圖平衡長期的成長、收益與穩定目標及資本利得的共同基金 • Invest in common stock, preferred stock, and bonds投資在普通股、特別股與債券 • Less volatile than stock funds比股票共同基金的變動小 Prentice Hall Inc.

  25. Asset Allocation Funds資產配置型基金 • Are similar to balanced mutual funds in the mix of securities十分類似於平衡基金，它是混合型的投資有價證券 • Practice market timing to attempt to outperform the market試圖表現優於市場 • Risky due to the turnover rate and associated transaction costs因為交易週轉率與交易成本而產生的風險 Prentice Hall Inc.

  26. Life-Cycle Funds生命週期型基金 • Are similar to asset allocation funds與資產配置行基金相類似 • Tailor holdings to best meet the needs of investors in a certain stage of the life-cycle, such as age or risk tolerance基本上是為了使他們的持股適合投資者的個人特質，例如：投資者年齡和風險的容忍度 Prentice Hall Inc.

  27. Bond Funds債券型基金 • A small investment buys shares in a diversified bond portfolio小型投資人購買債券分散債券的投資策略 • More liquid than individual bonds比個別債券更具流動性 • Provide professional management提供專業的管理 • Provide regular income提供規律的收益 Prentice Hall Inc.

  28. Bond Funds (cont’d)債券型基金(續) • Can incur more expenses than purchasing bonds directly若是直接購買債券，將不需任何費用 • Don’t mature to pay a guaranteed lump sum investment like individual bonds do不會像個別債券會到期且不會收到總額給付 Prentice Hall Inc.

  29. Types of Bond Funds債券型基金的種類 • U.S. government and GNMA bond funds美國政府或GNMA債券基金 • Municipal bond funds市政公債基金 • Corporate bond funds公司債券型基金 • Specialized maturity length (short-, intermediate-, and long-term) funds特別到期期限基金(有短期、中期和長期) Prentice Hall Inc.

  30. Services Offered by Mutual Funds共同基金的服務 • Automatic investment and withdrawal plans自動的投資與贖回計劃 • Automatic reinvestment of interest, dividends, and capital gains利息、股利與資本利得的自動再投資 • Phone switching電話轉帳 • Easy establishment of retirement plans退休計畫的簡易設立 • Check writing開立支票 • Bookkeeping and help with taxes簿記與幫助報稅 Prentice Hall Inc.

  31. Buying a Mutual Fund購買共同基金 • Step 1: Determine your investment goals.步驟一：決定你的投資目標 • Step 2: Identify funds that meet your objectives.步驟二：符合你的投資目標 • Step 3: Evaluate the fund.步驟三：評估基金 Prentice Hall Inc.

  32. Step 1:步驟一Determine Your Investment Goals決定你得投資目標 • Determine your time horizon for each goal.計算你每個目標的時間點 • Determine your risk tolerance.計算你的風險承受度 • Determine your personal investment preferences.衡量你個人投資的偏好 • Determine your tax planning strategies.衡量你的租稅規劃策略 Prentice Hall Inc.

  33. Step 2: Identify Funds That Meet Your Objectives步驟二 符合你的投資目標 • Look to third-party publications:查看第三者的發行刊物 • Morningstar Mutual Funds早晨之星共同基金 • Determine the fund’s objective.計算基金的目標 • Determine the fund’s investment style:計算基金的投資型態 • Value價值導向型 • Growth 成長導向型 • Read the prospectus.閱讀公開說明書 Prentice Hall Inc.

  34. Information Contained in the Prospectus共同基金公開說明書的資訊 • The fund’s goal and investment strategy基金的目標與投資策略 • The fund manager’s past experience基金經理人過去的經歷 • Any limitation on investments that the fund may have基金可能會有的任何投資限制 • Any tax considerations of importance to the investors任何對投資人稅捐的重要考量 Prentice Hall Inc.

  35. Information Contained in the Prospectus (cont’d)共同基金公開說明書的資訊(續) • The redemption and investment process for buying and selling shares in the fund買賣基金的贖回與投資的程序 • Services provided investors對投資人的服務 • Performance over the past 10 years or since the fund has been in existence過去十年或創立至今的績效 • Fund fees and expenses基金費用 • The fund’s annual turnover ratio基金的每年週轉率 Prentice Hall Inc.

  36. Step 3: 步驟三Evaluate the Fund評價基金 • Always compare funds with the same objective相同目標的基金才可相互比較 • Evaluate the fund’s long-term performance觀察基金的績效必須是長期的一段時間 • Look at returns in both up and down markets觀察在大漲及大跌時的報酬 Prentice Hall Inc.

  37. Sources of Information訊息的來源 • The Wall Street Journal華爾街日報 • Forbes or Business Week富比士商業週刊 • Kiplinger’s Personal FinanceKiplinger’s個人理財 • Smart Money or Consumer Reports小額貨幣與消費者報導 • Wiesenberger Investment Companies Service威森伯格投資服務公司 • Morningstar Mutual Funds早晨之星共同基金 Prentice Hall Inc.

  38. Mutual Fund Quotes in The Wall Street Journal華爾街日報提供甕同基金的報價 • NAV – net asset value (price)淨資產價值(價格) • NAV change – gain or loss from prior day’s NAV淨資產價值變化─與前一天淨資產價值相比較的利的或損失 • Total return – NAV change plus accumulated income全部報酬─淨資產價值變化加上累積收益 • Total return – NAV change plus income for different time periods, in percent全部報酬─淨資產價值變化加上累積期間收益，以百分比表示 Prentice Hall Inc.

  39. Mutual Fund Quotes (cont’d)共同基金報價 • Ranking – performance comparison among funds with same objective for different time periods等級─比較擁有相同投資目標基金的績效，並依所列期間來分等級 • Max initial sales com – the largest allowable sales commission charged最大期初銷售佣金─允許最大的銷售佣金費用 • Annual Exp – covers all expenses associated with running and advertising the fund每年費用─包含所有項關運作及促銷費用 Prentice Hall Inc.

  40. Calculating Fund Returns計算基金報酬 • Returns include distributions of dividends, distributions of capital gains, or NAV appreciation.報酬可能以股息分配、資本利的分配或資產價值增加的形式 Total return =總報酬 = dividends + capital gains + (ending NAV – beginning NAV) beginning NAV 以分配股息 + 已分配資本利得 +(期末NAV – 期末NAV) / 期初NAV Prentice Hall Inc.

  41. Calculating Fund Returns計算基金報酬 • With reinvestment of all distributions, total return includes the NAV share increase and the increased number of shares.如果所有配息再自動投資，你的總報酬會來自資產價值增值的部分與持有單位增加 • Total return =總報酬 = (No. of ending shares x ending price) – (No. of beginning shares x beginning price) (No. of beginning shares x beginning price) ( 期末受益憑證單位 X 期末價格) – (期初受益憑證單位 X 期初價格) / (期初受益憑證單位 X 期初價格) Prentice Hall Inc.

  42. Making the Purchase進行購買 • Buy through a financial services broker, banker, planner:透過財務經濟人，銀行人員或財務顧問購買 • Probably a load有手續費 • Buy directly from the mutual fund:直接透過基金市場購買 • No load無手續費 • 1-800…撥1-8000….. • Internet網路購買 Prentice Hall Inc.

  43. Making the Purchase (cont’d)進行購買(續) • Buy through a “mutual fund supermarket”:透過共同基金超級市場購買 • 8 major players, 2 largest are:主要的8個玩家，最大的兩家是： • Fidelity Funds Network富達基金網 • Charles Schwab查理斯.施瓦布 • Minimum account balances vary開戶最低餘額的差異 • Transaction fees vary交易費差異 Prentice Hall Inc.

  44. Summary摘要 • What is a mutual fund and how does it operate? 何謂共同基金？它如何運作? • Mutual fund advantages and disadvantages共同基金的優缺點 • Types of investment companies:投資公司的型態 • Open and closed end mutual funds開放和封閉型共同基金 • Unit investment trusts單位投資信託 • REITs房地產投資信託 Prentice Hall Inc.

  45. Summary (cont’d)摘要(續) • Costs of owning a mutual fund:擁有共同基金的成本 • Loads – front-end and back-end手續費─購買手續費和贖回手續費 • Fees – management and 12b-1管理費─管理費和12b-1費 • Understand fund objectives and categories了解共同基金的類型及目標 • Understand fund services了解共同基金的服務 Prentice Hall Inc.

  46. Summary (cont’d)摘要(續) • Sources of mutual fund investment information:投資共同基金的資料來源 • Newspapers, magazines, Internet報紙、雜誌與網路 • Investment company prospectus投資公司的公開說明書 • How do you buy a mutual fund?你如何購買共同基金 • Types of mutual fund returns:共同基金報酬的種類 • Dividends or capital gains distributions分配股息或資本利得 • NAV appreciation每日淨資產價值上漲 Prentice Hall Inc.

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