1、The Mutual Fund Market 共同基金市场共同基金市场1.Mutual Funds 2.Types of Mutual Funds 3.A Mutual Funds Net Asset Value 4.Investment Objective Classes Mutual Funds A mutual fund is a fund manager of professional financial practitioners（专业金融从业者）to management,social investors publicly raised funds to invest in the
2、 stock market a for-profit company type certificate Mutual fund to buy shares,bonds,commercial paper（商业票据）,commercial（商品）or financial derivatives（衍生性金融商品）,in order to gain interest,dividends（股息）or capital gains.Mutual funds by investing profits from investors and fund managers share.Advantage:Risk d
3、ispersion（分散投资风险）Professional operation management（专业操作管理）The best tax channel（最佳节税渠道）Cash fairly flexible（变现性相当灵活）A small amount of money to invest globally（小额资金即可投资全球）High Safety Types of Mutual Funds According to different criteria,the funds can be divided into different categories(1)According to
4、 the different organization forms Corporate fund refers to itself as a limited liability company,the company through the issuance of stocks or benefit vouchers way to raise funds Contract funds is also called unit trusts.The investors,the administrator,the custodian as parties.Corporate fund（公司型基金）（
5、公司型基金）Contract fund（契约型基金）（契约型基金）(2)According to whether can be increased or redemption.Open mode fund(开放式基金开放式基金)Open mode fund not traded on any exchange,it is through the Banks and other agencies or direct sales center to buy and redemptive.Closed-end funds（封闭式基金）（封闭式基金）It belongs to the trust fu
6、nd,its scale in the issue before determining.it in the fixed within a prescribed period.(3)According to the investment risk and income Growth fund（成长型基金）（成长型基金）Growth fund to long-term value for investment objectives,its investment object is small company stocks and some emerging industry stock.Inco
7、me fund（收入型基金）（收入型基金）Income fund main investment securities,which can bring cash income.Balanced fund（平衡型基金）（平衡型基金）This kind of fund mainly invest in bonds,preferred stock and some common stock.(4)According to the different investment object Stock fund（股票基金）（股票基金）Stock fund,it is to point to more th
8、an 60%of the funds assets in the stock investment fund.Bond fund（债券基金）（债券基金）It refers to the bond investment Money market funds（货币市场基金）（货币市场基金）It is mainly invested in short-term monetary instruments such as Treasury bills,commercial paper,certificates of deposit Banks regularly,the government short
9、-term bonds,corporate bonds,and other short-term securities Futures fund（期货基金）（期货基金）Its main investment object for futures.A Mutual Funds Net Asset Value NAVper share value of a mutual funds investment holding.Summary:Net asset value equals the market value of assets held by a fund minus the liabili
10、ties of the fund divided by the shares outstanding.The total number of fund unitsgOutstandin Shares ofnumber ThesLiabilitie Portfolio Assets of ValueMarket NAVExample A mutual fund has$100 million in assets and$3 million in short term liabilities.10.765 million shares outstanding.What is the NAV?Sol
11、ution ($100 mil-$3 mil)/10.765 mil=$9.0107 per share（1）The mutual funds net asset value represents the value of the shares of the Fund.The Funds total assets depend on market conditions and changing.共同基金的资产净值代表一个基金股份的价值。基金的总资产会因应市场的状况而不断改变。For the open-end mutual funds,the number of shares in circul
12、ation will change because the shareholder buy or sell(redemption)shares.As a result of the above factors,the net asset value of the Fund may be constantly changing.对开放型基金而言，流通股份的数目也因为股东买入或卖出（赎回）股份而变动。由于上述因素，基金的资产净值可能持续变更。For Open-end mutual funds,the net asset value determines the price of the share
13、s you buy.The per share purchase price(i.e.,the asking price of the seller or disclose the sales price),equals to the Funds net asset value plus any sales charges.就开放型基金而言，资产净值决定了你购买股份的价就开放型基金而言，资产净值决定了你购买股份的价格。每股买价格。每股买价(即卖方要价或公开销售价格即卖方要价或公开销售价格)，相等，相等于基金的资产净值加上任何销售于基金的资产净值加上任何销售费。（2）the net asset
14、value and share price 资产净值及股价资产净值及股价Net asset value of the mutual fund companies are generally calculated in the daily closing time(16:00 EST).Most funds usually offer daily net asset value to investors after 2-3 hours.共同基金公司一般在每日收市时共同基金公司一般在每日收市时(东岸时间下午东岸时间下午4时时)计算资产净值。大部分基金通常在计算资产净值。大部分基金通常在2-3小时后
15、，小时后，才向投资者提供每日资产净值。才向投资者提供每日资产净值。（3）the calculation of the net asset value time 资产净值的计算时间资产净值的计算时间（4）Net asset value and closed-end mutual funds.资产净值与封闭式共同基金资产净值与封闭式共同基金 The calculation of the net asset value of closed-end mutual fund is the same as open-end mutual funds.However,it is not the only f
16、actor to affect the value of the closed-end funds.Closed-end funds are traded on stock exchanges;the market value is not only tied to the net asset value,and also affected by supply and demand.封闭式共同基金的资产净值的计算方法亦是如此，然而，封闭式基金的资产净值并非影响基金价值的唯一因素。由于封闭式基金是在股票交易所进行买卖，其市值并非只系于资产净值，而亦受供求所影响。The higher the ne
17、t value of fund assets for the investor better?No,because.Investment Objective Classes If security investment funds are divided by investing targets,it can be formed with growth fund、income fund and balanced fund.1growth fund Its the most normal fund comparing with others,it pursues（追求）the long term
18、 capital gain of the assets（基金资产的长期增值）.To reach this target,fund manager usually put the assets into the stock of growth company which has the high reputation（信誉度）、long term prospect（成长前景）or long term profit（盈余）.It consists of robust growth fund and aggressive growth fund 2income fund It main invest
19、 in the valued securities（有价证券）that can bring the cash flow to get the maximum income in the current period（当期）.Its growth potential is smaller,the capital loss risk is lower.Often consists of fixed income fund and bond income fund.Fixed income fund main invest in bonds and preferred stock（优先股）,even
20、 though it has the high yield,the potential is a little small and when the market interest rate changes,the fund net value is easy to get influenced.Stock income fund has a high potential to growth but is more likely to influenced by the stock market fluctuations.3 balanced fund It invests the asset
21、s into two kinds of different features securities(证券),and balanced the bonds and preferred stock which aim at getting income with common stock which aims at capital gain.This kind of fund usually put 25%-50%assets into bonds and preferred stock,the rest into common stock.Its main objective is to get
22、 the proper interest revenue within portfolio bonds,at the same time get the appreciation income（升值受益）of the common stock.Investor not only can get the current period income but also get the long term value-added of the cash,and often invest in stock and bonds respectively（分散）.The balanced funds feature is low risk and shortcoming is little growth potential.
