基金管理公司和基金的管理pic(2).ppt

基金管理公司和基金的管理,金岩石,190019241928192919401953196019681970,MutualFund“Go-GoYears”“Star”portfoliomanagerspromotedtothepublicFirstsignificantinvestmentinfundsbypublic,Firstno-loadFundintroducedbyScudder,Stevens&Clark,NYSEbeginsTheMonthlyInvestmentPlanIntroducesdollar-costaveraging,MarketCrashLeadstoGreatDepression,FirstmutualfundsIntroducedintheUnitedStatesMassachusettsInvestorsTrustStateStreetInvestmentTrust,FirstbalancedfundintroducedIndustrial&PowerSecurities(CreatedbyWalterL.Morgan)Renamedin1935asTheWellingtonFund,InvestmentCompanyActof1940definesthreetypesofinvestmentcompanies:FaceAmountcertificateCompanyUnitInvestmentTrustManagementCompany,Mutualfundtimeline:1924-1970(Figure3-1)共同基金发展历程1924-1970,1970-1972-1973.1974-1975-1976-1979-1980,Two-yearseverebearmarket,laststoendof1974Dowlosesnearly50%ofitsvalueInvestorsfleestocksandfunds.,SecuritiesActAmendmentsof1975Deregulationoffixedcommissions,Tax-exemptmoneymarketfundsintroduced,12b-1feesapprovedbytheSEC,FirstindexfundintroducedVanguardIndexTrust-tracksS&P500,Fidelitylaunchesfirstmoneymarketmutualfundwithcheckwritingprivileges.,FirstMoneymarketmutualfundcreated,Mutualfundtimeline:1970-1980.(Figure3-2)共同基金发展历程1970-1980,1980-1981-1982-1983-1987-1988-19901992.1995-1998-2000,TaxActof1981createsIndividualRetirementAccounts(IRAs),MutualfundsmarketedtoIRAholders,transformingthemfromsaverstoinvestors,ThelongestbullmarketinhistorybeginsBanksoffermoneymarketcheckingaccountstocompetewithmoneymarketmutualfunds,October19thMarketCrash,DramaticincreaseinthenumberofmutualfundsandcashinflowNumberoffundsexceedthenumberofstockslistedinexchangesAmericansinvestmoreinmutualfundsthanintheirhomes,SECapprovestheuseofatwo-pagesummaryprospectusthatmutualfundscanusetosellshares,DualpricingintroducedbyMerrillLynchDifferentclassesofshares(A&B)inthesamefund,CharlesSchwablaunchesOneSource,itsmutualfundssupermarket,whichenablesinvestorstobuytheno-loadfundsofmanydifferentcompaniesandreceiveoneconsolidatedstatement,Magellanfundexpectedtoexceed$100billionintotalnetassets-largerthanallstockfundsin1984,andlargerthantheentireindustryin1979,Mutualfundtimeline:1980-today(Figure3-3)共同基金发展历程1980-2000,Return,100,0,30,40,50,10,20,20,40,60,80,Risk,MoneyMarket,Income,GrowthandIncome,Growth,NewConceptGrowth,SectorandRegionalGrowth,MutualFundFamilies共同基金家族,SPONSOR,PortfolioManagerInvestmentAdviserInvestmentManagerFundManager,ManagementCompanyMILLENNIUMGROWTHFUND,BoardofDirectors,Sub-adviser,Maybeadivisionofthesponsororanoutsidefirm,CreatesthefundandregistersitwiththeSECFilesrequiredreportswiththeSEC,Hires,Advisesanddirectsinvestmentactivities,CUSTODIANBANK,InvestmentPortfolioStocks-Bonds-Cash,Mayadviseanddirectinvestmentactivities,Hasexpertiseinothertypesofinvestments(e.g.,foreignsecurities)orhasadifferentinvestmentstyle,OverseesthefundsmanagementActsaswatchdogforshareholderinterestsApprovesannualcontractforinvestmentadviser,SafeguardsthefundsassetsActsasapayingagentand/ortransferagentCalculatesthefundsNAVdaily,Structureofatypicalmutualfundandthebasicresponsibilitiesofthevariousparties.共同基金的组织结构以及相关当事人的职责,197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998,Year,EquallyWeightedEquityAllocation,GreaterEquityDiversification,ModerateEquityDiversification,LimitedEquityDiversification,S&P500,PerformanceStatistics共同基金业绩和史普500的比较,26.757.65-7.6319.0915.8111.2620.7023.5723.08-5.7413.4323.509.0329.5027.4012.5721.7122.35-3.1618.153.7112.564.4621.1524.6510.40-1.08,25.53-3.20-15.7926.8717.658.5518.7919.9725.79-4.0313.5023.858.8134.2631.9411.8621.1521.94-7.3121.392.6915.824.1923.3621.7115.469.30,24.98-8.25-19.9131.2717.985.4217.0917.8427.59-3.7914.0523.628.0536.4732.8211.4520.7623.18-8.272.3.112.3716.393.8325.9320.2119.1116.29,22.67-10.78-22.4733.5720.250.6213.0718.0629.44-4.1916.8623.217.3834.8527.399.0619.2426.33-6.3725.984.3913.982.8730.3121.2924.5721.01,18.98-14.66-26.4737.2023.84-7.186.5618.4432.42-4.9121.4122.516.2732.1618.475.2316.8131.49-3.1730.557.679.991.3137.4323.0733.3628.58,Simpleaveragereturn14.2514.5914.8014.9115.09Standarddeviation10.5512.2813.6214.4016.69Compoundannualreturn13.7713.9213.9613.9613.82FutureValueof$1$32.53$33.74$34.05$34.07$32.92Sharperatio0.660.600.550.530.48,Investors,Administrator,InvestmentManager,Fund,LimitedPartnership,Custodian,20%Incentive1%Management,OffshoreServices,Fee,Fee,Assets,Shares,Services,OFFSHOREFUND离岸避险基金的组织和管理结构,Investors,ManagementCompany,GeneralPartner(PortfolioManager),Fund,LimitedPartnership,Custodian,20%Incentive,Services,1%Fee,Fee,Assets,LimitedPartnerInterests,CarriedInterests,DOMESTICFUND境内基金的组织和管理结构,Investor,Investor,HedgeFund,HedgeFund,HedgeFund,FundofFunds,FUNDOFFUNDS基金中的基金,1991ManagerGeorgeSorosJulianRobertsonPaulTudorJonesBruceKovnerMichaelSteinhardtJohnHenryPhilipHempelmanStanleyDruckenmillerGeorgeWeissLouisBaconLeonLevyJackNashMalcolmWienerMartinZweigDouglasFlorenJosephDiMennaLarryHitePeterMatthewsMarkStromeMarkDicksteinGlennDushayJohnLattanzioJosephMcNayMonroeTroutPatrickDuffJohnGriffinStephenMandelMichaelDelmanJ.O.Patterson,MinimumRankEarnings($M)Company,123456121314172021232435404748525860616364688789929698,117656060555030302520202020201412101087to9777775to65to65to655,SorosFundManagementTigerManagementTudorInvestmentCorpCaxtonCorp.SteinhardtPartnersJohnW.Henry&Co.ArdsleyAdvisoryPartnersSorosFundManagementGeorgeWeissAssociatesMooreCapitalManagementOdysseyPartnersOdysseyPartnersMillburnZweig-DiMennaAssociatesArdsleyAdvisoryPartnersZweig-DiMennaAssociatesMintInvestmentManagementMintInvestmentManagementKayneAndersonDicksteinPartnersArdsleyAdvisoryPartnersWestHighlandCapitalSteihardtPartnersEssexInvestmentMgt.TroutTradingTigerManagementTigerManagementTigerManagementMintInvestmentManagementFalcomPartners,HedgeFundManagersamongFinancialWorldsTop100WallStreetEarners世界前100名金融业最高收入者中的避险基金经理（1991年）,HedgeFundManagersamongFinancialWorldsTop100WallStreetEarners世界前100名金融业最高收入者中的避险基金经理（1998年）,MinimumRankEarnings($M)Company,1998Manager,SteveCohenJosephDimennaJeffreyVinikLouisBaconLarryBowmanMartinZweigPaulTudorJonesBruckKovnerRobertRaiffBrendaEarlKennethLipperLeeAinslieRichardPerryJamesPallottaMarkKingdonRajRajaratnamMorrisMark,57111319212327283233364248505459,20015012010370706050504545403430282520,SACCapitalManagementZweig-DiMennaAssociatesVinikAssetManagementMooreCapitalManagementBowmanCapitalZweig-DiMennaAssociatesTudorInvestmentCorp.CaxtonCorp.CenturionInvestmentGroupZweig-DiMennaAssociatesLipper&Co.MaverickCapitalPerryCorpTudorInvestmentCorp.KingdonCapitalManagementGalleonGroupMarkAssetManagement,NetPerformance(%)TigerManagement,198019811982198319841985198619871988198919901991199219931994199519961997199819992000,56.3019.4042.4046.7020.2051.40016.20-1.4021.6049.9020.5045.6026.9064.40-9.3016.0038.0070.00-4.00-19.00-14.00,Compoundaverageannualreturn24.84,*Throughfirstquarter.,NetPerformance(%)QuantumFundNV,19691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000*,29.4017.5020.3042.208.4017.5027.6061.9031.2055.1059.10102.6022.9056.9024.909.40122.2042.1014.1010.1031.6029.6053.4068.6063.203.9039.001.5017.1012.4035-15.50,C