FundPPTcoursewareinEnglish目錄CONTENTSIntroductiontoMutualFundsComponentsofaMutualFundInvestmentStrategiesinMutualFundsRisksinMutualFundInvestmentETFsandIndexFunds01IntroductiontoMutualFundsMutualfundsareinvestmentvehiclesthatpooltheassetsofmultipleinvestorsandaremanagedbyaprofessionalinvestmentmanagerTheyofferinvestorsaccesstoadiversifiedportfolioofsecurities,suchasstocks,bonds,andcashequivalentsMutualfundsallowinvestorstoinvestinmultipleassetswithouthavingtomanagethemindividuallyDefinitionofMutualFundsEquityfundsFixedincomefundsBalancedfundsMoneymarketfundsTypesofMutualFundsInvestinbondsandseektoprovideregularincomeInvestinstocksofcompaniesandaimtoprovidecapitalaccommodationInvestinshorttermdebtsecuritiesandseektoprovideliquidityandpreservationofcapitalInvestinamixofequityandfixedincomesecurities,seekingtobalancegrowthandincome1234DiversionConventionProfessionalManagementTaxEfficiencyBenefitsofInvestinginMutualFundsMutualfundsofferinvestorsdiversificationacrossmultipleassets,reducingtheriskofinvestinginindividualsecuritiesMutualfundsofferinvestorsdiversificationacrossmultipleassets,reducingtheriskofinvestinginindividualsecuritiesMutualfundsofferinvestorsdiversificationacrossmultipleassets,reducingtheriskofinvestinginindividualsecuritiesMutualfundsofferinvestorsdiversificationacrossmultipleassets,reducingtheriskofinvestinginindividualsecurities02ComponentsofaMutualFundPortfolioManagementTheprocessofselectingandmonitoringamultiplefund'sinvestmentstoachievethefund'sinvestmentobjectiveItincludesresearchingpotentialinvestments,managingrisks,andrebalancingthefund'sholdingsActivevs.PassiveManagementPortfoliomanagementcanbeactiveorpassiveActivemanagementinvestmentsselectingindividualsecuritiesorassetclassestogeneratereturns,whilepassivemanagementfollowsamarketindextominimizemanagementcostsInvestmentTeamAmutualfund'sportfoliomanagementteamtypicallyincludesresearchanalyses,portfoliomanagers,andtradersTheyworktogethertomanagethefund'sinvestmentsandensureitmeetsitsinvestmentobjectivePortfolioManagement123RiskandReturnGrowthvs.IncomeAssetAllocationInvestmentObjectiveTheinvestmentobjectiveofamultiplefunddecisionshowthefundwillseektogeneratereturnsGrowthfundsfocusoncapitalapplication,whileincomefundsaimtoprovideregulardividendincomeHybridfundsofferacombinationofbothTheinvestmentobjectivealsoreflectstherisktoleranceofthefundConservativefundstendtohavelowerriskandreturnprofiles,whileaggressivefundshavehigherriskandpotentialforgreaterreturnsThefund'sassetallocationpolicydetermineshowitwillallocateitsinvestmentsacrossdifferentassetclasses,suchasstocks,bonds,cashequivalents,andalternativeinvestmentsManagementFeesOtherexpensesExpenseRatioFeesandExpensesTheannualfeechargedbythefundmanagertocoverthecostsofportfoliomanagementandoperationsIttypicallyrangesfrom0.25%to2%ofthefund'sassets,dependingonthetypeoffundOtherexpensesincludetransactioncosts,marketinganddistributionexpenses,andcustodyfeesTheseexpensesarederivedfromthefund'sassetsandmayimpactafund'sperformanceThetotalannualoperatingexpensesofamutualfundexpressedasapercentageofthefund'sassetsItincludesmanagementfees,operatingexpenses,andotherexpensesThelowertheexpenseratio,thelessitcostsforinvestorstoinvestinthefundTheprofitgeneratedbyaninvestmentexpressedasapercentageoftheinitialinvestmentItmeasurestheefficiencyofaninvestmentandisusedtocomparedifferentinvestmentopportunitiesTheprofitearnedonaninvestmentoveraspecificperiodoftimeItiscalculatedbysubtractingtheinitialinvestmentfromthefinalvalueoftheinvestmentanddividingbytheinitialinvestmentMeasuresusedtoassessthelevelofriskassociatedwithaninvestment,suchasstandarddeviation,beta,andSharperatioThesemetricshelpinvestorsunderstandthepotentialvolatilityandriskofdifferentinvestmentoptionsReturnonInvestment(ROI)RateofReturnRiskMetricsPerformanceMeasurement03InvestmentStrategiesinMutualFundsConversionTheprocessofinvestinginmultiplefundsinvolvesdivertingmoneyfromotherinvestmentoptionstomultiplefundsThiscanbedoneforvariousreasons,suchasseekinghigherreturns,diversification,orconventionAdvantagesofDiversionDivertingmoneytomutualfundscanprovideinvestorswithaccesstoprofessionalmanagement,diversification,andthepotentialforhigherreturnsthanindividualstocksorbondsDisadvantagesofDiversionDiversionmaynotalwaysbethebestoptionforinvestorsForinstance,ifaninvestor'sotherinvestmentoptionsareperformingwell,itmaynotmakesensetodivertthosefundstomutualfundsDiversionAssetallocationreferstotheprocessofdividinganinvestmentportfolioamongdifferentassetclasses,suchasstocks,bonds,cashequivalents,andalternativeinvestmentsPropassetallocationcanhelpinvestorsmanageriskandmaximizereturnsBydiversifyingacrossdifferentassetclasses,investorscanreducetheirexposuretoanysingleassetclassthatmayperformpolyTherearevariousassetallocationstrategies,includingstaticassetallocation(wheretheallocationremainsthesameovertime)anddynamicassetallocation(wheretheallocationisadjustedbasedonmarketconditionsorotherfactors)AssetAllocationImportanceofAssetAllocationAssetAllocationStrategiesAssetAllocationMarketTimingMarkettimingisthepracticeoftryingtopredictthefuturemovementsofthestockmarketorindividualsecuritiesSomeinvestorsbelievethattheycantimethemarketbybuyingandsellingsecuritiesatoptimaltimesAdvantagesofMarketTimingIfsuccessful,markettimingcanleadtosignificantreturnsforinvestorsHowever,itisverydifficulttopredictthemarket'smovementswithaccuracyDisadvantagesofMarketTimingMarkettimingcanberiskyandleadtopoorperformanceinthelongrunItcanalsoresultinincreasedtransactioncostsandtaxliabilitiesMarketTiming123Activevs.PassiveManagementActiveManagement:ActivemanagementreferstotheprocessofactivebuyingandsellingsecuritiesinordertoseekoutperformancerelatedtoagivenbenchmarkindexActivemanagersresearchandselectindividualsecuritiesbasedontheirinvestmentthesisandmarketoutlookPassiveManagement:Passivemanagementinvolvesinvestinginaportfoliothattracksaspecificbenchmarkindex,suchastheS&P500PassivemanagersaimtoreplicatetheperformanceofthebenchmarkindexbyinvestinginallthesecuritiesthatmakeuptheindexinpromotiontotheirweightingintheindexAdvantagesandDisadvantagesofActivevs.PassiveManagement:ActivemanagementcanprovidehigherreturnsbutalsoinvolvehigherfeesandhigherrisksPassivemanagementgenerallyhaslowerfeesandislessriskybutmaynotexceedthebenchmarkindexovertimeThebestapproachdependsonaninvestor'srisktolerance,investmentgoals,andtimehorizon04RisksinMutualFundInvestmentMarketRiskistheriskthattheoverallmarketwilldecline,whichwillaffecttheperformanceofthemutualfundThisriskisunavoidablebecauseitisimpossibletopredicttheoverallmarkettrendThebestwaytolimitthisriskistodiversifyyourinvestmentportfolioandavoidputtingallyoureggsinonebasketMarketRiskistheriskthattheoverallmarketwilldecline,whichwillaffecttheperformanceofthemutualfundMarketRiskInterestRateRiskistheriskthatinterestrateswillriseorfall,whichwillaffectthevalueofthemutualfund'sassetsInterestRateRiskistheriskthatinterestrateswillriseorfall,whichwillaffectthevalueofthemutualfund'sassetsIfinterestratesarerise,thevalueofbondsheldbythemutualfundwilldecline,leadingtoadecreaseinthefund'snetassetvalueConversely,ifinterestratesfall,thevalueofbondsheldbythemutualfundwillincrease,leadingtoanincreaseinthefund'snetassetvalueInterestRateRiskCreditRiskistheriskthattheborrowerwilldefaultonaloan,whichwillaffectthevalueofthemutualfund'sassetsCreditRiskCreditRiskistheriskthattheborrowerwilldefaultonaloan,whichwillaffectthevalueofthemutualfund'sassetsManagementRiskistheriskthatthemanagementofthemutualfundwillmakepoordecisionsthataffecttheperformanceofthefundThisriskis