第十一章 共同基金Word文档下载推荐.docx
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第十一章 共同基金Word文档下载推荐.docx
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)oraboveit("
atapremium"
).alsocalledclosed-endfundorpublicly-tradedfund.
Amutualfundisaspecialtypeofcompanythatpoolstogethermoneyfrommanyinvestorsandinvestsitonbehalfofthegroup,inaccordancewithastatedsetofobjectives.Mutualfundsraisethemoneybysellingsharesofthefundtothepublic,muchlikeanyothercompanycansellstockinitselftothepublic.Fundsthentakethemoneytheyreceivefromthesaleoftheirshares(alongwithanymoneymadefrompreviousinvestments)anduseittopurchasevariousinvestmentvehicles,suchasstocks,bondsandmoneymarketinstruments.Inreturnforthemoneytheygivetothefundwhenpurchasingshares,shareholdersreceiveanequitypositioninthefundand,ineffect,ineachofitsunderlyingsecurities.Formostmutualfunds,shareholdersarefreetoselltheirsharesatanytime,althoughthepriceofashareinamutualfundwillfluctuatedaily,dependingupontheperformanceofthesecuritiesheldbythefund.Thiscontentcanbefoundonthefollowingpage:
共同基金在美国的起源与发展
1924麻省投资者信托公司(MassachusettsInvestorsTrust)与道富投资信托公司(StateStreetInvestmentTrust)作为最早的两家共同基金在美国成立。
putinplace
实施,到位
wealwaysputqualityinthefirstplace.
aggressivegrowthfund
Amutualfundwhichaimsforthehighestcapitalgainsandisnotrisk-averseinitsselectionofinvestments.Aggressivegrowthfundsaremostsuitableforinvestorswillingtoacceptahighrisk-returntrade-off,sincemanyofthecompanieswhichdemonstratehighgrowthpotentialcanalsoshowalotofsharepricevolatility.Aggressivegrowthfundstendtohaveaverylargepositivecorrelationwiththestockmarket,andsotheyoftenproduceverygoodresultsduringeconomicupswingsandverybadresultsduringeconomicdownturns.Anaggressivegrowthfundmight,forexample,buyinitialpublicofferings(IPOs)ofstockfromsmallcompaniesandthenresellthatstockveryquicklyinordertogeneratebigprofits.Someaggressivegrowthfundsmayeveninvestinderivatives,suchasoptions,inordertoincreasetheirgains.
积极成长型基金以追求获取最大资本利得为目标,投资标的以具高度发展潜力但目前股利不多或并无股利分派之新兴产业或刚设立公司的普通股为主。
这类基金的投机性较大,适合愿意承担高风险的投资者。
典型的积极成长型基金,包括集中投资在特定产业(尤其是高科技产业)的产业基金或类股基金,锁定小型成长股为标的之小型股基金,及投资在店头市场或海外新兴市场股票的新兴市场基金。
AnOverviewofthe"
Value-Based"
AmeristockMutualFund(AMSTX)
TheAmeristockMutualFundisaNo-Load,value-based,domestic,equity-incomefundthatinvestsinU.S-based,companieswithamarketcapitalizationofatleast$15billion.Undernormalmarketconditions,theAmeristockMutualFundwillinvestatleast80%ofthevalueofitstotalassetsincommonstockofsuchlargecapitalizationcompanies.
TheFundemphasizesa"
value"
styleofinvestingwithattentionpaidtolowerP/Eratios,salesandbookvaluescombinedwithhigherdividendyieldsthanthosetypicallyfoundatothercompanieswithsimilarlargecapitalizations.Toalesserextent,theFundalsoinvestsinlargecapitalization"
growth"
stocksinordertoberepresentedinthatportionofthestockmarket.
HerearejustsomeofthemanyreasonswhytheAmeristockMutualFundispopularwitheverydayinvestors:
NoSalesChargesmeansyougettokeepmoreofyourhard-earnedmoney.Asa"
No-Load"
Fund,theAmeristockMutualFunddoesnotchargeforyoutogetintothemarketortocashout.Afterfeesandexpenses,themoneyyouinvestgoestoworkforyou.
LowerFees.BecausetheFundisabletonegotiatebetterpricingbyleveragingitsbuyingpower,wecanchargelowerfeesthatotherinvestorswithlessbuyingpowerdon'
tenjoy.
LowInitialInvestmentisrequiredtoparticipateintheFund.$1,000canopenanaccount;
$100isallyouneedifyouwishtoaddtoyourinvestmentonanygivenday.
EasyAccesstoyouraccountgivesyouflexibilityandthepeaceofmindthatyourmoneyisavailabletoyouwhenyouneedit.Remember,uponredemption,sharesmaybeworthmoreorlessthentheoriginalamountinvested.TheFundisopeneverybusinessdayforyouandcanbereachedwithasimple,toll-freenumber.Toopenanaccount,addorwithdrawmoney,justcall1-800-394-5064.
Confidence.Withsomanystocksandinvestmentstochoosefrominthemarket,it'
sreassuringtoknowthattheAmeristockMutualFundinvestsinlarge,"
basedcompanies.Undernormalmarketconditions,theFundattemptstobeconsistentinitsphilosophy.
Thiscontentcanbefoundonthefollowingpage:
MutualFundInvesting:
LookatMoreThanaFund'
sPastPerformance
Youcan'
topenanewspaperorreadamagazinewithoutseeingadspromotingthestellarperformanceof"
hot"
mutualfunds.Butpastperformanceisnotasimportantasyoumaythink,especiallytheshort-termperformanceofrelativelyneworsmallfunds.Aswithanyinvestment,afund'
spastperformanceisnoguaranteeofitsfuturesuccess.Overthelong-term,thesuccess(orfailure)ofyourinvestmentinafundalsowilldependonfactorssuchas:
thefund'
ssalescharges,fees,andexpenses;
thetaxesyoumayhavetopaywhenyoureceiveadistribution;
theageandsizeofthefund;
srisksandvolatility;
and
recentchangesinthefund'
soperations.
So,lookatmorethanthefund'
spastperformancewhenmakingyourinvestmentdecisions.Readthefund'
sprospectusandshareholderreports,andconsiderthesetips:
Scrutinizethefund'
sfeesandexpenses.
Fundschargeinvestorsfeesandexpenses.Afundwithhighcostsmustperformbetterthanalow-costfundtogeneratethesamereturnsforyou.Evensmalldifferencesinfeescantranslateintolargedifferencesinreturnsovertime.Forexample,ifyouinvested$10,000inafundthatproduceda10%annualreturnbeforeexpensesandhadannualoperatingexpensesof1.5%,thenafter20yearsyouwouldhaveroughly$49,725.Butifthefundhadexpensesofonly0.5%,thenyouwouldendupwith$60,858–an18%difference.
Knowhowthefundimpactsyourtaxbill.
Thelawrequiresafundtomakeacapitalgainsdistributiontoshareholdersifitsellsasecurityforaprofitthatcan'
tbeoffsetbyaloss.Ifyoureceiveacapitalgainsdistribution,youwilllikelyowetaxesonit–evenifthefundhashadanegativereturnsinceyouinvestedinit.Forthisreason,youshouldcallthefundtofindoutwhenitmakesdistributionssoyouwon'
tpaymorethanyourfairshareoftaxes.Somefundspostthatinformationontheirwebsites.
Considertheageandsizeofthefund.
Beforeinvestinginafund,readtheprospectustofindouthowlongthefundhasbeenoperatingandthesizeofthefund.Newlycreatedorsmallfundssometimeshaveexcellentshort-termperformancerecords.Becausethesefundsmayinvestinonlyasmallnumberofstocks,afewsuccessfulstockscanhavealargeimpactontheirperformance.Butasthesefundsgrowlargerandincreasethenumberofstockstheyown,eachstockhaslessimpactonperformance.Thismaymakeitmoredifficulttosustaininitialresults.Youcangetabetterpictureofafund'
sperformancebylookingathowthefundhasperformedoverlongerperiodsandhowithasweatheredtheupsanddownsofthemarket.
Thinkaboutthevolatilityofthefund.
Whilepastperformancedoesnotnecessarilypredictfuturereturns,itcantellyouhowvolatileafundhasbeen.Generally,themorevolatileafund,thehighertheinvestmentrisk.Ifyou'
llneedyourmoneytomeetafinancialgoalinoneyear,youprobablycan'
taffordtheriskofinvestinginafundwithavolatilehistorybecauseyouwillnothaveenoughtimetorideoutanydeclinesinthestockmarket.Readthefund'
sprospectusandannualreport,andcompareitsyear-to-yearperformancefigures.Thesefigurescanhelptellyouwhetherthefundearnedmostofitsreturnsinafewsmallburstsorwhetheritsreturnscameinasteadierstream.Forexample,overtenyears,twofundsmayhavegained12%peryearonaverage,buttheymayhavetakendrasticallydifferentroutestogetthere.Onemighthavehadafewyearsofspectacularperformanceandafewyearsoflow(ornegative)returns,whiletheperformanceoftheothermayhavebeenmuchsteadierfromyeartoyear.
Factorintherisksthefundtakestoachieveitsreturns.
Readthefund'
sprospectusandshareholderreportstolearnaboutitsinvestmentstrategy.Fundswithhigherratesofreturnmaytakerisksthatarebeyondyourcomfortlevelandareinconsistentwithyourfinancialgoals.Forexample,afundthatinvestsprimarilyinstockswhosepricesmaychangequickly–likeinitialpublicofferingsorhigh-techstocks–willusuallyberiskierthanothertypesoffunds.Butrememberthatallfundscarrysomelevelofrisk.Justbecauseafundinvestsingovernmentorcorporatebondsdoesnotmeanitdoesnothavesignificantrisk.Forexample,thefund'
sinvestmentscouldbeverysensitivetointerestratechanges.Thinkingaboutyourlong-terminvestmentstrategiesandtoleranceforriskcanhelpyoudecidewhattypeoffundisbestsuitedforyou.
Askaboutrecentchanges
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