贵金属投资技术分析英文版46

Mutual Fund
Mutual Funds
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What is a Mutual Fund?
• It is a ‘pooled’ investment
• Pooled investments are managed portfolios that groups of investors invest in.
• In order to qualify for licensing, the individual must complete an accredited course of studies, have completed a supervised 90 day training program and have satisfied the accrediting body of their personal integrity through a thorough background check. For example:
safekeeping of fund assets)
Mutual Funds
Management Company and/or Investment Adviser
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The Mutual Fund Complex
• Behind every mutual fund is a series of organizations and individuals that are responsible for the day-to-day administration of the fund, its investment strategies, the safekeeping of ‘unitholders’ contributions and investments held by the fund, and the selling and redemption of fund units.
• Conceptually, it is not a stock or bond, it’s a way of investing.
Mutual Funds
Mutual Fund
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Legal Structures of Canadian Mutual Funds
The Mutual Fund Complex
Pays management fee to
General Distributor
Sells shares/units to investors either through investment dealers or through own direct sales organization/employees
• Together, we refer to this series of organizations and individuals as a mutual fund “complex.” A typical fund complex consists of: – the fund itself – the mutual fund manager and portfolio advisor – the custodian – the distributor
Mutual Funds
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About The Mutual Fund
• Can be organized in two ways
• As a corporation • As a unit trust
Mutual Funds
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Mutual Fund Complex
Net asset value (price of shares/units)
Mutual FundsE 12Typical Mutual Fund Complex
• Consists of four things:
• The mutual fund itself • The mutual fund manager & portfolio advisor • The custodian • The distributor
INTRODUCTION TO
CORPORATE FINANCE
Laurence Booth • W. Sean Cleary Mutual Funds
Prepared by Ken Hartviksen
Mutual Funds
Lecture Agenda
• Learning Objectives • Important Terms • Where can Mutual Funds be Purchased? • Who can sell mutual funds? • What is a Mutual Fund? • Legal Structures of Mutual Funds • The Mutual Fund Complex • Management Fees • Advantages and Disadvantages of Mutual Funds • Segregated Funds • Summary • Conclusions
• In addition, the person working for the licensed organization must also be licensed under either:
– MFDA (Mutual Fund Dealers Association)
– IDA (Investment Dealers Association)
funds 4. To understand the differences between segregated funds and
mutual funds.
Mutual Funds
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Important Terms
• Closed end Fund
• Mutual Fund
• Management Expense Ratio (MER)
• You can usually set up a regular savings plan through your own financial institution…saving as little as $25.00 per month.
• You can invest in mutual funds outside or inside your RRSP.
• Other examples include pension funds, labour sponsored venture capital corporations, segregated funds, etc.
Mutual Fund
Mutual Funds
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What is a Mutual Fund?
• Net Asset Value per Share (NAVPS)
• Open-end Fund
• Segregated Fund
Mutual Funds
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Where can Mutual Funds Be Purchased?
• Mutual funds are sold by most financial institutions:
• Credit unions (ethical funds) • Banks • Insurance Companies • Investment Companies • Brokerage Houses • Trust Companies • Independent Mutual Fund Dealers
• A mutual fund is a financial organization that accepts funds from numerous investors, pools these funds and invests them in bonds, stocks, real estate precious metals and other investments. It then issues shares or units to investors in proportion to the funds each investor contributes.
Mutual Funds
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Learning Objectives
1. To describe mutual fund organizations 2. To identify the advantages and disadvantage of investing in
mutual funds 3. To understand the costs associated with investing in mutual
• A series of organizations and individuals responsible for the day to day administration of the mutual fund, its investment strategies, the safe keeping of unit holders’ contributions and investments held by the fund and the selling and redemption of fund units.
Mutual Funds
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The Mutual Fund Complex
The Fund Organization
• Mutual funds may be organized as either a unit trust or as a corporation.
• Some funds may operate in isolation, while others are part of a “family” of funds that includes a variety of mutual funds that specialize in different financial markets or have different investment objectives.
Mutual Funds
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What is a Mutual Fund?
• A financial organization that accepts funds from hundreds, if not, thousands of investors, pools these funds and invests them in bonds, stocks, real estate, precious metals or other investments.
– the MFDA will expect you to have completed the Canadian Investment Funds Course through the Investment Funds Institute of Canada, or the Investment Funds in Canada Course through the Institute of Canadian Bankers or the Canadian Securities Course through the Canadian Securities Institute.
Contract
FUND
Trustees or
(Board of Directors) (Officers)
C o n t r a c t
Custodian
Contract
Provides administration research and
investment supervision
(Provides physical
Mutual Funds
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Who Can Sell Mutual Funds?
• The organization that markets (sells) mutual funds must be licensed in the province where it offers these products.