Fidelity Funds - Global Industrials Fund - A富达基金-全球工业基金-A
Fidelity ETF指南说明书
AgendaWhat is an ETF/ETP?Investment PhilosophyReasons to use ETFs in an investing strategy Searching for ETFs based on strategy Research and comparing ETFs Common mistakes made with ETFsDemonstration…Active Trader Pro® is used for this portion of the webinar Visit: /ATP to download Active Trader Pro®How we can help you take the next step…Speak to a Representative Call 800-544-4364 •One of our knowledgeable representativesis waiting to assist you Visit News and Research > ETFs•To view more informationVisit an Investor Center/branches•To meet with one of our Regional Brokerage Consultants or investmentprofessionals.Continue your education /learning-center •Access to coaching, webinars, andclassroomsKey Takeaway’sETFs can be used in many ways to help supplement portfolio strategies Learn the key termsConsider the growing ETF marketTracking the ETF marketLeveraging Fidelity’s toolsQuestions…DisclosuresFree commission offer applies to online purchases of Fidelity ETFs and select iShares ETFs in a Fidelity brokerage account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal).ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund.For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain FBS platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice. BlackRock and iShares are registered trademarks of BlackRock Inc., and its affiliates.BlackRock and iShares are not legally affiliated with Fidelity Investments and are independent entities.There is no guarantee that a factor-based investing strategy will enhance performance or reduce risk. Before investing, make sure you understand how a factor investing strategy may differ from a more traditional index-based approach. Depending on market conditions, factor-based investments may underperform compared with investments that seek to track a market capitalization–weighted index.Any screenshots, charts, or company trading symbols mentioned, are provided for illustrative purposes only and should not be considered an offer to sell, a solicitation of an offer to buy, or a recommendation for the security.Investing involves risk, including risk of loss.Before investing in any mutual fund or exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, an offering circular, or, if available, a summary prospectus containing this information. Read it carefully.Fidelity Brokerage Services, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917.。
富达基金Fedelity 和资本基金
重点研究富达基金Fedelity和资本基金 Capital 的人员规模、投资模式、产品数量，类型和规模、销售模式、宣传和推广以及公众对于此两家公司的评价。
富达基金Fedelity1、富达基金Fedelity1946 年，爱德华詹森二世 (Mr. Edward C. Johnson 2nd) 在美国波士顿创办了美商富达管理研究公司，也创造了富达的传奇历史。
1947 年，富达发行第一支主要投资于一般股票的股票型基金，开启运用共同基金的投资新页； 1969 年成立百慕达商富达国际有限公司 (FIL Limited) ，至今近 40 年，负责经营管理美国以外的全球市场资产管理业务，提供了美国市场以外的一般大众及机构法人客户各项金融投资商品与专业服务。
百慕达商富达国际有限公司于 1969 年成立后，日本分公司随即成立，同时，也由于富达日本分公司的成功，提供了富达进军亚太市场一个极佳的跳板。
1981 年，富达在香港成立基金管理公司，五年后(1986年)，进一步拓展至台湾，成立分公司。
百慕达商富达国际有限公司的投资管理事业遍及伦敦、百慕达、巴黎、法兰克福、东京、香港、孟买、首尔、新加坡、雪梨和台北。
其产品范围涵盖：共同基金，界定供款退休金，分隔组合，组合投资。
英国、德国和台湾基金网络平台，见表1。
富达投资集团(Fidelity Investments)是最早来台的外商资产管理集团之一。
富达国际(Fidelity Limited)从 1986 年开始，在台湾设立富达投顾，引进海外各地区富达所发行的境外基金产品，提供台湾投资人最佳的投资建议；2000 年，再成立了富达投信，成功募集了多档专为台湾投资人设计，以台币计价的基金产品； 2002 年，富达证券正式挂牌营运，以基金超市的概念，受託买卖跨公司的所有海内外基金产品，提供台湾投资人最完整、最值得信赖的基金投资服务。
自2006年8月1日起，富达证券正式成为富达境外基金的总代理。
esg的影响的案例分析
esg的影响的案例分析2月16日，奇点财经曾转述香港《信报》报道，强制性公积金计划管理局(以下简称积金局)建议就道富环球投资管理亚洲有限公司（简称SSGA）是否适合作为盈富基金管理人的适当性进行评估。
这一事件体现积金局对SSGA在ESG决策方面的重视。
近年来，随着ESG理念越来越深入人心，不少国际资产管理公司都提出ESG投资理念。
究竟香港有哪些ESG资管公司？从本期开始，奇点财经ESG研究团队将会就国际上重要的ESG投资机构进行不定期的系列报道和介绍，供对ESG投资有兴趣的读者参考。
富达成立于1969年，是1946年在美国波士顿创立的Fidelity Investments旗下的国际公司。
在1980年，富达脱离美国母公司独立经营。
现时，富达的股权主要由管理层和创始家族成员持有。
截至2020年3月31日富达在全球管理的资产达3,710亿美元，客户遍布亚太区、欧洲、中东和南美洲25个国家，其服务的客户包括中央银行、主权财富基金、大型机构、金融企业、保险公司、财富管理公司及个人投资者。
除资产管理外，富达亦在多个国家为雇主福利计划、投资顾问和个人客户提供投资行政管理及指引服务。
富达的ESG投资富达已在官网开设了独立的ESG板块，并详细阐述了其对ESG 的理解，ESG投资策略和公司自身的ESG状况。
富达对于ESG的理解富达认为：ESG（环境、社会和企业管治）投资是指在做出投资决定的过程中，除了考虑财务因素外，亦同时纳入ESG因素。
可持续投资、社会责任投资、道德投资和影响力投资等不同名称，都是ESG投资的一部份。
富达认为ESG因素涵盖极为广泛的议题，如由避免投资于烟草公司，以至为洁净食水项目提供融资都属于ESG范畴。
具体到ESG的每一项目，富达认为：（1）E包括气候变化、温室气体排放、资源耗尽，包括水资源、废物及污染和伐林等；（2）S包括工作环境（包括奴役及童工）、当地社区（包括原住民社区）、宗教冲突、健康及安全和雇佣关系及多元性等；（3）G包括行政人员薪酬、贿赂及贪腐、政治游说及捐款、董事会多元性及架构和税务策略等。
国外esg评级机构简介
国外esg评级机构简介摘要：1.概述2.MSCI ESG 评级3.Thomson Reuters ESG 评级4.FTSE Russell ESG 评级5.RobecoSAM ESG 评级6.ISS ESG 评级7.总结正文：1.概述ESG 评级是一种评估公司环境、社会和治理方面表现的标准。
随着全球对ESG 问题的关注度不断提高，越来越多的投资者、企业和其他利益相关者开始使用ESG 评级来衡量公司的可持续性和社会责任。
国外的一些评级机构在ESG 评级方面具有较高的权威性和影响力，包括MSCI、Thomson Reuters、FTSE Russell、RobecoSAM 和ISS。
2.MSCI ESG 评级MSCI（Morgan Stanley Capital International）是全球著名的投资指数提供商，其ESG 评级涵盖了全球上市公司的环境、社会和治理方面。
MSCI ESG 评级采用0-10 的得分范围，其中0 表示公司在某个领域表现最差，10 表示公司在某个领域表现最好。
MSCI ESG 评级被广泛应用于投资领域，许多投资者将其作为投资决策的重要依据。
3.Thomson Reuters ESG 评级Thomson Reuters 是国际知名的资讯服务提供商，其ESG 评级主要依据公司的公开信息和第三方数据，对公司在环境、社会和治理方面的表现进行评估。
Thomson Reuters ESG 评级采用负面筛选和正面筛选相结合的方法，旨在帮助投资者识别具有可持续性和社会责任的公司。
4.FTSE Russell ESG 评级FTSE Russell（伦敦证券交易所集团）是一家全球知名的指数公司，其ESG 评级主要针对富时全球指数系列（FTSE Global Index Series）的成分股公司。
FTSE Russell ESG 评级采用基于规则的方法，对公司进行环境、社会和治理方面的评估。
商务英语考试（BEC）中级模拟试题及答案
商务英语考试（BEC）中级模拟试题及答案商务英语考试(BEC)中级模拟试题及答案一.READINGPART ONEQuestions 1-7. Read these sentences and the share prices below.. Which stock market does each sentence(1-7) describe?. For each sentence mark one letter (A ,B ,C or D) on your Answer Sheet.Example:the index went up more than one thousand.Answer:A1. the share prices were influenced by the improvement of the two countries'relations.2. Over the week ,turnover rose by T $ 5. 83bn.3. Many people went to buy capitalization stocks.4. In the beginning many foreign shareholders buy blue chips at high prices.5. Price was lower after shareholders sold stocks in industrials to make profit.6. On Thursday price dropped and then rose again.7. the falling of composite index rose by 1. 3 per cent on the week.A. Bangkok rose 2 per cent on the day and 3.4 per cent over the week as buyers moved in to large market capitalization stocks. The SET index rose 27.55 to 1,383.57 in turnover of Bt 8.5 bn, down from Thursday's Bt 10bn.B. Taipei was pulled lower by late profit-taking in industrialsafter Thursday's rebound ,and the weighted index fell 45.59 to 5,806.77, or 1.7 per cent, over the week. Turnover rose to T $41.51 bn from T $ 35. 78bn.C. Manila opened strongly on foreign buying of blue chips but dipped at the close as profits were taken. The composite index fell 10.07 to 2 ,907. 00 , 1.3 per cent higher on the weekD. Hong Kong finished a mixed day slightly lower ,sapped by profit-taking on confirmation of US renewal of China's MFN trade status and concerns over the lower domestic property market. The Hang Seng index fell 11.58 to close at 9,470.13, 1.7 per cent lower on the week.PART TWOQuestions 8-12. Read this letter to the editor of The Economist.. Choose the best sentence from the list A-I to fill each of the blanks.. For each blank (8-12) mark one letter (A-I) on your Answer Sheet.. Do not mar4 any letter twice.. One answer has been given as an example.Sir-You state on February 13th that New Mexico has "few natural resources ",... ...example... In 1991 New Mexico ranked fourth in the United States in production of natural gas , seventh in oil and tenth in non-fuel minerals ...8...Non-fuel minerals contributed about $ 1 billion and coal $ 509 million.Taxes from production of fuels and minerals, and lease payments on state lands have been set aside by legislative acts to endow two permanent funds worth about $ 5. 65 billion, ... 9 ... In addition, during fiscal year 1991 , payments to New Mexicofrom taxes on federal lands were S 108 million ,all earmarked for public education.... 10 ... About $566 million came from taxes and permanent-fund earnings attributable to oil and gas production. ...11 ... Tourism is an important industry in New Mexico, yet its economic impact on the public sector is dwarfed by that of mineral production.New Mexico came through the recent recession in much better shape than most other states. It does not have a deficit. ...12...States that rely primarily on a sales tax or on an income tax have big problems during economic downturns. Income growth per head in New Mexico averaged 6. 1/00 in the year to October 1992-one of the fastest growth rates in the United States.Charles ChapinExample :CA. It has a broadly based tax structure an important point.B. In 1992 it produced more oil than Colorado and Kansas combined.C. However, the extractive mineral industry in New Mexico is one of the state's strongest economic forces.D. During fiscal year 1992 New Mexico raised permanent funds worth about $6.1 billion.E. the combined value of oil and gas production was $ 2. 8 billion.F. Some 16, 000 employees work in the extractive industries and their wages are among the highest of any major industry.G. the $39 million earned by these funds in 1991 was used to finance education and other public services.H. Only S 25 million came from agricultural taxes.I. New Mexico's extractive mineral industries contribute about a third of the state's $ 1. 9 billion general-fund income in fiscal year 1991.PART THREEQuestions 13-20. Read this letter about Compensation Trade ,and answer the following questions.Ministry of Foreign Trade 19th January , 1 993Xi Changan StreetBeijing , ChinaDear Sirs,This letter is in regard to the window glass business between our firm and the China National Light industrial Products Import & Export Corporation, Daren Branch and the Daren Window Glass Factory.1. Our two sides sincerely worked in the past and the window glass business has already been done successfully. However, the quantity of products doesn't meet our requirements. This company wants to develop the trade and business further in this line. We now expect to begin working with all the other branches and window glass factories on the same basis ,i. e. compensation trade.2. For the U. S. A. market, we require very large quantities of small cut sizes. Therefore, we are asking your prompt assistance to help us out in expanding glass-cutting business. We would highly appreciate it if you take this matter into consideration. We are certain that ,with your prompt cooperation, our purchases of Chinese window glass for sale in the U. S. A. market will very quickly increase to a large and substantial volume. With the establishment of diplomatic relations between our two countries ,the time is now right for a very quick and large increasein trade between us.3. For your information, we are doing everything possible to cooperate in achieving our mutual goal of making the window glass business a very large one. We have offered to purchase various equipment for your Dairen factory which will increase its products, improve quality and raise its efficiency. We have offered to accept payment for this machinery in the form of buy-back of glass. We have also cooperated with the factory in making suggestions for better efficient packing and containerization. The factory has been very cooperative and receptive to our ideas. As we want to begin our business with the other branches too ,we plan to offer the same suggestions and proposals to purchase machinery for them.4. From this letter, you can see that we are very sincere in our desire for a long-term relationship between our two countries and our firm and the various branches of the China National Light industrial Products Import and Export Corporation, Window Glass Departments .During our next visit to China, we will discuss the appointment of our firm as the exclusive agent for Chinese Window Glass in the U. S. A. market. Since we have discussed this question in the past ,we expect that the official appointment of our firm as the exclusive agent will be made during our next trip.Thank you for your prompt attention to the above. Best regards.Sincerely yours ,Norman GoldsteinAssociates , INCQuestions 13-16. For questions 13-16 ,choose the correct title for eachparagraph from the box below.. For each paragraph(1-4) mark one letter (A-G) on your Answer Sheet.. Do not mark any letter twice.13. Paragraph 1...14. Paragraph 2...15. Paragraph 3...16. Paragraph 4...A Our hope for a long-term relationshipB Our successful cooperation in the pastC the diplomatic relations between our two countriesD Our wish to increase the quantity of productsE Our need of help in glass-cuttingF Our goal to make the window glass business largeG Improvement of equipment in Chinese factoriesQuestions l7-20. Using the information in the test ,complete each sentence 17-20 ,with a phrase from the list below (A-G).. For each sentence(17-20) mark one letter (A-G) on your Answer Sheet.. Do not mark any letter twice.17. When we visit your country again next time ,we hope you'11...18. On the basis of compensation trade ,we are going to...19. In order to enlarge our window glass business, we're doing our best to...20. To other branches that have business with us, we'll...A take this problem into consideration.B develop and expand the trade and business further.C make our company the sole agent in China.D offer to buy equipment for them.E accept payment for this equipment.F start cooperation with other branches and factories.G cooperate with you and realize our common dream.PART FOURQuestions 21-35. Read this advertisement a hat Fidelily Emerging Markets.. Choose the best word to fil1 each gap.. For each question (21 -35) mark one letter (A ,B,C or D) on your Answer Sheet.. One answer has been given as an example.the dynamic developing economies of the world are ripe with potential. Not only have they ...example...extraordinary levels of ...21 ..., but we believe this looks set continue , backed by ...22 ...inflows of foreign investment. Fidelity Emerging Mark, Fund is ...23...to help you capitalize on this promising outlook.the ...24...to real success in Emerging Markets is research and resources, of Fidelity's foremost ... 25 ... As the world's largest ...26 ... investment management organization , we can draw upona (n) ...27... network of offices covering developing economies across Asia ,Latin America and Europe.This local presence means we can ... 28... a hands-on approach ,searching out a capitalizing on investment...29...as soon as they come to light. As a result, Fidelity I become one of the world's ... 30... names in emerging stockmarkets : where we ...31... manage 5pounds billion ?So act now to ...32... out more about the Fidelity Emerging Markets Fund ---and get the potential of these dynamic markets teamed with the strength of the Fidelity organization. For more ...33 ... , call us , free of ...34 ..., from any of the countriesbelow. If you... 35... elsewhere ,please use the UK number or post or fax the coupon.Example:A. deniedB. climbedC. demonstratedD. mentionedAnswer: C21. A. growth B. decrease C. height D. diminish22. A. slow B. increasing C. reducing D. fast23. A. thought B. designed C. considered D. supposed24. A. road B. method C. reason D. key25. A. words B. slogans C. ways D. strengths26. A. independent B. wealthy C. prosperous D. national27. A. intensive B. thick C. narrow D. extensive28. A. move B. apply C. reply D. demand29. A. situations B. disadvantages C. opportunities D. conditions30. A. few B. many C. honourable D. leading31. A. currently B. formerly C. recently D. likely32. A. look B. discover C. find D. learn33. A. news B. data C. information D. knowledge34. A. money B. pay C. fee D. charge35. A. live B. wait C. talk D. sleepPART FIVESection AQuestions 36-40. Read this text about car sales in the world.. In most of the lines (36 -40) there is one extra word which does not fit in. One or two lines, however, are Correct.. If the Line is correct, put a tick (√ ) in the space on your Answer Sheet.. If there is an extra word in the line, write that word in thespace on your Answer Sheet.Example :While new car sales in Japan are predicted to rise up by...up...5 per cent next year, 1990's record of 5.1 million won't be exceeded...√...WORLD NEW CAR SALES36. New car sales fell down last year to a six-year low, but demand37. is forecast to begin a sustained period of growth in 1994 and38. rose to record levels through out the second half years of the 1990s39. the short-term recovery is being driven chiefly by a strong rise in the demand40. in North America ,where new car sales are forecast to increaseby 11 percent to 10. 46 million this year ,as well by the continuingexpansion of demand in the Asia-Pacific region. PART FIVE Section BQuestions 41-45.. the following is a business contract.. In each line there is one wrong word.. For each numbered line (41 - 45) write the correct word in the space on your Answer Sheet.Example :We have to hold you responsibility for the loss we've been made to sustain...responsible...This serves to authorize the Chairman of the F. T. Arbitration Commission to41. appoint an arbitrator on behave of this corporation to settle the dispute42. existed between the plaintiff and the defendant ,concerning the defendant's.43. failure to meet their oblige under contracts concluded for the supply of44. 8,000 metric tons of Aluminium ingots. Should the defendant failing to45. appoint an arbitrator with in the time specific by the F. T. Arbitration .Commission ,this corporation would have an arbitrator appointed forthe defendant.二. WRITINGPART ONEQuestion 46You work for a company which is going to buy a set of equipment from China. You are asked to translate a lot of specifications and instructions within four months, which is impossible. therefor you decide to advertise for two experienced translators as soon as possible.. Write a short note to Mr. Max Remington ,the Public Relation's manager. Ask for an advertisement for two translators.. Explain the reason.. Mention your urgency.. Write 30-40 words on your Answer Sheet.PART TWOQuestion 47You work in the Market Survey institute. After careful research ,you receive four charts.Read the following charts which show , the trend of consumer confidence, real hourly wages, employment and credit development. The years are given ,while the other numbers are not presented. But the lines in the charts clearly show , the directions of development.. Use the information in the charts to write a report (about 100- 120 words) analyzing the reason why the consumer confidence increases.. Write on your Answer Sheet.三.LISTENINGPART ONEQuestions 1-12. You will hear three telephone conversations.. Write down one word or number in the numbered spaces on the forms below.Message One. Questions 1-4MESSAGEVisiting City: BarcelonaMain Features:1. the Old City: old buildings2. (1) ... beautiful, magnificent3. several (2)...restaurants food is cheap(3) ...4. Staying Hotel (4) ...Message Two Questions 5-8Hiring RegistrationDate : 5th Jan. Time : 10:30Name of the customer : Kate (5)...Contact No : (6)...Service Details :l. An appartment near (7)...street ,with air-conditioner and heating system .2. Rent :on more than (8)...a month ,including water and gas3. Renting Period: about 1.5 years from February Message Three. Questions 9- 12Telephone MessageDate : 1st April Time : 9:45Item : buying (9)...Purpose : 10 for meeting room, (10) ...for the officeTotal money: (11)...Deadline for purchasing : before ( 12)...,AprilPART TWOQuestions 13-22Section OneQuestions 13-17. You will hear five short pieces.. For each piece decide where the speaker is.. Write one letter (A-H) next to the number of the piece.. You will hear the five pieces twice.13...14...15...16...17...placesA on the planeB at the bankC at the airportD at the officeE at the theatreF at the hotelG at the customsH on the busSection TwoQuestions 18- 22. You wt71 hear another five short pieces.. For each piece decide what the speaker is going to do next.. Write one letter (A-H) next to the number of the piece.. You will hear the five pieces twice.18...19...20...21...22...Next actionsA to stop smokingB to fall into sleepC to leave a companyD to mail a parcelE to go shoppingF to go to the beachG to resign from the officeH to find a motelPART THREEQuestions 23-30. you will hear a report presented by a journalist from T okyo. He talks about the difficult situations met by Japanese chemical groups. He gives some important figures of four biggest chemical groups in Japan.. you have to complete the sentences (23-30) by choosingthe correct answer.. Mark one letter (A ,B or C).23. the crisis met by Japanese chemical groups is caused by, one of the reasons.A over capacityB high pricesC high cost24. the productions manufactured by Asahi Chemical, Japan's largest poly tyrene manufacturer take up of the market.A 12%B 25%C 26.625.________ is Japan's biggest plastics group.A Mitsubishi KaseiB Mitsubishi petrochemicalC Mitsui Petrochemical industries26. On Oct. 1st, Mitsubishi Petrochemical is going to merge with.A Kawasaki plantB Mitsui petrochemicalC Mitsubishi Kasei27. the dividend of remains the same as in last year.A Mitsubishi PetrochemicalB Mitsui petrochemical industries and Shin-EtsuC Sumitomo Chemical28. chemical group is not explained in detail in this report.A Shin-EtsuB Mitsubishi KaseiC Mitsui petrochemical29. chemical group has the highest per share according tothe report.A Mitsubishi PetrochemicalB Shin-EtsuC Mitsui Petrochemical Industries30. is going to open a new plant.A Shin-EtsuB Mitsui PetrochemicalC Mitsubishi Petrochemical商务英语BEC中级模拟试题(附参考答案)一. 阅读部分PART ONE1. D2. B3. A4. C5. B6. B7. CPART TWO8. E 9. G 10. I 11. F 12. APART THREE13. D 14. E 15. G 16. A 17. C 18. F 19. G 20. DPART FOUR21. A 22. B 23.D 24. D 25. D 26.A 27.D 28. B 29.C30. D 31. A 32.C 33. C 34. D 35.APART FIVESection A36. down是多余,应删掉.37. 没有多余的词38. years是多余,应删掉.39. the 是多余,应删掉.40. 没有多余的词.Section BF1 : When do you want them?M1 : Before the 10th of April. By the way ,I want to look at the sample beforehand.F1 : OK! I will select some samples for you.M1 : Thank you. Bye.F1 : Bye-bye , Mr. Wilson. Part Two. Questions 13-22.Section One. Questions 13-17.Question ThirteenA couple called today and they said they couldn't arrive tonight.You're lucky to find this vacancy. This is a busy time of the year. Please fill out this registration card and be sure to list your car's license number.Question FourteenA massive 700,000-tonne-a-year ethylene complex owned by Maruzen ,Mitsui Petrochemical and Sumitomo Chemical comes on stream later this year and Mitsubishi Petrochemical is also commissioning a new 300,000-tonne-a -year plant this year.下载全文。
fidelity发展特点 -回复
fidelity发展特点-回复Fidelity发展特点Fidelity是一家知名的全球性金融服务公司，成立于1946年，总部位于美国麻省波士顿。
它提供了广泛的投资管理和金融服务，包括个人和机构投资者、财富管理、退休计划、银行和经纪等领域。
在过去的几十年里，Fidelity一直以其出色的服务和创新的产品而闻名于世。
本文将一步一步回答Fidelity发展的特点，以帮助读者更好地了解这家公司。
一、多元化产品线Fidelity在全球金融服务行业占据着重要地位，主要得益于其多元化的产品线。
该公司为投资者提供了众多的选择，包括股票、债券、共同基金、指数基金、期货、期权以及外汇等。
这些产品覆盖了全球市场的各个方面，能够满足不同投资者的需求。
Fidelity的大规模和多元化产品线使得投资者能够在同一个平台上进行多样化的投资组合配置。
二、专业化的投资团队Fidelity与众多专业的投资团队合作，为其客户提供专业化的投资管理服务。
这些团队在各自的投资领域内具有深厚的经验和专业知识，在市场上取得了出色的业绩。
Fidelity的团队成员包括研究分析师、投资经理和交易员等，他们通过深入研究和分析市场趋势，为投资者提供有力的投资建议和决策支持。
这种专业化的投资团队是Fidelity成功的关键之一。
三、持续的创新和技术投资Fidelity一直以来都致力于持续的创新和技术投资，以满足不断变化的市场需求。
该公司积极采用新技术，并将其应用于产品的开发和投资过程中。
Fidelity推出了许多创新产品和服务，例如在线交易平台、投资指导工具、移动应用程序等，为客户提供更便捷和高效的投资体验。
此外，该公司还与科技公司合作，开展跨界合作，以提供更多的创新解决方案。
四、良好的客户服务和关系管理Fidelity非常重视客户服务和关系管理，通过提供优质的服务来赢得客户的信任和忠诚度。
该公司建立了全球范围内的客户服务中心，通过多渠道提供及时的服务和支持。
美国富达投资集团
美国富达投资集团（Fidelity Investment Group）目前全球最大的专业基金公司美国富达投资集团网站:/英文美国富达投资集团简介富达投资集团成立于1946年，其创始人是爱德华 C. 约翰逊二世，总部设在美国波士顿。
公司成立的最初承诺为：每天更加勤奋+更加机敏的工作，帮助小额投资者达到他们的目标。
经过半个多世纪的发展，富达集团积累了丰富的投资管理经验，能够为客户提供便捷、专业的服务，而其规模也迅速扩大，已经由纯粹的共同基金公司发展成为一个多元化的金融服务公司，向客户提供包括基金管理、信托以及全球经纪服务在内的全面服务。
它是推出"货币市场共同基金帐户"的第一家基金管理公司。
富达投资集团的分支机构遍布全球15个国家和地区。
目前为全球1200多万位投资者管理的资产高达1万亿美元，占美国共同基金总额的1/8，倍受投资者和基金市场的关注。
富达投资集团注重"自下而上"的选股策略，善于发掘股价被低估或者股价落后于市场涨幅、具有长期投资潜力的公司的股票，因此其基金经理的作用非常重要，而且富达集团也拥有许多世界知名的基金经理，彼得·林奇就是其中最为出名的一个，他管理麦哲伦基金的十三年里，年平均收益率为29%，而同期标准普尔500指数的涨幅平均只为14%。
此后富达集团也出现了许多杰出的基金管理经理，1998年，它有4名基金经理人的表现列于最佳基金经理的前20名。
若已有相当内容译为中文，可迳自去除本模板。
美国道富银行(State Street)道富银行官方网站网址:/[编辑]美国道富银行简介美国道富集团成立于1792年，现为全球最大的托管银行和最大的资产管理公司之一，托管的资产高达9.1万亿美元，管理着超过1.2万亿美元的资产。
美国道富银行总部位于美国麻萨诸塞州波士顿，在全球金融资产服务业处于领先地位。
美国道富银行是美国道富集团的全资子公司。
[编辑]美国道富集团State Street Corporation(NYSE:STT) is a financial services company based in Boston, Massachusetts, trades on the New York Stock Exchange under the ticker symbol STT.State Street provides products and services for portfolios of investment assets. State Street focuses its services on institutional investors and investment management. Its customers include mutual funds and other collective investment funds, corporate and public pension funds, corporations, unions and not-for-profit organizations.State Street employs 21,950 people in 25 countries[1], one-third of whom work in IT. State Street Corporation has been in business since 1792 and is one of the oldest companies in the United States.State Street Bank & Trust Co. v. Signature Financial Group, Inc. is the landmark case in which the Washington, DC Court of Appeals ruled (July 23, 1998) that a computer algorithm can be patented to the extent that it produces "a useful, concrete and tangible result".On February 5, 2007, State Street announced the US$4.5 billion acquisition of Investors Financial Services Corporation. The deal closed on July 2nd, 2007 and created the world's second largest custodian with approximately $14.1 trillion of assets under custody.As of December 31, 2006 the bank claims assets under custody of $11.9 trillion and assets under management of $1.7 trillion.沃伦-巴菲特是哥伦比亚大学的经济学硕士，乔治-索罗斯是伦敦经济学院的经济学荣誉学士（相当于硕士），彼得-林奇是宾夕法尼亚大学的工商管理硕士，罗伯特-鲁宾（高盛前联席总裁、美国前财政部长）是伦敦经济学院的经济学硕士和耶鲁法学院的法律博士，斯蒂芬-施瓦茨曼（黑石创始人和CEO）是哈佛大学的工商管理硕士。
Fidelity Investments Simplified Contribution Platf
User GuideSimplified Contribution Platform User Guide IntroductionThis guide provides instructions for employers to submit retirement plan contributions to Fidelity Investments through the online Simplified Contribution Platform (SCP). SCP enables you to set up, fund, and submit participant contribution requests. Note: SCP is used for funding contributions only. For all other enrollment, changes, terminations, or other transaction requests, refer to your employer’s or sponsor’s procedures.New SCP UsersIf you have never registered in SCP or received emails about the initial login email, follow these steps.Important: If your role changes, your successor needs to follow these steps to gain access to the system. For your convenience, SCP allows multiple users from each employer to register and remit contributions. Encourage your successor to register as soon as possible after joining the team.Logging into SCPThe initial set up email from SCP includes a temporary password and username. From there, you will be prompted to log in and set up a new permanent password.Click the login link in the email to open SCP and select your new password.Click I Agree on the initial page.The Sign in page appears.Enter your username and password.23Resetting Your PasswordIf you forget your SCP password or need to reset your password, follow these steps.4Step ActionAfter you receive the email, you will see a link included. Click the link.A page to establish a new password appears.Adding Bank Account InformationTo add Bank Account Information, follow these steps.In the first column, click the Organization Identifier that corresponds with yourorganization’s name and Plan number.Note: This identifier appears under Division Name in the second column. If you have more than one organization or plan, they each appear on this page, and you must return to this page to create a contribution request for each.A prompt to establish a bank account to use for funding your contributions appears.5ActionClick Yes. The Bank Account Details page appears.Important: You must provide bank account details to submit contribution requests. If you have more than one organization, you must include banking information for each. Allow up to 12 business days for account validation.6ActionTo add or edit bank account information, complete the fields marked with an asterisk (*).Note: The Name on Bank Account section is the name that appears at the top of yourcheck, not your personal name. Fidelity only needs the beginning of the name and as such the field is restricted to 20 characters.After the validation period, your bank account information appears as a funding option inyour contribution requests. (See the Submitting Contribution Requests section.) Updating Your Bank Funding TypeIf you need to update or change your funding type, follow these steps.7Step ActionIn the first column, click the Organization Identifier that corresponds with yourorganization’s name.On the next page, click Setup & Manage Funding Type and enter your new funding type.Submitting ContributionsWhen you submit retirement plan contributions through SCP, you create (or remit) a contribution request.Remitting Your First Contribution RequestTo create your first contribution request, follow these steps.! Important: If you have more than one organization, you must return to this page to create a contribution request and add bank account information for each.8Click Create Contribution Request.Note: This triggers a prompt to establish your bank account if you have not already done so.Submitting Your Second Contribution RequestTo create your second contribution request, follow these steps.Step ActionAfter you create your first contribution request and enter your bank account information foreach organization, return to the My Request page.Note: When you log in to SCP, this page is the default and displays your new or savedrequests that are ready for processing.9Step ActionIn the Name column A above, click the request number of the second contribution you plan to submit.∙The status defaults to Open (B above) and shows new or saved items. Other drop-down options include New, Submitted, In Progress, and Void.∙Choose edit contribution request box from the top right corner of the screen.∙The request populates a Contributing Participant(s) page below showing information for participants for whom you have submitted prior contributions.Note: New participants since your last contribution will not be listed under ContributingParticipants (see the New Employees section of this guide).At the top of the form, confirm the plan, organization, and contact information are up to date.Confirm or update contribution details (A). If needed, remove the participant from thecontribution list.Customize your view by adding or removing sources (B).10Step ActionExpand the Other Participant(s) section (C) to view the eligible participants.CSelect the check box next to the names to add them to the contribution request (if applicable), and then click Add Participant.Important: For additional details about adding new employees, see the New Employeesection of this guide. For information about terminated employees and participant transfers, see the Terminated Employees section.Under Funding Details (D), select the method of funding the contributions. For moreinformation, see the Funding Options section of this guide.Select the contribution year (E).11Step ActionIf you wish to schedule for a future date (F), change the Scheduled Contribution Request to:“I want to schedule this contribution request for a future date.”Then add the date you wish to have this contribution processed.12Step ActionWhen ready, click Save and Submit (G) at the bottom of the page.If the contribution page is correct, click Save and Submit to complete the contribution request.13Step ActionA verification page comes up for your review note Nothing is valid until you click the Submitbutton at the bottom of the page.You are given 60 minutes in which to void. You may print a confirmation or end at this time.Time framePlease note you have 60 minutes until the process starts from the time you hit submit. If you choose auto debit the funds are usually received from your bank within two business days.14VoidsYou can void a contribution request you have submitted within a 60-minute window of time. To void a Contribution Request, go to My Requests and change the STATUS to Scheduled.Select the Contribution Request you would like to Void and click on VOID CONTRIBUTION REQUEST in the top right corner of the page.From here you will confirm the void and receive confirmation15Confirmation screen:ApprovalsSome employers choose to have a two-step process where one person is responsible for submitting the contribution and another for approving it. Please contact Fidelity’s Customer Service at (800) 917-4369 if you wish to set up this kind of arrangement.New EmployeesTo remit contributions for any new employees who have joined the plan since your last contribution, you must enroll them through your normal enrollment process.Once enrollment is complete, new participant names appear in the Other Participant(s) section (C) on the Contributing Participants page. For the steps to complete the Other Participant(s) section, see the Submitting Your Second Contribution Request section procedure.Terminating EmployeesIf an employee leaves employment, please complete your normal process for terminations. Thirteen months after the employee’s termination date, they no longer appear in SCP on the Contributing Participants page.! Important:If a participant transfers, it is important to submit all contribution requests before updating the division.Funding OptionsOn the Contributing Participant(s) page, you may choose between two funding options in the drop down:Work with my bank to Wire/ACH the required funds to FidelityAuthorize Fidelity to withdraw the required funds from your account16Option 1: Authorize Fidelity to Withdraw the Required Funds from Your AccountThe preferred funding option is to authorize Fidelity to withdraw required funds from your account, using the information you provide on the Bank Account Information page.This option has several advantages:This option has no fee.The correct amounts always post to participant accounts.You are assured efficient and easy funding.Option 2: Work with my Bank to Wire/ACH the Required Funds to FidelityThe alternative funding option is to work with your bank to send a FedWire transfer or send the funds via ACH (Automated Clearing House) to Fidelity. Use the following information and instructions to use FedWire or ACH for your contribution to either Wells Fargo or Deutsche Bank based on your preference. This option allows you to determine when and how much to send to Fidelity each time you fund contributions.Fidelity Banking Information (if using FedWire or ACH)17InstructionsSetting up Email RemindersSCP offers email reminders that can help you remember to submit participant contribution requests. You can set up email notification reminders on a time frame that you choose. It’s important to continue submitting contributions in a timely manner and these reminders can help.18Set up a notification time frame to align with your payroll cycle.After you fill in each field, click Add.Because notifications are sent through email, be sure to keep your email address and other contact information up to date in the system.Additional SupportIf you have a specific question and cannot locate the information within SCP, contact your Fidelity Service Team at (800) 917-4369.The current paper-based contribution process is being replaced by electronic submission through SCP. After your organization is set up on SCP, paper submissions will be supported for a brief transition period only (generally one or two payroll cycles). During this transition, processing paper requests might take an additional business day because of the manual conversion to SCP.Note: After the transition, paper submissions will no longer be accepted and checks will be returned to you.19User Guide Simplified Contribution Platform User GuideAll screenshots are used for illustrative purposes only.20。
Fidelity Investments 选项交易简介说明书
A Fidelity Investments Webinar Introduction to OptionsBROKERAGE: OPTIONSIntroduction to OptionsGet to know the basics of options investing; learn key terms and concepts essential for any new options trader.Buying OptionsUnderstand what to expect when buying options; learn the difference between calls and puts.Selling OptionsUnderstand what to expect when selling options; learn how to navigate the risks associated with selling.Options Trade ManagementNow that you’ve placed a trade, learn strategies to manage before, during, and after its expiration.Options PricingUnderstand how options are priced and learn how to you can get the best returns.What are Options?Strategies forTrading Options Anatomy of anOptions SymbolExercise andAssignmentAgendaWhat are Options?Buyer Rights:Can choose to buy or sell 100 shares (typically) of the underlying security up and until the:Expiration dateAt the:Strike priceFor this right, the buyer:Pays a Premium/Price Seller Obligations:Obligated to sell or buy 100 shares (typically) of the underlying security when called upon up and until the: Expiration dateAt the:Strike priceFor assuming the obligation, the seller: Receives a Premium/PriceAn option is a contract that gives buyers rights and sellers obligations.Why Trade Options?Risk Management•Individual security and potential portfolio protection•Less money out of pocketYield Enhancement •Helps improve returns on individual securities •Helps improve overall portfolio returns Leverage •Less money out of pocket •More choicesStock•Substantial risk of capital (stock could go to zero)•Lower break-even•Voting rights•Potential dividends•Limited strategies (Buy stock, sell short stock )Stock vs. OptionsOptions •Leverage with risk limited to premium paid •Higher or lower break-even •Limited life, decaying asset •No voting rights or dividends •Many strategies (Options give you options)VSOption Buyer or Option SellerWith options, you can be either a buyer or sellerOption Buyer•Pay a premium/price•Has the right to Exerciseand buy or sell 100 sharesof the underlying security •Also called a call or put holder (long the option) Option Seller•Receive a premium/price•Has an obligation to buy or sell 100 shares of the underlying security at Assignment•Also called a call writer or putwriter (short the option)Types of Options Long CallAllows the option holder (buyer) to buy 100 shares (typically) at the strike price up to the defined expiration date.Said to be LONG the call .Bullish Short Put Obligate the option writer (seller) to buy 100 shares (typically) of the underlying at the strike price when exercised.Said to be SHORT the put. BullishShort CallObligate the option writer (seller) to sell 100 shares (typically) of the underlying at the strike price when exercised. Said to be SHORT the call.BearishLong Put Allows the option holder to sell 100 shares (typically) at the strike price up to the defined expiration date. Said to be LONG the put. BearishWhat Happens When a Stock Splits?Options can be adjusted in a number of ways to account for corporate events. These are called adjusted options.Other adjustments may occur from corporate actions. Terms can be foundin the option chain, or check with the Options Clearing Corp to find out the new terms of an adjusted option.ExampleYou own one contract for XYZ stock with a strike price of $75,the company announces a 3 for 2 stock split.How is the option contract adjusted?Old option contract: 100 x $75 = $7,500Share conversion: (100 / 2) * 3 = 150Price conversion: $75 x 2 ÷3 = $50New option contract: 150 x $50 = $7,500The number of shares and the strike price are adjusted to maintain the notional value of the contract post-split, keeping the notional value the same.Risk of Buying Options What’s the trade-off?TimeOptions have a finite expiration date. They will either expire worthless or be turned into long or short shares of the underlying security.LeverageLeverage goes both ways; it can hurt as much as itcan help.SPY220121C208 Example: Anatomy of an Options SymbolThe symbol of the underlying Year of theexpirationMonth of theexpirationDay of the expiration C for a Call,or P for a PutThe Strike PriceHolder (buyer) of this call has the right to BUY 100 shares of SPY at $208 per share atany time until January 21, 2022.Plain English Symbol: SPY Jan 21, 2022 Call 208Premium ComponentsPremium = Intrinsic Value + Extrinsic ValueAn option contract that has intrinsic value is“in the money.”An option contract that has no intrinsic value is “out of themoneyRemember Long options are exercised, while short options are assigned.What is Exercise ?Exercising a call is when the option holder opts to buy the underlying security at the strike price. Exercising a put is when the option holder opts to sell the underlying security at the strike price. If the option has intrinsic value of at least $0.01 at expiration, it will be automatically exercised.If the option has no intrinsic value at exercise, it will expire worthless.Remember A short (sold) option can be assigned at any time! Even if it has no intrinsic value.What is Assignment ?Assignment of a call is the option writer fulfilling their obligation to sell the shares at the strike price.Assignment of a put is the option writer fulfilling their obligation to buy the shares at the strike price.An option seller does not choose if/when assignment will occur. The option buyer controls the action; assignment occurs when they choose to exercise their option.Exercise of a Long Call Remember American Style can be exercised at any time.American Style: Example 1An option holder who exercised a long XYZ call at 146 would purchase 100 shares of XYZ at $146 per share, or 100 x $146 = $14,600.If 10 of those contracts were exercised, the cost for 1,000 shares would be 10 x 100 x $146 = $146,000.If the option has intrinsic value of at least $0.01 at expiration, it will be automatically exercised.Remember American Style can be exercised at any time.American Style: Example 2Using the same example, what would Assignment look like?The seller, assigned on one call, would be required to deliver 100 shares of XYZ, and would receive $146 per share, or 100 x $146 = $14,600.Remember American Style can be exercised at any time. American Style: Example 3But what if the seller didn’t already own the shares? The seller would have to buy them at whatever price they were trading post-assignment, which could be higher than $146 per share.What if XYZ was now trading at $155? It would now be 100 x $155= $15,500Remember American Style can be exercised at any time.American Style: Example 4This time, substitute an XYZ 146 put for the call. Now what would Exercise of the put look like?A holder who exercised a long XYZ put would sell 100 shares of XYZ for $146 per share, and would receive proceeds of 100 x $146 = $14,600.Remember American Style can be exercised at any time.American Style: Example 5Using the same example, what would Assignment look like?A writer assigned on the one put would be required to buy 100 shares of XYZ at $146 per share, or 100 x $146 = $14,600.Once again, remember leverage: A writer assigned 10 puts would be required to buy 1,000 shares of XYZ stock at $146, or 10 x 100 x $146 = $146,000.Remember European can only be exercised at expiration. They’re based on an index (which cannot be delivered) and they are settled in cash.European Style: ExampleYou are Long (Own) 1 SPX call with a strike of 2440.If your one SPX call were exercised because SPX closed at 2441 on expiration, you would receive $100 CASH in your account.Your option has $1 of intrinsic value times the multiplier for SPX which is $1 x 100 = $100.*The multiplier for index options is “usually $100.”Review: Strategies for Trading OptionsLong Call Which strategies are bullish and which are bearish?Short Call Long Put Short PutIntroduction to OptionsGet to know the basics of options investing; learn key terms and concepts essential for any new options trader.Buying OptionsUnderstand what to expect when buying options; learn the difference between calls and puts.Selling OptionsUnderstand what to expect when selling options; learn how to navigate the risks associated with selling.Options Trade ManagementNow that you’ve placed a trade, learn strategies to manage before, during, and after its expiration.Options PricingUnderstand how options are priced and learn how to you can get the best returns.OptionLike stocks, options are financial securities that you can buy or sell. Options give buyers rights, and sellers an obligation to buy or sell the underlying stocks and other underlying investments. There are two kinds of options: calls and puts.CallThe buyer of call options has the right, but not the obligation, to buy an underlying security at a specified strike price. Essentially, that means if you were to buy call options on a stock, you would have the right to buy that stock at an agreed-upon price up, and until a specific date. Conversely, the seller of a call option has the obligation to sell the underlying security at the specified strike price. PutsThe buyer of put options has the right, but not the obligation, to sell an underlying security at a specified strike price. Essentially, that means if you were to buy put options on a stock, you would have the right to sell that stock at an agreed-upon price, up and until a specific date. Conversely, the seller of a put option has the obligation to buy the underlying security at the specified strike price.PremiumThe current market price of an option contract. The option buyer pays the premium and the option seller receives the premium.European StyleAn option that can only be exercised/assigned at expiration.American StyleAn option that can only be exercised/assigned at any time before the option expires.Thank You For more information, please visit > News & Research > Options Questions? Contact a Fidelity representative at 877-907-4429Please join us for our upcoming webinarsImportant InformationOptions trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry a dditional risk.Before trading options, please read Characteristics and Risks of Standardized Options, and call 800-544-5115 to be approved for options trading. Supporting documentation for any claims, if applicable, will be furnished upon request.There are additional costs associated with option strategies that call for multiple purchases and sales of options, such as s preads, straddles, and collars, as compared with a single option trade. Examples in this presentation do not include transaction costs (commissions, margin interest, fees) or tax implications, but they should be considered prior to entering into any transactio ns.The information in this presentation, including examples using actual securities and price data, is strictly for illustrative andeducational purposes only and is not to be construed as an endorsement, recommendation.Any screenshots, charts, or company trading symbols mentioned, are provided for illustrative purposes only and should not be considered an offer to sell, a solicitation of an offer to buy, or a recommendation for the security. Investing involves r isk,including risk of loss.Technical analysis focuses on market action –specifically, volume and price. Technical analysis is only one approach to analyzing stocks. When considering what stocks to buy or sell, you should use the approach that you're most comfortable with. As with a ll your investments, you must make your own determination whether an investment in any particular security or securities is right for you based on your investment objectives, risk tolerance, and financial situation. Past performance is no guarantee of future resu lts.© 2020 FMR LLC. All rights reserved.Fidelity Brokerage Services, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917928890.1.231。
Investment 4 投资学
shares purchased. Value” or “ NAV”.
The value of each share is called “ Net Asset Calculation:
4-6
NET ASSET VALUE: EXAMPLE 4.1
Consider a mutual fund that manages a portfolio
4-9
TYPES OF INVESTMENT COMPANIES
Managed Investment Companies Open-End funds
Fund issues new shares when investors buy and
redeems shares when investors cash out Priced at Net Asset Value (NAV) Do not trade on exchanges Investors buy and liquidate through the investment company at net asset value Mutual Funds are known as Unit Trusts in some countries such as Singapore, Malaysia, and Australia
Exchanged-traded funds(ETFs)
4-3
INVESTMENT COMPANIES
Financial intermediaries that collect funds
from individual investors and invest in a wide range of securities or other assets.
富达基金
The Best Overall Fund Management Firm (Asia Pacific ex-Japan) 2006, 2007, 2008 and 2009, Asia Pacific Survey 2006, 2007, 2008 and 2009 conducted by Thomson Extel Surveys. 2006、 2007、 2008及2009 Thomson Extel (亞太區)調查— 2006、 2007、 2008 及2009整體最傑出基金管理公司大獎—亞太區(日本除外)。 Fidelity, Fidelity International, and Fidelity International and Pyramid Logo are trademarks of FIL Limited. 「富達」及其標誌均為 FIL Limited的商標。
Fidelity：一个基金巨头的失败总记录
【Fidelity：一个基金巨头的失败总记录】作者：裴明宪从1977年到1990年，历史上最伟大的共同基金经理彼得-林奇(Peter Lynch)在Fidelity(富达投资)的麦哲伦(Megallen)基金完成了传奇般的旅程语出Fidelity官方网站)。
对于许多人来说，彼得-林奇就意味着Fidelity，他让Fidelity赢得了聪明的选股者(Intelligent Stock Pickers)的威名。
在那个时代，Fidelity几乎代表着整个基金管理业。
没有一家银行或证券公司敢于藐视这个名字。
没有一个投资者不对这个名字感到亲切。
现在一切都变了。
麦哲伦基金早已变成了财经记者和基金分析师们嘲笑的对象。
根据几年前的一个研究报告，这只基金与标准普尔500指数的相关性居然达到0.99，而它收取的管理费却是任何一只标准普尔500指数基金的10倍以上。
The Barron's周刊的编辑送给麦哲伦基金一个绰号：昂贵的指数基金。
现在，经历了大换血的麦哲伦基金的资产仍然高达440亿美元之巨，但已经比它在高潮时期的资产跌去一半左右(为了防止这只基金过于庞大难以管理，Fidelity的领导层已经禁止了一切新投资的进入)。
麦哲伦基金的困境只是Fidelity整体败局的一部分。
毫无疑问，麦哲伦这只传奇基金的失败给Fidelity的威名蒙上了一层阴影，但它的其他股票基金表现也算不上优秀。
除了America ContraFund等少数王牌基金，Fidelity的大部分积极管理股票基金都没有发挥出足够的潜力，其中许多不但长期落后于大盘，还落后于主要的竞争对手。
在传统积极管理领域，T.Rowe Price，American Fund和Franklin等竞争对手已经迎头赶上，它们拥有比较优秀的综合回报率和比较低的费率，尤其是T.Rown Price 以不收费基金(No-load Fund)给Fidelity的高费率基金带来了严重冲击。
fidelity发展特点 -回复
fidelity发展特点-回复Fidelity发展特点引言：Fidelity是一家全球知名的金融服务公司，成立于1946年，总部位于美国。
该公司提供投资管理、退休计划、富裕管理和金融咨询等多元化金融服务，服务范围遍布全球超过25个国家。
Fidelity的发展特点是值得关注和研究的，对于金融行业的其他公司来说，从中可以学习到许多有价值的经验和教训。
本文将一步一步回答以下关于Fidelity发展特点的问题。
一、Fidelity的发展历程1. Fidelity成立背景和初期发展Fidelity成立于1946年，创始人是Edward Johnson II，当时主要从事基金经理的角色。
初期的Fidelity注重为个人投资者提供基金产品，并逐渐获得了一批稳定的客户。
公司的发展初期，Fidelity通过提供卓越的基金管理和优质的客户服务赢得了投资者的信任。
2. Fidelity的全面发展在1960年代和1970年代，Fidelity开始全面发展多元化的金融服务，包括退休计划、富裕管理和金融咨询等领域。
这一发展使得Fidelity能够满足不同客户的不同需求，并提供更为全面的金融解决方案。
与此同时，Fidelity也开始发展自己的技术平台，引入先进的计算机系统和软件，以提高操作效率和客户体验。
3. Fidelity的国际化发展20世纪80年代和90年代，Fidelity开始将业务拓展到国际市场。
公司先后进入了欧洲、亚洲和拉美等地区，通过建立分支机构和合资企业，进一步扩大了全球客户的覆盖范围。
Fidelity的国际化发展大大增加了公司的知名度和市场份额，让更多的投资者能够享受到Fidelity的优质服务。
二、Fidelity的核心竞争力1. 优质的基金管理作为全球领先的基金管理公司之一，Fidelity一直以来都注重基金的研究和管理。
公司拥有强大的研究团队，并投入大量资源用于对各种资产类别和投资策略的研究。
这使得Fidelity能够为投资者提供高质量的基金产品，帮助他们实现长期稳定的投资回报。
The_Economist整理版(《经济学人》原版英文,有4000词汇即可,练习阅读绝好资料)
Digest Of The. Economist. 2006(2-3)Moving marketsShifts in trading patterns are making technology ever more importantAN INVESTOR presses a button, sending 1,000 small “buy” orders to a stock exchange. The exchange's computer system instantly kicks in, but a split second later, 99% of the orders are cancelled. Having found the best price, the investor makes his trade discreetly, leaving no visible trace on the market—all in less time than it takes to blink. His stealth strategy remains intact.Events like this happen many times a day, as floods of orders from active hedge funds and “algorithmic” traders—who use automated programs to buy and sell—rush through the information-technology systems of the world's exchanges. The average transaction size on leading stock exchanges has fallen from about 2,000 shares in the mid-1990s to fewer than 400 today, although total trading volume has soared. But exchanges' systems have to cope with more than just a growing onslaught of “buy” and “sell” messages. Customers want to trade in more complicated ways, combining different types of assets on different exchanges at once. Then, as always, there is regulation. All this is pushing technology further to the fore.Recent embarrassments at the Tokyo Stock Exchange have illustrated what can happen when systems fail to keep up with the times. In just the past few months, the importance of technology has been plain in mergers (those of the New York Stock Exchange and Archipelago, and NASDAQ and INET); collaborations (the decision by the New York Board of Trade to use the Chicago Board of Trade's trading platform); and the creation of off-exchange trading networks (including one unveiled recently by Citigroup).Technology is hardly a new element in financial markets: the advent of electronic trading in the 1980s (first in Europe, later in America) helped to globalise financial markets and drove up trading volumes. But having slowed after the dotcom bubble it is now demanding ever more of exchanges' and intermediaries' attention. Investors can now deal more easily with exchanges or each other, bypassing traditional routes. As customers' demands and bargaining power have increased, so the exchanges have had to ramp up their own systems. “Technology created the monster that has to be ad dressed by more technology,” says Leslie Sutphen of Calyon Financial, a big futures broker.Aite Group, a research firm, reckons that in America alone the securities and investment industry spent $26.4 billion last year on IT (see chart), and may spend $30 billion in 2008. Sell-side firms spend most: J.P. Morgan Chase and Morgan Stanley each splashed out more than $2 billion in 2004, while asset-management firms such as State Street Global Advisors, Barclays Global Investors and Fidelity Investments spent between $250m and $350m apiece. With brokerage fees for trades whittled down, many have concluded that better technology is one way to cut trading costs and keep customers.Testing all enginesGlobal growth is looking less lopsided than for many yearsLARR Y SUMMERS, a Treasury secretary under Bill Clinton, once said that “the world economy is flying on one engine” to describe its excessive reliance on American demand. Now growth seems to be becoming more even at last: Europe and Japan are revving up, as are most emerging economies. As a result, if (or when) the American engine stalls, the global aeroplane will not necessarily crash.For the time being, America's monetary policymakers think that their economy is still running pretty well. This week, as Alan Greenspan handed over the chairmanship of the Federal Reserve to Ben Bernanke, the Fed marked the end of Mr Greenspan's18-year reign by raising interest rates for the 14th consecutive meeting, to 4.5%. The central bankers also gave Mr Bernanke more flexibi lity by softening their policy statement: they said that further tightening “may be needed”rather than “is likely to be needed”, as before.Most analysts expect the Fed to raise rates once or twice more, although the economy slowed sharply in late 2005. Real GDP growth fell to an annual rate of only 1.1% in the fourth quarter, the lowest for three years. Economists were quick to ascribe this disappointing number to special factors, such as Hurricane Katrina and a steep fall in car sales—the consequence of generous incentives that had encouraged buyers to bring purchases forward to the third quarter. The consensus has it that growth will bounce back to an annual rate of over 4% in the first quarter and stay strong thereafter.This sounds too optimistic. A rebound is indeed likely in this quarter, but the rest of the year could prove disappointing, as a weakening housing market starts to weigh on consumer spending. In December sales of existing homes fell markedly and the stock of unsold homes surged. Economists at Goldman Sachs calculate that, after adjusting for seasonal patterns, the median home price has fallen by almost 4% since October. Experience from Britain and Australia shows that even a soft landing for house prices can cause an acute slowdown in consumer spending.American consumers have been the main engine not just of their own economy but of the whole world's. If that engine fails, will the global economy nose-dive? A few years ago, the answer would probably have been yes. But the global economy may now be less vulnerable. At the World Economic Forum in Davos last week, Jim O'Neill, the chief economist at Goldman Sachs, argued convincingly that a slowdown in America need not lead to a significant global loss of power.Start with Japan, where industrial output jumped by an annual rate of 11% in the fourth quarter. Goldman Sachs has raised its GDP growth forecast for that quarter (the official number is due on February 17th) to an annualized 4.2%. That would pushyear-on-year growth to 3.9%, well ahead of America's 3.1%. The bank predicts average GDP growth in Japan this year of 2.7%. It thinks strong demand within Asia will partly offset an American slowdown.Japan's labour market is also strengthening. In December the ratio of vacancies to job applicants rose to its highest since 1992 (see chart 1). It is easier to find a job now than at any time since the bubble burst in the early 1990s. Stronger hiring by firms is also pushing up wages after years of decline. Workers are enjoying the biggest rise in bonuses for over a d ecade.Pass the parcelOnline shoppers give parcels firms a new lease of lifeTHINGS must be going well in the parcels business. At $2.5m for a 30-second TV commercial during last weekend's Super Bowl, an ad from FedEx was the one many Americans found the most entertaining. It showed a caveman trying to use a pterodactyl for an express delivery, only to watch it be gobbled up on take-off by a tyrannosaur. What did the world do before FedEx, the ad inquired? It might have asked what on earth FedEx did before the arrival of online retailers, which would themselves be sunk without today's fast and efficient delivery firms.Consumers and companies continue to flock in droves to the internet to buy and sell things. FedEx reported its busiest period ever last December, when it handled almost 9m packages in a single day. Online retailers also set new records in America. Excluding travel, some $82 billion was spent last year buying things over the internet, 24% more than in 2004, according to comScore Networks, which tracks consumer behaviour. Online sales of clothing, computer software, toys, and home and garden products were all up by more than 30%. And most of this stuff was either posted or delivered by parcel companies.The boom is global, especially now that more companies are outsourcing production. It is becoming increasingly common for products to be delivered direct from factory to consumer. In one evening just before Christmas, a record 225,000 international express packages were handled by UPS at a giant new air-cargo hub, opened by the American logistics firm at Cologne airport in Germany. “The internet has had a profound effect on our business,” says David Abney, UPS's international president. UPS now handles more than 14m packages worldwide every day.It is striking that postal firms—once seen as obsolete because of the emergence of the internet—are now finding salvation from it. People are paying more bills online and sending more e-mails instead of letters, but most post offices are making up for that thanks to e-commerce. After four years of profits, the United States Postal Service has cleared its $11 billion of debt.Firms such as Amazon and eBay have even helped make Britain's Royal Mail profitable. It needs to be: on January 1st, the Royal Mail lost its 350-year-old monopoly on carrying letters. It will face growing competition from rivals, such as Germany's Deutsche Post, which has expanded vigorously after partial privatisation and now owns DHL, another big international delivery company.Both post offices and express-delivery firms have developed a range of services to help ecommerce and eBay's traders—who listed a colossal 1.9 billion items for sale last year. Among the most popular services are tracking numbers, which allow people to follow the progress of their deliveries on the internet.A question of standardsMore suggestions of bad behaviour by tobacco companies. MaybeANOTHER round has just been fought in the battle between tobacco companies and those who regard them as spawn of the devil. In a paper just published in the Lancet, with the provocative title “Secret science: tobacco industry research on smoking behaviour and cigarette toxicity”, David Hammond, of Waterloo University in Canada and Neil Collishaw and Cynthia Callard, two members of Physicians for a Smoke-Free Canada, a lobby group, criticise the behaviour of British American Tobacco (BAT). They say the firm considered manipulating some of its products in order to make them low-tar in the eyes of officialdom while they actually delivered high tar and nicotine levels to smokers.It was and is no secret, as BAT points out, that people smoke low-tar cigarettes differently from high-tar ones. The reason is that they want a decent dose of the nicotine which tobacco smoke contains. They therefore pull a larger volume of air through the cigarette when they draw on a low-tar rather than a high-tar variety. The extra volume makes up for the lower concentration of the drug.But a burning cigarette is a complex thing, and that extra volume has some unexpected consequences. In particular, a bigger draw is generally a faster draw. That pulls a higher proportion of the air inhaled through the burning tobacco, rather than through the paper sides of the cigarette. This, in turn, means more smoke per unit volume, and thus more tar and nicotine. The nature of the nicotine may change, too, with more of it being in a form that is easy for the body to absorb.According to Dr Hammond and his colleagues, a series of studies conducted by BAT's researchers between 1972 and 1994 quantified much of this. The standardised way of analysing cigarette smoke, as laid down by the International Organisation for Standardisation (ISO), which regulates everything from computer code to greenhouse gases, uses a machine to make 35-millilitre puffs, drawn for two seconds once a minute. The firm's researchers, by contrast, found that real smokers draw 50-70ml per puff, and do so twice a minute. Dr Hammonds's conclusion is drawn from the huge body of documents disgorged by the tobacco industry as part of various legal settlements that have taken place in the past few years, mainly as a result of disputes with the authorities in the United States.Dr Hammond suggests, however, the firm went beyond merely investigating how people smoked. A series of internal documents from the late 1970s and early 1980s shows that BAT at least thought about applying this knowledge to cigarette design.A research report from 1979 puts it thus: “There are three major design featur es which can be used either individually or in combination to manipulate delivery levels; filtration, paper permeability, and filter-tip ventilation.” A conference paper from 1983 says, “The challenge would be to reduce the mainstream nicotine determined by standard smoking-machine measurement while increasing the amount that would actually be absorbed by the smoker”. Another conference paper, from 1984, says: “We should strive to achieve this effect without appearing to have a cigarette that cheats the league table. Ideally it should appear to be no different from a normal cigarette...It should also be capable of delivering up to 100% more than its machine delivery.”Thanks to the banksCollege students learn more about market ratesA GOOD education may be priceless, but in America it is far from cheap—and it is not getting any cheaper. On February 1st Congress narrowly passed the Deficit Reduction Act, which aims to slim America's bulging budget deficit by, among other things, lopping $12.7 billion off the federal student-loan programme. Interest rates on student loans will rise while subsidies fall.Family incomes, grant aid and federal loans have all failed to keep pace with the growth in the cost of tuition. “The funding gap between what students can afford and what higher education costs has got wider and wider,” says Claire Mezzanotte of Fitch, a ratings agency. Lenders are rushing to bridge the gap with “private” student loans—loans that are free of government subsidies and guarantees.Virtually non-existent ten years ago, private student loans in the 2004-05 school year amounted to $13.8 billion—a compound annual growth rate of almost 30%—and they are expected to double in the next three years. According to the College Board, an association of schools and colleges, private student loans now make up nearly 22% of the volume of federal student loans, up from a mere 5% in 1994-95.The growth shows little sign of slowing. Education costs continue to climb while pressure on Congress to pare down the budget deficit means federal aid will, at best, stay at current levels. Meanwhile, the number of students attending colleges and tradeschools is expected to soar as the children of post-war baby-boomers continue matriculating.Private student loans are popular with lenders because they are profitable. Lenders charge market rates for the loans (the rates on federal student loans are capped) before adding up-front fees, which can themselves be around 6-7% of the loan. Sallie Mae, a student-loan company and by far the biggest dispenser of private student loans, disclosed in its most recent report that the average spread on its private student lending was 4.75%, more than three times the 1.31% it made on its federally backed loans.All of this is good news when lenders are hungry for new areas of growth in the face of a cooling mortgage market. Private student loans, says Matthew Snowling of Friedman, Billings, Ramsey, an investment bank, are probably “the fastest-growing segment of consumer finance—and by far the most profitable one—at a time when finding asset growth is challenging.” Last December J.P. Morgan, which already had a sizeable education-finance unit, snapped up Collegiate Funding Services, a Virginia-based provider of federal and private student loans. Companies from Bank of America to GMAC, the financing arm of General Motors, have jumped in. Other consumer-finance companies, such as Capital One, are whispered to be eyeing the market.In the beginning...How life on Earth got going is still mysterious, but not for want of ideasNEVER make forecasts, especially about the future. Samuel Goldwyn's wise advice is well illustrated by a pair of scientific papers published in 1953. Both were thought by their authors to be milestones on the path to the secret of life, but only one has so far amounted to much, and it was not the one that caught the public imagination at the time.James Watson and Francis Crick, who wrote “A structure for deoxyribose nucleic acid”, have become as famous as rock stars for asking how life works and thereby starting a line of inquiry that led to the Human Genome Project. Stanley Miller, by contrast, though lauded by his peers, languishes in obscurity as far as the wider world is concerned. Yet when it appeared, “Production of amino acids under possible primitive Earth conditions” was expected to begin a scientific process that would solve a problem in some ways more profound than how life works at the moment—namely how it got going in the first place on the surface of a sterile rock 150m km from a small, unregarded yellow star.Dr Miller was the first to address this question experimentally. Inspired by one of Charles Darwin's ideas, that the ingredients of life might have formed by chemical reactions in a “warm, little pond”, he mixed the gases then thought to have formed the atmosphere of the primitive Earth— methane, ammonia and hydrogen—in a flask half-full of boiling water, and passed electric sparks, mimicking lightning, through them for several days to see what would happen. What happened, as the name of the paper suggests, was amino acids, the building blocks of proteins. The origin of life then seemed within grasp. But it has eluded researchers ever since. They are still looking, though, and this week several of them met at the Royal Society, in London, to review progress.The origin question is really three sub-questions. One is, where did the raw materials for life come from? That is what Dr Miller was asking. The second is, how did those raw materials spontaneously assemble themselves into the first object to which the term “alive” might reasonably be applied? The third is, how, having once come into existence, did it survive conditions in the early solar system?The first question was addressed by Patrick Thaddeus, of the Harvard-Smithsonian Centre for Astrophysics, and Max Bernstein, who works at the Ames laboratory, in California, part of America's space agency, NASA. As Dr Bernstein succinctly put it, the chemical raw materials for life, in the form of simple compounds that could then be assembled into more complex biomolecules, could come from above, below or beyond.Full to burstingRising levels of carbon dioxide will dump even more water into the oceansTHE lungs of the planet, namely green-leafed plants that breathe in carbon dioxide and breathe out oxygen, also put water vapour into the atmosphere. Just as people lose water through breathing (think of the misted mirror used to check for vital signs), so, too, do plants. The question is, what effect will rising concentrations of carbon dioxide have on this? The answer, published in this week's Nature by Nicola Gedney of Britain's Meteorological Office and her colleagues, would appear to be, less water in the atmosphere and more in the oceans.Measurements of the volume of water that rivers return to the oceans show that, around the world, rivers have become fuller over the past century. In theory, there are many reasons why this could be so, but some have already been discounted. Research has established, for example, that it is not, overall, raining—or snowing, hailing or sleeting—any more than it used to. But there are other possibilities. One concerns changes in land use, such as deforestation and urbanisation. The soil in rural areas soaks up the rain and trees breathe it back into the atmosphere, whereas the concrete in urban areas transfers rainwater into drains and hence into rivers. Another possibility is “solar dimming”, in which aerosol particles create a hazy atmosphere that holds less water. And then there is the direct effect of carbon dioxide on plant transpiration.Dr Gedney used a statistical technique called “optimal fingerprinting” or “detection and attribution” to identify which of these four factors matter. Her team carried out five simulations of river flow in the 20th century. In the first of these they allowed all four explanations to vary: rainfall, haze, atmospheric carbon dioxide and land use. They then held one of them constant in each of the next four simulations. By comparing the outcome of each of these with the first simulation, the team gained a sense of its part in the overall picture. So, for example, they inferred the role of land use by deducting the simulation in which it was fixed from the simulation in which it varied.As with any statistical analysis, the results are only as good as the model, the experimental design and the data. Dr Gedney and her colleagues acknowledge that their model does not fully take into account the use of water to irrigate crops—particularly important in Asia and Europe—nor the question of urban growth. They argue, however, that these aspects, taken together, would remove water from rivers, which makes their conclusion all the more striking. And it is this: fuller rivers cannot be explained by more rainfall or haze or changes in land use, but they can be explained by higher concentrations of atmospheric carbon dioxide.The mechanism is straightforward. A plant breathes through small holes, called stomata, found in its leaves. Plants take in carbon dioxide, and when the atmosphere is relatively rich in this gas, less effort is needed. The stomata stay closed for longer, and less water is lost to the atmosphere. This means that the plant doesn't need to draw as much moisture from the soil. The unused water flows into rivers.The great tech buy-out boomWill the enthusiasm of private-equity firms for investing in technology and telecoms end in tears, again?PRIME COMPUTERS, Rhythm NetConnections and XO Communications—all names to drain the blood from the face of a private-equity investor. Or so it was until recently, when investing in technology and telecoms suddenly became all the rage for private-equity companies. These investment firms—labelled “locusts” by unfriendly Europeans—generally make their money by buying big controlling stakes in companies, improving their efficiency, and then selling them on.In the late 1980s, Prime Computers became private equity's first great “tech wreck”, humiliating investors who thought they understood the technology business and could nurture the firm back to health away from the shorttermist pressures of the public stockmarket. After Prime failed, private-equity firms spent the best part of a decade focusing solely on the old economy. Only in the late 1990s, when the new economy was all the rage, did they pluck up the courage to return to tech and telecoms—a decision some of the grandest names in the industry were soon to regret. Hicks, Muse, Furst and Tate (Rhythm NetConnections) and Forstmann Little (XO) have both been shadows of their old selves since losing fortunes on telecoms.Now, investing in technology and telecoms is once again one of the hottest areas in the super-heated privateequity market. The multi-billion-dollar question is: will this round of investment end any less horribly than the previous two?Last month TDC, a Danish phone company, was finally acquired after a bid of $15.3 billion by a consortium including European giants Permira Advisors and Apax Partners, and American veterans Kohlberg Kravis Roberts (KKR), Blackstone Group and Providence Equity Partners. In the past five years, there has been private-equity involvement in about 40% of telecoms deals in Europe.On the other side of the Atlantic, the action has focused mainly on technology, rather than telecoms. Last summer, a consortium including Silver Lake Partners and KKR completed the biggest private-equity tech deal to date, buying SunGard Data Systems, a financial-technology firm, for $11.3 billion. Since then the deals have continued to flow. The $1.2 billion acquisition of Serena Software by Silver Lake is due to be completed by the end of March. Blackstone and others are said to be circling two IT outsourcing firms—Computer Sciences and ACS.There are reasons to hope that this time will be different. In telecoms, for instance, private-equity firms are mostly trying to buy established firms—often former national monopolists—that, while they might be threatened by internet telephony, have strong cash flow, physical assets and plenty of scope to improve the quality of management. These are the sorts of characteristicsprivate-equity investors thrive on. By contrast, the disastrous investments in the late 1990s were in new telecoms firms that were building their operations.In technology, private-equity interest has grown as the industry has matured, and cash-flow and profitability have become more predictable. Until recently, it has been the norm for tech firms to plough back all their profit and cashflow into investing in the business. They have carried no debt and paid no dividends. Now private-equity firms see the opportunity to pursue their classic strategy of buying firms by borrowing against cashflow, and then returning money to shareholders. Glenn Hutchins of Silver Lake thinks the tech sector is now in a similar condition to the old economy in America in the early 1980s, which is when private equity first started to have an impact, by restructuring and consolidating many industries.How to live for everThe latest from the wacky world of anti-senescence therapyDEATH is a fact of life—at least it has been so far. Humans grow old. From early adulthood, performance starts to wane. Muscles become progressively weaker, cognition fails. But the point at which age turns to ill health and, ultimately, death is shifting—that is, people are remaining healthier for longer. And that raises the question of how death might be postponed, and whether it might be postponed indefinitely.Humans are certainly living longer. An American child born in 1970 could expect to live 70.8 years. By 2000, that had increased to 77 years. Moreover, an adult still alive at the age of 75 in 2002 could expect a further 11.5 years of life.Much of this change has been the result of improved nutrition and better medicine. But to experience a healthy old age also involves maintaining physical and mental function. Age-related non-pathological changes in the brain, muscles, joints, immune system, lungs and heart must be minimised. These changes are called “senescence”.Research shows that exercise can help to maintain physical function late in life and that exercising one's brain can limit the progression of senescence. Other work—on the effects of caloric restriction, consuming red wine and altering genes in yeast, mice and nematodes—has shown promise in slowing senescence.The approach advocated by Aubrey de Grey of the University of Cambridge, in England, and presented at last week's meeting of the American Association for the Advancement of Science, is rather more radical. As an engineer, he favours intervening directly to repair the changes in the body that are caused by ageing. This is an approach he dubs “strategies for engineered negligible senescence”. In other words, if ageing humans can be patched up for 30 years, he argues, science will have developed sufficiently to make further repairs more effective, postponing death indefinitely.Dr de Grey's ideas, which are informed by literature surveys rather than experimental work, have been greeted with scorn by those working at developing such repair kits. Steven Austad, a gerontologist based at the University of Texas, warns that such therapies are many years away and may never arrive at all. There are also the side effects to consider. While mice kept onlow-calorie diets live longer than their fatter friends, the skinny mice are less fertile and are sometimes sterile. Humans wishing both to prolong their lives and to procreate might thus wish to wait until their child-bearing years were behind them before embarking on such a diet, although, by then, relatively more age-related damage will have accumulated.No one knows exactly why a low-calorie diet extends the life of mice, but some researchers think it is linked to the rate at which cells divide. There is a maximum number of times that a human cell can divide (roughly 50) before it dies. This is because the ends of chromosomes, structures called telomeres, shorten each time the cell divides. Eventually, there is not enough left for any further division.Cell biologists led by Judith Campisi at the Lawrence Berkeley National Laboratory in California doubt that every cell has this dividing limit, and believe that it could be only those cells that have stopped dividing that cause ageing. They are devising an experiment to create a mouse in which senescent cells—those that no longer divide—are prevented from accumulating. They plan to activate a gene in the mouse that will selectively eliminate senescent cells. Such a mouse could demonstrate whether it is。
比肩巴菲特的五位传奇投资人
比肩巴菲特的五位传奇投资人除了巴菲特之外，你是否还能再说出一个表现可以和他相提并论的投资者的名字？如果不能，当然也不怪你，要怪只能怪指数基金的大行其道。
不过，无论指数基金现在风头多么强劲，都不能改变一个最基本的事实—投资传奇从未消失。
我们必须知道，哪怕眼下，也还有20%到35%的积极管理基金表现好于相应的基准指标，这就意味着，击败市场并非不可能。
下面我们就将介绍五位大获成功的投资者—尽管他们的名字你可能一个也不曾听到过。
1.迪灵赫斯特(JoelTillinghast)大多数投资在一听到富达公司的名头时，首先就会想到超级明星经理人林奇(PeterLynch)。
有这样的反应是非常正常的：在执掌FidelityMagellanFund的十三年当中，林奇将旗下的资产规模从1800万美元奇迹般地发展为了140亿美元有余。
不过，现在投资专家们其实更关注迪灵赫斯特的一举一动。
这不单单是因为迪灵赫斯特是林奇亲自选定的衣钵传人，更是因为他还保持着令人瞠目的，长达四分之一世纪的成功选股记录。
1989年，迪灵赫斯特创建了FidelityLow-PricedStockFund，从那时到现在，基金年平均回报率14.35%，规模成长到了441亿8000万美元。
靠着价值型投资的诀窍(喜欢买进价格低于35美元的股票)、过目不忘的记忆力(能够如数家珍地说起基金投资的900家企业各自的情况)，以及强大的数学能力，迪灵赫斯特成为了市场上让人不能不仰视的人物。
2.达诺夫(WillDanoff)达诺夫(WillDanoff)应该说就是FidelityContrafund的同义词，这支基金正是1990年在达诺夫手中诞生的，而他也一直将其管理到了今天。
目前，这支基金的规模已经达到了惊人的1132亿美元，这也就意味着投资者每向富达旗下产品投入8美元，就有1美元是流向了它。
觉得这也没什么了不起？你可知道，达诺夫是Contrafund唯一的经理人？与此同时，在Low-PricedStockFund，迪灵赫斯特还有六位其他经理人的帮助。
富达基金﹣欧洲增长基金
This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (“SFC”). Investors are reminded of concentration risks andvolatility associated with sector funds. I nvestment involves risks. Past performance is not indicative of future performance. Please refer to the Fidelity Prospectus for Hong Kong I nvestors for further details (including the risk factors). If investment returns are not denominated in HKD or USD, US/HK dollar-based investors will be exposed to exchange rate fluctuations. Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. 本文件由富達基金(香港)有限公司發行。
本文件未經證券及期貨事務監察委員會審核。
投資者應注意行業投資所帶來的風險。
投資涉及風險。
基金過去的表現並不表示將來亦會有類似的業績，詳情請細閱富達香港投資者認購章程(包括風險因素)。
若投資收益並非以港元或美元計算，以美元/港元作出投資的投資者需承受匯率波動的風險。
富达基金金–中国高收益基金金
Fidelity Funds - China High Yield Fund富達基⾦金金 – 中國⾼高收益基⾦金金31 August 2018 年年8⽉月31⽇日This fund invests primarily in debt securities in the Greater China region.This fund may be subject to investment, foreign currency, RMB currency and credit rating risk, the risks of investing in emerging markets specific to the China, Hong Kong & Macau market and risks specific to the PRC market. The fund’s investments are concentrated in China, Hong Kong, Taiwan & Macau and the value of the fund may bemore volatile. This fund may invest in bonds or debt securities which may be subject to credit, liquidity,counterparty and market risks. The fund will also invest in non-investment grade bonds and unrated securitieswhich may be subject to greater credit and liquidity risks, and may be more volatile than higher rated securities.The fund is subject to risks associated with investments in China fixed income instruments, such as credit,insolvency and liquidity risk of fixed income instruments. The fund may invest in the “Dim Sum” bond market, which may be more susceptible to volatility and illiquidity, and subject to risk of regulatory changes.This fund can invest in derivative instruments which may involve additional risks (For example, leverage may cause greater volatility).Dividend of certain share classes, at the Board’s discretion, may be 1) paid out of gross income, i.e. the fund may pay dividend effectively out of capital; or 2) paid directly out of capital where the net income generated by the fund is insufficient to pay a distribution as declared (For MCDIST share class, payment will be made out ofcapital). This will represent a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. This may result in an immediate decrease in the fund’s NAV / share.Investors may suffer substantial loss of their investments in the fund. Investor should not invest in the fund solely based on the information provided in this document and should read the prospectus (including potential risksinvolved) for details.本基⾦金金主要投資於⼤大中華地區的債務證券。
FidelityFunds-EmergingAsiaFund
-
7.42
-
9.26
-
5.88
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Portfolio Profile (As of 4/30/2011) Geographical Breakdown
## Gross of sales charge 5%
~ Average annual compounded return for periods greater than 1 year
The benchmark for performance is the MSCI Emerging Asia Composite Index
每年管理费 认购费 最高认购费 彭博代码 (A股)
Teera Chanpongsang 21.04.08 US$ 699m USD US$10 (美元) A 股 – 美元 A 股 – 欧元 1.50% 5% 5.25% FFEMEAU LX
本文由富达投资（新加坡）有限公司（Co.Reg.No.:199006300）提供，亦是在新加坡负责该基金之个体。本文所述的意见皆为富达
Class A - USD
Class A - EUR
Annual Management Charge 1.50%
Current Sales Charge
5%
Maximum Sales Charge 5.25%
Bloomberg Ticker (A Share) FFEMEAU LX
Fidelity Basket Portfolios指南说明书
Getting Started with Fidelity® Basket PortfoliosYou like choosing which stocks and ETFs to invest in, but managing them can be challenging and time consuming, even with spreadsheets and other tricks to help you stay on top of it all. What if there was a faster and easier way to buy and manage your individual securities? Enter Fidelity®Basket Portfolios.Build a basket of stocks and ETFs and manage it as one investment. It's easy to get started. Already have an existing Fidelity Brokerage account? You're ready to enroll. Simply pick your stocks and ETFs or get started with one of our pre-built models created by Fidelity experts.Invest any amount you want using fractional shares. And trade each basket with one click. Want to build another basket? Create as many as you'd like and monitor performance from your personalized dashboard or as grouped positions within your brokerage account.Want to rebalance as the market shifts? Use advanced features, including one-click rebalancing, and have the freedom to allocate new contributions to your most underweight securities first, while avoiding the hassle of manual calculations. All you need is an existing brokerage account to enroll. It's that easy.For a monthly fee, you can create as many baskets as you want and trade US stocks and ETFs online with zero commissions and no account minimums required. Fidelity Basket Portfolios-- more possibilities, more control.。
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產業投資分佈
能源 工業物料 消費用品 商業服務 消費服務 金融服務 公用事業 電腦軟體 電腦硬體 傳媒
31/10/2009
股票(%) 41.46 38.52 9.27 7.46 2.10 0.76 0.42 0.00 0.00 0.00
資產配置
31/10/2009
股票 債券 現金 其他
(%) 95.96
產生任何損失，Morningstar 與富達均不負任何法律責任。
FIST-EXMP037E E:1003
1年 33.57
2年 -19.95
3年 -5.53
30/11/2009
5年 55.64
成立至今 38.40
2008 2007 2006 2005 2004
基金報酬率(%)
-44.45 17.41 14.24 49.15
基金表現
年初至今 總報酬率(%) 40.29
1 個月 4.07
基金淨值
區域投資分佈
亞洲
美洲
3 個月 6.36
6 個月 14.45
(歐元)
31/10/2009 歐洲
晨星股票型基金投資風格分析
規模
31/10/2009
0% 0-10% 10-20% 20-50% 50-90% >90%
大型
中型
小型
風格 價值型 均衡型 增長型
RR3 中~高 以追求兼顧資本利得及固定收益、或較高固定收 平衡型基金、非投資級(史坦普評等 益為目標，通常同時投資股票及債券、或投資於 BBB 級，穆迪評等 Baa 級以下)之 較高收益之有價債券、但也有價格下跌之風險。 已開發國家公司債券基金、新興市
場債券基金。
RR4 高 以追求資本利得為目標，通常投資於已開發國家 全球股市型基金、已開發國家單一
圖形顯示了基金的投資類型及所投資的公司規模，以便瞭解基金的組合及 風險。
投資新興市場可能比投資已開發國家有較大的價格波動及流動性較低的風 險，投資人應選擇適合自身風險承受度之投資標的。高收益債券基金適合 尋求投資固定收益之潛在收益且能承受較高風險之非保守型投資人;投資高 收益債券基金不宜占其投資組合過高之比重。由於高收益債券之信用評等 未達投資等級或未經信用評等，且對利率變動的敏感度甚高，故本基金可 能會因利率上升、市場流動性下降，或債券發行機構違約不支付本金、利 息或破產而蒙受虧損。高收益債券基金不適合無法承擔相關風險之投資 人。基金配息率不代表基金報酬率，且過去配息率不代表未來實際的配息 率；基金淨值可能因市場因素而上下波動。投資人應注意基金淨值及收益 可漲可跌。依金管會規定基金投資大陸證券市場之有價證券不得超過本基 金資產淨值之 10%，當該基金投資地區包括中國大陸及香港，基金淨值可 能因為大陸地區之法令、政治或經濟環境改變而受不同程度之影響。各基 金經金管會核准或同意生效，惟不表示絕無風險。基金經理公司以往之經 理績效不保證基金之最低投資收益；基金經理公司除盡善良管理人之注意 義務外，不負責各基金之盈虧，亦不保證最低之收益，文中提及之經濟走 勢預測不必然代表本基金之績效，以上所提及之個股或公司，僅是作為說 明或舉例之用途，並非推薦或投資建議。各基金投資風險投資人申購前應 詳閱基金公開說明書。有關基金應負擔之費用(境外基金含分銷費用)已揭 露於基金之公開說明書或投資人須知中。投資人索取公開說明書或投資人 須知，可至富達投資服務網 或境外基金資 訊觀測站 查詢，或洽富達證券或銷售機 構索取。
0.00 3.98 0.06
其他 - 泛指非現金、債券和股票以外的投資標的，包括發放特定股息的特別股、 可轉換公司債、在特定日期以特定價格轉換為普通股的可轉換特別股，以及衍生 性金融商品如選擇權契約和 認購（售）權證等等。
© 2009 Morningstar Asia Ltd. (1)內容為 Morningstar 所有； (2)無論文字、 圖像、資料、版面設計等均不得複製、儲存 (其包含(i)網站閱讀時非經意但必要 之存取，以及 (ii)似非商業用途之個人網頁列印)散發或引用； (3)資料的準確、 完整或即時性均不受保證。本 Morningstar 資料係由 Fidelity Investments 所 提供，資料僅供參考之用，投資人應自行作投資判斷。若使用者因採用此資料而
投資目標
本基金旨在投資世界各地從事研究、開發、製造、分銷、供應或銷 售屬於週期性及天然資源行業之物料、設備、產品或服務的公司股 份，以達致長線資本增值的目標。
基金資料 成立日期 基金經理人 基金經理人任期起始日 計價貨幣 最新單位淨值 基金規模(30/11/2009) 基金管理費率 風險/回報指數 基金總持有證券數 三年年化標準差
股市、或價格波動相對較穩定之大區域內多國股 股市國家基金、含已開發國家之區
市，但可能有很大價格下跌之風險。
域型股市基金。
RR5 很高 以追求最大資本利得為目標，通常投資於積極成 一般單一國家基金、新興市場基 長型類股或波動風險較大之股市，但可能有非常 金、產業類股基金、店頭市場基金。
大之價格下跌風險。
風險收 投資 益等級 風險
投資目標
風險範圍內之主要基金類型
RR1 低 以追求穩定收益為目標，通常投資於短期貨幣市 貨幣型基金 場工具，如短期票債券、銀行定存，但並不保證
本金不會虧損。
RR2 中 以追求穩定收益為目標，通常投資於已開發國家 已開發國家政府公債債券型基金，
政府公債、或國際專業評等機構評鑑為投資級 投資級(史坦普評等 BBB 級，穆迪 (如史坦普評等 BBB 級，穆迪評等 Baa 級以上)之 評等 Baa 級以上)之已開發國家公司 已開發國家公司債券，但也有價格下降之風險 債券基金。
三年年化夏普比率 彭博資訊代碼 ISIN 基金代碼 對比指數
30/11/2009
01/09/00
Amit Lodha 01/06/2005
歐元 27.59(歐元) 229.90(百萬歐元) 1.50% RR5 141 23.42 -0.06 FIDINFE LX LU0114722902
Blend of MSCI World Industrials, Materials and Energy Index
標準差 - 比較基金收益與其平均收益的波幅。當基金的標準差偏高，它的 回報表現變化也越大，也表示潛在較高的波幅。這裡提供的標準差是根據 一個按年度計算過去 36 個月基金回報的統計。基金的回報率每月相差愈 大，標準差愈大。
夏普比率 - 量度基金扣除無風險利率之後相對於風險(即標準差)的額外回 報。夏普比率越高，基金過往的風險調整表現則越好。
9.52
主要國家投資分佈
美國 英國 加拿大 日本 澳大利亞 荷蘭 法國 南非 印度 瑞士 總計 前十大持股/債
ExxonMobil Corporation Royal Dutch Shell PLC B Anglo American PLC Total SA Pacific Rubiales Energy Corp. Niko Resources Ltd Chevron Corporation Impala Platinum Holdings Umicore Schlumberger, Ltd. 總計
星號評級™
基金組別™
工業物料股票
............................................................................................................................................................................................................................................................................................................................................................................................................................................
風險收益等級分類說明
31/10/2009
股票(%) 35.84 14.31 9.92 8.26 3.90 3.78 3.59 2.66 2.33 1.96 86.56
31/10/2009
能源 能源 工業物料 能源 能源 能源 能源 工業物料 工業物料 能源
(%) 5.63 3.97 2.45 2.19 1.97 1.93 1.87 1.63 1.59 1.48 24.70
富達證券股份有限公司獨立經營管理，電話 0800-00-9911 按 2。台北 市 106 敦化南路二段 207 號 15 樓。FIL Limited 為百慕達商富達國際有 限公司。富達證券股份有限公司 為 FIL Limited 在台投資 100%之子公司。
Fidelity、Fidelity International、Fidelity International 加上其金字塔 標章、FundsNetwork 及 FundsNetwork 標章為 FIL Limited 之商標且經 其授權使用。
Fidelity Funds - Global Industrials Fund - A 富達基金－全球工業基金 - A
註：晨星星號評級之資料來源為 Morningstar as at 30/11/2009 晨星基金績效綜合星號評等：將至少成立 36 個月報酬率、且同類組別基金超過五支的基 金提供三年、五年和十年的星號評級，再以此三個年期的加權評級結果，計算出綜合星號 評級。
低風險/低回報
12345
高風險/高回報
為使投資人能概略了解國外基金之價格波動風險程度，謹依各基金投資標的之風 險屬性和投資地區之市場風險狀況，由低至高，區分為 RR1、RR2、RR3、 RR4、RR5 五個風險等級(如下表)。