基金管理公司和基金的管理ic3

基金管理公司和基金的管理金巖石1900 1924 1928 1929 1940 1953 1960 1968 1970MutualFund“Go-GoYears”“Star”portfoliomanagerspromotedtothepublicFirstsignificantinvestmentinfundsbypublicFirstno-loadFundintroducedbyScudder,Stevens&ClarkNYSEbeginsTheMonthlyInvestmentPlanIntroducesdollar-costaveragingMarketCrashLeadstoGreatDepressionFirstmutualfundsIntroducedintheUnitedStatesMassachusettsInvestorsTrustStateStreetInvestmentTrustFirstbalancedfundintroducedIndustrial&PowerSecurities(CreatedbyWalterL.Morgan)Renamedin1935asTheWellingtonFundInvestmentCompanyActof1940definesthreetypesofinvestmentcompanies:FaceAmountcertificateCompanyUnitInvestmentTrustManagementCompanyMutualfundtimeline:1924-1970(Figure3-1)共同基金發(fā)展歷程1924-1970197019721973……..19741975197619791980Two-yearseverebearmarket,laststoendof1974Dowlosesnearly50%ofitsvalueInvestorsfleestocksandfunds.SecuritiesActAmendmentsof1975DeregulationoffixedcommissionsTax-exemptmoneymarketfundsintroduced12b-1feesapprovedbytheSECFirstindexfundintroducedVanguardIndexTrust-tracksS&P500Fidelitylaunchesfirstmoneymarketmutualfundwithcheckwritingprivileges.FirstMoneymarketmutualfundcreatedMutualfundtimeline:1970-1980.(Figure3-2)共同基金發(fā)展歷程1970-19801980198119821983198719881990……1992…….19951998>2000TaxActof1981createsIndividualRetirementAccounts(IRAs)MutualfundsmarketedtoIRAholders,transformingthemfromsaverstoinvestorsThelongestbullmarketinhistorybeginsBanksoffermoneymarketcheckingaccountstocompetewithmoneymarketmutualfundsOctober19thMarketCrashDramaticincreaseinthenumberofmutualfundsandcashinflowNumberoffundsexceedthenumberofstockslistedinexchangesAmericansinvestmoreinmutualfundsthanintheirhomesSECapprovestheuseofatwosummaryprospectusthatmutualfundscanusetosellsharesDualpricingintroducedbyMerrillLynchDifferentclassesofshares(A&B)inthesamefundCharlesSchwablaunchesOneSource,itsmutualfundssupermarket,whichenablesinvestorstobuytheno-loadfundsofmanydifferentcompaniesandreceiveoneconsolidatedstatementMagellanfundexpectedtoexceed$100billionintotalnetassets-largerthanallstockfundsin1984,andlargerthantheentireindustryin1979Mutualfundtimeline:1980-today

(Figure3-3)共同基金發(fā)展歷程1980-2000Return1000304050102020406080RiskMoneyMarketIncomeGrowthandIncomeGrowthNewConceptGrowthSectorandRegionalGrowthMutualFundFamilies共同基金家族SPONSORPortfolioManagerInvestmentAdviserInvestmentManagerFundManagerManagementCompanyMILLENNIUMGROWTHFUNDBoardofDirectorsSub-adviserMaybeadivisionofthesponsororanoutsidefirmCreatesthefundandregistersitwiththeSECFilesrequiredreportswiththeSECHiresAdvisesanddirectsinvestmentactivitiesCUSTODIANBANKInvestmentPortfolioStocksBondsCashMayadviseanddirectinvestmentactivitiesHasexpertiseinothertypesofinvestments(e.g.,foreignsecurities)orhasadifferentinvestmentstyleOverseesthefund’smanagementActsaswatchdogforshareholderinterestsApprovesannualcontractforinvestmentadviserSafeguardsthefund’sassetsActsasapayingagentand/ortransferagentCalculatesthefund’sNAVdailyStructureofatypicalmutualfundandthebasicresponsibilitiesofthevariousparties.共同基金的組織結(jié)構(gòu)以及相關(guān)當(dāng)事人的職責(zé)197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998YearEquallyWeightedEquityAllocationGreaterEquityDiversificationModerateEquityDiversificationLimitedEquityDiversificationS&P500PerformanceStatistics共同基金業(yè)績和史普500的比較26.757.65-7.6319.0915.8111.2620.7023.5723.08-5.7413.4323.509.0329.5027.4012.5721.7122.35-3.1618.153.7112.564.4621.1524.6510.40-1.0825.53-3.20-15.7926.8717.658.5518.7919.9725.79-4.0313.5023.858.8134.2631.9411.8621.1521.94-7.3121.392.6915.824.1923.3621.7115.469.3024.98-8.25-19.9131.2717.985.4217.0917.8427.59-3.7914.0523.628.0536.4732.8211.4520.7623.18-8.272.3716.393.8325.9320.2119.1116.2922.67-10.78-22.4733.5720.250.6213.0718.0629.44-4.1916.8623.217.3834.8527.399.0619.2426.33-6.3725.984.3913.982.8730.3121.2924.5721.0118.98-14.66-26.4737.2023.84-7.186.5618.4432.42-4.9121.4122.516.2732.1618.475.2316.8131.49-3.1730.557.679.991.3137.4323.0733.3628.58Simpleaveragereturn14.25 14.59 14.80 14.9115.09Standarddeviation10.55 12.28 13.62 14.40 16.69Compoundannualreturn13.77 13.92 13.96 13.96 13.82FutureValueof$1$32.53 $33.74 $34.05 $34.07$32.92Sharperatio 0.66 0.60 0.55 0.53 0.48InvestorsAdministratorInvestmentManagerFund,LimitedPartnershipCustodian20%Incentive1%ManagementOffshoreServicesFeeFeeAssetsSharesServicesOFFSHOREFUND離岸避險基金的組織和管理結(jié)構(gòu)InvestorsManagementCompanyGeneralPartner(PortfolioManager)Fund,LimitedPartnershipCustodian20%IncentiveServices1%FeeFeeAssetsLimitedPartnerInterestsCarriedInterestsDOMESTICFUND境內(nèi)基金的組織和管理結(jié)構(gòu)InvestorInvestorHedgeFundHedgeFundHedgeFundFundofFundsFUNDOFFUNDS基金中的基金1991ManagerGeorgeSorosJulianRobertsonPaulTudorJonesBruceKovnerMichaelSteinhardtJohnHenryPhilipHempelmanStanleyDruckenmillerGeorgeWeissLouisBaconLeonLevyJackNashMalcolmWienerMartinZweigDouglasFlorenJosephDiMennaLarryHitePeterMatthewsMarkStromeMarkDicksteinGlennDushayJohnLattanzioJosephMcNayMonroeTroutPatrickDuffJohnGriffinStephenMandelMichaelDelmanMinimumRankEarnings($M)Company123456121314172021232435404748525860616364688789929698117656060555030302520202020201412101087to9777775to65to65to655SorosFundManagementTigerManagementTudorInvestmentCorpCaxtonCorp.SteinhardtPartnersJohnW.Henry&Co.ArdsleyAdvisoryPartnersSorosFundManagementGeorgeWeissAssociatesMooreCapitalManagementOdysseyPartnersOdysseyPartnersMillburnZweig-DiMennaAssociatesArdsleyAdvisoryPartnersZweig-DiMennaAssociatesMintInvestmentManagementMintInvestmentManagementKayneAnderson]DicksteinPartnersArdsleyAdvisoryPartnersWestHighlandCapitalSteihardtPartnersEssexInvestmentMgt.TroutTradingTigerManagementTigerManagementTigerManagementMintInvestmentManagementFalcomPartnersHedgeFundManagersamongFinancialWorld’’sTop100WallStreetEarners世界界前前100名名金金融融業(yè)業(yè)最最高高收收入入者者中中的的避避險險基基金金經(jīng)經(jīng)理理（（1991年年））HedgeFundManagersamongFinancialWorld’’sTop100WallStreetEarners世界界前前100名名金金融融業(yè)業(yè)最最高高收收入入者者中中的的避避險險基基金金經(jīng)經(jīng)理理（（1998年年））MinimumRankEarnings($M)Company1998ManagerSteveCohenJosephDimennaJeffreyVinikLouisBaconLarryBowmanMartinZweigPaulTudorJonesBruckKovnerRobertRaiffBrendaEarlKennethLipperLeeAinslieRichardPerryJamesPallottaMarkKingdonRajRajaratnamMorrisMark5711131921232728323336424850545920015012010370706050504545403430282520SACCapitalManagementZweig-DiMennaAssociatesVinikAssetManagementMooreCapitalManagementBowmanCapitalZweig-DiMennaAssociatesTudorInvestmentCorp.CaxtonCorp.CenturionInvestmentGroupZweig-DiMennaAssociatesLipper&Co.MaverickCapitalPerryCorpTudorInvestmentCorp.KingdonCapitalManagementGalleonGroupMarkAssetManagementNetPerformance(%)TigerManagement19801981198219831984198519861987198819891990199119921993199419951996199719981999200056.3019.4042.4046.7020.2051.40016.20-1.4021.6049.9020.5045.6026.9064.40-9.3016.0038.0070.00-4.00-19.00-14.00Compoundaverageannualreturn24.84*Throughfirstquarter.NetPerformance(%)QuantumFundNV19691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000*29.4017.5020.3042.208.4017.5027.6061.9031.2055.1059.10102.6022.9056.9024.909.40122.2042.1014.1010.1031.602