本篇代寫-共同基金講了共同基金是從許多想存錢或賺錢的投資者那裏拿走的錢。投資共同基金可能比買賣個股和債券更容易。投資者可以隨時出售他們的股票。這些基金都由專業人士管理，由合格的專業人士挑選並監督每隻基金的投資，這些專業人士利用這些資金創建一個投資組合。它可以由股票、債券、貨幣市場工具或組合組成。投資者持有共同基金的股份，而不是單個證券。共同基金允許小額投資，並從其他人投資的大量現金中獲益。本篇代寫文章由澳洲第一論文 Assignment First輔導網整理，供大家參考閱讀。
Mutual funds are actually pooled investments that would provide liquidity and enable investors to enjoy economies of scale from low cost diversified portfolios. Most funds are either try to pick or they engage in market timing (i.e. predicting relative returns of broad asset classes). These managed funds generally charge higher fees than index funds (which mimic movements in broad market indexes). In the US and UK, about 70% of institutional funds are actively managed and this rises to over 90% for retail funds. In 2014, total assets invested in mutual funds and exchange-traded funds were $33.4 trillion. US mutual fund total net assets were almost $16tn (Europe was $9.5tn, UK was $1.2tn) and 52% of this total was invested in equity (domestic and global).
In the US, 53m households (43% of households, and 90m individuals) own mutual funds. This extensive ownership of and exposure to mutual funds gives rise to considerable interest in mutual fund performance and also fund manager fee as a cost of servicing these funds to potential investors. The question of fund fee as cost being important to investors is relevant, but this posed to fund management firms is even more important when they have to make low performing funds to outperform and come up on the market. Especially in China, the phenomenon of incentive mechanism is being debated to ascertain how fund fee can be linked to fund performance, while hitherto was only a fixed component of fund management for investors determined by china committee on investments.
The basis for managed funds is that they have additional value from private information and manager skill to produce higher performance. These two aspects of fund performance are of key importance. Firstly, whether managed funds have a high performance which is positive and whether this outperformance accrues to the investor. The underlying issues of ranking funds as ‘star funds’ or the common practice of counting funds which are statistically significant to give some indication of the performance of the managed fund industry as a whole is becoming important. In fact, the mutual fund studies in the world today provide examples of the application of recent statistical advances such as separating skill from luck when funds are ranked by performance (i.e., the theory of order statistics), the possibility of “false discoveries” and the more familiar problems of size, power and other data issues in applied work. The second issue of how high fund performance can be identified ex-ante and for how long it would persist in the future. A fund can be beneficial to long-term investors even if it does not have persistent higher performance relative to other funds, i.e., they may simply implement successful stock picking strategies at infrequent intervals (saving on transactions costs). However, if fund returns are predictable, then it may be possible for investors to re-allocate their savings towards ‘winner funds’ and enhance their higher returns (relative to a passive index strategy). Any higher returns to investors must outweigh any switching costs between funds, i.e., search costs, load fees and any advisory fees. The recent appearance of Exchange Traded Funds ETFs, investors can also ‘track’ a diversified position in a given style category (e.g., small stocks, telecom stocks). ETFs are also redeemable at market value at any time of the trading day with special tax privileges.
Mutual funds of China studied are following;
Mathews China MF Investor
Fidelity China Regional Fund
Oberweis China Opportunities Fund
AllianzGI China Equity A Fund
RS China Fund Class A Fund
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