Инвестиционный фонд википедия

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Инвестиционный фонд — Википедия с видео // WIKI 2

Инвестиционный фонд википедия

Инвестиционный фонд - это Что такое Инвестиционный фонд?

An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages include an ability to:. It remains unclear whether professional active investment managers can reliably enhance risk adjusted returns by an amount that exceeds fees and expenses of investment management. Terminology varies with country but investment funds are often referred to as investment pools , collective investment vehicles , collective investment schemes , managed funds , or simply funds. The regulatory term is undertaking for collective investment in transferable securities , or short collective investment undertaking cf. An investment fund may be held by the public, such as a mutual fund , exchange-traded fund , special-purpose acquisition company or closed-end fund , \\\\\\\\\\\[1\\\\\\\\\\\] or it may be sold only in a private placement , such as a hedge fund or private equity fund. Investment funds are promoted with a wide range of investment aims either targeting specific geographic regions e. Depending on the country there is normally a bias towards the domestic market due to familiarity, and the lack of currency risk. Funds are often selected on the basis of these specified investment aims, their past investment performance, and other factors such as fees. The first recorded professionally managed investment funds or collective investment schemes, such as mutual funds , were established in the Dutch Republic. The term 'collective investment scheme' is a legal concept deriving initially from a set of European Union Directives to regulate mutual fund investment and management. The basic aim of collective investment scheme regulation is that the financial 'products' that are sold to the public are sufficiently transparent, with full disclosure about the nature of the terms. In the United Kingdom, the primary statute is the Financial Services and Markets Act , where Part XVII, sections to deal with the requirements for a collective investment scheme to operate. It states in section that a 'collective investment scheme' means 'any arrangements with respect to property of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements whether by becoming owners of the property or any part of it or otherwise to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property or sums paid out of such profits or income'. Collective investment vehicles may be formed under company law , by legal trust or by statute. The nature of the vehicle and its limitations are often linked to its constitutional nature and the associated tax rules for the type of structure within a given jurisdiction. Please see below for general information on specific forms of vehicles in different jurisdictions. The method for calculating this varies between vehicle types and jurisdiction and can be subject to complex regulation. Each time money is invested, new shares or units are created to match the prevailing share price; each time shares are redeemed, the assets sold match the prevailing share price. In this way there is no supply or demand created for shares and they remain a direct reflection of the underlying assets. A closed-end fund issues a limited number of shares or units in an initial public offering or IPO or through private placement. If shares are issued through an IPO, \\\\\\\\\\\[ citation needed \\\\\\\\\\\] they are then traded on a stock exchange. The price that investors receive for their shares may be significantly different from net asset value NAV ; it may be at a 'premium' to NAV i. Exchange-traded funds ETFs combine characteristics of both closed-end funds and open-end funds. They are structured as open-end investment companies or UITs. ETFs are traded throughout the day on a stock exchange. An arbitrage mechanism is used to keep the trading price close to net asset value of the ETF holdings. Unit investment trusts UITs are issued to the public only once when they are created. UITs generally have a limited life span, established at creation. Less commonly, they can sell their shares in the open market. Unlike other types of mutual funds, unit investment trusts do not have a professional investment manager. Their portfolio of securities is established at the creation of the UIT. Some collective investment vehicles have the power to borrow money to make further investments; a process known as gearing or leverage. If markets are growing rapidly this can allow the vehicle to take advantage of the growth to a greater extent than if only the subscribed contributions were invested. However this premise only works if the cost of the borrowing is less than the increased growth achieved. If the borrowing costs are more than the growth achieved a net loss is achieved. This can greatly increase the investment risk of the fund by increased volatility and exposure to increased capital risk. Gearing was a major contributory factor in the collapse of the split capital investment trust debacle in the UK in Some vehicles are designed to have a limited term with enforced redemption of shares or units on a specified date. Many collective investment vehicles split the fund into multiple classes of shares or units. These differences are supposed to reflect different costs involved in servicing investors in various classes; for example:. In some cases, by aggregating regular investments by many individuals, a retirement plan such as a k plan may qualify to purchase 'institutional' shares and gain the benefit of their typically lower expense ratios \\\\\\\\\\\[ citation needed \\\\\\\\\\\] even though no members of the plan would qualify individually. These also include Unit Trusts. One of the main advantages of collective investment is the reduction in investment risk capital risk by diversification. An investment in a single equity may do well, but it may collapse for investment or other reasons e. If your money is invested in such a failed holding you could lose your capital. By investing in a range of equities or other securities the capital risk is reduced. Collective investments by their nature tend to invest in a range of individual securities. However, if the securities are all in a similar type of asset class or market sector then there is a systematic risk that all the shares could be affected by adverse market changes. To avoid this systematic risk investment managers may diversify into different non-perfectly-correlated asset classes. For example, investors might hold their assets in equal parts in equities and fixed income securities. If one investor had to buy a large number of direct investments, the amount this person would be able to invest in each holding is likely to be small. Dealing costs are normally based on the number and size of each transaction, therefore the overall dealing costs would take a large chunk out of the capital affecting future profits. The fund manager managing the investment decisions on behalf of the investors will of course expect remuneration. This is often taken directly from the fund assets as a fixed percentage each year or sometimes a variable performance based fee. If the investor managed their own investments, this cost would be avoided. Often the cost of advice given by a stockbroker or financial adviser is built into the vehicle. Often referred to as commission or load in the U. While this cost will diminish your returns it could be argued that it reflects a separate payment for an advice service rather than a detrimental feature of collective investment vehicles. Indeed, it is often possible to purchase units or shares directly from the providers without bearing this cost. Although the investor can choose the type of fund to invest in, they have no control over the choice of individual holdings that make up the fund. Investors in a collective investment vehicle often have none of the rights connected with individual investments within the fund. Each fund has a defined investment goal to describe the remit of the investment manager and to help investors decide if the fund is right for them. The investment aims will typically fall into the broad categories of Income value investment or Growth investment. Income or value based investment tends to select stocks with strong income streams, often more established businesses. Growth investment selects stocks that tend to reinvest their income to generate growth. Each strategy has its critics and proponents; some prefer a blend approach using aspects of each. Funds are often distinguished by asset-based categories such as equity , bonds , property , etc. Also, perhaps most commonly funds are divided by their geographic markets or themes. In most instances whatever the investment aim the fund manager will select an appropriate index or combination of indices to measure its performance against; e. FTSE This becomes the benchmark to measure success or failure against. The aim of most funds is to make money by investing in assets to obtain a real return i. Active management —Active managers seek to outperform the market as a whole, by selectively holding securities according to an investment strategy. Therefore, they employ dynamic portfolio strategies, buying and selling investments with changing market conditions, based on their belief that particular individual holdings or sections of the market will perform better than others. Passive management —Passive managers stick to a portfolio strategy determined at outset of the fund and not varied thereafter, aiming to minimize the ongoing costs of maintaining the portfolio. Many passive funds are index funds , which attempt to replicate the performance of a market index by holding securities proportionally to their value in the market as a whole. Another example of passive management is the ' buy and hold ' method used by many traditional unit investment trusts where the portfolio is fixed from outset. Additionally, some funds use a hybrid management strategy of enhanced indexing , in which the manager minimizes costs by broadly following a passive indexing strategy, but has the discretion to actively deviate from the index in the hopes of earning modestly higher returns. These statistical measures are often reduced to a single figure representing an aspect of past performance:. A common concern with any investment is that you may lose the money you invest—your capital. This risk is therefore often referred to as capital risk. If the assets you invest in are held in another currency there is a risk that currency movements alone may affect the value. This is referred to as currency risk. Many forms of investment may not be readily salable on the open market e. Assets that are easily sold are termed liquid therefore this type of risk is termed liquidity risk. For an open-end fund, there may be an initial charge levied on the purchase of units or shares this covers dealing costs, and commissions paid to intermediaries or salespeople. Typically this fee is a percentage of the investment. Some vehicles waive the initial charge and apply an exit charge instead. This may be gradually disappearing after a number of years. Closed-end funds traded on an exchange are subject to brokerage commissions , in the same manner as a stock trade. The vehicle will charge an annual management charge or AMC to cover the cost of administering the vehicle and remunerating the investment manager. This may be a flat rate based on the value of the assets or a performance related fee based on a predefined target being achieved. Dual priced vehicles have a buying offer price and selling or bid price. The buying price is higher than the selling price, this difference is known as the spread or bid—offer spread. The difference between the buying and selling price includes initial charge for entering the fund. The internal workings of a fund are more complicated than this description suggests. There is a differential between the cancellation and bid prices, and the creation and offer prices. The additional units are created are place in the managers box for future purchasers. When heavy selling occurs units are liquidated from the managers box to protect the existing investors from the increased dealing costs. Most unit trusts are dual priced. A dilution levy can be charged at the discretion of the fund manager, to offset the cost of market transactions resulting from large un-matched buy or sell orders. For example, if the volume of purchases outweigh the volume of sales in a particular trading period the fund manager will have to go to the market to buy more of the assets underlying the fund, incurring a brokerage fee in the process and having an adverse effect on the fund as a whole 'diluting' the fund. The same is the case with large sell orders. A dilution levy is therefore applied where appropriate and paid for by the investor in order that large single transactions do not reduce the value of the fund as a whole. Investment funds are regulated by the Investment Company Act of , which broadly describes three major types: open-end funds , closed-end funds , and unit investment trusts. Open-end funds called mutual funds and ETFs are common. We could say that a mutual fund is a pool of money which belongs to many investors. Moreover, they order this third party which in Greece is called A. Mutual Fund Management Company S. People who own units shares of a mutual fund are called unitholders. The unitholders have to sign and accept the document which describes the purpose of the Mutual Fund, how it operates, and anything concerning the Fund. The Supervisory and Regulatory Body of M. All investors have to be very careful and about the risk they undertake. They have to have in mind that all investments have a certain degree of risk. Risk—free investments does not exist. From Wikipedia, the free encyclopedia. Main article: Net asset value. Main articles: Open-end fund and Mutual fund. Main article: Exchange-traded fund. Main article: Unit investment trust. Main article: List of asset management firms. Main article: Offshore fund. Geert Yale School of Forestry and Environmental Studies, chapter 1, pp. Many of the financial products or instruments that we see today emerged during a relatively short period. In particular, merchants and bankers developed what we would today call securitization. Mutual funds and various other forms of structured finance that still exist today emerged in the 17th and 18th centuries in Holland. Investment Company Institute. ISBN Market Comment. The Motley Fool. Treasury Select Committee. British House of Commons. Retrieved Institutional Investor. Investment funds. Stock fund Bond fund Money market fund. Real estate investment trust Private equity fund Venture capital fund , Mezzanine investment funds , Vulture fund Hedge fund. Long-only fund Stable value fund. Mutual fund Open-end fund Exchange-traded fund Closed-end fund Real estate investment trust. Hedge fund Private equity fund Pooled income fund Endowment fund Pension fund Sovereign wealth fund Sovereign investment fund Urban wealth fund. Absolute return Total return. Alternative investments Traditional investments Net asset value Assets under management Rate of return Time-weighted return Money-weighted rate of return. Investment management. Closed-end fund Net asset value Open-end fund Performance fee. Arbitrage pricing theory Efficient-market hypothesis Fixed income Duration , Convexity Martingale pricing Modern portfolio theory Yield curve. BlackRock U. Dimensional U. Fidelity Investments U. Franklin Templeton U. Invesco U. Nuveen U. PGIM U. Sun Life Financial Canada T. Rowe Price U. Vanguard Group U. Wellington Management Company U. Aberdeen Standard Investments U. Aegon N. Pioneering institutional innovations in economic, business and financial history of the Netherlands 1. Modern corporation with a fixed capital stock Multinational corporation Transnational corporation Public company publicly traded company , publicly listed company Megacorporation Conglomerate Board of directors Corporate governance Corporate finance Central bank Central banking Consolidation amalgamation Initial public offering IPO Capital market Stock market Securities market Secondary market Stock exchange Securitization Common stock Stock trading stock trader , stockbroker Corporate bond Perpetual bond Dividend dividend policy Dutch auction Fairtrade certification mark Fairtrade label Government debt Financial regulation Investment banking Institutional investor Investment fund Professionally managed collective investment scheme Mutual fund Bear raid Short selling naked short selling Technical analysis Tontine Global supply chain Vertical integration Outward foreign direct investment FDI. Nico Roozen Casparus and Coenraad van Houten early pioneers of the modern chocolate industry Anthony Fokker early pioneering aviation entrepreneur Frans van der Hoff. Note: 1 Inventions and innovations in economic, business and financial history of the world whose earliest known fully functioning historical models were first effectively institutionalized and operated by the peoples of the Netherlands. Categories : Investment funds Dutch inventions. Namespaces Article Talk. Views Read Edit View history. Help Learn to edit Community portal Recent changes Upload file. Download as PDF Printable version. Wikimedia Commons. Look up investment fund or pooled in Wiktionary, the free dictionary. Traditional Stock fund Bond fund Money market fund. Traditional Long-only fund Stable value fund. Americas BlackRock U.

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