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CHAPTER 4 Mutual Funds and Other
Investment Companies
Investments, 8th edition Bodie, Kane and Marcus
Slides by Susan Hine
McGrawHill/Irwin Copyright © 2009 by The McGrawHill Companies, Inc. All rights reserved.
Investment Companies
• These companies perform several important functions for investors:
–Administration & record keeping –Diversification & divisibility –Professional management –Reduced transaction costs
4-2
Net Asset Value
• Used as a basis for valuation of investment company shares
–Selling new shares –Redeeming existing shares
Calculation
Market Value of Assets - Liabilities Shares Outstanding
4-3
Types of Investment Companies
• Unit Trusts
• Managed Investment Companies – Open-End
• Open-end: shares outstanding change when new shares are sold or old shares are redeemed
• Priced at Net Asset Value(NAV) – Closed-End
• no change in shares outstanding unless new stock is offered
• Priced at Premium or discount to NAV
4-4
Figure 4.1 Closed-End Mutual Funds
QUỸ ĐẦUTƯTĂNG MAFPF1 TRƯỞNGMANULIFE
QUỸ ĐẦUTƯCÂN PRUBF1 BẰNGPRUDENTIAL
QuỹĐẦUTƯCHỨNG KHOÁNVIỆT NAM
VFMVF1 VF1
Công ty TNHHQuản lý QuỹĐầu tư Manulife chứng khoán Việt Nam
Công ty TNHHQuản lý QuỹĐầu tư Chứng khoán Prudential Việt Nam Công ty Liên doanh Quản lý QuỹĐầu tư Chứng
khoán Việt Nam
21.409.530
50.000.000
100.000.000
20/12/2007
22/11/2006
22/09/2004
QUỸ ĐẦUTƯDOANH Công ty Liên doanh Quản
NGHIỆPHÀNGĐẦU VFMVF4 VIỆT NAM
lý QuỹĐầu tư Chứng
khoán Việt Nam 80.646.000 3/6/2008
4-5
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