1、 外文翻译 原文 Mutual fund individual investors MaterialSource:http:/www.usc.edu/schools/sppd/lusk/research/pdf/ Author: Stuart Gabriel, Gary Painter As is evident by its title, this essay will be examining mutual funds. The paper will take a look at a thorough investment process: where individual investo
2、rs should go to search for information about mutual funds in which they are thinking of investing and some of the data they need to take into consideration. So how should investors get started investing? This article will provide some methods and ideas? Where to Look for Information Assume that some
3、one completely understands what a mutual fund is and that they have decided the advantages and disadvantages match what they are looking for out of their investment. The next step, of course, is to figure out which funds in which to invest their money. The SECs website contains a directory of all of
4、 the mutual funds available for purchase SEC Directory. This list might be a good place to start, but only that. At this point in the investing exercise, a responsible investor has much more research to do. Traditionally, according to Laise, it has been fairly difficult to find much good information
5、 about the fund itself and the person/people running it. The SECs website lists some of the key documents that prospective investors should try to locate. 1 Prospectus- The prospectus is the most comprehensive source of information about a particular fund and the people running it. In it, an investo
6、r will find data pertaining to fees, expenses, objectives, strategies, risks, performance, pricing, etc. When someone purchases shares of a fund, they are required by the SEC to receive a copy of the prospectus SEC Information. A responsible investor will look for important information contained wit
7、hin the prospectus before actually putting their money into the fund. 2Profile- Though funds are not required to provide a document called a profile, some choose to do so. A profile basically just hits some of the high points from the prospectus SEC Information. lfprovided, this document can be valu
8、able to prospective investors because it can serve as an easy way to compare similar funds. 3 Statement of Additional Information (SAl)- These documents are required by the SEC, but mutual fund companies do not have to provide them to their shareholders except upon request. The SAl contains informat
9、ion that goes above and beyond what is contained in the prospectus. It goes into more detail about the history of the fund, its managers, policies, past performance, etc SEC Information. 4Shareholder Reports- These documents are basically an update of financial information and the funds portfolio. T
10、hey are required to be sent to investors on a bi-yearly basis and are current as of the date of the particular report SEC Information. What to Look For Once an investor gathers the correct documents about the funds they are considering for investment, they must carefully scrutinize all of the inform
11、ation, pulling out key points. According to the SEC, there are three main ways that a fund can earn its shareholders money: dividend payments, capital gains distributions, and increased NAV SEC Introduction. Below is a summary of some of the data that should be of highest priority when the investor
12、is trying to achieve any combination of these three money-earning principles. 1 Type of fund- A variety of different types of mutual funds exist, but they can be split into three basic categories: money market funds, bond funds, and stock funds. 一 Money market funds- Money market fund managers inves
13、t in high-quality investments that are short-term and government in nature. The advantage to money market funds is that they have very little risk. They are designed to have a NA V of $l I share. While investors can lose money with this type of fund, it is very rare. The main risk associated with mo
14、ney market funds is inflation risk. If inflation increases at a higher rate than the money market investment, the amount of money someone has invested in a money market fund can go down in relation to its original spending power. 2 Bond funds- As is not the case with money market funds, regular bond
15、 funds are not required by the SEC to invest in high-quality, government-backed debt. Bond funds can invest in a variety of different types of bonds, and so investors may see a big discrepancy between risk and return through this category. Three main risks are associated with bond funds: （ 1） Credit
16、 risk- This risk occurs because companies that the fund invests in may fail financially, thus rendering them unable to pay back their debts. （ 2） Interest rate risk-This risk occurs because of the simple fact that the market value of a bond goes in the opposite direction of the interest rates. The r
17、isk is enhanced in funds that focus on long term investments because the rates can change considerably over time. （ 3） Prepayment risk- This risk occurs because of the chance that bonds may be paid off early. If rates go down, bonds may be called so that the creditor can issue new debt at a lower ra
18、te. If this action happens to part of the funds portfolio, their new investments may not have as high a yield. 3 Stock (equity) funds- These funds invest in equity holdings. The main risk associated with stock funds is that of market risk, which would mean that the per share price of the stocks in t
19、he portfolio go down. There is a variety of different types of equity funds, or styles. To be associated with a certain style, a fund must have 80% of its assets in that type of investment. 2Past performance- Past performance is probably the easiest and most common way people choose to compare mutua
20、l funds, but that criteria can be dangerous. The SEC is quick to tell investors that past performance is no guarantee for future performance. Just because a fund has done well in the past does not mean that it will do so in the future SEC Introduction. Morgan Stanley Financial Advisor Corey Wilson e
21、xplains that many investors can find some value in looking at the past performance as long as they take a long-term approach to their research, and even then, it should only be part of the equation. When considering past performance, investors should look at and how funds have performed over at leas
22、t a lO-year period. That way, they can see how the funds have done relative to others during sustained periods of positive and negative trends in the market Wilson. 3Age and size of the fund- Younger funds may start out very well because they have a relatively small amount of investments in the port
23、folio. As they age, though, they will take on more investments. Over time, it will become more difficult for the fund managers to sustain initial performance figures SEC Performance. Taking this fact into account, the average investor may want to look for well-established funds with a proven track r
24、ecord. 4 RiskIVolatility- These two terms go hand-in-hand in the investment world. Funds that look for higher returns have to take on more risk to be able to achieve it SEC Performance. If an investor is unwilling to take a certain amount of risk, or if they cannot afford to lose a sizable amount of
25、 their investment over the short-term before gaining it back in the future, they may want to look for stocks with less risk/volatility SEC Introduction. 2 Annual Fund Operating Expenses （ 1） Management fees- These fees are paid to the fund manager out of the funds assets. （ 2） Distribution fees- The
26、se fees are paid out of the funds assets to cover marketing expenses. In addition, they are paid to brokers and others who sell the funds. The cost of printing prospectuses and other materials also are covered by this fee. They are sometimes referred to as 12b-l fees. （ 3） Other Expenses- These expe
27、nses basically covers anything that does not fall under the first two categories: legal expenses, accounting expenses, etc. The total annual fund operating expenses is an important number to look at, especially in relation to the total fund assets. This ratio is often called the expense ratio. Even
28、a small difference in an expense ratio can mean a big difference in the overall performance for the individual investors of the fund SEC Introduction. Once someone has gathered all of the information about the fees associated with the mutual funds in which they are thinking about investing, the SEC
29、offers investors a mutual fund fee calculator SEC Calculator. This tool, or one like it, that allows investors to compare the cumulative effect that fees have over a period of time can be very valuable to people looking to compare funds and the costs associated with them. Investors may want to note
30、that according to Hoffman, another type of fee exists, though rarely. It is a performance based fee that can be charged in lieu of some other fees. Only 348 of all of the thousands of mutual funds utilize performance fees. Some investors prefer this type of fee because it is an incentive for manager
31、s to perform well. If the fund has a poor year, the fees that management receives will not be as high, and investors will not have to bear as much of a cost in paying fees after a sub-par year for their investments. While some experts think that performance fees work to align the management with sha
32、reholder objectives, the SEC is looking at eliminating them. This idea stems from some accounting mistakes that were made that incorrectly calculated some of these fees for a few mutual funds Hoffman. 译文 共同基金的个人投资者 资料来源 http:/www.usc.edu/schools/sppd/lusk/research/pdf/ 作者： 斯图尔特加贝瑞尔 ,加里派纳 正如文章的标题，显而易
33、见的，本文将探讨的是共同基金。本文将观察一个共同基金投资的过程：当投资者正在考虑投资时，应当去搜索一些相应的数据，这时他们会需要考虑共同基金。那么，投资者又该 如何着手开始投资呢？本文将提供一些方法与见解。 假设有人已经完全理解什么是共同基金，他们开始出去投资时已经清楚了投资的优点和缺点。下一步，当然是要弄清楚他们的资金会到那个基金里去。美国证券交易委员会的网站包含了提供购买的共同基金的所有目录。这个列表可能是一个很好的研究起点，但它的作用仅止于此。在这个投资中，一个理性的投资者还要做很多的研究。传统上，根据 Laise，要 找到很多关于基金本身与将基金良好运行的人的信息是相当困难的。 投资者
34、应设法找到美国证券交易委员会的网站上列出的一些重要文件准则。 1 章程，该章程 是一些关于一个特定的基金和基金运行的最全面的信息。其中，投资者会发 现有关的费用数据，开支，目标，策略，风险，性能，价格等，当有人购买了基金份额，他们将在美国证券交易委员会的要求下，收到一份招股说明书。一个理性的投资者会在资金拨入基金之前寻找招股书内的重要信息。 2 简介，虽然基金不须提供个人资料，有些人却选择这样做。点击配置文件基本上就是从招股书中找到一些要点。一旦找到，这个文件就对投资者来说是很有潜在价值的，因为它可以作为与类似的基金比较的一种简单的方法。 3 其他的申明资料 -这些文件是由美国证券交易委员会
35、要求的，但共同基金公司并不用提供给股东，除要求以外。其中包含的信息是对招股说明书内容的增加或需要删掉的。这为该基金的历史，基金经理，投资策略，基金业绩，等等提供了更多细节。 4 股东报告，这些文件基本上是财务信息和基金的投资组合的最新情况。他们必须要发送一个双年度的基础上向投资者和有作为的特定报告 举报信息 日期电流。 要寻找什么一旦投资者收集有关他们考虑投资的资金的有关文件的正确性时，他们必须仔细审查所有的信息，拉出来的关键点。据美国证券交易委员会，主要有三种方法，一个基金使股东赚钱：支付股息，资本收益分配 和增加资产净值 举报简介 。下面是对的数据应该是最优先的当投资者试图取得任何这三个赚
36、 钱原理组合一些总结。 1 型基金的共同基金存在的各种不同类型，但是它们可以被分为三个基本类型划分：货币市场基金，债券基金，股票型基金。 （一）货币市场基金，货币市场基金经理投资于高品质的投资，是短期和性质的政府。货币市 场基金的好处是他们很少有风险。它们的设计有一 个 Na元 V L 的我的 份额。尽管投资者可能会失去这种类型的基金的钱，这是非常罕见的。主要的风险与货币市场基金相关的是通货膨胀的风险。如果在比货币市场投资获得更高的通货膨胀率上升，有人数额的资金投资了货币市场基金可以在有关其原有的消费能力下降。 （二）债券基 金 - AS 是 不是与货币市场基金的情况，定期债券型基金并不要求美
37、国证券交易委员会对投资于高品质，政府支持的债务。债券基金可以投资于各种不同类型的债券，所以投资者可能识破这一类风险与收益之间的巨大差异。三个主要的风险都与债券型基金： （ 1）信用风险，这种风险发生的原因，该基金公司投 资于经济可能会失败，从而使他们无法偿还其债务。 （ 2）利率风险，这种风险发生的原因很简单，事实是，债券市场价值在利率相反的方向去。风险是加强了基金长期投资的焦点，因为率可以随时间而变化很大。 （ 3）提前还款风险，这种风险发生，因为该债券可还清早期的机会。如果利率下降，债券可称为使债权人 可以以较低的利率发行新的债务。如果这个动作发生在基金投资组合的一部分，他们的新投资可能不
38、会有如此高的产量。 （三）股票（股权）的资金，这些资金投资于股票持有量。主要的风险与股票基金相关的是，市场风险，这将意味着每股 组合中的股票价格下跌。有一个股票基金，各种不同类型或风格。要想与一个特定的风格有关，基金必须在该类型的投资 80的资产。 2、过去的表现。过去的表现可能是最简单的方法，最常用的方法比较人选择共同基金，但这一标准可能是危险的。美国证券交易委员会很快就告诉投资者，过去的业绩并不为未来表现的保证。仅仅因为一个基金的表现十分出色，在过去并不意味着它会在未来做 美国证券交易委员会介绍 等。摩根士丹利理财顾问克里威尔逊解释说，许多投资者可以发现在过去的表现，只要看一些价值，因为他们需要一个长期的研究方法，即使如此，它只 能是等式的一部分。当回顾过去的业绩，投资者应如何看待和资金上进行至少一卤味年。这样，他们可以看到如何在相对的资金在市场中 威尔逊 积极和消极的趋势持续的时间给别人。 3、 年龄和 基金，基金的规模可能开始年轻得非常好，因为他们有一个投资组合中的相对较少。由于他们的年龄，然而，他们将承担更多的投资。随着时间的推移，它会变得更加的基金经理保持初始性能数据 举报性能 困难。考虑到这一事实，一般的投资者可能要为完善的资金寻找一个良好的记录。
