資本市場(chǎng)和金融機(jī)構(gòu)81學(xué)習(xí)教案

1、會(huì)計(jì)學(xué)1第一頁，共21頁。24-2第1頁/共21頁第二頁，共21頁。3Asset Growth as percentage of previous years assetsMoney Market FundsLong-Term FundsSource: The Investment Funds Institute of Canada第2頁/共21頁第三頁，共21頁。4Long-Term Stand-Alone FundsFund-of- FundsSource: The Investment Funds Institute of Canada第3頁/共21頁第四頁，共21頁。5第4頁/共21頁

2、第五頁，共21頁。6FundParent Co.Dec 04 Assets ($billions)1IGM Financial (Investors, Mackenzie Financial)Power Corp of Canada82.72RBC Asset Management IncRoyal Bank47.03C.I. Mutual Funds Inc.Independent43.14Aim Trimark InvestmentsAMVESCAP PLC, U.K.42.15CIBC Asset ManagementCIBC41.76TD Asset Management GroupT

3、D Canada Trust26.37Fidelity Investment Canada LtdFidelity Investments, U.S.32.38AGF Management LimitedIndependent23.39Franklin Templeton InvestmentsFranklin Templeton Inv. US20.110BMO Investments Inc.Bank of Montreal19.7Total Assets387.4Big Six Banks subsidiaries. MF of $165.2-billion (1/3 of total

4、in 2004)第5頁/共21頁第六頁，共21頁。7第6頁/共21頁第七頁，共21頁。8第7頁/共21頁第八頁，共21頁。94-9第8頁/共21頁第九頁，共21頁。10Vanguard 500 Index Fund Investor Shares (VFINX)Average Annual Total Returns as of 03/31/2004Ten Largest Holdings as of 04/30/20041. General Electric Co.2. Microsoft Corp.3. Exxon Mobil Corp.4. Pfizer Inc.5. Citigroup

5、, Inc.6. Wal-Mart Stores, Inc.7. American International Group, Inc.8. Intel Corp.9. Bank of America Corp.10. Johnson & JohnsonTop Ten Equals 22.4% of Total Net Assets第9頁/共21頁第十頁，共21頁。111 Year1 Year3 Year3 Year5 Year5 Year10 Year10 YearSince Since InceptionInception8/31/19768/31/1976500 Index Fun

6、d Inv35.31%10.84%2.80%2.56%9.84%S&P 500 Index35.31%10.76%2.70%2.48% 第10頁/共21頁第十一頁，共21頁。12Portfolio of Canadian and international stocksBy diversifying the portfolio, the variance of the portfolios return relative to the variance of the markets return (beta) is reduced to the level of systematic

7、risk - the risk of the market itself.20406080Number of stocks in portfolio10203040501100Portfolio ofCanadian stocks12%27%Percent risk第11頁/共21頁第十二頁，共21頁。13第12頁/共21頁第十三頁，共21頁。14第13頁/共21頁第十四頁，共21頁。15第14頁/共21頁第十五頁，共21頁。16e) What is the total value of net assets at the end of the day (NA1)? f) What is the NAV at the end of the day? g) Suppose the asset manager is paid a fee of 0.5% of the increase in the total value of net assets.What is the dollar amount of the fee obtained at the end of the day? 第15頁