[分享][原创]巧妙的陷阱

doremi · 发表于 10-8-2007 11:12:00|来自：新加坡

<div class="msgheader">QUOTE:</div><div class="msgborder">以下是引用雨茜在2007-8-7 18:05:00的发言： 你所说的其他基金，我不知道是什么样子的。这个基金而言，每年返还本金的10%，英语：Capital Repayment不是指分红，就是指退回所投资的资本。并没有每年10%额外的分红。另外，8%，是指资本的8%，还是他们基金净资产的8%,这个的区别也非常大。</div>每次去银行，都被推荐很多种这样的基金，比如real estate, lantern 等等都是每年固定分8%dividend，卖掉之后按市场价格拿回本金（这个根据基金的风险不同，价格和当初买的时候有所差别。但如果选择风险小的，基本可以原价卖掉）。很适合长期投资。

雨茜 · 发表于 10-8-2007 11:53:00|来自：新加坡

<div class="msgheader">QUOTE:</div><div class="msgborder">以下是引用doremi在2007-8-10 11:12:00的发言： 每次去银行，都被推荐很多种这样的基金，比如real estate, lantern 等等都是每年固定分8%dividend，卖掉之后按市场价格拿回本金（这个根据基金的风险不同，价格和当初买的时候有所差别。但如果选择风险小的，基本可以原价卖掉）。很适合长期投资。</div>嗯，听起来，蛮不错的，呵呵~

老鼠爱小米 · 发表于 10-8-2007 02:17:00|来自：新加坡

<div class="msgheader">QUOTE:</div><div class="msgborder">以下是引用此地无银在2007-8-8 13:13:00的发言： 精华了？恭喜...改明儿我去发个到此一游的帖子找老鼠斑竹加精去.....</div>1，原创。2，有深度有难度有广度。3，长篇大论。4，与本版主题有关。你符合这4条，我一样给你加精奖励。现在无需主帖子优秀且长才加精，每个单帖子你们自己写得好，我也是加精的。但是要注意，一个帖子前面有一个加精的符号，不代表是该帖精华，可能是里面的某个跟帖加了精华做奖励，加分也是那个跟帖者的分，不是楼主的。现在实行多劳多得，按老分配，不是吃大锅饭了。在每个跟帖的右下边，有一个帖子操作，看到没有？举报，删除，屏蔽，锁定，加精，帖子评价。好的加分奖励，不好的处理再减分。不过，我还只是加过分，没有扣过分（打广告的除外）

DIYer · 发表于 10-8-2007 21:46:00|来自：新加坡

<div class="msgheader">QUOTE:</div><div class="msgborder">以下是引用狮城游子在2007-8-10 13:37:00的发言： 楼主不是指park way life吧</div>是BARCLAYS旗下的Life Select Income Fund

雨茜 · 发表于 11-8-2007 00:55:00|来自：新加坡

<div class="msgheader">QUOTE:</div><div class="msgborder">以下是引用狮城游子在2007-8-10 13:43:00的发言： 最近有一只IPO, uni-aisa, 专门投资船务的, 请楼主给点意见,我本身在船务公司里做,今年船务公司的业绩都很好.</div>股票不是我的专长啦!呵呵,等我到以后这方面学通了,再给意见吧.

DIYer · 发表于 20-8-2007 22:35:00|来自：新加坡

<div class="font18 fontB">Fund with a novel twist</div>Barclays's retail arm Celsius launches fund that promises to distribute 10% of investors' capital every year, reports GENEVIEVE CUA<table class="storyLinks" cellspacing="4" cellpadding="1" width="136" align="right" border="0"><tbody><tr class="font10"><td align="right" width="20"><a href="http://www.businesstimes.com.sg/sub/money/story/0,4574,245010,00.html?#"><img height="15" src="http://www.businesstimes.com.sg/mnt/static/image/images/story_email.gif" width="16" border="0" alt=""/></a></td><td><a href="javascript:window.open('/sendmail/1,4561,245010,00.html?', 'name', 'resizable,scrollbars=yes,width=500,height=380');void('');">Email this article</a></td></tr><tr class="font10"><td align="right" width="20"><a href="http://www.businesstimes.com.sg/sub/money/story/0,4574,245010,00.html?#"><img height="15" src="http://www.businesstimes.com.sg/mnt/static/image/images/story_print.gif" width="16" border="0" alt=""/></a></td><td><a href="http://www.businesstimes.com.sg/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/storyprintfriendly/0,4582,245010,00.html?">Print article </a></td></tr><tr class="font10"><td align="right" width="20"><a href="http://www.businesstimes.com.sg/sub/money/story/0,4574,245010,00.html?#"><img height="15" src="http://www.businesstimes.com.sg/mnt/static/image/images/story_feedback.gif" width="16" border="0" alt=""/></a></td><td><a href="javascript:window.open('/sendmail/1,4561,245010-EmailReporter,00.html?', 'name', 'resizable,scrollbars=yes,width=500,height=400');void('');">Feedback</a></td></tr></tbody></table>FUNDS that pay an income usually do so out of dividends, capital gains or bond coupons earned. But now a new fund promises to distribute 10 per cent of investors' capital every year.FUNDS that pay an income usually do so out of dividends, capital gains or bond coupons earned. But now a new fund promises to distribute 10 per cent of investors' capital every year.<table class="picBoxL" cellspacing="2" width="100" align="left"><tbody><tr><td><a href="javascript:openwindow('/local/picturepopup/0,4661,91940-70000,00.html?');"><img alt="" src="http://www.businesstimes.com.sg/mnt/media/image/launched/2007-08-15/BT_IMAGES_GCBARCLAYS.jpg" width="185" border="0"/></a></td></tr><tr class="caption"><td>Advantage: The Life Select fund is open-ended, which means investors can subscribe or redeem at any time at the prevailing net asset value </td></tr></tbody></table>The Life Select Income Fund is one of two new offers from Celsius Funds, the retail funds arm of Barclays.The capital repayment is guaranteed for 10 years, after which the fund aims to generate dividends to pay out. Is this an attractive proposition?First off, the fund is a novel twist on a fairly familiar structure that was popular among the early series of protected and guaranteed funds between 2000 and 2002. At the core is a form of portfolio insurance, where the portfolio gets an exposure to the market in an automated way, as long as the capital is not compromised.This means that as long as the underlying market is strong, the exposure to equities or any risk asset can be as much as 100 per cent. In a bear market, this could ratchet down to zero. The catch is that when the latter happens, investors will be knocked out of any future market exposure even if the risk asset rebounds in value. This was what happened among the early crop of structured funds, causing losses in terms of opportunity costs and sales charges, and unhappiness among investors. So, after earning a bad reputation, why is portfolio insurance rearing its head yet again?Says a source: 'There is a lot of demand from clients who say I'm conservative. Is there any way to protect my downside?'Most funds that aim to protect your capital will put the bulk of the assets in zero coupon bonds. The greater the capital to be protected, the more conservative the strategy has to be. With this fund, by progressively paying out your capital, the cushion needed for downside protection reduces every year. This suggests that your risk exposure could be maintained or raised, even in a down market - although, as the prospectus clearly outlines, this may not be so in every circumstance.In the Life Select fund, the risk exposure is to a basket of stocks in healthcare, pharmaceuticals, environmental and wealth management sectors.The fund is open-ended, which means investors can subscribe or redeem at any time at the prevailing net asset value (NAV). Even with the capital repayments, it is understood that the fund's NAV may not drop by an equal amount every year. This is because the basket of stocks the fund is exposed to could generate a capital gain. And the fund also aims to generate income through a derivative strategy of selling call options and buying puts, in what is called a 'collar'. The options strategy is expected to earn 8 to 9 per cent a year. These returns are re-invested into the fund in the first 10 years, and paid out as income subsequently.Still, there are a number of caveats, as always.The prospectus lists three scenarios which would influence the fund's returns pattern. The first is a scenario of strong growth and an exposure to the risk asset of almost 100 per cent. In this case, the NAV will not appreciate as much as the underlying strategy itself because of the capital repayments. At the end of 10 years, the NAV is projected at $1.25.In the second scenario of a steady market, the NAV at the end of the 10 years is just $0.75.The third scenario is one where the basket of stocks underperforms. The portfolio loses exposure to the risk asset and is fully allocated to the zero bond component. At the end of 10 years, the NAV is reduced to zero.Says a fund distributor: 'Investors like the 'buy/write' strategy. This fund brings some unique features. A disciplined capital reduction scheme lets clients take some money off the table. That is a benefit to clients who do not have the discipline of knowing when to get out.' Buy/write refers to the strategy of simultaneously selling a call option, which earns a premium, and buying a call which gives a floor to the downside.For a client with a long investment horizon - 10 years is long by any measure - a balanced portfolio of stocks, bonds and cash is likely to beat the Celsius strategy. Individuals, however, may not have the discipline to rebalance their portfolios regularly, and in this respect a financial adviser can help.Academics at the London Business School have found that strategies that attempt to protect investors' capital tend to under-perform a simple buy-and- hold strategy. They also found that a protected portfolio is sub-optimal. For a given return, the risk would be lower if the investor simply splits his assets between cash and equities. Likewise, for a given risk level, the investor would reap higher returns with a traditional mix of cash and equities.Interestingly, the study - the Global Investment Returns Yearbook 2007 - also has a portion on portfolio insurance (CPPI). As professors Elroy Dimson, Paul Marsh and Mike Staunton explain it, the CPPI strategy buys equities as they rise and sell as they fall. The Life Select Income fund will levy a sales charge of up to 5 per cent, which is not included in the capital repayment. The annual management fee is up to 2.2 per cent. Investors are also subject to the credit risk of Barclays Bank plc which is the counterparty to the fund's underlying structure.

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