基金Investment Portfolio sample

Arkey · 发表于 7-7-2007 04:34:00|来自：新加坡

<div class="msgheader">QUOTE:</div><div class="msgborder">以下是引用雨茜在2007-7-7 1:10:00的发言： 用什么样的策略，所设定的投资回报多少，承受的风险多少，如何挑选分配不同的基金，等等等等。</div>Maybe I can offer some insights to this question regarding asset allocation in general:There are many ways of allocating your assets, depending on which style you like as well as your investment aim (i.e. whether you want to beat the benchmark). I can introduce four in here.1. Excess volatility. Prices tend to be lower than their fair value when they're below the statistical trend. Excess volatility can thus be interpreted as observable over-reaction, a source of potential active returns. However, the late '90s dot-com bubble gave evidence on the opporsite. It takes up too long time to generate reliably +ve active returns if only basing an active investment strategy on observation over-reaction.2. Tactical Asset Allocation (TAA). There is evidence that capital markets are not perfectly integrated and there is a broad consensus that national influences are significant in both equity and bond returns. Less than perfect integration across national markets means potential diversification gains from strategic asset allocation. This simply means: at any point in time, go long relatively undervalued markets and short relatively overvalued markets. Cross-national diversification makes the gains to contrarian strategies quicker and more reliable than for within-country strategies. 3. Market/factor/style timing. Differences in risk premia across countries do not in themselves constitute TAA opportunities: long-term differences only affect static asset allocation. For TAA, one needs to model the dynamic changes in each nation’s risk premia. They call it market timing, as opposed to style timing, which I mentioned in a thread before. In style timing, two styles can be timed: relative strength and relative value. National market indices with high relative strength tend to do well when those with high value do poorly, and vice versa. The timing strategy is: - Invest in high value markets when relative market volatility is above its past average. - Invest in high relative strength markets when relative market volatility is below its past average - adjusted portfolio over the next single period.TAA can be improved by betting not only on country-wide risk premiums, but more general on factor risk premiums. This is the factor timing. Possible factors can be the term structure shift and twist in bond, and market factor, stock duration, b/p ratio and size factor in stock.3. strategic asset allocation. There are actually many ways. The most commonly used is terminal wealth maximization: max E[u(WT)] where WT = W0(1+ω0′r1) (1+ω1′r2) ⋅⋅⋅ (1+ωT-1′rT)⋅ At the beginning of each period the investor adjusts his portfolio plan to maximize expected terminal utility at time T. The above are basic investment allocation used by fund managers. Hope it helps.

Arkey · 发表于 7-7-2007 03:51:00|来自：新加坡

<div class="msgheader">QUOTE:</div><div class="msgborder">以下是引用雨茜在2007-7-7 1:10:00的发言： 投资组合就是Investment Protfolio。基金投资组合就是Unit Trusts investment protforlio。呵呵，的确是把不同的基金放在一起，组成一个组合。要想讨论的就是大家是怎么组合自己的protfolio啊~用什么样的策略，所设定的投资回报多少，承受的风险多少，如何挑选分配不同的基金，等等等等。</div>组合portfolio简单的就用mean-var optimisation，这里讨论的好像是从investor的角度而不是manager的角度。请教一下：在unit trust里，investor可以自由选择securities吗？把钱放在一个trust deed和fund (e.g. mutual fund）根本的不同是什么？因为“Unit trusts是open-ended; the fund is equitably divided into units which vary in price in direct proportion to the variation in value of the fund's net asset value. Each time money is invested new units are created to match the prevailing unit buying price; each time units are redeemed the assets sold match the prevailing unit selling price.” 那unit trust和fund of funds之间的区别是什么？小女子不才，先谢过了！

DIYer · 发表于 7-7-2007 21:54:00|来自：新加坡

<div class="msgheader">QUOTE:</div><div class="msgborder">以下是引用xing963在2007-7-7 17:40:00的发言： Unit Trust is an SEC-registered investment company which purchases a fixed, unmanaged portfolio of income-producing securities and then sells shares in the trust to investors. The major difference between a Unit Trust and a mutual fund is that a mutual fund is actively managed, while a unit investment trust is not managed at all. Capital gain, interest and divident payments from the trust are passed on to shareholders at regular periods. If the trust is one that invests only in tax-free securities, then the income from the trust is also tax-free. A unit investment trust is generally considered a low-risk, low-return investment. Some investors prefer Unit Trusts to mutual funds because Unit Trusts typically incur lower annual operating expenses (since they are not buying and selling shares); however, Unit Trusts often have sales charges and entrance/exit fees. also called fixed investment trust or participating trust or Unit Investment Trust (UIT). </div>这应该是美国对Unit Trust下的定义，在新加坡 Unit Trust 等同 mutual fund ，应该和英国一样，在中国称为开放式基金。

DIYer · 发表于 7-7-2007 21:56:00|来自：新加坡

<div id="displayTitleChinese">共同基金</div> <div id="displayTitleEnglish">Mutual Fund</div> <div id="displayTitlePhonetic">Gongtong jijin</div> <h3 id="siteSub">From 路透金融词典</h3><div id="contentSub"></div><div><div id="SpanContent" name="SpanContent" style="DISPLAY: inline;">共同<a title="基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91">基金</a>是集合公众的资金,由专业的<a title="资产管理" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B5%84%E4%BA%A7%E7%AE%A1%E7%90%86">资产管理</a><a title="公司" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%85%AC%E5%8F%B8">公司</a>受托负责投资的一种方式. 投资人共同承担<a title="风险" href="http://glossary.reuters.com.cn/wiki/index.php/%E9%A3%8E%E9%99%A9">风险</a>,共同分享投资<a title="利润" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%88%A9%E6%B6%A6">利润</a>. <a title="基金经理" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91%E7%BB%8F%E7%90%86">基金经理</a>根据<a title="基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91">基金</a>既定的目标以及规范,将投资人的资金分散投资在各种<a title="资产" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B5%84%E4%BA%A7">资产</a>上. 共同<a title="基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91">基金</a>为投资人带来分散投资以及专业<a title="资产管理" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B5%84%E4%BA%A7%E7%AE%A1%E7%90%86">资产管理</a>的益处,同时也是<a title="流动性" href="http://glossary.reuters.com.cn/wiki/index.php/%E6%B5%81%E5%8A%A8%E6%80%A7">流动性</a>很高的<a title="资产" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B5%84%E4%BA%A7">资产</a>,变现方便,但投资人必须向<a title="基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91">基金</a><a title="公司" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%85%AC%E5%8F%B8">公司</a>支付<a title="资产管理" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B5%84%E4%BA%A7%E7%AE%A1%E7%90%86">资产管理</a>费,很多<a title="基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91">基金</a>亦收取认购费以及<a title="赎回" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B5%8E%E5%9B%9E">赎回</a>费,这会降低投资者的回报. 共同<a title="基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91">基金</a>一般追求参照<a title="市场" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%B8%82%E5%9C%BA">市场</a><a title="指标" href="http://glossary.reuters.com.cn/wiki/index.php/%E6%8C%87%E6%A0%87">指标</a>(benchmark)的相对回报,即只要不跑输大盘已算及格,所以一旦<a title="市场" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%B8%82%E5%9C%BA">市场</a>进入大<a title="空头" href="http://glossary.reuters.com.cn/wiki/index.php/%E7%A9%BA%E5%A4%B4">空头</a>,投资者往往亏损惨重,但仍需支付<a title="资产管理" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B5%84%E4%BA%A7%E7%AE%A1%E7%90%86">资产管理</a>费. 另外,随着共同<a title="基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91">基金</a>成为主导<a title="市场" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%B8%82%E5%9C%BA">市场</a>的主要力量,<a title="基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91">基金</a>表现要超越大盘日益困难,很多<a title="基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91">基金</a>的表现还不如大盘. 共同<a title="基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91">基金</a>是<a title="开放式基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%BC%80%E6%94%BE%E5%BC%8F%E5%9F%BA%E9%87%91">开放式基金</a>,<a title="封闭式基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%B0%81%E9%97%AD%E5%BC%8F%E5%9F%BA%E9%87%91">封闭式基金</a>不能称为共同<a title="基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91">基金</a>. 在英国,共同<a title="基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91">基金</a>亦称为unit trust. 参见<a title="Open-end Fund" href="http://glossary.reuters.com.cn/wiki/index.php/Open-end_Fund">Open-end Fund</a> (<a title="开放式基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%BC%80%E6%94%BE%E5%BC%8F%E5%9F%BA%E9%87%91">开放式基金</a>), <a title="Closed-end Fund" href="http://glossary.reuters.com.cn/wiki/index.php/Closed-end_Fund">Closed-end Fund</a>(<a title="封闭式基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%B0%81%E9%97%AD%E5%BC%8F%E5%9F%BA%E9%87%91">封闭式基金</a>), <a title="Unit Trust" href="http://glossary.reuters.com.cn/wiki/index.php/Unit_Trust">Unit Trust</a>(<a title="单位信托" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%8D%95%E4%BD%8D%E4%BF%A1%E6%89%98">单位信托</a>)及<a title="Investment Trust" href="http://glossary.reuters.com.cn/wiki/index.php/Investment_Trust">Investment Trust</a>(<a title="投资信托" href="http://glossary.reuters.com.cn/wiki/index.php/%E6%8A%95%E8%B5%84%E4%BF%A1%E6%89%98">投资信托</a>).</div></div><div><div name="SpanContent" style="DISPLAY: inline;"> <div id="displayTitleChinese">单位信托</div> <div id="displayTitleEnglish">Unit Trust</div> <div id="displayTitlePhonetic">Danwei xintuo</div> <div id="bodyContent"><h3 id="siteSub">From 路透金融词典</h3><div id="contentSub"></div><div id="SpanContent" name="SpanContent" style="DISPLAY: inline;">1. 在英国, unit trust等同mutual fund. 参见mutual fund(<a title="共同基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%85%B1%E5%90%8C%E5%9F%BA%E9%87%91">共同基金</a>). 2. 在美国,单位信托<a title="公司" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%85%AC%E5%8F%B8">公司</a>是指向<a title="美国证券交易委员会" href="http://glossary.reuters.com.cn/wiki/index.php/%E7%BE%8E%E5%9B%BD%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E5%A7%94%E5%91%98%E4%BC%9A">美国证券交易委员会</a>(<a title="SEC" href="http://glossary.reuters.com.cn/wiki/index.php/SEC">SEC</a>)注册的一种投资<a title="公司" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%85%AC%E5%8F%B8">公司</a>.这种<a title="公司" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%85%AC%E5%8F%B8">公司</a>集合投资人的资金,买进一个<a title="资产组合" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B5%84%E4%BA%A7%E7%BB%84%E5%90%88">资产组合</a>之后不再进行<a title="调整" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B0%83%E6%95%B4">调整</a>,投资人得到的单位信托是拥有该固定的<a title="资产组合" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B5%84%E4%BA%A7%E7%BB%84%E5%90%88">资产组合</a>权益的凭证. 单位信托与<a title="共同基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%85%B1%E5%90%8C%E5%9F%BA%E9%87%91">共同基金</a>主要的差异,在于<a title="基金经理" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%9F%BA%E9%87%91%E7%BB%8F%E7%90%86">基金经理</a>会<a title="调整" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B0%83%E6%95%B4">调整</a><a title="共同基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%85%B1%E5%90%8C%E5%9F%BA%E9%87%91">共同基金</a>的<a title="资产" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B5%84%E4%BA%A7">资产</a>结构以追求更好的投资回报,而单位信托的<a title="资产" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B5%84%E4%BA%A7">资产</a>结构则会一直保持不变. 单位信托<a title="公司" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%85%AC%E5%8F%B8">公司</a>会将投资收益定期派发给投资人,一般被视为是一种低<a title="风险" href="http://glossary.reuters.com.cn/wiki/index.php/%E9%A3%8E%E9%99%A9">风险</a>低回报的投资工具. 单位信托因不买卖<a title="资产" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B5%84%E4%BA%A7">资产</a>,经营费用较<a title="共同基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%85%B1%E5%90%8C%E5%9F%BA%E9%87%91">共同基金</a>来得低,部分投资人因此青睐单位信托多于<a title="共同基金" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%85%B1%E5%90%8C%E5%9F%BA%E9%87%91">共同基金</a>,但不少单位信托<a title="公司" href="http://glossary.reuters.com.cn/wiki/index.php/%E5%85%AC%E5%8F%B8">公司</a>会收取认购以及<a title="赎回" href="http://glossary.reuters.com.cn/wiki/index.php/%E8%B5%8E%E5%9B%9E">赎回</a>费. 英文亦称为fixed investment trust或participating trust或Unit Investment Trust (UIT). </div></div></div></div>

雨茜 · 发表于 7-7-2007 14:49:00|来自：新加坡

<div class="msgheader">QUOTE:</div><div class="msgborder">以下是引用Arkey在2007-7-7 3:51:00的发言： 组合portfolio简单的就用mean-var optimisation，这里讨论的好像是从investor的角度而不是manager的角度。请教一下：在unit trust里，investor可以自由选择securities吗？把钱放在一个trust deed和fund (e.g. mutual fund）根本的不同是什么？因为“Unit trusts是open-ended; the fund is equitably divided into units which vary in price in direct proportion to the variation in value of the fund's net asset value. Each time money is invested new units are created to match the prevailing unit buying price; each time units are redeemed the assets sold match the prevailing unit selling price.” 那unit trust和fund of funds之间的区别是什么？小女子不才，先谢过了！</div>Unit Trust，是大师傅炒好的一盘菜。个人投资者是无法决定这个基金里面有多少投资在Securities里面。我们所能够做的就是，当一个人他所能承受的投资风险低，那么，他个人投资的Profolio里面，会相对多的比重放在Income Fund那么，就会有相当比例的自己流向于Bond还有Money Market。把钱放在一个Trust Deed和Fund太不一样了。普通的大众根本很少有机会能够接触到Trust Deed，非常非常小的可能性会把钱放在Trust Deed里面。

雨茜 · 发表于 7-7-2007 14:40:00|来自：新加坡

呵呵，我想Arkey和我所讲的Profolio好像不太一样，这个可能和我们所工作的领域有关系。Arkey所讲的Profolio还有Asset allocation,都是CFA所讲的内容，也就是在管理基金，设计一个理财产品的时候应该怎么去做。好像是大厨要做一个菜需要哪些配料。我所讲的Profolio还有Personal Asset Management是在讲个人。我们个人手里拿着这一点点钱做投资，面对如此众多的理财产品，应该如何去选择搭配形成自己的Profolio。好像是，食客要怎么去点菜。因为当个人在进行自己的Profolio的时候，取决于自己的个人经济状况。呵呵，不知道我理解的对不对，大家能不能理解我在讲什么。[em01]

Arkey · 发表于 7-7-2007 16:47:00|来自：新加坡

<div class="msgheader">QUOTE:</div><div class="msgborder">以下是引用雨茜在2007-7-7 14:40:00的发言： 呵呵，我想Arkey和我所讲的Profolio好像不太一??飧隹赡芎臀颐撬?ぷ鞯牧煊蛴泄叵怠?lt;/p>Arkey所讲的Profolio还有Asset allocation,都是CFA所讲的内容，也就是在管理基金，设计一个理财产品的时候应该怎么去做。好像是大厨要做一个菜需要哪些配料。我所讲的Profolio还有Personal Asset Management是在讲个人。我们个人手里拿着这一点点钱做投资，面对如此众多的理财产品，应该如何去选择搭配形成自己的Profolio。好像是，食客要怎么去点菜。因为当个人在进行自己的Profolio的时候，取决于自己的个人经济状况。呵呵，不知道我理解的对不对，大家能不能理解我在讲什么。[em01]</div>Is what I said really that relevant to CFA? Then maybe I should consider to take it. :)I totally understand what you said. Yeah right from the start what I discussed was investment allocation from a portfolio managers' perspective. The insight I offered here is that these techniques such as the most basic mean-var optimization can be applied to individual investors who want to construct their own portfolio. However if you wish to purely discuss investors' total reliance on fund managers I can start a new thread instead of putting it here.

Arkey · 发表于 7-7-2007 17:11:00|来自：新加坡

My questions are open to the public. All are welcome to discuss them. Thank you very much~~~[em04][em04][em04]

Arkey · 发表于 7-7-2007 17:08:00|来自：新加坡

<div class="msgheader">QUOTE:</div><div class="msgborder">以下是引用雨茜在2007-7-7 14:49:00的发言： Unit Trust，是大师傅炒好的一盘菜。个人投资者是无法决定这个基金里面有多少投资在Securities里面。我们所能够做的就是，当一个人他所能承受的投资风险低，那么，他个人投资的Profolio里面，会相对多的比重放在Income Fund那么，就会有相当比例的自己流向于Bond还有Money Market。把钱放在一个Trust Deed和Fund太不一样了。普通的大众根本很少有机会能够接触到Trust Deed，非常非常小的可能性会把钱放在Trust Deed里面。</div>So let alone the fact that majority of investors hardly heard of Unit Trust, what is the other fundamental difference between a trust deed and fund? It seems the same to me in a sense that investors buy 'shares'/'units' of the fund/trust deed and the return depends totally on the performance of that portfolio. Investors can buy/sell their holdings at any time. They can choose which one to buy but have no control on the composition of the portfolio.I had a second question in my previous thread: what's the difference between investing in unit trust and fund of funds. If you're saying, 'ok the investors can only invest in funds'. They're seeking portfolios comprising funds only. What are the main reasons, if any, that unit trust is rather preferred than fund of funds in the eyes of certain investors.

老鼠爱小米 · 发表于 13-7-2007 20:45:00|来自：新加坡

我现在非常的看好中国的基金.  分析如下: 1. 由于上市的股票越来越多, 愈来愈快, 小<a href="javascript:;">投资</a>者在股市上赚钱的机会也愈来愈小. 2. 中国基金公司的运做, 现在也越来越正规. 重大的投资都经过仔细的调研和讨论, 风险控制也有很大的改善. 各种制度也逐渐健全化, 所以, 基金投资的风险相对股票要小的多. 但是却省心不少. 3. 中国的基金经理经过多年的股市征战, 经验也相当丰富. 尤其是对中国的市场. 4. 最关键的是中国的经济发展趋势是势不可当. 不论你的在大城市, 还是在小城市, 你的感觉都是热气腾腾的感觉. 虽然有些浮燥, 但是速度却相当的快. 这种经济环境在国外是很难看见的. 5. 中国还有机会, 相对于国外的基金, 回报在10%以上已经是相当不错的了, 但是,中国的基金, 回报在80%以上是很普遍的. 为什么? 因为中国企业的快速发展; 中国还有很多的企业具有垄断地位, 垄断利润是相当高的; 人民币在不断的升值; 外资正在大规模的进入中国. 所有这些, 说明现在投资中国的基金是一个很好的选择和机会.

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