Capital Markets Course 14.

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Presentation transcript:

Capital Markets Course 14

XIV. Investment Companies Financial intermediaries that collect funds from individual investors and invest those funds in a potentially wide range of securities or other assets Fund types, classified by investment policy: Money market funds; Equity funds; Bond funds; Balanced and income funds Asset allocation funds Index funds Specialized sector funds

XIV. Investment Companies

XIV. Investment Companies Types: Unit investment trusts Managed Investment Companies - open end funds - closed end funds Commingled funds Real Estate Investment Trusts (REITs) Hedge funds Mutual funds Exchange-traded funds (ETFs)

XIV. Investment Companies

XIV. Investment Companies Advantages: Professional management Record keeping and administration. Diversification and divisibility Lower transaction costs Equal rights and obligations for investors Continue issue and redemption for shares Disadvantages: Investors have no decision right for portfolio selection Investment company managers can have a weak performance Fees paid

Bibliografie Anghelache G. (2004), Piaţa de capital. Caracteristici. Evoluţii. Tranzacţii, Editura Economică, Bucureşti Bodie, Z., A. Kane, and A. J. Marcus (2007), Essentials of Investments, 6th edition, McGraw Hill International Edition