Senin, 09 Juni 2003

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Understanding the product

Mutual Funds

Mutual Fund can be understood as an agent that collects funds from investors to be invested in a diversified portfolio of stocks, bonds, or other securities run by a professional money manager or, in some cases, a management team.

N A V (Net Asset Value)

NAV (Net Asset Value) or the current price of shares is one of indicators to monitor performance of the mutual funds. By calculating the daily percentage changes in NAV, you can get a good idea about how volatile the particular portfolio is relative to other funds.

The NAV is calculated once a day based on closing market prices. To get NAV per share we must follow number of steps: first, the total market values of all the stocks held are computed. The total of the market values is added to the fund's cash and equivalent holdings. Liabilities (including accrued expenses) are subtracted. The result is total net assets. By dividing total net assets by the number of fund shares outstanding, it will give us the NVA per share.

Mutual Funds Categories

Money Market Funds

The money market fund is a special kind of value investing which the fund managers focus primarily on securities in the form of debt instruments that would be due in one-year period of time. Money market funds refer to short-term debt instruments including Treasury bills, commercial paper, repurchase agreements and certificate of deposit

Purpose is to maintain liquidity and protect capital. Risks are relatively lower compare to other form of mutual funds.

Fixed Income Funds

The fixed-income funds provide longer-term securities, popularly known as the bond market.

Purpose is to provide stability and much better long-run returns.

Risks are relatively higher than money market funds.

Equity Funds

Managers of these funds would focus primarily on dividend yields. When a stock's price falls, its yield increases - assuming the company pays a dividend. Funds in the equity-income category tend to look more for dividends.

Purpose is the growth of stock's price in the longer term. Equity-income funds should be less volatile than the overall market.

Risks are higher than those fixed-income funds and equity funds but offer higher yields. High-yielding stocks tend to be especially sensitive to interest rates, as long-term bonds are. When rates rise, the prices of dividend stocks fall so that their yields can remain competitive with fixed-income securities.

Discretionary Funds

It is a form of investment that gives managers to buy and sell securities including selection, timing, amount and/or price to be paid or received.

Purpose is the growth of price and income

Risks are moderate but it offers higher yields compare to fixed-income mutual funds.


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