2The Asset Allocation Decision中文2资产配置决策.pptVIP

Fiduciary[fi‘dju:??ri]受托人/prudent man rule谨慎人标准/ * socially conscious investment具有社会意识的投资/expertise[,eksp?‘ti:z]n.专门知识或技能/Institutional investors needs书上附录是机构投资者制定政策说明书时应考虑的因素。 * * Returns and Risk of Different Asset Classes Measuring risk by probability of not meeting your investment return objective indicates risk of equities is small and that of T-bills is large because of their differences in expected returns Focusing only on return variability as a measure of risk ignores reinvestment risk Asset Allocation Summary Policy statement determines types of assets to include in portfolio Asset allocation determines portfolio return more than stock selection Over long time periods, sizable allocation to equity will improve results Risk of a strategy depends on the investor’s goals and time horizon Asset Allocation and Cultural Differences Social, political, and tax environments influence the asset allocation decision Equity allocations of U.S. pension funds average 58% In the United Kingdom, equities make up 78% of assets In Germany, equity allocation averages 8% In Japan, equities are 37% of assets Summary Identify investment needs, risk tolerance, and familiarity with capital markets Identify objectives and constraints Enhance investment plans by accurate formulation of a policy statement Focus on asset allocation as it determines long-term returns and risk The InternetInvestments Online /planidx.html /home.html Appendix Objectives and Constraints of Institutional Investors Mutual Funds – pool investors funds and invests them in financial assets as per its investment objective Pension Funds Receive contributions from the firm, its employees, or both and invests those funds Defined Benefit – promise to pay retirees a specific income stream after retirement Defined Contribution – do not promise a set of benefits. Employees’ retirement income is not an obligation of the firm Endowment Funds They represent contributions made to charitable or educationa