第二章

組合目標(biāo)設(shè)定和投資計(jì)劃書引言投資目標(biāo)是投資過(guò)程中最為重要的步驟，也可以作為法律依據(jù)投資目標(biāo)的三個(gè)維度：時(shí)間、收益、風(fēng)險(xiǎn)——投資必要收益率的三個(gè)組成部分核心是客戶對(duì)風(fēng)險(xiǎn)－收益的要求和資金的使用期限引言中國(guó)的情況：無(wú)對(duì)沖手段，克服風(fēng)險(xiǎn)的手段只有Timing對(duì)上市公司深入的了解是克服風(fēng)險(xiǎn)的手段嗎？融資融券、股指期貨的推出對(duì)中國(guó)股市的影響引言洋洋灑灑的招募說(shuō)明書有用嗎？招募說(shuō)明書只需把兩件事情說(shuō)清楚：投資者面臨的最大風(fēng)險(xiǎn)時(shí)的情形影響收益和投資策略的資金使用期限投資組合管理的過(guò)程

1.投資計(jì)劃書Policystatementspecifiesinvestmentgoalsandacceptablerisklevelsshouldbereviewedperiodically經(jīng)常審視guidesallinvestmentdecisions指引所有的投資決策投資組合管理的過(guò)程

2.研究金融和經(jīng)濟(jì)現(xiàn)狀并預(yù)測(cè)未來(lái)其趨勢(shì)determinestrategiestomeetgoalsrequiresmonitoringandupdating投資組合管理的過(guò)程

3.構(gòu)建投資組合allocateavailablefundstominimizeinvestor’srisksandmeetinvestmentgoals投資組合管理的過(guò)程

4.MonitorandupdateevaluateportfolioperformanceMonitorinvestor’sneedsandmarketconditionsrevisepolicystatementasneededmodifyinvestmentstrategyaccordingly投資計(jì)劃書的必要性Helpsinvestorsunderstandtheirownneeds,objectives,andinvestmentconstraints理解并明確現(xiàn)實(shí)投資者的目標(biāo)和風(fēng)險(xiǎn)水平Setsstandardsforevaluatingportfolioperformance評(píng)估投資組合績(jī)效的標(biāo)準(zhǔn)Reducesthepossibilityofinappropriatebehavioronthepartoftheportfoliomanager

保護(hù)客戶免受pm錯(cuò)誤投資和不道德行為的侵害ConstructingAPolicyStatement

Questionstobeanswered:Whataretherealrisksofanadversefinancialoutcome,especiallyintheshortrun?WhatprobableemotionalreactionswillIhavetoanadversefinancialoutcome?HowknowledgeableamIaboutinvestmentsandthefinancialmarkets?ConstructingAPolicyStatementWhatothercapitalorincomesourcesdoIhave?Howimportantisthisparticularportfoliotomyoverallfinancialposition?What,ifany,legalrestrictionsmayaffectmyinvestmentneeds?What,ifany,unanticipatedconsequencesofinterimfluctuationsinportfoliovaluemightaffectmyinvestmentpolicy?投資計(jì)劃書的要素

1投資目標(biāo)RiskToleranceAbsoluteorrelativepercentagereturnGeneralgoals1投資目標(biāo)

GeneralGoalsCapitalpreservation本金的安全性minimizeriskofreallossCapitalappreciation資本增值GrowthoftheportfolioinrealtermstomeetfutureneedCurrentincome當(dāng)前收入FocusisingeneratingincomeratherthancapitalgainsInvestmentObjectives

GeneralGoalsTotalreturn總收益率IncreaseportfoliovaluebycapitalgainsandbyreinvestingcurrentincomeMaintainmoderateriskexposure2投資限制Liquidityneeds流動(dòng)性Varybetweeninvestorsdependinguponage,employment,taxstatus,etc.Timehorizon時(shí)間限制Influencesliquidityneedsandrisktolerance2投資限制Taxconcerns稅收考慮Capitalgainsorlosses–taxeddifferentlyfromincomeUnrealizedcapitalgain–reflectpriceappreciationofcurrentlyheldassetsthathavenotyetbeensoldRealizedcapitalgain–whentheassethasbeensoldataprofitTrade-offbetweentaxesanddiversification–taxconsequencesofsellingcompanystockfordiversificationpurposes3法律和監(jiān)管因素LimitationsorpenaltiesonwithdrawalsFiduciaryresponsibilities- “prudentman”ruleInvestmentlawsprohibitinsidertrading5特殊要求PersonalpreferencessuchassociallyconsciousinvestmentscouldinfluenceinvestmentchoiceTimeconstraintsorlackofexpertiseformanagingtheportfoliomayrequireprofessionalmanagementLargeinvestmentinemployer’sstockmayrequireconsiderationofdiversificationneedsInstitutionalinvestorsneeds制定投資計(jì)劃書-總結(jié)Objectives-riskandreturnConstraints-liquidity,timehorizon,taxfactors,legalandregulatoryconstraints,anduniqueneedsandpreferencesDevelopingaplandependsonunderstandingtherelationshipbetweenriskandreturnandthetheimportanceofdiversification資產(chǎn)配置的重要性

TheImportanceofAssetAllocationAninvestmentstrategyisbasedonfourdecisions四個(gè)決策Whatassetclassestoconsiderforinvestment什么樣的資產(chǎn)類別可以進(jìn)行投資Whatnormalorpolicyweightstoassigntoeacheligibleclass權(quán)重如何Determiningtheallowableallocationrangesbasedonpolicyweights資產(chǎn)配置比例范圍Whatspecificsecuritiestopurchasefortheportfolio應(yīng)該買入哪些證券TheImportance

ofAssetAllocationAccordingtoresearchstudies,most(85%to95%)oftheoverallinvestmentreturnisduetothefirsttwodecisions,nottheselectionofindividualinvestments投資組合的目標(biāo)四項(xiàng)基本目標(biāo):(1)保本(2)收益(3)收益增長(zhǎng)(4)資本增值（成長(zhǎng)）傳統(tǒng)的投資組合目標(biāo)保本:重點(diǎn)在于保持基金的“初始”本金價(jià)值.通常受益人不能容忍任何本金損失.當(dāng)投資組合目標(biāo)是保本時(shí),適當(dāng)?shù)耐顿Y工具包括銀行大額存單和其他貨幣市場(chǎng)工具.例——面額為10，000美圓一年期銀行大額存單年息為5%。任何時(shí)候不能以低于“初始”本金的價(jià)格出售。傳統(tǒng)的投資組合目標(biāo)收益:收益目標(biāo)與保本目標(biāo)不同,收益目標(biāo)并沒(méi)有強(qiáng)行規(guī)定本金價(jià)值不能定期下降.但國(guó)債可以掛牌交易,且對(duì)利率敏感.如果一般利率水平提高,債券價(jià)值就下跌.在賬面上,基金會(huì)產(chǎn)生損失.

如果將它們持有到到期日,本利收回就會(huì)使賬面損失消失;但如果債券持有人認(rèn)為必須在到期日前賣出就很容易造成損失.傳統(tǒng)的投資組合目標(biāo)收益:收益型基金目標(biāo)主要從固定收益證券和普通股股息中獲得收益。例——新發(fā)行的五年期國(guó)債的利息率為6%，假定基金經(jīng)理以面值買進(jìn)10，000美圓，每年可獲得600美圓利息，比銀行大額存單多獲100美圓，這就是收益。傳統(tǒng)的投資組合目標(biāo)收益增長(zhǎng)(incomegrowth)：這個(gè)目標(biāo)通常是指減少最初的收益支付,但支付會(huì)隨著時(shí)間而增長(zhǎng)并最終超過(guò)收益目標(biāo)的支付水平。以收益增長(zhǎng)作為主要目標(biāo)的基金經(jīng)常要求收益的年增長(zhǎng)率至少等于通脹率.141210價(jià)值100,000美元的初始投資GOI:B收益率8%,收益增長(zhǎng)率4%,A收益:收益率10%B組合:收益增長(zhǎng)目標(biāo)A組合:收益目標(biāo)傳統(tǒng)的投資組合目標(biāo)資本增值(capitalappreciation)：如果基金經(jīng)理?yè)碛羞@樣的投資組合,他們對(duì)資本價(jià)值持續(xù)增長(zhǎng)比對(duì)從中獲得額外收益更感興趣.

他們的目標(biāo)就是看政府對(duì)利息和股利是否立即征稅,資本利得則要在實(shí)現(xiàn)后才征稅.這意味著除非這確實(shí)需要這筆收益,否則1美元的資本利得就大于1美元的現(xiàn)金收益.

未實(shí)現(xiàn)的資本利得比現(xiàn)金收益更有價(jià)值。傳統(tǒng)的投資組合目標(biāo)如果投資目標(biāo)是保本,可以通過(guò)投資市政債券共同基金來(lái)獲得免稅收益.對(duì)以收益作為目標(biāo)的投資組合來(lái)說(shuō)，直接投資市政債券是適當(dāng)?shù)摹?duì)收益增長(zhǎng)目標(biāo)，同時(shí)投資市政債和普通股也是必要的。對(duì)尋求從投資組合中獲得資本增值的投資者來(lái)說(shuō),期望其投資組合也產(chǎn)生免稅收