互惠基金Mutual Fund

互惠基金（Mutual Fund）

互惠基金就是将众多投资者的余额集中一起，等于众多投资者共同聘请一个基金公司的专业投资经理，利用其专业的知识，分散投资于各种不同的投资类别上，使这一小额投资亦能在互惠基础下享受低风险及较高的回报机会。

　　互惠基金源自欧洲，但在美国发扬光大，快速成长。现时美国投资于互惠基金的客户超过六千万户，即相等于平均四个人中，就有一个人投资在互惠基金上。互惠基金总金额已逾一兆美元；而互惠基金亦超过三千种类。

　　互惠基金的专业人员会把基金投资往各种上市公司的股票、政府公债、公司债券、金融债券、期货、期权、黄金、贵金属等等投资项上。目的是将资产不断增加，使投资者获得高回报。

　　监管互惠基金的制度严谨，通常互惠基金是由投资公司负责管理经营，受证券管理委员会所管辖。互惠基金公司会遵照基余的投资方向及规章进行各种投资。

　　互惠基金最大特色是依靠专家操作以获利，但资金完全小经操作人，所有基金资产均由独立保管机构管辖，以确保投资人士的权益。

　　互惠基金依投资目标、不同取向而分门别类作出投资，有些专注投资于股票项目上，有些专门投资于期货市场；有些专门投资於期货及贵金属市场，因应不同的风险程度而投资于各类市场中。而投资者按投资目标，能承担的风险程度等考虑而选取适合自己的互惠基金。

　　通常互惠基金投资组合的一部份是现金，投资经理会将其馀部份的资金投资于股票、债券、或其它有价值的证券柙，这样构成的资产，一般人称之为投资组合。

　　基于市场变相当大及多样化，计有股票、期货、期权、货币、债券、黄金、贵金属等等，因此基金投资组合的价值，会受很多因素所影响，当中包括基金的投资目标，要求短期收入或长期高回报，其经理人投资表现，股票和其它市场种种变化波动等等，所以根据投资目标、策略及取向而选择合适的互惠基金。

　　1. 分散投资互惠基金将资产分散投资在多种不同证券上，从而减低风险，同时，增加资金的回报率及资产增值机会，而这种多元化投资并非一般投资者可独自做到的。投资者可根据市场利率，购买债券基金，如国库券等。这些短期债券通常由政府机构、银行或大公司发行，既安全又有保障。不过，由于许多债券须大量认购，对许多个别投资者来说，要直接购买实非易事。但是透过国库券互惠基金，个别投资者和小商户便可享有只有机构投资者才可享有的回报。

　　2.灵活方便 投资者可选择投资单支惠基金或由同一基金机构发行的多支互惠基金。投资者更可将资金转往同机构的其他基金，以配合本身的投资目标或财政状况。

　　3.专业管理透过投资互惠基金，投资者可获得投资专家的专业理财服务。投资专家先对经济情况及市场趋势作详细分析，然后会对个别公司的表现及不同证券作深入研究，最后作出投资决定。例如，投资者应持有哪些证券？应于何时买进或卖出？这些是投资专家指导投资者达成基金投资目标的关键。当经济情况有变时，投资专家也会将投资组合予以调整，视当时情况而采取一个较激进或较保守的投资方式。以往只有大机构或财力雄厚的投资者才能享有这种专业理财服务。现在互惠基金令每一位投资者都可得到这种专业服务。

　　4.方便购买 购买互惠基金的方法非常简单容易。决定自行作投资的人士只须拿起电话便可，而希望挑选合适的专业基金的投资人士，也可得到各方面提供的专业意见。投资者可向财务机构、银行、股票销售商、理财顾问或基金公司的客户代表购买互惠基金。

　　5.增长迅速第一支加拿大互惠基金在三十年前设立，而目前由加拿大互惠基金管理的资产已超过六百亿加元。基金行业大幅增长，主要是因为有可观的回报率。个别投资者如无法从专业管理和多元化投资中获益，是不可能取得如此可观回报的。当然，个别基金的表现也会有所不同，但从长远来看，股票基金的平均增长率能与经济增长看齐。同时，其他基金的表现也反映出专业市场的长远走势。

　　6.规例所有基金均受省府证监委员会(Provincial Securities Commissions)管制。法例规定所有基金必须印制招股章程，对基金作详细介绍，如基金的购买单位、投资目标和收费表等，以供投资者参阅。许多基金雇用投资专家负责专业管理和投资事宜，而所付费用则视乎基金的资产总值而定。所有基金须定期向投资者提交报告，详细列出基金的投资情况。此外投资者也会接到年结算清单，在单据上会清楚列出基金赚得的股息及资产增值,以方便投资者报税。

　　7.流动性高投资者可在任何时间把互惠基金或部份基金单位以市价兑现。至于是赚钱或亏损则视当时市价而定。投资者不须自行找买家，基金可随时预备购回（赎回）。基金的单位市值（Current Per-Unit Values）是根据基金所持证券的市值按日计算。投资者每日可从各大报章的财经版获悉每一基金单位的市价（称为每股资产净值Net Asset Value Per Share）。这市价随基金所持证券价格的跌升和投资组合的改变（例如买入新证券或出售现有证券）而变动。

　　8.多方面的选择互惠基金投资者会有多方面的选择，由最保守到最冒险的投资基金都一应俱备。例如股票、债券、地产、国际基金及债券基金等，这些都可以纳入你的投资策略。一般而言，风险愈大，回报愈高。此外，投资者也可选购特别基金，例如某些地区或指定行业（如医疗、科技或能源等行业）的基金。

互惠基金的收益有三种方式:

　　1) 利息收入：投资于固定收益的债券或货币市场基金取得的入息。

　　2) 股息收益：即基金的红利分配。

　　3) 资本增值：若持有的基金单位价格上涨，或基金持有的股票或债券价格上涨而形成的收益。

　　投资人可以现金的方式取得这些收益，或将投资收益用于购买更多的基金份额，虽然基金的单位价格没有增加，但投资人所持有基金的总额增加了。

（源自维基百科）

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The indicated rates of return in this communication are historical annual compound total returns including changes in unit value and the reinvestment of all distributions and do not take into account sales, redemption, distribution, optional charges or income taxes payable by any security holder that would have reduced returns.

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