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Closed-end Fund 封闭式基金

Closed-end Fund  封 闭 式 基 金

 

Closed-end funds (or closed-ended funds) are mutual funds with a fixed number of shares (or units). Unlike open-end funds, new shares/units in a closed-end fund are not created by managers to meet demand from investors. Instead, the shares can only be purchased (and sold) in the market. This is the original design of mutual fund which predates open-end mutual funds but offers the same actively managed pooled investments.

封闭式基金(或定额基金)是有固定股票数量(或单位)的共同基金。封闭式基金的新股/单位跟开放式基金不同,不是经办人为了迎合投资者需求推出的股票,而且只能在市场上购买(或出售)。这就是共同基金的原本设计,比开放式基金提前推出,却又能提供同样积极管理的汇集式投资。

Closed-end funds are usually listed on a recognised stock exchange and can be bought and sold on that exchange. The price per share is determined by the market and is usually different from the underlying value or net asset value (NAV) per share of the investments held by the fund. The price is said to be at a discount or premium to the NAV when it is below or above the NAV, respectively.

封闭式基金通常都在公认的交易所挂牌,可以在该交易所买和卖。每股单价由市场决定,通常都跟基金所持投资的相关价值或每股的资产净值(NAV)不同,价格会是低过NAV的折价或高过NAV的溢价。

A premium might be due to the market’s confidence in the investment managers’ ability to produce above-market returns. A discount might reflect the charges to be deducted from the fund in future by the managers.

溢价可能是因为市场对投资经理人取得高过市场回报的能力有信心,折价可能是反映出经理人日后要从基金扣除的费用。

In the United States, closed-end funds are referred to under the law as closed-end companies and they form one of four SEC recognized types of investment companies along with mutual funds, exchange-traded funds, and unit investment trusts. Other examples of closed-ended funds are investment trusts in the United Kingdom and listed investment companies in Australia.

美国法律下的封闭式基金是指封闭式公司,是证券交易委员会(SEC)公认的四种投资公司之一,另外三种是开放式基金,交易所买卖基金和单位投资信托。封闭式基金的其他例子有英国的投资信托以及澳大利亚的上市投资公司。

 

Contents  目录

1. Availability  现有

2. Distinguishing features  显著特色

3. Initial offering  首次招售

4. Exchange-traded  交易所买卖

5. Discounts and premiums  折价与溢价

6. Comparison with open-ended funds  与开放式基金比较

7. Examples  例子

8. See also  另见

9. External links 外部链接

 

Availability  现有

Closed end funds are typically traded on the major global stock exchanges. In the United States the New York Stock Exchange is dominant although the NASDAQ is in competition; in the United Kingdom the London Stock Exchange’s main market is home to the mainstream funds although AIM supports many small funds especially the Venture Capital Trusts; in Canada, the Toronto Stock Exchange lists many closed-end funds.

封闭式基金都在全球主要的证券交易所买卖,虽有纳斯达克(NASDAQ)的竞争,美国的纽约证券交易所仍旧是龙头老大;在英国,伦敦证券交易所是许多主流基金的主要交易市场,即便另项投资市场(AIM)也支援了许多小型基金的交易,尤其是“创业资金信托”;加拿大的多伦多证券交易所也有多个挂牌的封闭式基金。

Like their better-known open-ended cousins, closed-end funds are usually sponsored by a fund management company which will control how the fund is invested. They begin by soliciting money from investors in an initial offering, which may be public or limited. The investors are given shares corresponding to their initial investment. The fund managers pool the money and purchase securities or other assets. What exactly the fund manager can invest in depends on the fund’s charter, prospectus and the applicable government regulations. Some funds invest in stocks, others in bonds, and some in very specific things (for instance, tax-exempt bonds issued by the state of Florida in the USA).

正如广为人知的开放式堂兄弟,封闭式基金也一样得到基金管理公司的赞助,并控制基金的投资流向。首先,他们通过首次发售去招揽投资者,可以公开或半公开招售,投资者都会得到初步投资额的相应股份。基金经理人就这样筹资去购买证券或其他资产,基金经理人所能投资的项目将视基金宪章,招股章程和适用的政府规定而定。有些基金只投资股票,有些只买卖债券,有些只投在特定点名的目标上(比如说美国佛罗里达州政府发行的免税债券)。

 

Distinguishing features  显著特色

Some characteristics that distinguish a closed-end fund from an ordinary open-end mutual fund are that:

封闭式基金与普通的开放式共同基金不同的特征有:

  • it is closed to new capital after it begins operating, and
  • its shares (typically) trade on stock exchanges rather than being redeemed directly by the fund.
  • its shares can therefore be traded at any time during market opening hours. An open-end fund can usually be traded only at a time of day specified by the managers, and the dealing price will usually not be known in advance.
  • a CEF usually trades at a premium or discount to its Net Asset Value. An open-end fund trades at its Net Asset Value (to which sales charges may be added; and adjustments may be made for e.g. the frictional costs of purchasing or selling the underlying investments).
  • in the United States, a closed-end company can own unlisted securities.
  • 它在开始经营后,只限新资金投入;
  • 它的股票(通常都)在交易所买卖而不是直接由该基金赎回;
  • 它的股票随时都可以在交易开放时间内买卖,而开放式基金通常都只能在经理人指定的日子和时间内交易,而且交易价也都会提前通知;
  • 封闭式基金(CEF)通常都会以“资产净值”的溢价或折价买卖,而开放式基金则是以“资产净值”作交易(附销售费和其他计量如买或卖相关投资的交易成本);
  • 在美国,封闭式公司可以拥有不挂牌的证券。

Another distinguishing feature of a closed-end fund is the common use of leverage or gearing to enhance returns. CEFs can raise additional investment capital by issuing auction rate securities, preferred stock, long-term debt, and/or reverse-repurchase agreements. In doing so, the fund manager hopes to earn a higher return with this excess invested capital.

封闭式基金(CEF)的另一显著特点是普遍运用杠杠作用或资本与负债比率来增加回报。CEF可以通过发行拍卖利率证券,优先股,长期债务亦/或反向回购协议来筹集额外资金,基金经理希望这么做可以用多出来的资金赚取更高回报。

When a fund leverages through the issuance of preferred stock, two types of shareholders are created: preferred stock shareholders and common stock shareholders.

当一个基金发行优先股起到杠杠倍数的作用时,就造就出两种股东来:优先股股东以及普通股股东。

Preferred stock shareholders benefit from expenses based on the total managed assets of the fund. Total managed assets include both the assets attributable to the purchase of stock by common shareholders and those attributable to the purchase of stock by preferred shareholders.

优先股股东从所有管理的基金资产中占到费用的便宜,管理的总资产包括普通股股东买股票得来的资产,以及优先股股东买股票得到的资产。

The expenses charged to the common shareholders are based on the common assets of the fund, rather than the total managed assets of the fund. The common shareholders’ returns are reduced more significantly than those of the preferred shareholders because the expenses are spread among a smaller asset base.

普通股股东要支付的费用是以基金的共同资产来算,而不是基金所管理的全部资产。普通股股东的回报会比优先股的股东少很多是因为有许多小资产的费用要付。

For the most part, closed-end fund companies report expense ratios based on the fund’s common assets only. However, the contractual management fees charged to the closed-end funds may be based on the common asset base or the total managed asset base.

多数时候,封闭式基金公司呈报的费用比率只算基金的共同资产,不过,合同制管理费算在封闭式基金的收费可以是以共同资产盘或全部管理的资产盘来算。

Long-term debt arrangements and reverse repurchase agreements are two additional ways to raise additional capital for the fund. Funds may use a combination of leveraging tactics or each individually. However, it is more common for the fund to use only one leveraging technique.

长期债务安排以及反向回购协议是为基金筹集更多资金的另外两个手段,基金可以结合各种杠杆策略来用或者逐个地使用投资策略。然而,基金比较常用一种杠杠技巧而已去投资。

Since stock in closed-end funds is traded like other stock, an investor trading them will pay a brokerage commission similar to that paid when trading other stocks (as opposed to commissions on open-ended mutual funds, where the commission will vary based on the share class chosen and the method of purchasing the fund). In other words, closed-end funds typically do not have sales-based share classes with different commission rates and annual fees. The main exception is loan-participation funds.

既然封闭式基金的股票也跟其他股票一样地买卖,用它们来交易的投资者也得支付跟其他股票交易类似的佣金(相对的,开放式基金的佣金会根据所选的股票级别和购买基金的方式来算)。换句话说,典型的封闭式基金没有以销售为主的股票级别来算出不同的佣金率和年费,主要的例外是贷款参与基金。

 

Initial offering  首次招售

Like a company going public, a closed-end fund will have an initial public offering of its shares at which it will sell, say, 10 million shares for $10 each. That will raise $100 million for the fund manager to invest. At that point, the fund’s 10 million shares will begin to trade on a secondary market, typically the NYSE or the AMEX for American closed-end funds. Any investor who subsequently wishes to buy or sell fund shares will do so on the secondary market. In normal circumstances, closed-end funds do not redeem their own shares. Nor, typically, do they sell more shares after the IPO (although they may issue preferred stock, in essence taking out a loan secured by the portfolio).

跟一家要上市的公司一样,封闭式基金也会推出首次公开发售的要约,比如说以每股十元出售一千万股,就可以筹集到一亿元供基金经理人去投资。这时候,基金的一千万股会开始在二级市场交易,典型的就是在纽约证券交易所(NYSE)和美国证券交易所(AMEX)交易的美国封闭式基金,随后想要买或卖基金股票的投资者就必须在二级市场上这么做。在正常的的情况之下,封闭式基金不会赎回自己的股份,典型的做法也不会在上市(IPO)之后出售更多股份(即便会发行优先股,最基本的做法还是用投资组合作担保去借贷)

 

Exchange-traded  交易所买卖

Closed-end fund shares are traded throughout market opening hours at whatever price the market will support. It may be possible to deal using advanced types of orders such as limit orders and stop orders. This is in contrast to some open-end funds which are only available for buying and selling at the close of business each day, at the calculated NAV, and for which orders must be placed in advance, before the NAV is known, and by simple buy or sell orders. Some funds require that orders be placed hours or days in advance, in order to simplify their administration, make it easier to match buyers with sellers, and eliminate the possibility of arbitrage (for example if the fund holds investments which are traded in other time zones).

封闭式基金的股票是在市场开放的时段内以任何市场会支持的价格作交易,有可能会用比较先进的订单类型如限价单和止蚀单(止价盘/止蚀令)来交易。这个做法跟一些开放式基金大不同,这些基金只能在每天营业结束前以算好的资产净值(NAV)来买和卖,而且必须在知道NAV之前下单,然后发出买或卖的简单指令。有些基金要求提前几个小时或几天下单以便简化内部的行政工作,也比较容易撮合匹配的买家和卖家,还能消除套利的机会(比如说,基金持有在其他时区交易的投资项)

Closed-end funds are traded on exchanges and in that respect they are like exchange-traded funds (ETFs), but there are important differences between these two kinds of security. The price of a closed-end fund is completely determined by the valuation of the market, and this price often diverges substantially from the NAV of the fund assets. In contrast, the market price of an ETF trades in a narrow range very close to its net asset value, because the structure of ETFs allows major market participants to redeem shares of an ETF for a “basket” of the fund’s underlying assets. This feature could in theory lead to potential arbitrage profits if the market price of the ETF were to diverge substantially from its NAV. The market prices of closed-end funds are often 10% to 20% higher or lower than their NAV, while the market price of an ETF is typically within 1% of its NAV. Since the market downturn of late 2008 a number of fixed income ETFs have traded at premiums of roughly 2% to 3% above their NAV.

封闭式基金都在交易所买卖,因此也像其他交易所买卖的基金(ETFs),但是,这两种证券也有一些重要的不同点。封闭式基金的价格完全由市场的估价来决定,而且价格还跟基金资产的净值(NAV)相差甚远。相对的,ETF的价格是在很接近资产净值的小范围内交易,因为ETFs的架构允许主要的市场参与者用ETF的股票兑换“一篮子”的基金资产。理论上,这个特点是在ETF的市价偏离它的NAV相当多时会引出潜在的套利利润。通常,封闭式基金的市价都介于高或低于它们的NAV的10%到20%之间,而ETF的典型市价则维持在它的NAV的1%上下。2008年末的市场低迷导致一些固定收益的ETFs(定息组合股)以高出自己的资产净值大约2%到3%的溢价来交易。

 

Discounts and premiums  折价与溢价

As they are exchange-traded, the price of CEFs will be different from the NAV – an effect known as the closed-end fund puzzle. In particular, fund shares often trade at what look to be irrational prices because secondary market prices are often very much out of line with underlying portfolio values. A CEF can trade at a premium at some times, and a discount at other times. For example, Morgan Stanley Eastern Europe Fund (RNE) on the NYSE was trading at a premium of 39% in May 2006 and at a discount of 6% in October 2006. These huge swings are difficult to explain.

由于封闭式基金(CEFs)在交易所买卖,其价格就有别于资产净值,这个效果就叫做封闭式基金难题,尤其是经常以看似不理性的价格在交易的基金股票,因为二级市场的价格通常都跟相关组合的价值相差甚大。CEF时而以溢价交易,时而以折价交易。举例说,纽约证券交易所(NYSE)的摩根士丹利东欧基金(RNE)在2006年5月就以39%的溢价以及2006年10月以6%的折价在交易,这么大的摇摆很难解释。

US and other closed-end stock funds often have share prices that are 5% or more below the NAV. That is, if a fund has 10 million shares outstanding and its portfolio is worth $200 million, then each share represents a claim on assets worth $20 and you might expect that the market price of the fund’s shares on the secondary market would be around $20 but that is typically not the case. The shares may trade for only $19 or even only $17, i.e., a 5% or 15% discount to NAV.

美国和其他封闭式基金的一般价格都会少过NAV的5%或超过,也就是说,如果基金有一千万股在流通,而整个组合值两亿元,每一股就相等于价值20元的资产,你可能会假设二级市场的基金股票的市价大约是20元,但通常都不是这样,成交的股价可能只有19元或者低至17元而已,即是NAV的5%或15%折价。

The existence of discounts is puzzling since if a fund is trading at a discount, and if permitted by the rules or constitution of the fund, theoretically a well-capitalized investor could come along and buy up enough of the fund’s shares at the discounted price to gain control of the company and force the fund managers to liquidate the portfolio at its (higher) market value (although in reality, liquidity issues may make this difficult since the bid–offer spread will drastically widen as fewer and fewer shares are available in the market). Benjamin Graham claimed that an investor can hardly go wrong by buying such a fund with a 15% discount. However, the opposing view is that the fund may not liquidate in your timeframe and you may be forced to sell at an even worse discount; in any case, in the meantime the fund will have incurred costs and charges imposed by the managers. But like any investment, these discounts could simply represent the assessment of the marketplace that the investments in the fund may lose value.

折扣的现象让人摸不着头脑,既然基金是以折价交易,如果是基金的规则和宪章允准的,理论上一名资金雄厚的投资者可以入场用折扣价买下大量的基金股票取得公司的控制权,然后强迫基金经理人以(原本更高的)市值去变现整个投资组合(实际上,套现的问题让这个行动变得困难,因为买卖差价会大幅度地扩大差距,导致市场上的股票越来越少) 。Benjamin Graham认为,用15%折价买入这种基金的投资者很难出错,然而,相对的观点是,这个基金不一定能在你的时间表里变现,你可能会被迫以更低的折价脱售;无论如何,眼前这个基金已经累积出经理人附加的成本与费用。正如其他任何投资,这些折扣只是简单地反映出市场的评估,告诉你这个基金的投资可能会贬值。

Even stranger, funds very often trade at a substantial premium to NAV. Some of these premiums are extreme, with premiums of several hundred percent having been seen on occasion. Why anyone would pay $30 per share for a fund whose portfolio value per share is only $10 is not well understood, although irrational exuberance has been mentioned. One theory is that if the fund has a strong track record of performance, investors may speculate that the out-performance is due to good investment choices by the fund managers and that the fund managers will continue to make good choices in the future. Thus the premium represents the ability to instantly participate in the fruits of the fund manager’s decisions.

更怪的是,基金经常都以高出NAV许多的溢价在交易,有些溢价还高到离谱,还曾经出现溢价高出好几倍的状况。无法理解的是,为什么有人要付出每股30元的价格买一个每股的组合价值只有10元的基金,即便有人解释说是严重失去理性的做法。有一个理论是说,如果基金有很好的业绩记录,投资者可能会推测超强的表现是因为基金经理人的投资策略高明,他们应该会在将来继续作出好的投资决策,因此溢价也表示投资者可以立刻参与基金经理人的决策,分享他们的成果。

A great deal of academic ink has been spent trying to explain why closed-end fund share prices are not forced by arbitrageurs to be equal to underlying portfolio values. Though there are many strong opinions, the jury is still out. It is easier to understand in cases where the CEF is able to pick and choose assets, and arbitrageurs are not able to access information on the specific assets held until months later, but some funds are forced to replicate a specific index and still trade at a discount.

学术界已经花了大量笔墨要解释为什么封闭式基金的股价没有被套利者强迫要跟原有的组合价值相等,虽然大家都众说纷纭,各执其是,还是有定论。比较容易理解的状况是CEF可以东挑西选各种资产,而套利者却无法获取所持有特定资产的信息,而是要等多几个月才能知道,但是一些基金还是被迫复制特定的指数以折价交易。

 

Comparison with open-ended funds  与开放式基金比较

With open-end funds, the value is precisely equal to the NAV. So investing $1000 into the fund means buying shares that lay claim to $1000 worth of underlying assets (apart from sales charges and the fund’s investment costs). But buying a closed-end fund trading at a premium might mean buying $900 worth of assets for $1000.

开放式基金的价值就精准地等于NAV,因此投资在基金的1000元就等于买了相关资产也值1000元的股票(销售费用与基金的投资成本另计)。但是,用溢价交易的封闭式基金可以是用1000元买入价值900元的资产。

Some advantages of closed-end funds over their open-ended cousins are financial. CEFs do not have to deal with the expense of creating and redeeming shares, they tend to keep less cash in their portfolio, and they need not worry about market fluctuations to maintain their “performance record”. So if a stock drops irrationally, the closed-end fund may snap up a bargain, while open-ended funds might sell too early.

封闭式基金比起开放式基金这位兄弟的一些好处是财务方面的。CEF在创立与赎回股份时不必付费用,组合里的现金都存放得少,而且不必担心市场波动来维持他们的“业绩记录”。如果股价不合理地大跌,封闭式基金可以乘机捡到便宜,而开放式基金可能会过早出售。

Also, if there is a market panic, investors may sell en masse. Faced with a wave of sell orders and needing to raise money for redemptions, the manager of an open-ended fund may be forced to sell stocks he would rather keep, and keep stocks he would rather sell, because of liquidity concerns (selling too much of any one stock causes the price to drop disproportionately). Thus it may become overweight in the shares of lower perceived quality or underperforming companies for which there is little demand. But an investor pulling out of a closed-end fund must sell it on the market to another buyer, so the manager need not sell any of the underlying stock. The CEF’s price will likely drop more than the market does (severely punishing those who sell during the panic), but it is more likely to make a recovery when the intrinsically sound stocks rebound.

还有,如果出现市场恐慌的状况,投资者们可能会集体脱售。面临排山倒海而来的出售单,还得筹资去赎回,开放式基金的经理可能会被迫卖掉一些股票而不是持股,也保留一些股票而不是卖股,都因为有套现的考量(卖出太多任何一只股票会导致该股价跌破比例),因此,那些没多少人要,被认为低质或表现不佳的公司的股票数量就有可能超重。但是,一名从封闭式基金退场的投资者必须在市场上转卖给另一名买家,经理人就不必卖出任何现有的股票。CEF的价格会跌得比市场的多(严惩那些在恐慌期间抛售的人),不过在本质优良的股票价格回弹时更能复苏得快。

Because a closed-end fund is listed on the market, it must obey certain rules, such as filing reports with the listing authority and holding annual stockholder meetings. Thus stockholders can more easily find out about their fund and engage in shareholder activism, such as protest against poor management.

由于封闭式基金在市场上挂牌,就必须遵守一些条例,比如向挂牌当局提交报告书以及召开常年股东会议,这样股东们就可以更方便地了解他们的基金以及活跃地参与股东的活动,比如抗议不良管理。

 

Examples  例子

Among the biggest, long-running CEFs are:

规模最大,经营最久的封闭式基金有:

  • Adams Express Company (NYSE:ADX)
  • 亚当斯速递公司 (纽约证券交易所:代号为ADX)
  • Foreign & Colonial Investment Trust plc (LSE:FRCL)
  • 国外与殖民投资信托公司 (伦敦证券交易所:代号为FRCL)
  • Witan Investment Trust plc (LSE:WTAN)
  • Witan投资信托公司 (伦敦证券交易所:代号为WTAN)
  • Scottish Mortgage Investment Trust (LSE:SMT)
  • 苏格兰抵押贷款投资信托 (伦敦证券交易所:代号为SMT)
  • Tri-Continental Corporation (NYSE:TY)
  • 三大陆企业 (纽约证券交易所:代号为TY)
  • Gabelli Equity Trust (NYSE:GAB)
  • Gabelli股权信托 (纽约证券交易所:代号为GAB)
  • General American Investors Company, Inc. (NYSE:GAM)
  • 大众美国人投资者公司 (纽约证券交易所:代号为GAM)

 

See also  另见

  • Collective investment schemes for generic information.
  • 集体投资方案的通用信息
  • Investment trust a United Kingdom closed-ended collective investment.
  • 投资信托—大英王国的封闭式集体投资
  • Mutual funds for United States information.
  • 美国共同基金的信息
  • Listed investment companies for Australia.
  • 澳大利亚的上市投资公司

 

External Links  外部链接

Investment management  投资管理

Collective investment scheme structures  集体投资方案的结构

  • Common contractual fund  共同合约基金
  • Fond commun de placement  (法国) 共同基金
  • Investment trust  投资信托
  • Unit trust  单位信托
  • Listed investment company 上市投资公司
  • Mutual fund  共同基金 / 互助基金
  • Open-ended investment company  开放式投资公司
  • SICAV  (西班牙/法国/意大利) 可变/不定额 资金投资公司
  • Real estate investment trust  房地产投资信托
  • Unit investment trust  单位投资信托
  • Exchange-traded fund  交易所买卖基金
  • Offshore fund  离岸基金 / 境外基金
  • Unitised insurance fund  单位化保险基金

Investment styles  投资式样

  • Active or Passive management  积极或消极管理
  • Value or Growth investing  价值或增长投资
  • Hedge fund  对冲基金
  • Socially responsible investing  社会道义投资 (对社会负责任的投资)
  • Impact investing  冲击投资 (有影响投资)
  • Fund of funds  基金中基金 (投资在基金的基金)
  • Manager of managers  经理的经理
  • Index fund  指数基金

Theory and terminology  理论与术语

  • Efficient-market hypothesis  有效市场假说
  • Net asset value  资产净值
  • Open-end fund  开放式基金
  • Closed-end fund  封闭式基金

Related topics  相关话题

  • List of asset management firms  资产管理公司的名单
  • Returns-based style analysis  以回报为本的分析方式
  • Umbrella fund  伞子基金
  • UCITS  可转让证券集体投资事业

 

—— END ——

 

Source > Wikipedia at http://en.wikipedia.org/wiki/Closed-end_fund

Translated by > BlogHost — hkTan

Word Count > approx. 2444 words in English

 

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