博迪_投资学第九版_英文答案

11. a.

b. NAV=$200,000,000 $3,000,000=$39.40 5,000,000$36 $39.40Price NAV = = –0.086 = -8.6% $39.40NAVPremium (or discount) =

The fund sells at an 8.6% discount from NAV.

12.

13. a. NAV1 NAV0+ Distributions$12.10 $12.50+$1.500.0888.8% NAV0$12.50===Start-of-year price: P0 = $12.00 × 1.02 = $12.24 =End-of-year price: P = $12.10 × 0.93 = $11.25 1==

Although NAV increased by $0.10, the price of the fund decreased by: $0.99

Rate of return =

b. P1 P0+DistributionsP0$11.25 $12.24+$1.50$12.240.0424.2% ===An investor holding the same securities as the fund manager would have earned a rate of return based on the increase in the NAV of the portfolio:

NAV1 NAV0+ Distributions

NAV0$12.10 $12.00+$1.50$12.000.13313.3%

14. a.

b. Empirical research indicates that past performance of mutual funds is not highly predictive of future performance, especially for better-performing funds. While there may be some tendency for the fund to be an above average performer next year, it is unlikely to once again be a top 10% performer. On the other hand, the evidence is more suggestive of a tendency for poor

performance to persist. This tendency is probably related to fund costs and

turnover rates. Thus if the fund is among the poorest performers, investors

would be concerned that the poor performance will persist.

15. NAV0 = $200,000,000/10,000,000 = $20

Dividends per share = $2,000,000/10,000,000 = $0.20

NAV1 is based on the 8% price gain, less the 1% 12b-1 fee:

NAV1 = $20 × 1.08 × (1 – 0.01) = $21.384

Rate of return =

$21.384 $20+$0.20= 0.0792 = 7.92% $20