基金持有人

论契约型证券投资基金持有人利益的法律保护

On the Legal Protection of Contract-type Securities Investment Fund Holders ' Interest

对于基金持有人而言，不同的风险偏好意味着不同的预期收益率。

For the purposes of fund holders , the different risk preferences imply different predictive yields .

Friesen等（2007）认为，通过将基金持有人的现金流加权收益率与基金资产组合平均收益率进行对比分析，可以判断研究基金持有人的选时能力。

Friesen et al . ( 2007 ) suggested that the timing ability of fund shareholder can be judged by comparing the dollar weighted return with portfolio average return .

封闭式基金持有人的投资回报分析

Analysis about the Investment Return of the Closed-End Fund Holder

我公司承诺：上述基金持有人结构全面、真实、准确。

Our undertakings : the said funds-holder structure is complete , true and accurate .

我国基金持有人的利益代言人机制研究&以独立董事制度为视角

The System of Fund Holder 's Prolocutor in China from the Perspective of Independent Director

保护证券投资基金持有人的合法权益。

Protecting legal benefits of SIFs holders .

上市基金持有人明细数据包括初始募集登记数据和日常交易登记数据。

Detailed data of lofs shareholders will include registration data of initialoriginal raising and daily tradetransaction registration data .

在此法律关系中，基金持有人是委托人，基金管理人和基金托管人是受托人。

In this legal relation , the fund holder is a client , fund superviser and fund mandator are trustees .

而原先的基金持有人必须共同来补齐这些差额。保单的保险金额有别于保单的现金价值。

And the original fund holders have to cover the difference . The policy 's face amount is different from the policy 's cash value .

基金持有人的法律地位在立法上没有得到明确和体现，持有人的大会召集权、诉权等都存在明显的制度缺陷。

The fund holder 's legal status was not got clearly and reflected in legislating , the holder 's conference has obvious system defects to convene right , sue right etc.

委托人（如基金持有人）也将定期投资收益率和分配情况作为检验机构投资者能力的主要标准。

The clients ( such as owners of the funds ) will also take the regular rate of return as the major criteria to test the ability of the institutional investors .

基金持有人享有基金资产的所有权，基金经理管理运作基金资产，基金托管人保管基金资产，并对基金管理公司承担一定的监督责任。

Fund shareholder possesses the ownership of the fund assets and fund manager manages the fund portfolio , and fund trustee is entrusted with fund assets for safekeeping and undertakes supervision responsibility .

相对于缺乏监督能力的基金持有人，基金托管人凭借其专业的知识和技能，通过对基金管理人投资权力的制衡，成为投资者的利益保护人。

Comparing to the fund holders who lack of monitoring capabilities , fund custodian with their professional knowledge and skills , can balance the power of fund manager as the protector of investor .

分析了封闭式证券投资基金持有人的投资回报形式及其水平，并根据封闭式基金持有人的投资行为，探讨封闭式基金两种投资模式的收益评估问题。

This paper analyzes the form and level of investment return of the closed-end fund holder , according to investment behavior of the closed-end fund holder , discusses the evaluation of investment income of two investment form .

其涉及的利益主体主要有基金持有人、基金管理人和墓金托管人，委托代理关系和契约是连接它们的主要纽带，也是贯穿投资基金风险防范和绩效评价研究的主线。

The entities of interests enclosed in the system mainly are fund holders ; fund managers and fund trustees , agent relationship and contract are the main connection among them , also the thread in risk hedge and performance appraisal of investment funds .

然而，一方面由于法律规范不够明确，相关的制度供给和理论研究滞后，人们对究竟谁应该承担责任认识不一，另一方面基金持有人的又处于弱势地位，基金持有人寻求法律救济十分困难。

However , on the one hand , the law is not perfect and the relevant theoretical research lag , on the other hand , the fund holders are in the disadvantageous position , to seek the legal relief is difficult for the fund holders .

第二，在通过高次非线性方程求解基金持有人的现金流加权收益率时，我们设定了解的取值范围，减少了方程出现多解或无解的情况，从而减小了样本选择偏误。

Second , this paper sets the range of the solution when computing dollar weighted return by resolving the nonlinear equation of higher degree and reduces the situation which the equation has multi-solution or has no solution , as a result , reduces the sampling bias .

道德风险一经暴露，将使基金持有人或投资者改变原有的心理预期，这样将形成两方面的影响，一是基金持有人产生一种恐慌心理，进行大量的赎回；二是影响新增申购者的数量。

Moral hazard once exposed , will enable the fund holders or investors to change the original psychological expectations and this will form a two-pronged impact : first fund holders have a panic mentality and there will be a lot of redemption ; second the number of purchase will decreases .

董事会拟于二零一零年五月十一日（星期二）以平邮方式向有关基金单位持有人寄发建议中期分派的支票。

The Board intends to post the Proposed Interim Distribution cheques to the relevant Unitholders by ordinary post on Tuesday , 11 May2010 .

公司、股东以及公司员工的利益与基金份额持有人的利益发生冲突时，应当优先保障基金份额持有人的利益。

When the interests of the company , its shareholders or staff members conflict with those of fund shareholders , the latter shall prevail .

在法律责任上，应建立基金份额持有人的诉讼制度。而且还应健全民事赔偿机制。

In system of legal liability , China should build and improve the litigation system of the fund share holders , improve the mechanism of civil compensation .

对于投资者来讲，封闭式基金的持有人如果继续持有，自动转为将来的开放式基金持有人之后，等于免费认购了新的开放式基金，而没有付出1.5%的认购费用。

It really means a lot if investors continue to hold the share when the closed-end fund changes to open-end fund automatically as investors do not need to pay the1.5 % subscription fee .

投资管理人员应当遵守公司对外宣传的有关规定，不得误导、欺诈基金份额持有人，不得对基金业绩进行不实的陈述。

An investment manager shall comply with the related provisions of the company concerning external publicity , and shall not mislead or fraud the holders of fund shares or make untruthful statement concerning the performance of a fund .

在基金份额持有人的利益与公司、股东及与股东有关联关系的机构和个人等的利益发生冲突时，投资管理人员应当坚持基金份额持有人利益优先的原则。

When the interests of the fund shares holders conflict with those of the company , its shareholders , or the institutions or individuals related to the shareholders , the investment managers shall insist on the principle of giving priority to interests of fund shares holders .

外汇基金债券的持有人会在何时获派付利息？

When will holders of exchange fund notes be paid the interest ?

这个住房按揭证券RMGS发行了8.65亿美元三A级票据，一半左右被两房购买，其余的由许多种银行、保险公司、养老基金和短期资本持有人购去。

That RMBS issued $ 865 million of AAA notes , about half of which were purchased by Fannie Mae and Freddie Mac and the rest by a variety of banks , insurance companies , pension funds and money managers .

尤其是至今尚未形成保护基金投资人、基金持有人的合法权益的完整法律体系。

Especially has yet to protect the lawful rights and interests of fund investors complete legal system .

阐述了基金转型对基金持有人、基金管理公司以及基金市场等方面的影响。

Analyzing the causes of the transformation , the effect of such transformation on fund holders , fund management business and fund market are expatiated .

统计分析不能发现基金折价与基金持有人结构、投资风格、大市状态之间明显的关系。

But the relation between the fund possessor structure , the investment style , the market condition and the fund discount level can not be discovered only by simple statistics .