Knowledge List
基金的管理方式

基金由谁来管理?这是购买基金之前必须了解的问题。基金经理手握基金的投资大权,决定买什么、卖什么和什么时候买卖,从而直接影响基金的业绩表现。所以明智的投资人在选择基金的时候应当清楚谁是基金经理以及其在任的年限。

基金的管理方式有三种。第一种是单个经理型,即基金的投资决策由基金经理独自决定。当然,基金经理并不是包揽研究、交易和决策的全部工作,他的周围有一组研究员为其提供各种股票和债券的信息。第二种是管理小组型,即两个或以上的投资经理共同选择所投资的股票。在这种方式下,小组各个成员之间的权责难以完全清楚地划分,但有时也会由一个组长来做最终决定。第三种是多个经理型,每个经理单独负责管理基金资产中的一部分。

目前国内多数基金实行投资决策委员会领导下的基金经理负责制,基金经理的投资权限是既定的,例如2千万元以下的投资基金经理可以自行决定,超过此权限的投资必须报投资决策委员会批准。

除了"谁是基金经理"之外,了解基金经理管理基金时间的长短也同样重要的。购买基金之前需要确认,创造基金过去业绩的基金经理还在其位。因为如果该基金经理已经离开,基金未来的业绩或许会令人大吃一惊,例如有的基金在经理换将之后业绩出现了明显的下滑。因此,如果在两个同样好的基金之间举棋不定的时候的时候,不妨挑选其基金经理在位期间比较长的那只基金。

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