美国共同基金
The Investment Company Institute is the national association of U.S. investment companies, including mutual funds, closed-end funds, exchange-traded funds (ETFs), and unit investment trusts (UITs). ICI seeks to encourage adherence to high ethical standards, promote public understanding, and otherwise advance the interests of funds, their shareholders, directors, and advisers. Members of ICI manage total assets of $14.2 trillion and serve more than 90 million shareholders.
Suggested citation: Bogdan, Michael, and Daniel Schrass. 2013. “Profile of Mutual Fund Shareholders, 2012.” ICI Research Report (February).
Contents
Introduction (1)
Annual Survey. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 The “Typical” Mutual Fund Owner (2)
Variations in Characteristics of Households That Own Mutual Funds (2)
Chapter 1: Mutual Fund–Owning Households (5)
Demographic Characteristics (5)
Employment Status and Household Income (6)
Financial Characteristics (6)
Mutual Fund Ownership Characteristics (6)
Goals and Mutual Fund Investing (8)
Views on Investment Risk (8)
Chapter 2: Mutual Fund–Owning Households by Fund Ownership Inside
and Outside Employer-Sponsored Retirement Plans (17)
Chapter 3: Mutual Fund–Owning Households by Channels Used to Purchase
Mutual Funds Outside Employer-Sponsored Retirement Plans (19)
Chapter 4: Mutual Fund–Owning Households by Primary Source for Purchasing Funds (21)
Chapter 5: Mutual Fund–Owning Households by Generation (23)
Chapter 6: Mutual Fund–Owning Households by Age (25)
Chapter 7: Mutual Fund–Owning Households by Household Income. . . . . . . . . . . . . . . . . . . . . 27
Chapter 8: Mutual Fund–Owning Households by Household Financial Assets (29)
Chapter 9: Mutual Fund–Owning Households by Investment Risk Tolerance (31)
Chapter 10: Mutual Fund–Owning Households by Year of Initial Mutual Fund Purchase (33)
Appendix: Research Methodology (35)
Research Design (35)
Interviewing (35)
Survey Weights (36)
Sampling Error (36)
Notes (37)
References (39)
Figures
All figures are available in a Microsoft Excel file located at https://www.wendangku.net/doc/439064312.html,/info/rpt_13_profiles_data.xls. Those with page numbers indicated are available in this report.
Chapter 1: Mutual Fund–Owning Households
FIGURE 1.153.8 Million U.S. Households Owned Mutual Funds (5)
FIGURE 1.2 Mutual Fund Shareholder Head of Household Characteristics (9)
FIGURE 1.3 Employment Status and Income of Households Owning Mutual Funds (10)
FIGURE 1.4 Mutual Fund–Owning Households’ Financial Assets (11)
FIGURE 1.5 Mutual Fund Investing Among Households Owning Mutual Funds (12)
FIGURE 1.6 Households Own Many Funds Through Multiple Purchase Sources (13)
FIGURE 1.7 Sources Used to Purchase Mutual Funds (14)
FIGURE 1.8 Financial Goals of Households Owning Mutual Funds (15)
FIGURE 1.9 Views on Investment Risk (16)
Chapter 2: Mutual Fund–Owning Households by Fund Ownership Inside and Outside Employer-Sponsored Retirement Plans
FIGURE 2.1Mutual Fund–Owning Households by Fund Ownership Inside
and Outside Employer-Sponsored Retirement Plans (17)
FIGURE 2.2 Head of Household Characteristics by Fund Ownership Inside
and Outside Employer-Sponsored Retirement Plans
FIGURE 2.3 Employment Status and Income by Fund Ownership Inside and
Outside Employer-Sponsored Retirement Plans
FIGURE 2.4 Mutual Fund–Owning Households’ Financial Assets by Fund Ownership
Inside and Outside Employer-Sponsored Retirement Plans
FIGURE 2.5 Mutual Fund Investing by Fund Ownership Inside and Outside
Employer-Sponsored Retirement Plans
FIGURE 2.6 Number of Funds Owned and Purchase Sources Used by Fund Ownership Inside and Outside Employer-Sponsored Retirement Plans FIGURE 2.7 Sources Used to Purchase Mutual Funds by Fund Ownership Inside and
Outside Employer-Sponsored Retirement Plans
FIGURE 2.8 Financial Goals by Fund Ownership Inside and Outside Employer-Sponsored Retirement Plans
FIGURE 2.9 Views on Investment Risk by Fund Ownership Inside and Outside
Employer-Sponsored Retirement Plans
Chapter 3: Mutual Fund–Owning Households by Channels Used to Purchase
Mutual Funds Outside Employer-Sponsored Retirement Plans
FIGURE 3.1Sources Used by Mutual Fund–Owning Households to Purchase
Mutual Funds (19)
FIGURE 3.2 Head of Household Characteristics by Fund Ownership Outside
Employer-Sponsored Retirement Plans
FIGURE 3.3 Employment Status and Income by Fund Ownership Outside
Employer-Sponsored Retirement Plans
FIGURE 3.4 Mutual Fund–Owning Households’ Financial Assets by Fund Ownership
Outside Employer-Sponsored Retirement Plans
FIGURE 3.5 Mutual Fund Investing by Fund Ownership Outside Employer-Sponsored
Retirement Plans
FIGURE 3.6 Number of Funds Owned and Purchase Sources Used by Fund Ownership Outside Employer-Sponsored Retirement Plans
FIGURE 3.7 Sources Used to Purchase Mutual Funds by Fund Ownership Outside
Employer-Sponsored Retirement Plans
FIGURE 3.8 Financial Goals by Fund Ownership Outside Employer-Sponsored
Retirement Plans
FIGURE 3.9 Views on Investment Risk by Fund Ownership Outside Employer-Sponsored Retirement Plans
Chapter 4: Mutual Fund–Owning Households by Primary Source for Purchasing Funds FIGURE 4.1Mutual Fund–Owning Households by Primary Source
for Purchasing Funds (21)
FIGURE 4.2 Head of Household Characteristics by Primary Purchase Source
FIGURE 4.3 Employment Status and Income by Primary Purchase Source
FIGURE 4.4 Mutual Fund–Owning Households’ Financial Assets by Primary
Purchase Source
FIGURE 4.5 Mutual Fund Investing by Primary Purchase Source
FIGURE 4.6 Number of Funds Owned and Purchase Sources Used by Primary
Purchase Source
FIGURE 4.7 Sources Used to Purchase Mutual Funds by Primary Purchase Source
FIGURE 4.8 Financial Goals by Primary Purchase Source
FIGURE 4.9 Views on Investment Risk by Primary Purchase Source
Chapter 5: Mutual Fund–Owning Households by Generation
FIGURE 5.1 Mutual Fund–Owning Households and Assets by Generation (23)
FIGURE 5.2 Head of Household Characteristics by Generation
FIGURE 5.3Employment Status and Income by Generation
FIGURE 5.4Mutual Fund–Owning Households’ Financial Assets by Generation
FIGURE 5.5Mutual Fund Investing by Generation
FIGURE 5.6 Number of Funds Owned and Purchase Sources Used by Generation
FIGURE 5.7Sources Used to Purchase Mutual Funds by Generation
FIGURE 5.8 Financial Goals by Generation
FIGURE 5.9 Views on Investment Risk by Generation
Chapter 6: Mutual Fund–Owning Households by Age
FIGURE 6.1Mutual Fund–Owning Households and Assets by Age (25)
FIGURE 6.2Head of Household Characteristics by Age
FIGURE 6.3Employment Status and Income by Age
FIGURE 6.4 Mutual Fund–Owning Households’ Financial Assets by Age
FIGURE 6.5Mutual Fund Investing by Age
FIGURE 6.6 Number of Funds Owned and Purchase Sources Used by Age
FIGURE 6.7 Sources Used to Purchase Mutual Funds by Age
FIGURE 6.8 Financial Goals by Age
FIGURE 6.9 Views on Investment Risk by Age
Chapter 7: Mutual Fund–Owning Households by Household Income
FIGURE 7.1Mutual Fund–Owning Households by Household Income (27)
FIGURE 7.2Head of Household Characteristics by Household Income
FIGURE 7.3 Employment Status and Income by Household Income
FIGURE 7.4 Mutual Fund–Owning Households’ Financial Assets by Household Income FIGURE 7.5 Mutual Fund Investing by Household Income
FIGURE 7.6 Number of Funds Owned and Purchase Sources Used by Household Income FIGURE 7.7 Sources Used to Purchase Mutual Funds by Household Income
FIGURE 7.8 Financial Goals by Household Income
FIGURE 7.9 Views on Investment Risk by Household Income
Chapter 8: Mutual Fund–Owning Households by Household Financial Assets
FIGURE 8.1Mutual Fund–Owning Households by Household Financial Assets (29)
FIGURE 8.2Head of Household Characteristics by Household Financial Assets
FIGURE 8.3Employment Status and Income by Household Financial Assets
FIGURE 8.4 Mutual Fund–Owning Households’ Financial Assets by Household
Financial Assets
FIGURE 8.5 Mutual Fund Investing by Household Financial Assets
FIGURE 8.6 Number of Funds Owned and Purchase Sources Used by Household
Financial Assets
FIGURE 8.7Sources Used to Purchase Mutual Funds by Household Financial Assets
FIGURE 8.8Financial Goals by Household Financial Assets
FIGURE 8.9Views on Investment Risk by Household Financial Assets
Chapter 9: Mutual Fund–Owning Households by Investment Risk Tolerance
FIGURE 9.1Mutual Fund–Owning Households by Investment Risk Tolerance (31)
FIGURE 9.2Head of Household Characteristics by Investment Risk Tolerance
FIGURE 9.3Employment Status and Income by Investment Risk Tolerance
FIGURE 9.4Mutual Fund–Owning Households’ Financial Assets by Investment
Risk Tolerance
FIGURE 9.5Mutual Fund Investing by Investment Risk Tolerance
FIGURE 9.6Number of Funds Owned and Purchase Sources Used by Investment
Risk Tolerance
FIGURE 9.7Sources Used to Purchase Mutual Funds by Investment Risk Tolerance
FIGURE 9.8Financial Goals by Investment Risk Tolerance
FIGURE 9.9 Views on Investment Risk by Investment Risk Tolerance
Chapter 10: Mutual Fund–Owning Households by Year of Initial Mutual Fund Purchase FIGURE 10.1Mutual Fund–Owning Households by Year of Initial Mutual Fund
Purchase (33)
FIGURE 10.2Head of Household Characteristics by Year of Initial Mutual Fund Purchase FIGURE 10.3Employment Status and Income by Year of Initial Mutual Fund Purchase
FIGURE 10.4Mutual Fund–Owning Households’ Financial Assets by Year of Initial
Mutual Fund Purchase
FIGURE 10.5Mutual Fund Investing by Year of Initial Mutual Fund Purchase
FIGURE 10.6Number of Funds Owned and Purchase Sources Used by Year of Initial
Mutual Fund Purchase
FIGURE 10.7Sources Used to Purchase Mutual Funds by Year of Initial Mutual Fund
Purchase
FIGURE 10.8 Financial Goals by Year of Initial Mutual Fund Purchase
FIGURE 10.9Views on Investment Risk by Year of Initial Mutual Fund Purchase
Profile of Mutual Fund Shareholders, 2012
Michael Bogdan, Associate Economist, and Daniel Schrass, Associate Economist, prepared
this report.
Introduction
Ownership of mutual funds by U.S. households grew significantly in the 1980s and 1990s and
has remained steady over the past decade. On average, the household ownership rate of mutual
funds has been 45 percent each year since 2000; this is down a bit from 49 percent in 2001,
but higher than the 41 percent rate in 1998. Between mid-year 2000 and mid-year 2012, assets
held in mutual funds increased from $7.1 trillion to $12.2 trillion.1 In 2012, 44.4 percent of U.S.
households owned mutual funds, representing 92.4 million individual mutual fund shareholders.2
Mutual fund holdings represent a significant component of the savings and investments of many
U.S. households, with mutual fund assets now accounting for more than one-fifth of households’
financial assets.3
Annual Survey
The Investment Company Institute (ICI) conducts an annual survey to track U.S. households’
ownership of mutual funds and to gather information on their demographic and financial
characteristics. The most recent survey, undertaken in May 2012, involved interviews of 4,019
randomly selected U.S. households, of which 1,786 owned mutual funds. Eligible households were
those owning mutual funds inside or outside employer-sponsored retirement plans, including
funds purchased through investment professionals or directly from mutual fund companies or
discount brokers. All interviews were conducted with the investment decisionmaker, the person
most knowledgeable about the household’s savings and investments.4
1 ICI RESEARCH REPORT: PROFILE OF MUTUAL FUND SHAREHOLDERS, 2012
The “Typical” Mutual Fund Owner
This report summarizes the findings of the 2012 survey.5 As described in the first chapter, in 2012
the “typical” mutual fund–owning head of household:
?was middle-aged, employed, educated, married or living with a partner, and shared
investment decisionmaking with his or her spouse or partner;
?was of moderate financial means, with $80,000 in household income and $190,000 in
household financial assets;
?owned investments other than mutual funds, including individual stocks, and had over
half of the household’s financial assets (excluding the primary residence) invested in
mutual funds;
?had $100,000 invested in four mutual funds, including at least one equity fund;
?owned mutual funds inside an employer-sponsored retirement plan, such as a 401(k)
plan, 403(b) plan, 457 plan, SEP IRA, SAR-SEP IRA, or SIMPLE IRA;
?owned mutual funds outside employer-sponsored retirement plans, primarily purchased
through investment professionals (e.g., registered investment advisers, full-service
brokers, independent financial planners, bank or savings institution representatives,
insurance agents, or accountants); and
?was confident that mutual funds could help him or her reach financial goals.
Chapter 1 discusses a full set of figures highlighting different demographic and financial
characteristics of mutual fund–owning households, the variety of mutual funds they own, the
different ways they purchase mutual funds, their financial assets, their financial goals, and their
willingness to take investment risk. The remaining chapters present similar information but for
subgroups of mutual fund–owning households. Figures for all the chapters are available in a
Microsoft Excel file located at https://www.wendangku.net/doc/439064312.html,/info/rpt_13_profiles_data.xls.
Variations in Characteristics of Households That Own Mutual Funds
Chapters 2, 3, and 4 focus on the principal channels used by mutual fund–owning households
to purchase fund shares. With the growth of 401(k) plans since 1990, employer-sponsored
retirement plans have become a common channel through which households own mutual
funds. In 2012, 72 percent of mutual fund–owning households owned funds through employer-
sponsored retirement plans. Sixty-five percent of mutual fund–owning households owned mutual
funds purchased outside employer-sponsored retirement plans. Fifty-three percent of mutual
fund–owning households owned mutual funds purchased from the sales force channel, that is,
through investment professionals, which include registered investment advisers, full-service
2ICI RESEARCH REPORT: PROFILE OF MUTUAL FUND SHAREHOLDERS, 2012
brokers, independent financial planners, bank or savings institution representatives, insurance agents, and accountants. Thirty percent owned fund shares purchased from the direct market channel, which consists of purchases made directly from fund companies and through discount brokers. Nearly half of mutual fund–owning households held mutual funds through multiple sources.6 In identifying their primary source for purchasing funds, 45 percent of mutual fund–owning households pointed to employer-sponsored retirement plans, 40 percent reported the sales force channel (investment professionals), and 15 percent cited the direct market channel.
Chapter 5 presents mutual fund–owning households by generation. Seventeen percent were members of Generation Y (born between 1977 and 2001), and 25 percent were members of Generation X (born between 1965 and 1976). The Baby Boom Generation (those born between 1946 and 1964) made up the largest proportion of individuals heading mutual fund–owning households, 44 percent. Fourteen percent were members of the Silent and GI Generations (born between 1904 and 1945).7 Figures in this chapter highlight how demographic characteristics, mutual fund ownership, financial assets, and savings goals vary among mutual fund–owning households by generation.
Chapter 6 describes mutual fund–owning households by age of the head of household. Seventeen percent of individuals heading households owning mutual funds were younger than 35 years old. The largest age group was individuals between the ages of 35 and 54, who comprised 44 percent of mutual fund–owning household heads. Households aged 55 to 64 accounted for 22 percent
of mutual fund–owning households. The remaining 17 percent of individuals heading mutual fund–owning households were 65 or older. Figures in this chapter reveal how demographic characteristics, mutual fund ownership, financial assets, and savings goals vary among mutual fund–owning households by age group.
Chapter 7 describes mutual fund–owning households by their level of household income. Twenty-two percent of mutual fund–owning households had incomes below $50,000, 40 percent had incomes between $50,000 and $99,999, 21 percent had incomes between $100,000 and $149,999, and 17 percent had incomes of $150,000 or more. Figures in this chapter focus on how demographic characteristics, mutual fund ownership, financial assets, and savings goals vary among mutual fund–owning households by household income.
Chapter 8 examines mutual fund–owning households by household financial assets.
Twenty-three percent of mutual fund–owning households had financial assets of less than $50,000, 14 percent had assets between $50,000 and $99,999, 21 percent had assets between $100,000 and $249,999, and 42 percent had assets of $250,000 or more. Figures in this chapter show how demographic characteristics, mutual fund ownership, financial assets, and savings goals vary among mutual fund–owning households by household financial assets.
Chapter 9 examines mutual fund–owning households by the level of investment risk the respondent is willing to take. Twenty-eight percent of mutual fund–owning households were willing to take above-average or substantial investment risk for similar levels of financial gain, 49 percent were willing to take average investment risk for average financial gain, and
23 percent were willing to take below-average investment risk for below-average financial gain or were unwilling to take investment risk. Figures in this chapter illustrate how demographic characteristics, mutual fund ownership, financial assets, and savings goals vary among mutual fund–owning households by level of investment risk.
Chapter 10 describes mutual fund–owning households by the year of their initial mutual fund purchase. Thirty-seven percent of mutual fund–owning households purchased their first mutual fund before 1990 and 15 percent purchased their first mutual fund between 1990 and 1994. Sixteen percent purchased their first mutual fund between 1995 and 1999, 16 percent between 2000 and 2004, and 16 percent in 2005 or later. Figures in this chapter highlight how demographic characteristics, mutual fund ownership, financial assets, and savings goals vary among mutual fund–owning households by year of initial mutual fund purchase.
Taken together, these chapters present an overview of the millions of U.S. households that invest in mutual funds, the ways in which they purchase fund shares, and the ways in which they use funds to meet their current and long-term financial needs.
CHAPTER 1
Mutual Fund–Owning Households
Demographic Characteristics
In 2012, almost 54 million, or about 44 percent of, U.S. households owned mutual funds (Figure 1.1). The median age of individuals heading households that owned mutual funds was
51 (Figure 1.2).8 Forty-nine percent of these individuals had college or postgraduate degrees. Seventy-five percent of U.S. households that owned mutual funds consisted of couples that were married or living together as partners, and investment decisionmaking was a shared responsibility in 62 percent of mutual fund–owning households.
Employment Status and Household Income
The majority of mutual fund–owning households were employed and earned moderate, although above-average, household income. Seventy-two percent of individuals heading households that owned mutual funds were employed full- or part-time (Figure 1.3). Five percent of individuals heading households that owned mutual funds indicated they were retired from their lifetime occupations and employed either full- or part-time. Twenty-eight percent of individuals heading households that owned mutual funds were not employed, but 71 percent of these household heads were retired. All told, 25 percent of individuals heading households that owned mutual funds were retired from their lifetime occupations. The median income of mutual fund–owning households was $80,000 in 2011. Twenty-two percent had household incomes of less than $50,000, 21 percent had household incomes between $50,000 and $74,999, and 57 percent had incomes of $75,000 or more.
Financial Characteristics
The majority of mutual fund–owning households have accumulated a variety of financial assets and retirement accounts. Among households that owned mutual funds, median household financial assets were $190,000 (Figure 1.4). Mutual fund–owning households typically had other types of savings and investments. Twenty-seven percent owned certificates of deposit, 42 percent owned individual stocks, and 10 percent owned individual bonds (excluding U.S. savings bonds). In addition, 29 percent held investment real estate and 30 percent held fixed or variable annuities.
A significant number of mutual fund–owning households made use of tax-advantaged savings vehicles. Eighty-two percent had assets in employer-sponsored retirement plan accounts, usually 401(k) plans, and 68 percent owned individual retirement accounts (IRAs).9 Seventeen percent
of U.S. households owning mutual funds had education-targeted savings program accounts—
13 percent had Coverdell education savings accounts (ESAs) and 10 percent had 529 plan accounts.
Mutual Fund Ownership Characteristics
Equity mutual funds were the most commonly held mutual funds (Figure 1.5). The largest percentage of mutual fund–owning households, 79 percent, owned equity funds. Forty-four percent had invested in hybrid funds,10 50 percent in bond funds, and 66 percent in money market funds. In addition, 38 percent of mutual fund–owning households held global or international funds. Mutual fund holdings represented more than half of household financial assets for
68 percent of households that owned mutual funds. Among households that owned mutual funds, median mutual fund holdings were $100,000.
The vast majority of mutual fund–owning households were longtime mutual fund investors (Figure 1.5). Thirty-seven percent reported that the household bought its first mutual fund before 1990; 15 percent between 1990 and 1994; and 16 percent between 1995 and 1999. Sixteen percent reported that the household bought its first fund in 2005 or later.
Mutual fund–owning households owned many funds through multiple purchase sources (Figure 1.6). Mutual fund–owning households owned a median of four mutual funds. Forty percent owned three or fewer funds and 60 percent owned four or more. Among households that owned funds outside employer-sponsored retirement plans, 35 percent owned funds purchased from one source; 32 percent owned funds purchased from two sources; and 33 percent owned funds purchased from three or more sources.
Thirty-five percent of mutual fund–owning households held mutual funds solely inside employer-sponsored retirement plans, which include defined contribution (DC) plans (such as 401(k),
403(b), or 457 plans) and employer-sponsored IRAs (SEP IRAs, SAR-SEP IRAs, and SIMPLE IRAs);
28 percent owned funds solely outside these plans; and 37 percent had funds both inside and outside employer-sponsored retirement plans (Figure 1.7). Altogether, 72 percent of mutual fund–owning households owned funds through employer-sponsored retirement plans and 65 percent owned funds outside these plans, through either the sales force or direct market channels.
Fifty-three percent of mutual fund–owning households owned funds through the sales force channel, that is, through investment professionals, which include registered investment advisers, full-service brokers, independent financial planners, bank or savings institution representatives, insurance agents, and accountants. Thirty percent owned funds through the direct market channel, which includes mutual fund companies directly and discount brokers.
Forty-five percent of all U.S. households that owned mutual funds reported that employer-sponsored retirement plans were their primary source for purchasing mutual funds; 40 percent regarded the sales force channel (investment professionals) as their primary source; and
15 percent considered the direct market channel to be their primary source (Figure 1.7).
Sixty-three percent of mutual fund–owning households in 2012 reported that the household bought its first fund through an employer-sponsored retirement plan.
Goals and Mutual Fund Investing
Most mutual fund–owning households were using mutual funds to save for retirement (Figure 1.8). Ninety-three percent of mutual fund–owning households indicated that saving
for retirement was one of their household’s financial goals, and 73 percent indicated that retirement saving was their primary financial goal. Seventy-two percent of households owning mutual funds held funds in employer-sponsored retirement plans, and 50 percent owned funds inside IRAs. Eighty percent were confident that mutual funds were an investment that could help them meet their household’s financial goals.
Views on Investment Risk
Willingness to take investment risk is higher among mutual fund–owning households than among non-owning households.11 The vast majority of mutual fund–owning households were willing to take some investment risk for financial gain (Figure 1.9). Twenty-eight percent of mutual fund–owning households said they were willing to take substantial or above-average investment risk for similar levels of financial gain. Nearly half, 49 percent, of mutual fund–owning households were willing to take average risk for average gain. Only 23 percent of mutual fund–owning households were willing to take below-average risk for below-average gain or were unwilling to take any investment risk.
中美投资基金现状比较及其启示
中美投资基金现状比较及其启示 投资基金作为金融市场上重要的投资工具，在促进资本形成，稳定金融市场，推动产业发展，提高资源配置效率等方面发挥着巨大的作用。我国投资基金起步较晚，但发展迅速，尤其是《证券投资基金暂行管理办法》颁布以后，更是逐步走上了健康发展的轨道。但是，与发展了上百年的美国和西欧国家相比，我国投资基金还处于起步阶段。根据最近中美达成的人关协议，中国加入WT0后外资金融企业参股成立合资基金管理公司的比例可达33％，3年后达到不超过49％的比例。外资进入中国基金业将对中国基金业带来深远的影响，中国基金业面临前所未有的挑战。但外资的进入会带来先进的管理经验、成熟的投资理念，将提升中国基金业管理的总体水平，同时也会促使政府加快立法进程、规范监管机构的运作模式，因而也给中国基金业带来新的发展机遇。中国基金业只有通过不断的学习和借鉴，才能缩小与国外竞争者的差距。本文试图通过对中国基金业与美国共同基金发展的对比分析，探求我国基金业的发展方向，希望对我国基金业的发展有所启不。 一、中美投资基金现状比较 1．基金资产规模及其影响力比较。 从规模总量上看，我国基金业在1998年步入了一个新的发展阶段，截止到1999年年底，10家基金管理公司管理着 20家投资基金，资产总额已经超过500亿元的规模。与我国相比，美国共同基金的资产规模到1998年年底已达5．5万亿美元，雄居全美第二大金融资产，是我国目前基金资产规模的800多倍。从基金对证券市场及国家经济发展的影响力看，共同基金已成为美国证券市场的主要参与者、美国经济发展的支柱和主要资本来源。这可以通过以下数据证明：美国的共同基金总资产中，股票型基金(又称平衡型基金)有2．98万亿美元，债券型基金和混合型基金分别为8310亿美元和3850亿美元，以上基金的资产已占共同基金资产的绝大多数，为78％，并持有美国公司股票19％，国债和机构证券8．6％，公司债券、外国债券和商业票据16．8％，市政债券33．3％。与之相比，我国投资基金到1999年年底，仅占深、沪A股市价总值的1．94％，可见其在证券市场中所起的作用还相当小，更说不上是国家经济建设的主要资本来源了。从基金资产持有的普及性来看，截至1998年，7700万的美国个人、4400万的美国家庭持有投资基金的股份，投资者的数量已超过美国人口总数的30％。投资基金已经成为美国居民投资证券市场和参与分享国家和世界经济增长的主要投资工具。而在我国，参与证券投资的人数只有4000万人，占人口总数的3％，而通过证券投资基金参与证券投资的人数就更少。 2．基金的数量和品种的发展水平比较。 美国共同基金的繁荣，是与其丰富的可供投资者选择的基金数量和品种密不可分的。美国共同基金的数量近几十年来发展迅猛，其中平衡型、债券型和混合型基金从1960年的161家发展到1998年的6288家，平均每年增加161家。在美国，从保守到积极，代表多样化的投资目标的共同基金种类超过7300种。根据投资目标分类，共同基金就有33种类型。基金品种的不同，除了体现在投资对
美国共同基金数据十四
美国共同基金数据十四 交易所销售基金类型与数量 Exchange-Traded Funds: Number of Funds by Type of Fund Year Total INVESTMENT OBJECTIVE LEGAL STATUS Memo Equity Commodities2Hybrid Bond 1940 Act ETFs Non–1940 Act ETFs3 Domestic equity Global/ International Index Actively managed Funds of funds4 Broad-based Sector1 1993 1 1 - - - - - 1 - - - 1994 1 1 - - - - - 1 - - - 1995 2 2 - - - - - 2 - - - 1996 19 2 - 17 - - - 19 - - - 1997 19 2 - 17 - - - 19 - - - 1998 29 3 9 17 - - - 29 - - - 1999 30 4 9 17 - - - 30 - - - 2000 80 29 26 25 - - - 80 - - - 2001 102 34 34 34 - - - 102 - - - 2002 113 34 32 39 - - 8 113 - - - 2003 119 39 33 41 - - 6 119 - - - 2004 152 60 42 43 1 - 6 151 - 1 - 2005 204 81 65 49 3 - 6 201 - 3 - 2006 359 133 119 85 16 - 6 343 - 16 - 2007 629 197 191 159 28 5 49 601 - 28 - 2008 728 204 186 225 45 6 62 670 13 45 15 2009 797 222 179 244 49 5 98 727 21 49 23 2010 923 243 193 298 55 6 128 844 25 54 27
美国共同基金的业绩评估
美国共同基金的业绩评估 【发布时间】2000-8-17 -------------------------------------------------------------------------------- 美国等一些成熟市场国家，投资基金业之所以发达，一方面是因为基金自身运作规范，另一方面也是与其有较完整的业绩评估体系分不开的。 我国自《证券投资基金管理暂行条例》颁布以来，规范的证券投资基金逐渐建立、发展。但基金在二级市场的表现却始终差强人意，难以得到投资者的认同。笔者认为除我国投资者尚未形成成熟的信托意识外，缺乏证券投资基金业绩客观、公正的评估也是限制其发展的重要因素。美国是世界投资基金最为发达的国家，到1998年3月，美国的投资基金已逾1万多只，美国人投向共同基金的资金额平均每天高达17亿美元，平均每个交易日就有2．5个新基金问世。基金业绩评估也同债券评估、股票评估一起构成美国有价证券评估业的三位一体模式。目前，全美国也是全世界最著名的两家证券投资基金评估公司是晨星（MORNINGSTAR）评估公司和里普（LIPPER）评估公司，都分别形成一套完善的基金业绩评估体系，并定期向外公布基金的业绩数据和评估等级。本文主要以晨星为例，介绍美国证券投资基金业绩评估的方法和指标体系. 一、风险评估 风险评估是基金业绩评估的前提，晨星风险评估有两种方法，即晨星风险（morningstarrisk）和熊市评级（bearmarketratings）。 1、晨星风险 它是衡量基金收益率负向变动的指标，它认为基金收益率应该高于无风险收益率，如果低于无风险收益率，则发生风险，因此它只考虑基金收益率低于无风险收益率的情况。计算公式是： 每期损失率＝∑（收益率－无风险收益率）／N 其中，N表示计算时期，常用月份数来计算。同样的方法，我们可以算出某类基金的每期损失率，然后将单个基金的每期损失率除以其所在类别的该类基金的每期损失率，便得到晨星风险。举例来说，如果基金D的晨星风险为0．8，则表示基金D比同类基金的风险要
境内外基金发展历史 (2)
一、私募股权投资基金的历史沿革及现状 （一）境外私募股权投资基金发展概况 私募股权基金起源于美国。20世纪末，有不少富有的私人银行家通过律师、会计师的介绍和安排，将资金投资于风险较大的石油、钢铁、铁路等新兴产业，这类投资完全是由投资者个人决策，没有专门的机构进行组织，这就是私募股权基金的雏形。 现代PE产业先后经历了4个重要时期的发展。 1946～1981年的初PE时期，一些小型的私人资产投资以及小型企业对私募的接触使PE得到起步。 1982～1993年的第一次经济萧条和繁荣的循环使PE发展到第二个时期，这一时期的特点是出现了一股大量以垃圾债券为资金杠杆的收购浪潮，并在20世纪80年代末90年代初在几乎崩溃的杠杆收购产业环境下仍疯狂购买著名的美国食品烟草公司雷诺纳贝斯克（RJR Nabisco）中达到高潮。 PE在第二次经济循环（1992～2002年）中得到洗涤并经历了其第三个时期的进化。这一时期的初期也就是20世纪90年代初期逐渐浮现出一系列金融和经济现象，比如储蓄和贷款危机，内幕交易丑闻以及房地产业危机。这一时期出现了更多制度化的私募股权投资企业，并在1999～2000年的互联网泡沫时期达到了发展的高潮。 2003～2007年成为PE发展的第四个重要时期，全球经济由之前的互联网泡沫逐步走弱，杠杆收购也达到了空前的规模，从而使私募企业的制度化也得到了空前的发展。从2007年美国黑石集团（Blackstone Group）的IPO中我们可以得到充分的印证。 国际私募股权投资基金经过50多年的发展，成为仅次于银行贷款和IPO的重要融资手段。国际私募股权投资基金规模庞大，投资领域广阔，资金来源广泛，参与机构多样。西方国家私募股权投资基金占其GDP份额已达到4%～5%。迄今为止，全球已有数千家私募股权投资公司，黑石、KKR、凯雷、贝恩、阿波罗、德州太平洋、高盛、美林等机构是其中的佼佼者。 （二）中国私募股权投资基金发展概况 1、中国私募股权投资基金发展历程 第一阶段：起步阶段（1985~1997年） –第一家中外合资私募股权投资公司：中国科招高技术有限公司 –第一家跨国风投机构：美国数据集团技术创业投资基金(IDGVC) 第二阶段：第一次高速发展期（1998~2000年）
如何购买美国共同基金
作为全球规模最大、发展最为全面的基金市场，美国基金行业的一举一动都受到全球投资者的关注。知己知彼，百战不殆。关于美国的基金基础知识，投资者很有必要了解。那么，美国共同基金是什么如何购买美国共同基金？下面，金斧子小编就带大家一起来看看。 美国共同基金是什么？ 共同基金是信托基金的一种，在美国又称为投资公司（Investment Company），在香港一般翻译为互惠基金，台湾也是使用共同基金为翻译。在中国大陆，一般的投资者并不使用共同基金这个词汇，而是以投资基金，证券投资基金等词汇取代之，此种金融商品的产生利基点是建立在专业金融从业者的知识和信任之上而得以产生，由于一般大众不懂跨国投资外国金融商品的诸多法律和语言问题；也没有专业操盘的技术分析能力，所以支付一点手续费将钱交由有公信力金融机构的团队操盘，大众只需约略的选择投资标的和风险度即可。 共同基金是由基金经理的专业金融从业者管理，向社会投资者公开募集资金以投资于证券市场的营利性的公司型证券投资基金。共同基金购买股票、债券、商业票据、商品或衍生性金融商品，以获得利息、股息或资本利得。共同基金通过投资获得的利润由投资者和基金经理分享。
由于共同基金吸纳的是公众的资金且很大程度是建立在对金融机构的信任上运作，导致有一些蓄意诈骗或欺瞒的空间出现（例如：金融海啸时的麦道夫事件），各国政府都对其实施比较严厉的管制，其组建、信息披露、交易、资金结构变化和解散都受到法律法规限制，美国的管制尤其严格。 如何购买美国共同基金？ 1 确定您的风险承受能力。有几种不同类型的共同基金可用，每种都有不同的风险级别。即使你是一个相对保守的投资者，你仍然可能想增加一两个高风险基金。 多元化的共同基金一篮子可以满足您的整体优先风险，使您的投资组合能够体验到一些增长，而不仅仅是维护您的资本。 在您的整体投资账户中，您希望将至少5％的资产保留在现金中，以便您可以随时利用机会。 货币市场基金一般风险水平最低。股票型基金和债券型基金一般较高风险基金。目标日期基金投资组合，如果您有具体的退休日期，最好。 2 研究市场。在您开始购买共同基金股票之前，您需要充分了解可用资金类型，与这些资金相关的可能回报以及所涉费用。 您可以通过在互联网上阅读，特别是在美国证券交易委员会（SEC）网站上了解共同基金的情况，该网站规定共同基金。 您也可以通过下载互惠基金的完整消费者指南，这将引导您了解市场的所有细节，并提供明智的投资指导。
美国金融机构资产管理研究报告
美国金融机构资产管理研究报告 目录 美国金融机构资产管理研究报告 (1) 一．概述国外大型机构资产管理公司的历史与现状 (3) 1.1.2010年底数据一览 (4) 1.2.近年共同基金的变化趋势 (4) 1.3.股票共同基金 (5) 1.4.债券型基金及混合型共同基金 (6) 1.5.基金中的基金（Funds of Funds） (7) 1.6.指数型基金 (8) 1.7.货币市场基金 (9) 二．现阶段美国大型资产管理公司具体情况介绍 (10) 2.1．贝莱德集团（BlackRock） (10) 2.2．道富集团（State Street） (16) 2.3. 美国先锋集团（Vanguard Group） (19) 三．另类投资（Alternative Investment） (21) 3.1.对冲基金 (22) 3.2．私募股权 (24)
四．对我国券商资产管理的启示 (27) 4.1．我国券商资产管理现状 (27) 4.2. 中美资产管理业务比较分析 (27) 4.2.1. 资产管理组织结构设计 (27) 4.2.2. 资产管理业务收入结构 (28) 4.3. 国外资产管理创新对我国证券公司的启示 (28) 参考文献 (30)
一．概述国外大型机构资产管理公司的历史与现状从全球角度上看，资产管理行业是所有金融服务行业中规模最大和发展最快的。而各个国家对资产管理机构的划分和称呼都不尽相同。 以美国为代表的现代投资体系中，又以投资银行最具代表性，投资银行常常是一个大的金融集团，其作用大于或等于我国的证券公司，通过设立共同基金（mutual funds）、保险公司等进行资产管理；而我国的证券公司和基金公司是相对独立的机构，投资基金和养老基金所占比例明显低于国际水平。 资产管理在美国是指券商接受客户资产委托而代其投资，券商选择资产类型（股票、债券或房地产）、决定投向以及何时买卖。券商为客户开设资产管理帐户，这些帐户既可以单独设立，实行专户管理，也可以加以汇总，通过共同基金或混合基金在美国共同基金则并不仅仅局限于基金，其中也包括其他的投资方式。 随着美国金融资产逐步向个人集中，同时个人金融资产结构变化显著，银行存款大幅减少，证券投资大幅增加，其中又以共同基金占主体的信托投资增幅最大。 作为国外资产管理产业最主流的投资产品，以美国为例，据美国投资公司协会（ICI）统计，49%的美国家庭持有共同基金，约76%的共同基金资产被个人投资者持有。然而，在上世纪90年代末大量的资产管理产品作为共同基金的替代物涌现，它们在许多方面具有共同基金的特性，因而给共同基金的发展带来了严重威胁。这些产品包括：交易所交易基金（ETF）、管理账户、组合投资计划、综合性选择等。其中又以交易所交易基金发展尤为迅速。在过去的十年交易所交易基金资产从660亿美元增长至9920亿美元，成为投资类公司投资最热门的投资项目之一。目前ETF所包含的种类已有主动式管理基金，大宗商品投资，债券以及其他多种形式。 下面就以美国投资公司协会（Investment Companies Institute）的数据来进行简要分析，ICI是美国的各类型投资公司的官方协会，其成员包括了注意的资产管理公司及大型金融机构的资产管理部门。 数据显示，多达四分之一以上的美国公司的股权掌控在投资公司的手中：
美国历史上赔偿额最高的审计案例-共同基金管理股份有限公司审计案例
美国历史上赔偿额最高的审计案例－共同基金管理股份有限公司审计案例审计案例介绍 共同基金管理股份有限公司(简称共同公司)规模大约5亿美元左右，公司老板是科恩福德。 麦坎迪·金(简称金氏)是金氏资源公司(简称金氏公司)的老板，也是一个亿万富翁。 1968年初，科恩福德与金氏开始合作，达成了阿加布尔科协议，即共同公司将向金氏公司购买石油和天然气产业，并设立自然资源资本帐户(简称资源帐户)来专门管理这些投资。尽管双方并未签署任何正式的合同契约，但在共同公司董事会会议记要中已清楚地记录下，“金氏公司将为计划中的自然资源资本帐户提供自然资源产业，并以正常的价格予以结算，这些销售价格将比给2百多位工业界或其他行业的买主的价格更为优惠”。共同公司的一位经理也证实了该协议的核心内容，即金氏公司将以成本价向共同公司出售自然资源产业，成本价中包含取得该产业时发生的管理费用及合理的利润率，这些利润率一般约为7一8%。 最初，科恩福德同意从金氏公司那里购买价值约1千万美元的石油和天然气产业。然而到1969年底，花言巧语的金氏说服了共同公司的管理人员，从他的公司购买了价值约1亿多美元的石油和夭然气产业。不幸终于降到了共同公司股东们的头上。金氏在这些交易中，并没有履行阿加布尔科协议。根据后来的法庭调查，金氏经常买进廉价的石油和天然气产业，然后以高昂的价格出售给共同公司，有时价格其至超过原始成本的30倍。几年后，股价的持续下跌以及金氏公司售给共同公司的劣质自然资源，迫使庞大的共同公司陷入了破产境地。共同公司的清算引起了一场大规模的民事诉讼纠纷。其中的主要被告之一就是安达信会计师事务所。他们曾经同时为共同公司和金氏公司提供审计服务。起诉安达信会计师事务所的人是共同公司破产清算的托管人约翰·俄尔，他是塔奇·罗斯会计师事务所的合伙人。约翰控告安达信会计师事务所没有向共同公司的管理人员披露该公司一直被金氏公司所欺诈的信息。当审判结果揭晓时，安达信会计师事务所成为美国有史以来，针对会计师事务所的最高赔偿额的受害者。 一、安达信会计师事务所与共同公司和金氏公司的双重关系 安达信会计师事务所的三个办事处参加了与共同公司有关的年度财务报表审计业务。日内瓦办事处根据共同公司的规模、特点以及复杂性，对其审计给予了特别的注意。纽约办事处负责签订审计业务委托书。并为共同公司的年度财务报表签署审计报告，对审计结果承担责任。丹佛办事处在共同公司审计中扮演了重要的角色。其审计人员每年按纽约办事处合伙人的要求，实施广泛的审计程序以证实资源帐户年末余额的准确性.另外，丹佛办事处也对总部设在丹佛的金氏公司进行审计。不仅如此，负责金氏公司审计的合伙人和高级经理同时也负责监督共同公司的资源帐户的审计。 共同公司破产托管人对安达信会计师事务所诉讼案中提出的一个关键问题就是，该事务所是否知道共同公司从金氏公司购买产业时，支付了过高的价格。法庭收集的证据表明，安达信会计师事务所丹佛办事处的审计人员的确知道共同公司的资源帐户实际上是由金氏公司管理。审计工作底稿上也曾特别注明，金氏公司有为资源帐户“购买石油和天然气产业的绝对自由处理权”。 丹佛办事处还有查阅金氏公司卖给共同公司自然资源产业成本以及边际利润等有关资料的完全自由。诉讼案中另一个有关的重大问题是，安达信会计师事务所的审计人员到底是何时才知道共同公司以高价向金氏公司购买石油和天然气产业的。安达信会计师事务所给共同公司的1968年度财务报表签发审计报告的时间是1969年2月5日。 因此，法庭特别想弄清到这天为止，事务所对两家公司间自然资源产业交易的价格情况，到底知道些什么?诉讼案中牵涉的最后一个问题是，安达信会计师事务所知悉并卷入了
美国共同基金数据十五
美国共同基金数据十五 交易所买卖基金：净发行基金类型(百万美元) Exchange-Traded Funds: Net Issuance by Type of Fund Millions of dollars, annual 年度Year 总计 Total INVESTMENT OBJECTIVE LEGAL STATUS Memo Equity Commodities2Hybrid Bond 1940 Act ETFs Non–1940 Act ETFs3 Domestic equity Global/ International Index Actively managed Funds of funds4 Broad-based Sector1 1993 $442 $442 - - - - - $442 - - - 1994 -28 -28 - - - - - -28 - - - 1995 443 443 - - - - - 443 - - - 1996 1,108 842 - $266 - - - 1,108 - - - 1997 3,466 3,160 - 306 - - - 3,466 - - - 1998 6,195 5,158 $484 553 - - - 6,195 - - - 1999 11,929 10,221 1,596 112 - - - 11,929 - - - 2000 42,508 40,591 1,033 884 - - - 42,508 - - - 2001 31,012 26,911 2,735 1,366 - - - 31,012 - - - 2002 45,302 35,477 2,304 3,792 - - $3,729 45,302 - - - 2003 15,810 5,737 3,587 5,764 - - 721 15,810 - - - 2004 56,375 29,084 6,514 15,645 $1,353 - 3,778 55,021 - $1,353 - 2005 56,729 16,941 6,719 23,455 2,859 - 6,756 53,871 - 2,859 - 2006 73,995 21,589 9,780 28,423 8,475 - 5,729 65,520 - 8,475 - 2007 150,617 61,152 18,122 48,842 9,062 $122 13,318 141,555 - 9,062 - 2008 177,220 88,105 30,296 25,243 10,567 58 22,952 166,372 $281 10,567 $107 2009 116,469 -11,842 14,329 39,599 28,410 15 45,958 87,336 724 28,410 237
全方位透视美国的共同基金
全方位透视美国的共同基金 武汉科技大学文法与经济学院董登新（教授） 美国不仅有世界最大的股市、债市，更有世界最大的基金市场。规模庞大而高度发达的基金市场，既是美国证券市场的中流砥柱，也是美国家庭与中小投资者的福音。同时，它也是世界各国基金市场学习与借鉴的模板。 一、美国共同基金的总体规模与现状 基金业规模的大小，将直接影响其在证券市场中的地位与作用。一国基金业规模的大小，主要有两个衡量标志：一是与本国上市股票只数比较，看证券投资基金能否有足够的能量来主导和稳定股市；二是与商业银行总资产比较，看基金业从银行分流储蓄以及参与个人信托理财的竞争能力。 截止2007年1月底，全美共同基金总计8125只，净资产总额为10. 567万亿美元。此外，2006年底，全美500多只封闭式基金总资产为2 983.2亿美元。本文将主要介绍美国的开放式基金——共同基金。（以下所称“基金”均指共同基金，不包括封闭式基金） 从基金只数来看，美国的基金数量超过了全美上市公司的股票只数，而且是我国全部基金只数的27倍，其中，开放式基金只数是我国的30倍，封闭式基金只数是我国的10倍。
再从基金净资产规模来看，2007年1月底，全美商业银行总资产为9.75万亿美元，而全美基金净资产却已超过10万亿美元。也就是说，美国基金业净资产总额超过了其商业银行总资产，同时，这一数字也差不多是我国全部基金净资产的100倍。 二、美国共同基金的供给结构与行业集中度 “证券组合”与“风险分散”是基金投资最主要的特点之一，它不仅可以在同一市场上选择不同的证券进行“组合”，而且还可以在世界各大投资市场之间选择不同市场的证券“组合”。同时，为了满足不同的投资者财务目标的要求，基金品种的供给还应该满足投资者多样化的需要。 表一：2007年1月底美国共同基金分布结构
2016年度美国基金业发展报告
2016年度美国基金业发展报告 【摘要】美国投资公司协会（ICI）2017年中发布了《2016年度美国投资公司[1]发展报告》（Fact Book），分析了基金行业现状及发展趋势。本文对该报告中美国基金业整体情况及发展情况相关章节做了摘译整理。 截至2016年末，美国注册投资公司为9400万美国投资者管理着19.2万亿美元资产，占美国家庭金融资产的22%。美国基金业构成了美国股票、市政债券市场、商业票据主要的投资群体，在经济发展与全球金融市场中扮演着重要角色。 2016年全年美国投资公司行业资产管理规模增长约1.1万亿,资产管理规模继续排名全球第一，行业整体发展趋势仍然向好。在过去一年，受指数化趋势和监管因素的影响，共同基金规模加剧流失2290亿，形成鲜明对比的是ETF的资金净流入达到了接近历史记录的2840亿美元。同时，由于规模经济效应以及日趋激烈的行业竞争等因素的影响，美国共同基金的费率持续走低，股票型基金的加权平均费率降至0.63%。 共同基金除费率的变化外，持有人情况也呈现出以下三点特征：一是个人投资者资产占比近90%，家庭投资者数量超5千5百万；二是投资渠道多样化，主要以退休计划为主；三是机构投资者过半数投资了货币市场基金。 此外，共同基金继续维持其在退休储蓄中的主要地位：在缴费确定型退休计划（DC）中共同基金的资产占55%；在个人退休账户（IRA）中共同基金的资产占47%[2]。养老金主要投向权益类资产，而目标日期基金和生活方式基金是近年来最受欢迎的养老金产品。 【正文】 一、2016年美国投资公司总体情况 （一）2016年行业资产管理规模增长过万亿 2016年底，美国投资公司[3]管理了19.2万亿美元的资产，较2015年增加约1.1万亿美元。基金资产中包括56%的股票基金，22%的债券基金，货币基金、混合基金以及其他基金构成余下的22%。 美国共同基金和ETF市场继续以18.9万亿美元规模位居全球首位，占全球的47%。
美国投资基金业结构：演变与启示
美国ICI将共同基金划分为股票基金、混合基金、债券基金和货币市场基金四大类型。以各类基金占基金资产总额比例为指标的基金产品结构一直在不断地发生变化。 美国投资基金业结构：演变与启示 北京大学光华管理学院李正强 美国的投资基金业在全球投资基金市场上占据了霸主地位，截止2004年1月底，其资产规模已达约7.5万亿美元，超过全球投资基金市场的60％1。分析美国投资基金市场的结构及其演变，对于新兴市场有着重要意义。本文将在对美国基金的组织结构、产品类型结构以及销售体系结构等方面演变情况分析的基础上，得出几点启示。 美国基金业的组织结构类型 总的来看，美国投资基金业的组织结构在过去几十年变化不大，其投资基金业始源于封闭式基金；开放式基金自1944年超过封闭式基金并逐步取得统治地位，但封闭式基金目前依然存在；而从1993年以来，一种新的基金形式即交易所交易的基金（ETF）开始出现，并得到了快速发展。 一、封闭式基金目前依然存在，资产规模还在增长 1、在1944年以前,封闭式基金占主导地位；开放式基金的主导地位在二十世纪六十年代以后才确立：美国的投资基金业始源于封闭式基金，第一只封闭式基金即纽约股票信托（New Y ork Stock Trust）成立于1889年，比英国第一只基金成立时间（1868年）约晚21年。据美国证监会1938年的调查2，到1921年，封闭式基金已有40只；1资料来源：美国投资公司协会网站（ICI） 2美国证监会曾在1935－1938年间对投资基金进行了一次全面的调查，所形成的报告被认为催生了1940 年《投资公司法》。
1926年（即美国第一只开放式基金诞生后的第3年），基金数量为139只，开放式基金仅为3只；1929年，美国全部基金数量265只，净资产约70亿美元，开放式基金仅占5％左右。1929年美国股市大危机以后，由于封闭式基金不能持续地向投资者发行股份、不能按照基金资产随时买回基金份额以及开始出现的折价交易，投资者失去了对其宠爱，从而开放式基金获得了较快发展，其占基金资产的比例不断上升。据SEC 1962年的估计，开放式基金净资产比例在1932年为9％，到1936年则增加为34％，但直到1944年，开放式基金净资产规模才超过封闭式基金；到1966年6月30日，开放式基金资产净值已占基金净值的80％以上，取得统制地位。到目前，开放式基金占全美投资基金业资产净值的99％左右，封闭式基金占1％左右。 2、封闭式基金资产规模还在上升 封闭式基金作为一种理财工具并未消失，资产规模尽管不像开放式基金那样飞速增长，但在普遍长期存在大幅折价交易的情况下，不管是基金数量、还是净资产规模总体上依然保持着上升趋势。根据ICI的统计，截至2002年底，封闭式基金562只，净资产规模约为1564亿美元；2003年第三季度末，封闭式基金575只，净资产规模2029.2亿元，约为1990年的39倍。表1列示若干年份封闭式基金数量、资产规模以及结构的变化情况。 3、封闭式基金以债券市场基金为主：从封闭式基金投资组合来看，最近十几年，封闭式基金主要以美国国内债券市场为投资对象，以2002年年末为例，美国国内债券封闭式基金净资产为1228.54亿