A class of mutual fund shares that employees of the fund's management company are allowed to own. Employees may have the option of buying Z-shares or receiving them as a part of compensation or a reward package. While Z-class shares would be sold at the current net asset value, firms may match the amount of shares purchased to act as a bonus for employees. For example, an entry-level accountant working for a mutual fund firm may purchase 100 shares of the firm's total market mutual fund; the firm may then give the accountant an additional 100 shares.Employees gain the advantage of receiving an asset that will benefit their own retirement-planning purposes (perhaps with the prospect of receiving bonus shares), whereas employers benefit from possibly fostering better long-term loyalty from the employee.
英文名称：Balanced Fund 中文名称：平衡基金一种均衡投资于债券和股票、货币市场等风险程度不同的金融产品，以求既获得稳定收益，又能捕捉成长机会的基金。e.g. Huaxia global selected stock fund and Southern global enhanced balanced fund.A fund that combines a stock component, a bond component and, sometimes, a money market component, in a single portfolio. Generally, these hybrid funds stick to a relatively fixed mix of stocks and bonds that reflects either a moderate (higher equity component) or conservative (higher fixed-income component) orientation. A balanced fund is geared toward investors who are looking for a mixture of safety, income and modest capital appreciation. The amounts that such a mutual fund invests into each asset class usually must remain within a set minimum and maximum. Although they are in the "asset allocation" family, balanced fund portfolios do not materially change their asset mix. This is unlike life-cycle, target-date and actively managed asset-allocation funds, which make changes in response to an investor's changing risk-return appetite and age, or overall investment market conditions.
英文名称：Back-end Load 中文名称：后端收费申购基金的申购费，不必在申购之时支付，而是在赎回时支付。由于收费行为在整个申购活动的末期进行，因此被称为后端收费。通常，基金持有时间越长，则申购费率越低。e.g. Theoretically, one could jump over this hurdle by investing in a small-cap no-Load mutual fund that charges no redemption fee or back-end load for a trade lasting a month or less.A fee (sales charge or load) that investors pay when selling mutual fund shares within a specified number of years, usually five to 10 years. The fee amounts to a percentage of the value of the share being sold. The fee percentage is highest in the first year and decreases yearly until the specified holding period ends, at which time it drops to zero. Also known as a "contingent deferred sales charge or load." The back-end load is a type of sales charge that is used with mutual funds that have share classes, which in this case are identified as Class-B shares. Class-A shares charge a front-end load, which is taken from an investor's initial investment. Class-C shares are considered to be a type of level-load fund - no front-end and low back-end loads, but the fund's operating expenses are high. In all cases, the load is paid to a financial intermediary, and is not included in a fund's operating expenses.In essence, funds with share classes carry sales charges (as opposed to no-load funds). The class you choose is what determines how much and when you pay. In employer-sponsored retirement plans, the loads are generally waived.
英文名称：Blend Fund 中文名称：混合基金混合型基金是指同时以股票、债券和货币市场工具为投资对象的基金。A category of equity mutual funds with portfolios that are made up of a mix of value and growth stocks.This is also referred to as a "hybrid fund". A blend mutual fund has its origins in the graphical representation of a fund's essential characteristics in an equity style box, which was created and popularized by the investment research firm, Morningstar, Inc. A style box for stocks contains nine squares. The vertical axis is divided into three categories, which represent company size - large, medium, and small - as determined by a fund's market capitalization. The horizontal axis is also divided into three categories based on the stocks in a fund's stock portfolio: value, value/growth blend and growth stocks.As such, there are three versions of a stock blend fund, which would be differentiated simply by company size.
英文名称：Beta 中文名称：β值／贝塔系数评估一种证券系统性风险的工具，用以量度证券或投资证券组合相对总体市场的波动性。贝塔系数利用回归的方法计算：贝塔系数为1，即证券的价格与市场同幅度地变动；贝塔系数高于1，即证券价格的波动性比市场高；贝塔系数低于1，即证券价格的波动性比市场低。A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Beta is used in the capital asset pricing model (CAPM), a model that calculates the expected return of an asset based on its beta and expected market returns..Also known as "beta coefficient". Beta is calculated using regression analysis, and you can think of beta as the tendency of a security's returns to respond to swings in the market. A beta of 1 indicates that the security's price will move with the market. A beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 indicates that the security's price will be more volatile than the market. For example, if a stock's beta is 1.2, it's theoretically 20% more volatile than the market. Many utilities stocks have a beta of less than 1. Conversely, most high-tech Nasdaq-based stocks have a beta of greater than 1, offering the possibility of a higher rate of return, but also posing more risk.
英文名称：Capital Appreciation Fund 中文名称：资本升值基金旨在通过投资公司股票，并通过股票价格上涨实现资本升值的基金。e.g. Amid concerns of an economic slowdown, Federated Investors capital appreciation fund still sees growth opportunities in energy, defense and consumer staples.A mutual fund that attempts to increase asset value primarily through investments in growth stocks. The heavy investment in growth stocks increases the risk associated with these types of funds. Also called "aggressive growth fund".As its name suggests, a capital appreciation fund seeks to deliver value to shareholders by investing in companies with appreciating share prices.This type of fund is the exact opposite of an income or dividend fund, which focuses on investing in companies that pay shareholders a dividend. In addition to risk tolerance, something else to consider when analyzing these different types of funds is the fact that capital gains are usually taxed lower than interest income.
英文名称：Crossover Fund 中文名称：交叉基金既可以投资于上市公司股票又可以投资于非上市公司股票的投资基金。An investment fund that has investment holdings in both public and private equity. This is to say that it invests in companies that are traded publicly, and in companies that are privately held. To find out if a fund is a crossover fund, simply look at the general investments that it makes, either by examining its holdings, or by looking at the fund's prospectus. If you realize the fund does hold both public and private equity, then that particular fund is indeed a crossover fund. These funds are typically high yield/high growth funds.
英文名称：Closed-end Fund 中文名称：封闭式基金指经核准的基金份额总额在基金合同期限内固定不变,基金份额可以在依法设立的证券交易场所交易,但在基金合同期限内基金份额持有人不得申请赎回的基金。eb1619e81e59668d2db8098284f6daa5e.g. The majority of closed-end funds use leverage to enhance returns, and many of them borrowed that leverage in the auction-rate market, which is now effective in liquidation.A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). The fund is then structured, listed and traded like a stock on a stock exchange.Also known as a "closed-end investment" or "closed-end mutual fund." Despite the name similarities, a closed-end fund has little in common with a conventional mutual fund, which is technically known as an open-end fund. The former raises a prescribed amount of capital only once through an IPO by issuing a fixed number of shares, which are purchased by investors in the closed-end fund as stock. Unlike regular stocks, closed-end fund stock represents an interest in a specialized portfolio of securities that is actively managed by an investment advisor and which typically concentrates on a specific industry, geographic market, or sector. The stock prices of a closed-end fund fluctuate according to market forces (supply and demand) as well as the changing values of the securities in the fund's holdings.
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