Learning resources

Knowledge about investment funds and financial instruments can assist in selecting the most suitable fund for your needs.

Investment fund

Not all individuals possess the expertise of financiers or stock market professionals, yet everyone has the potential to become a great investor. Such a principle forms the operational foundation of investment funds, facilitating investors to allocate their focus to personal or professional pursuits while entrusting the management of assets to the funds. Dating back to the 18th century, the inception of the world's first investment fund's objective was to diversify investors' risks. Subsequently, various types of investment funds have emerged to cater to the diverse needs and preferences of investors, offering distinct levels of risk and potential returns.

Fist mutual fund in 1924

The concept of mitigating risk through the consolidation of funds from numerous investors into a single fund was initially conceived in England in 1868. However, the inception of the contemporary mutual fund occurred in 1924 in the United States. The fund is now called MFS Investment Management and has become open  to the investing public in 1928.

First private fund in 1946

Following the World War II in 1946, the two venture capital firms, American Research and Development Corporation and J.H. Whitney & Company Foundations, were founded. This marked the beginning of contemporary private funds. These funds received strategic backing from the U.S. government, aimed at addressing the economic challenges prevalent in the aftermath of World War II.

Investment products

Equity
Bonds
ETFs
Money market
Derivatives

Equity

Equity investment is purchase of shares or ownership stakes in companies, often in the form of common stock or preferred stock. Equity investors acquire ownership in the company and become shareholders, entitling them to a portion of the company's profits in the form of dividends and potential capital appreciation as the company grows.

It is one of the primary asset classes in a diversified investment portfolio and offers potential for higher returns compared to fixed-income investments like bonds. However, equity investments also carry higher risk due to the volatility of stock prices and the uncertainty of future earnings.

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Investment opportunity

A high potential for generating income through the appreciation of share prices and dividends.

Risk level

Share prices may fluctuate based on company performance, market conditions, and economic conditions.

Primary advantage

Direct ownership

Contribute meaningfully to the company's performance.

Growth potential

Stocks have outperformed other asset classes such as bonds over the long term.

Liquidity

The majority of stocks are traded on public exchanges, facilitating convenient buying and selling processes.

Diversification

Diversifying investments in stocks across various sectors can mitigate risk and enhance portfolio stability.

Areas of caution

Instability

Given the potential for substantial fluctuations in stock prices, it is advisable to avoid behavioral biases and adopt a long-term investment approach.

Market risk

All stocks can be influenced by the overall performance of the market, regardless of the companies' performance.

Company risk

Each company faces unique business risks and challenges that may impact its stock price

Bonds

Bond investments involve purchasing debt securities issued by governments, municipalities, corporations, or other entities. When an investor buys a bond, they are essentially lending money to the issuer in exchange for regular interest payments (known as coupon payments) and the return of the principal amount at maturity.


Investment opportunity

Bonds typically have fixed interest rates and maturity dates, providing investors with predictable income streams and defined investment horizons. Bond investments are considered safer and less volatile than stocks, making them popular among conservative investors seeking income and capital preservation.

Risk level

The risk profile varies according to bond type. Government bonds, particularly those from developed nations, tend to have lower risk, whereas corporate and emerging market bonds pose higher levels of risk. Bond prices are significantly impacted by factors such as interest rates, inflation, economic cycles, and the creditworthiness of the issuer.

Primary advantage

Income generation

Bonds usually pay fixed interest and provide a predictable stream of income.

A variety of options

Bonds comprise a diverse range of types, such as government, municipal, corporate, and international bonds, prviding optailored to different risk appetites and investment strategies.

Capital preservation

Low-risk bonds, such as government bonds, are regarded as a secure means of capital preservation.

Diversification

Bonds generally exhibit an inverse relationship to stocks, thus incorporating bonds into a portfolio mitigates the volatility associated with stocks.

Areas of caution

Interest rate risk

When interest rates rise, bond prices typically fall, making long-term bonds more sensitive to interest rate changes.

Credit risk

Pertains to the possibility of the bond issuer failing to meet interest or principal payments. Bonds with higher ratings (AAA, AA) generally exhibit lower credit risk compared to those with lower ratings (BB, B, and junk bonds).

Liqudity risk

Certain bonds, especially high-yield bonds or those in emerging markets, may lack liquidity, posing challenges in quickly selling them at market value.

Inflaton risk

Inflation represents the risk that the purchasing power of future bond payments will decrease.

Exchange-traded fund (ETF)

ETFs are investment funds that trade on stock exchanges, offering investors exposure to diversified portfolios of stocks, bonds, commodities, or other assets in a single security. ETFs are bought and sold throughout the trading day at market prices, providing liquidity and flexibility to investors. ETFs are typically passively managed, seeking to replicate the performance of a specific index or asset class, although some ETFs may be actively managed. With low expense ratios, tax efficiency, and transparency of holdings, ETFs have become popular investment vehicles for individual and institutional investors seeking diversified exposure to various markets and investment strategies.

Investment opportunity

ETFs provide a possibility to gain exposure to various asset classes, sectors, or investment strategies, thereby potentially benefiting from diversification, liquidity, and cost-effectiveness.

Risk level

The level of risk associated with an ETF is contingent upon its specific structure. Equity-based ETFs, resembling stocks, have a comparable degree of risk, whereas bond-based ETFs generally exhibit lower risk. Unconventional security ETFs, including those focused on commodities or emerging markets, may present distinct risk profiles.

Primary advantage

Transparency

The majority of ETFs provide daily reports of their holdings, offering transparency into their asset allocation strategies.

Low fees

ETFs have lower expense ratios than mutual funds, making them an efficient way to invest in a diversified portfolio.

Flexibility and liquidity

ETFs are traded like stocks on major exchanges, allowing investors to buy and sell their shares at market prices throughout the trading day.

Diversification

ETFs mitigate risk by diversifying holdings across a range of assets and investing in multiple securities.

Areas of caution

Market risk

Similar to stocks, ETFs are exposed to market risk. The value of an ETF can fluctuate based on the performance of its underlying assets.

Tax efficiency

ETFs typically incur higher taxes compared to mutual funds. However, it is crucial to understand the potential tax implications relative to your investment strategy and turnover rate.

ETF types

Equity ETF

Invests in specific indexes, such as the S&P 500, or sectors, such as technology or healthcare.

Fixed-income ETF

Invests in a variety of fixed income securities, providing a consistent income stream.

Thematic/special ETFs

Invests with a focus on specific themes or strategies, such as ESG (Environmental, Social and Governance), robotics, and blockchain.

Commodity ETF

Invests in physical commodities, commodity futures contracts, or commodity-related equities. Commodities include, but are not limited to, gold, oil, and agricultural products.

International ETF

Provides access to developed and developing foreign markets.

Money market instruments

Money market instruments are short-term debt securities with high credit quality and low risk. They are often used by investors seeking safety and stability for their cash holdings while earning a modest return.

Investment opportunity

Money market instruments are characterized by their short maturity, high liquidity, and low risk of default, making them suitable for investors seeking stability and capital preservation for their cash reserves. They play a crucial role in the overall functioning of financial markets by providing a source of short-term funding for borrowers and a safe haven for investors.

Risk level

Money market instruments carry relatively low risk compared to other investments, but they are not entirely risk-free. Investors should carefully assess their risk tolerance, investment objectives, and time horizon before allocating capital to these securities.

Primary advantage

Liquidity

Money market instruments are highly liquid, allowing investors to convert money quickly with less price volatility.

Stability

They offer stable and low-risk capital appreciation relative to equity or long-term debt instruments

Short-term investment

Suitable for short-term investment objectives, such as emergency funds or achieving short-term financial goals.

Income generation

Despite yielding lower returns compared to alternative asset classes, it can offer a consistent source of income through interest payments.

Areas of caution

Low returns

Money market instruments provide comparatively lower returns than stocks or bonds, thus implying reduced risk.

Inflation risk

Low yields may not adequately offset inflation, potentially leading to a decline in purchasing power over time.

Market risk

There is a low solvency risk for the issuer, particularly concerning commercial papers or other unsecured instruments.

Interest rate sensitivity

Money market instruments' value may be influenced by fluctuations in interest rates, however given their short duration, the effect is typically minimal.

Money market instrument types

Short-term government securities (Treasury bills)

Short-term government securities, with maturities spanning from several days to 52 weeks, are widely regarded as among the safest investment options.

Certificate of Deposit

Bank-issued time deposits with fixed terms and interst rates.

Commercial paper

Short-term, unsecured securities issued by corporations, typically utilized to finance short-term needs.

Repurchase Agreement (Repo)

Short-term loans extended to traders dealing in government securities.

Derivatives

Derivatives are financial instruments whose value is derived from the value of an underlying asset, index, or reference rate. Derivatives can be complex financial instruments that carry inherent risks, so they are not suitable for all investors. Investors considering buying derivatives should thoroughly understand the risks involved, have a clear investment objective, and consider consulting with a financial advisor or professional before engaging in derivatives trading.

Investment opportunity

Derivatives can be used for risk management, portfolio diversification, and enhancing returns, but they also carry risks, including counterparty risk, liquidity risk, and market risk. As such, derivatives trading is typically conducted by sophisticated investors, institutions, and professional traders who have a deep understanding of financial markets and risk management techniques.

Risk level

Derivatives can involve complexity, and the use of leverage can amplify both profits and losses, leading to increased risk. The level of risk is contingent upon the derivative type, underlying asset, and prevailing market conditions. Engaging in such securities necessitates a thorough comprehension of the market dynamics and specific derivative contracts.

Primary advantage

Risk management

Derivatives can be used to hedge against changes in the price of the underlying asset and reduce the risk of loss in an investment portfolio.

Increase returns

Potential for higher returns through forecasting future market price trends.

Access to assets that are difficult to trade.

Some derivatives allows to invest indirectly in assets that are difficult or expensive to invest in directly.

Leverage

Derivatives typically require a relatively small initial investment (margin) to maximize potential returns.

Areas of caution

Complexity

Understanding the terms and risks associated with derivative contracts can be difficult.

Leverage risk

While leverage increases returns, it can also increase losses and cause rapid loss of asset value.

Market risk

Derivative values are sensitive to changes in the underlying asset  and are inherently unpredictable.

Counterparty risk

Refers to the risk that the other party involved in a derivative contract may fail to meet its contractual obligations.

Derivative types

Options

An option is a financial contract that provides the buyer with the right, but not the obligation, to buy or sell an underlying asset at a specified price within a predetermined period.

Forwards

A forward contract is a private agreement between two parties to buy or sell an asset at a specified price on a future date.

Futures

A futures contract is a standardized agreement to buy or sell a specified asset at a predetermined price on a specified date in the future, traded on an exchange.

Swaps

A swap is a financial contract between two parties to exchange cash flows or other financial instruments according to predefined conditions.

Багцын удирдлага

Манай компани хөрөнгө оруулалтын актив удирдлагыг ашигладаг бөгөөд зах зээлээс давсан өгөөжийг бий болгох зорилготой.Үүний тулд үнэт цаасны нарийн шинжилгээг гүйцэтгэж, хөрөнгө оруулалтын үнэ цэнийг нэмэгдүүлэхэд онцгой анхаардаг.

БАГЦЫН АКТИВ
УДИРДЛАГА

Тодорхой жишиг хөрөнгө оруулалтын багц эсвэл индексийн өгөөжийн гүйцэтгэлийг давах зорилгоор санхүүгийн хэрэгслийг худалдан авах, худалдах шийдвэрүүдийг тогтмол /давтамж өндөртэй/ гаргах стратегийг идэвхтэй хөрөнгө оруулалтын стратеги гэнэ.

Өндөр гүйцэтгэлтэй ажиллах боломжтой

Уян хатан шийдвэр гаргалт, зах зээлийн аливаа өөрчлөлтөд дасан зохицох боломж өндөр

Туршлага болон судалгааны чанараас хүчтэй хамааралтай

Шимтгэл, гүйлгээ, татварын зардал харьцангуй өндөр гарах боложтой

Шийдвэр гаргагчийн алдаа нөлөөлөх боломж өндөр

БАГЦЫН ПАССИВ УДИРДЛАГА

Тодорхой жишиг хөрөнгө оруулалтын багц эсвэл индексийн өгөөжийн гүйцэтгэлийг дагах зорилгоор ижил багц үүсгэх эсвэл биржээр арилжаалагддаг сан /ETF/-гийн нэгж эрхийг худалдан авах стратегийг идэвхгүй хөрөнгө оруулалтын стратеги гэнэ.

Уян хатан шийдвэр гаргалт, зах зээлийн аливаа өөрчлөлтөд дасан зохицох боломж бага

Тараан байршлуулалт хийгдсэн. Тогтвортой хэдий ч өндөр өгөөж хүртэх боломж бага

Шимтгэл, гүйлгээ, татварын зардал харьцангуй бага гарах боложтой

Шийдвэр гаргагчийн нөлөөлөх боломж бага

Зах зээлийн уналттай эсвэл хөөрсөн үед зах зээлийн гүйцэтгэлийн ижил үр дүнг хүртэнэ.

Актив ба пассив удирдлага

Актив удирдлага
Пассив удирдлага
ХУВИЙН сан
хамтын сан

Хөрөнгө оруулагчид

Санхүүгийн тодорхой мэдлэгтэй цөөн тооны мэргэжлийн байгууллага эсвэл чинээлэг хувь хүмүүст зориулсан сан. Эдгээр хөрөнгө оруулагч нь санхүүгийн хөрөнгөнүүдийн эрсдэлийг ойлгодог, даах чадамж байх нь тохиромжтой.  

Олон нийтэд нэгж эрхээ санал болгодог.

Арга барил

Хамтын сантай харьцуулахад хууль эрх зүйн орчны зохицуулалт багатай тул олон төрлийн стратеги ашиглан төрөл бүрийн хэрэгсэлд хөрөнгө оруулдгаараа онцлогтой.

Хувийн сантай харьцуулахад хууль эрх зүйн орчны зохицуулалт ихтэй. Цөөн тооны хэрэгсэлд хөрөнгө оруулдаг.

Хөрвөх чадвар

Хөрөнгө оруулалтаа буцаан татах тохиолдолд гэрээнд заасан хөрөнгө оруулалтаа түгжих доод хугацаатай байдаг. Тиймээс хамтын сантай харьцуулахад хөрвөх чадвар сул гэж үздэг.

Нэгж эрхээ буцаан санд худалдах боломж, бирж дээр арилжаалах боломжтой байдаг учраас хөрвөр чадвар өндөр гэж үздэг.

Хамтын нээлттэй сан
Хамтын хаалттай сан
Онцлог

Эрэлтийн хэмжээгээр нэгж эрхээ гаргадаг бөгөөд нэгж эрхээ эргүүлэн худалдан авах үүрэг хүлээдэг.

Сан үүсгэн байгуулахад нэгж эрхийг олон нийтэд худалдах бөгөөд түүнээс хойш сангийн үйл ажиллагаа явуулах хугацаа дуусах хүртэл, нэгж эрхээ эргүүлэн худалдан авах үүрэг хүлээдэггүй.

Хөрвөх чадвар

Сан нэгж эрхээ эргүүлэн худалдан авах үүрэг хүлээдэг тул хөрвөх чадвар өндөр.

Сангийн нэгж эрхийг биржээр дамжуулан худалдах боломжтой хэдий ч биржийн арилжааны идэвх сул тохиолдолд хөрвөх чадвар мууддаг.

Өгөөж

Хөрвөх чадвартай байх шаардлага үүсдэг учраас хаалттай сангаас бага өгөөжтэй байх хандлагатай.

Нэгж эрхээ эргүүлэн худалдан авах үүрэг хүлээдэггүй тул сангийн хөрөнгийг бүгдийг нь хөрөнгө оруулалтад байршуулж болдог бөгөөд өгөөж нь хамтын нээлттэй сангаас сайн байх боломжтой.

Нэгж эрхийн үнэ цэнэ

Хөрөнгө оруулагчийн хувьд сангаас нэгж эрх авах болон зарах ханш нь өдөр бүрийн цэвэр хөрөнгийн үнэ цэнээр NAV тодорхойлогддог.

Үнэ ханш нь бирж дээр тогтдог тул нэгж эрхийн үнэ нь цэвэр хөрөнгийн үнэ цэнээс өндөр эсхүл бага байж болдог. Ихэвчлэн зах зээлийн үнэ нь цэвэр хөрөнгийн үнэ цэнээс доогуур арилжаалагддаг.

Та дараах асуулгыг бөглөж өөрийн
"Эрсдэлийн хүлээн зөвшөөрөгдөх түвшин"-өө тодорхойлоорой.
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