investicioni fondovi - esej

7/25/2019 Investicioni fondovi - Esej

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UNIVRZITT U SRJVU

KONOMSKI FKULTT U SRJVU

RIZIK POSLOVANJA INVESTICIONIH FONDOVA I NJENA ULOGA NA

FINANSIJSKOM TRITU

Esej

Student: Haris D a!er"#i$

Ment"r: %r"!& dr& D a!er '(i()e*"#i$

Saraje#"+ n"#e,)ar -./0&

1. NVESTCON FONDO


2/7

Ka" 1t" je 2"3nat"+ in#esti4i"ne 5",2anije #u5u 2"rije5(" 6a5 i3 75"ts5e& Me8uti,+ ui3#jesn"j i(i rudi,entiran"j !"r,i su 2"st"ja(e 6a5 u "sa,naest", st"(je$u& Za ,as"#niju 2"ja#u je 3adu ena Ve(i5a 9ritanija+ *dje se i3,e8u "sta(" ja#(jaju u / & st"(je$u& U Ve(i5"j9ritaniji se ja#(jaju 5a" institu4ije 3a re(ati#n" si*uran i nara#n" u t" #rije,e je!tin na6in 2ri5u2(janja "dre8eni; sredsta#a ,a(i; in#estit"ra&

S#e se t" radi(" is5(ju6i#" radi u(a*anje u a54ije "dre8eni; 5",2anija& Osi, t"*a+ u(a*anja su#r1ena i u dru*u #rstu a5ti#ne 5a5" na d",a$e,+ ta5" i na ,e8unar"dni, !inansijs5i,tr i1ti,a&

O2$e 2"3nat" je+ da+ in#esti4i"ni !"nd 2redsta#(ja "dre8enu !inansijs5u institu4iju+ 5"j"j je3adata da 2"#(a6i "dre8ena sredsta ,anji; i(i indi#idua(ni; in#estit"ra 5"ji,a 3a u3#rat ," ee,it"#ati a54ije


3/7

Dru*>, re6>,a+ 3a ra3 >5u "d ne5>; dru*>; !>nans> s5>; 2"sredn>5a+ >n?est> 4>"ne 5",2an> e r>3>5 2"s "?an a d>re5tn" 2ren"se na a54>"nare& Hart> e "d ?r> edn"st> 5" e >n?est>4>"na 5",2an> a 5u2u e 3a ra6un s?"* 2"rt!" >a+ 3a?>se "d n en>; >n?est>4>"n>; 4> e?a sa 5" >,a su n en> a54>"nar> u2"3nat> > sa* asn>&

Da5 e+ ,"* " )> se re$> > da e >n?est>4>"na 5",2an> a !>nans> s5> 2"sred n>5 nasta" sa 4> e, da s>tne > neu2u$ene >n?est>t"re+ na ,a a ?rata+ 2"sredn" u?ede u @?e >5> s?> et !>nans> aA&

U S'D e 2r> e #e >5e e5"n",s5e 5r>3e >3 / - & *"d>ne )> " ?>1e "d 0.. >n?est>4>" n>;5",2an> a+ 2r?enst?en" 3at?"ren"* t>2a& Ve(i5a e5"n",s5a 5r>3a "2ust"1> a e >n?est>4>"ne 5",2an> e& /

T" e nar"6>t" ?a > " 3a "ne 5" e su )> e d"sta 3adu ene 2ute, ")?e3n>4a > 2re!eren4> a n>; a54> a 5" e su >3da?ane rad> d"2uns5"* 2"d>3an a 2r>n"sa 2" ")>6n" a54> >& Ta ,e;an>3a,+ ,e8ut>,+ ?rat>" se 5a" )u,eran* u !a3> de2res> e& D" ar >n?est>ran u 2r"s e6nu 3adu enu >n?est>4>"nu 5",2an> u u a / - & ?r> ede" e sa," B 4ent> / C & *"d>ne&

Ot?"rene >n?est>4>"ne 5",2an> e u S'D 3na6a n> e su 2"6e e da se ra3?> a u u2ra?" C. >; *"d>na+ 2"red "sta "*+ > 3)"* t"*a 1t" e n >,a tada )> " 3a)ran en" da se 3adu u u 2ute, e,>t"?an a ")?e3n>4a+ 2re!eren4> a n>; a54> a > > na )> " 5" > dru*> na6>n&

Na4>"na na as"4> a4> a >n?est>4>"n>; 5",2an> a u S'D "sn"?ana e / 0.&+ t & >ste *"d>ne 5ada e d"n> et > Za5"n " >n?est>4>"n>, 5",2an> a,a+ 2"d >,en", nst>tut >n?es t>4>"n>; 5",2an> a

< n?est,ent G",2an nst>tute G =&

Zat?"rene >n?est>4>"ne 5",2an> e u en* es5" na3?ane n?es,ent Trusts su "sn>?ane 5ra e, / & > 2"6et5", -.& ?> e5a u e >5" 9r>tan> > > S'D+ da5 e+ 2r> e "t?"ren>; >n?est>4>"n>; !"nd"?a&

On> ,"*u >n?est>rat> sa >st>, 4> e?>,a+ strate*> ", > 2"rt!" >" stru5tur", 5a" > "t?"ren> !"nd"?>& a5+ >ste >n?est>4>"ne 5",2an> e 6est" >,a u > "t?"rene > 3at?"rene >n?est>4>"ne !"nd"?e&

Ra3 >5a >3,e8u 3at?"ren>; > "t?"ren>; >n?est>4>"n>; 5",2an> a e u t",e 5a5" >n ?est>t"r>u a u > 2"? a6e s?" 5a2>ta >3 n >;& Zat?"rene >n?est>4>"ne 5",2an> e e,>tu u !>5sn> )r" a54> a > n>su du n> da s?" e a54> e "t5u2 u u "d >n?est>t"ra&

1 7"15>$+ D&+ >?5"?>$+ 9&+ F>nans> s5a tr >1ta > >nst>tu4> e+ E5"n",s5> !a5u tet+ 9e" *rad+ -.. &

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4/7

'54> u 3at?"re n"* >n?est>4>"n"* !"nda >n?est>t"r> ,"*u da 5u2e+ t & da u !"nd u " e sredst?a+ > > na >n>4> a n" a?n" e,>s> > a54> a < %O >n> t>a 2u) >4 "!!er>n*= 5"d >n?est>4>"ne )an5e ,a > > na )er3> > u ?an)er3ans5", 2r",etu 5a" > ?e$ e,>t"?anu a54> u s?a5e dru*e 5",2an> e& S?" a sredst?a >n?est>t"r> >3 3at?"ren"* !"nda ,"*u da 2"?u5u sa," d>re5tn", 2r"da ", dru*", 3a>nteres"?an", >n?est>t"ru 2re5" )er3e > > u ?an)er3ans5", 2r",etu&

Da5 e+ 2" 2>tan u >n>4> a ne 2"nude a54> a 2"st" > >3? esna s >6n"st >3,e8u "t?"ren>; > 3at?"ren>; >n?est>4>"n>; !"nd"?a a > 2" 2> tan u n >;"?"* se5undarn"* 2r",eta 2"st" > >3ra3>ta ra3 >6>t"st&

%r> t",e+ u se5undarn", 2r",etu a54> a 3at?"ren>; >n?est>4>"n>; !"nd"?a ne,a n> 5a5?e*aran4> e da $e 2r"da na 4> ena "d*"? arat> n",>na n" ?r> edn"st> u "*a& Ona se+ 5a" > 5"d a54> a dru*>; a?n>; 5",2an> a+ !"r,>ra na "sn"?u 2"nude > tra n e&

'5" e 4> ena a54> e !"nda >3nad n",>na ne ?r> edn"st> 5a e se da se n >;"?e a54> e 2r"da u u3 2re,> u+ a a5" e 4> ena >s2"d "nda se 5a e da se a54> e t>; !"nd"?a 2r"da u u3 d>s5"nt&

Tre)a re$> da se+ 3a ra3 >5u "d 3at?"ren>; >n?est> 4>"n>; !"nd"?a+ a54> e "t?"ren"* >n?est>4>"n"* !"nda n>5ada ne ,"*u 5u2>t> 2" 4> en> ,an " "d n",>na ne ?r> edn"st>& K"d

3at?"ren>; !"nd"?a+ n",>na na ?r> edn"st se te"r> s5> ," e s,atrat> > >5?>da4>"n", ?r> edn"1$u edne a54> e !"nda+ t & ?r> edn"1$u 5" u )> a54>"nar> d")> > 3a ednu s?" u a5 4> u u s u6a u >5?>da4> e !"nda& -

'54> a,a 3at?"ren>; >n?est>4>"n>; !"nd"?a u 2ra5s> se 6e1$e tr*u e u3 d>s5"nt+ t & tr >1na ?r> edn"st n >;"?>; a54> a e 6est" >s2"d n",>na ne&

S dru*e strane+ "dsust?" ")a?e3e "t5u2 >?an a s"2st?en>; a54> a "?>, !"nd"?>,a "t?ara 1>r"5>

>n?est>4>"n> !r"nt ,an e >5?>dne a5t>?e er se ne su"6a?a u sa >5?>dn"sn>, r>3>5",& Zat?"rene >n?est>4>"ne 5",2an> e su+ da5 e+ >dent>6ne sa ne!>nans> s5>, 5"r2"ra4> a,a u3 >3u3eta5 1t" 2r?e >n?est>ra u u !>nans> s5u+ a dru*e u rea nu a5t>?u&

D"sta ?e >5>; 3at?"ren>; >n?est>4>"n>; !"nd"?a na a3> se na >st>n*u )er3>+ a "sta > su u 2r",etu 2"sredst?", ?an)er3ans5"* tr >1ta u a?n", 2r",etu 4 Traded Funds=&

2 n?est,ent G",2an nst>tute+ Mutua Funds Fa4t 9""5 C t; Ed>t>"n+ as;>n*t"n D&G&+ / &

4


5/7

Zat?"rene >n?est>4>"ne 5",2an> e e,>tu u+ da5 e+ sa," edn", s?" e a54> e n?est>4>"ne )an5e= 5a" > dru*a 2redu3e$a+ a > 3a ra3 >5u "d n >; ne ,"*u >$> u 2r"4es d"5a2>ta >3a4> e+ t & d"datn"* e,>t"?an a a54> a&

3 t"*a 2r">3> a3> da e )r" n >;"?>; a54> a re at>?n" 5"nstantan > da e ?e >6>na n >;"?"* 2"rt!" >a 2ra5t>6n" "*ran>6ena& Zat?"rene 5",2an> e se+ 2" 2ra?> u+ ne re5 a,>ra u+ er ne ,"*u u?e$a?at> s?" 5a2>ta da ", 2r"da ", a54> a&

n?est>4>"ne 5",2an> e+ u >,e >n?est> t"ra+ u a u u 6>ta? s2e5tar ra3 >6>t>; ;art> a "d ?r> edn"st>&

Odn"s >3,e8u "t?"ren>; > 3at?"ren>; >n?est>4>"n>; !"nd"?a u S'D e ta5a? da e )r" > 5a2>ta "t?"ren>; !"nd"?a 3natn" ?e$>& ustra4> e rad> sred>n", / C&+ a5t>?a "t?"ren>; >n?est>4>"n

!"nd"?a >3n"s> a e "5" /+ .. ,> > ard> d"5 e a5t>?a 3at?"ren>; !"nd"?a u >st" ?r> e,e )> a "5" . ,> > ard>&

Ta)e a /& Ot?"ren> > 3at?"ren> >n?est>4>"n> !"nd"?> u S'D u C

rste a5t>?e 3n"s u ... O)>6ne a54> e -&. C&0P0&B-%re!eren4> a ne a54> e - &- -&-CB arant> > 2ra?a /&C/-&/-CO24> e --&B .Du*"r"6ne S'D ")?e3n>4e -P0&/ .&PPBKrat5"r"6ne S'D ")?e3n>4e CC&0//&00COsta e du*"r"6ne "2"re3>?e ;art> e -B/& .C& PDu*"r"6ne ,un>4>2a ne ")?e3n>4e -0P&BBB& /Krat5"r"6ne ,un>4>2a ne ")?e3n>4e P&-. &C .Q"t"?>na > 2"tra >?an a ,>nus ")a?e3e /CB&B -&COsta " P& //&.CU5u2n" net" a5t>?a C&.P &B-P&/0

Ve >5e 5r>3e 2"*a8a u 2"s "?an a )er3>+ a de1a?a u se >3nenadn" ta5" da na n >; te15" ,"*u da ut>6u )er3ans5> su) e5t>+ 2a n> sa,a dr a?a&

Te 5r>3e+ "6e5>?an a+ ","?>+ 2r"ne ? ere ut>6u na 2"? eren e "n>; 5" > na )er3> >*ra u+ 5a" > na s>*urn"st 2"s "?an a u5u2ne 2r>?rede& T" e ut>4a " da > dr a?a 2"stane 3na6a an )er3ans5> su) e5t > " a6a " ut>4a dr a?ne re*u at>?e+ 5" > e d> e ", s,an >" aut"n",n"st 2"s "?an a )er3e&

3 as;>n*t"n E4"n",>4 Re2"rt N" P + N"?e,)er / + / C&

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Dr a?a t" na 6e1$e ?r1> 2re5" d"n"1en a 3a5"na > 2r" 2>sa+ 5a" > d e "?an e, ra3n>; re*u at"rn>; t> e a ,e8u 5" >,a e na 3na6a n> a u ?e$>n> dr a?a K",>s> a 3a ;art> e "d ?r> edn"st>& a na e ta5"8e > >nst>tu4> a 3a e?> dent>ran e ;art> a "d ?r> edn"st> > 2r", enu n >;"?"* ? asn>1t?a 5" a n"s> ra3 >6>te na3>?e u 2" ed>n>, 3e, a,a&

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7/7

LTERATURA

/= 9r3a5"?>$+ T&+Tr >1te 5a2>ta a+ Te"r> a > 2ra5sa+ Datastatus+ 9e"*rad+ -.. & -= 7"15>$+ D&+ >?5"?>$+ 9&+ F>nans> s5a tr >1ta > >nst>tu4> e+ E5"n",s5> !a5u tet+ 9 *rad+

-.. &3) n?est,ent G",2an nst>tute+ Mutua Funds Fa4t 9""5 C t; Ed>t>"n+ as;>n*t"n D&G&+ / &

0= as;>n*t"n E4"n",>4 Re2"rt N" P + N"?e,)er / + / C&

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