ëïè ,QYHUWHUð*HQDUPRQLFVñ 1RLVH DQG /HDNDJH &XUUHQW
6(/(&7,21
ëìæ
,QYHUWHUð*HQDUPRQLFVñ 1RLVHV DQG /HDNDJH &XUUHQWV
ëïèïì 'LIIHUHQFHV EHWZHHQ QRLVH DQG KDUPRQLFV
$PRQJ DGYHUVH HIIHFWV JLYHQ E\ DQ LQYHUWHU WR D
SRZHU VXSSO\ DQG SHULSKHUDO GHYLFHVñ SHULSKHUDO
GHYLFH PDOIXQFWLRQV DQG RWKHUV ZKRVH FDXVHV
FDQQRW EH LGHQWLILHG DUH RIWHQ PLVWDNHQ IRU KDUPRQLFV
RU QRLVH DQG RIWHQ REVWUXFW UHGXFWLRQ WHFKQLTXHVï )RU
H[DPSOHñ HOHFWURPDJQHWLF LQWHUIHUHQFHñ QRLVH DQG
RWKHU PDOIXQFWLRQV SURGXFHG E\ D SHUVRQDO FRPSXWHU
DUH GLVWLQFWO\ GLIIHUHQW LQ WKHLU VRXUFHVñ DGYHUVH
HIIHFWV HWFï IURP KDUPRQLFV LQ D SRZHU FLUFXLW DQG
WKHLU UHGXFWLRQ WHFKQLTXHV GLIIHU JUHDWO\ï
7KHLU GLIIHUHQFHV ZLOO EH GHVFULEHG EHORZï
+DUPRQLFV DUH GHILQHG WR KDYH D IUHTXHQF\ WKDW LV DQ
LQWHJUDO PXOWLSOH RI WKH IXQGDPHQWDO ZDYH DQG LV
GLIIHUHQWLDWHG
IURP
KLJK
IUHTXHQFLHVï
7KH
FRPSRVLWLRQ RI D VLQJOH IXQGDPHQWDO ZDYH DQG
VHYHUDO KDUPRQLFV LV FDOOHG D GLVWRUWHG ZDYHï
$ GLVWRUWHG ZDYH JHQHUDOO\ LQFOXGHV KDUPRQLFV LQ D
KLJKðIUHTXHQF\ UHJLRQ õN+] WR 0+] RUGHUôñ EXW D
GLVWRUWHG ZDYH KDQGOHG DV KDUPRQLFV LQ D SRZHU
GLVWULEXWLRQ V\VWHP LV XVXDOO\ RI XS WR DERXW éíWK WR
èíWK GHJUHHV õWR VHYHUDO N+]ôñ DQG D GLVWRUWHG ZDYH
DERYH WKDW YDOXH JHQHUDOO\ DVVXPHV DQ LUUHJXODU
IRUP DQG PXVW WKHUHIRUH EH KDQGOHG DV QRLVHï
'LIIHUHQFHV EHWZHHQ 1RLVH DQG +DUPRQLFV RI DQ ,QYHUWHU DQG /HDNDJH &XUUHQW
,WHP
1RLVH
+DUPRQLF
/HDNDJH &XUUHQW
)UHTXHQF\ EDQG
+LJK IUHTXHQF\
õVHYHUDO ìíN+] WR 0+] RUGHUô
1RUPDOO\ éíWK WR èíWK GHJUHHV
õWR VHYHUDO N+]ô
õ6] WR 0+] RUGHUô
6RXUFH
,QYHUWHU FLUFXLW
&RQYHUWHU FLUFXLW
,QYHUWHU FLUFXLW
&DXVH
7UDQVLVWRU VZLWFKLQJ
5HFWLI\LQJ FLUFXLW FRPPXWDWLRQ
7UDQVLVWRU VZLWFKLQJ
*HQHUDWHG DPRXQW
'HSHQGV RQ YROWDJH YDULDWLRQ UDWLR
DQG VZLWFKLQJ IUHTXHQF\
'HSHQGV RQ FXUUHQW FDSDFLW\
'HSHQGV RQ VZLWFKLQJ IUHTXHQF\
DQG YROWDJH
3URSDJDWLRQ SDWK
(OHFWULF FKDQQHOñ VSDFHñ LQGXFWLRQ
(OHFWULF FKDQQHO
,QVXODWLQJ PDWHULDO
7UDQVPLVVLRQ DPRXQW 'LVWDQFHñ ZLULQJ URXWH
/LQH LPSHGDQFH
&DSDFLWDQFH
$IIHFWHG HTXLSPHQW
DQG LQIOXHQFH
6HQVRUñ HWFïã 0LVðGHWHFWLRQ
5DGLRñ ZLUHOHVV HTXLSPHQWã 1RLVH
3RZHU FDSDFLWRUã +HDW JHQHUDWLRQ
1RQðXWLOLW\ JHQHUDWRUã +HDW
JHQHUDWLRQ
(DUWK OHDNDJH FLUFXLW EUHDNHUã
8QQHFHVVDU\ RSHUDWLRQ
7KHUPDO UHOD\ã 8QQHFHVVDU\
RSHUDWLRQ
2XWSXW VLGH GHYLFHV
õHïJï &7ñ PHWHUôã +HDW JHQHUDWLRQ
0DLQ UHPHG\
H[DPSOHV
&KDQJH WKH ZLULQJ URXWHï
,QVWDOO D QRLVH ILOWHUï
,QVWDOO D UHDFWRUï
&KDQJH GHWHFWLRQ VHQVLWLYLW\ï
&KDQJH VZLWFKLQJ IUHTXHQF\ï
ëïèïë 3RZHU KDUPRQLFV DQG WKHLU UHGXFWLRQ WHFKQLTXHV
&RQVWLWXWHG E\ D SRZHU UHFWLILHUñ WKH FRQYHUWHU FLUFXLW
RI WKH WUDQVLVWRUL]HG LQYHUWHU JHQHUDWHV KDUPRQLFVñ
GLVWRUWLQJ WKH YROWDJH DQG FXUUHQW ZDYHIRUPV RI WKH
LQSXW SRZHU VXSSO\ï ,Q DGGLWLRQñ VLQFH WKH LQYHUWHU
FLUFXLW FRQWDLQV SRZHU VZLWFK GHYLFHV VXFK DV
WUDQVLVWRUVñ KDUPRQLFV DUH LQFOXGHG LQ WKH YROWDJH
DQG FXUUHQW RI WKH PRWRUñ UHVXOWLQJ LQ GLVWRUWHG
ZDYHIRUPVï 7KHVH KDUPRQLFV GR QRW SRVH D SUREOHP
LQ D VPDOOðFDSDFLW\ WUDQVLVWRUL]HG LQYHUWHUï +RZHYHUñ
LW LV QHFHVVDU\ WR KDYH D FRUUHFW XQGHUVWDQGLQJ RI
KDUPRQLFV DQG WDNH DSSURSULDWH PHDVXUHV DJDLQVW
WKHP ZKHQ XVLQJ HTXLSPHQW KDYLQJ D FRQYHUWHU
FLUFXLW LQ WKH SRZHU VXSSO\ FLUFXLWñ HïJï D ODUJHð
FDSDFLW\ LQYHUWHUñ PDQ\ LQYHUWHUVñ WK\ULVWRU OHRQDUGñ
WK\ULVWRU PRWRU RU &9&)ï
7KH -DSDQHVH KDUPRQLF VXSSUHVVLRQ JXLGHOLQHV
LVVXHG E\ WKH 0LQLVWU\ RI ,QWHUQDWLRQDO 7UDGH DQG
,QGXVWU\ LQ 6HSWHPEHU ìääé UHTXLUH WKDW WKH IROORZLQJ
WZR PDLQ SRLQWV VKRXOG EH FRQVLGHUHG DV KDUPRQLF
VXSSUHVVLRQ WHFKQLTXHVã
ìô $FWLRQV WDNHQ IRU IDXOWV GXH WR SRZHU KDUPRQLFV
õRYHUKHDWLQJ RI SRZHU FDSDFLWRUVñ QRQðXWLOLW\
JHQHUDWRUVñ HWFïô
ëô &OHDULQJ RI WKH -DSDQHVH KDUPRQLF VXSSUHVVLRQ
JXLGHOLQHV
7KH DFWLRQV WDNHQ WR DFKLHYH WKH DERYH WZR SRLQWV
DUH QRW DOZD\V WKH VDPHñ VR VSHFLILF DFWLRQV PXVW EH
WDNHQ DIWHU FODULI\LQJ WKHLU SXUSRVHVï
