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1、CHAPTERTWENTY-ONESTABLEVALUEINVESTMENTSJOHNR.CASWELL,CFAManagingPartnerGalliardCapitalManagementKARLTOURVILLEManagingPartnerGalliardCapitalManagementTherapidformationandwidespreaduseofdefined-contributionpensionplansintheUnitedStatesoverthelast15to25yearshash
2、adasignificantimpactontheU.S.financialmarkets.Thekeyfeatureoftheseplansthathasprofoundlyaffectedinvestmentmanagementtrendshasbeentheshiftinresponsibilityforinvestmentdecisionmakingfromplansponsorstoindividualplanparticipants.Forconser-vativeparticipantswhosepr
3、imaryinvestmentobjectiveispreservationofcapital,stablevalueinvestmentshavebeenusedwidelyinboththecorporateandpublic-plansectorsbecauseoftheirattractiveyields,stability,andsafety.Astablevalueinvestmentisaninstrumentinwhichcontractualtermsprovideforaguaranteed
4、returnofprincipalataspecifiedrateofinterest.Examplesofsta-blevalueassetsincludefixedannuitiesandtraditionalguaranteedinvestmentcon-tracts(GICs),bankinvestmentcontracts(BICs),andGICalternativessuchasseparate-accountGICsandsyntheticGICs.Stablevaluepooledfunds,wh
5、ichareprofessionallymanagedcollectivetrustsinvestingintheseassets,arealsoused,andmorerecently,stablevaluemutualfundshaveattractedassets.Growthinstablevalueassetshasparalleledthatoftheoveralldefined-contributionmarket,risingtoover$320billionbyDecember2003.Akey
6、featureofastablevalueassetisitstreatmentfromanaccountingstandpoint.Accordingtogenerallyacceptedaccountingprinciples(GAAP),stablevalueinstrumentscanbeheldatcontractvalue,providedthatestablishedcriteriaaremet.Contractvalueistheacquisitioncostofthecontractplusa
7、ccruedinterest,adjustedtoreflectanyadditionaldepositsorwithdrawals.Thisisalsoreferredtoasbookvalue.Book-valueaccountingeliminatesthemarketvaluefluctuationsexperiencedbyotherassetclassesandcontributestotherisk-adjustedreturnsofstablevalueinstruments.Weacknowled
8、geLeelaScattumforhercontributionstothischapter.471Copyright©2005,2001,1997,1995,1991,1987,1983byTheMcGraw-HillCompanies,Inc.Clickherefortermsofuse.472PART3SecuritiesInitially,traditionalGICswere
