年報-如何理解母基金及其翻譯應用

母基金一般指基金中的基金，其英文爲：Fund of Funds簡稱FOF，或mother fund或master fund，是一種專門投資於其他投資基金的基金。母基金並不直接投資股票或債券，其投資範圍僅限於其他基金，通過持有其他證券投資基金而間接持有股票、債券等證券資產，它是結合基金產品創新和銷售渠道創新的基金新品種。一方面，母基金將多隻基金捆綁在一起，投資母基金等於同時投資多隻基金，但比分別投資的成本大大降低了；另一方面，與基金超市和基金捆綁銷售等純銷售計劃不同的是，母基金完全採用基金的法律形式，按照基金的運作模式進行操作；母基金中包含對基金市場的長期投資策略，與其他基金一樣，是一種可長期投資的金融工具。作爲一種間接投資方式，FOF廣泛存在於共同基金（即國內的證券投資基金）、信託基金、對衝基金和私募股權投資基金等領域。因此，FOF被相應的分爲共同基金的基金（Fund of Mutual Funds），信託投資基金的基金（Fund of Investment Trust funds）對衝基金的基金（Fund of Hedge Funds，簡稱FOHFs）和私募股權投資基金的基金（Private Equity Fund of Funds，簡稱PE FOF。）爲了更好的理解該詞，以下是其英文釋義：A "fund of funds" (FOF) is an investment strategy of holding a portfolio of other investment funds rather than investing directly in stocks, bonds or other securities. This type of investing is often referred to as multi-manager investment. A fund of funds may be "fettered", meaning that it invests only in funds managed by the same investment company, or "unfettered", meaning that it can invest in external funds run by other managers.

合同雙語例句：

If, following consultation with the Investment Manager, it appears expedient for tax, regulatory or other reasons the Directors consider appropriate, the Fund, or any Segregated Portfolio, may:

(a) invest through one or more wholly-owned subsidiaries of the Fund or such Segregated Portfolio; or

(b) channel investments through vehicles that would effectively operate as a master fund in which one or more Classes of Participating Shares or other investment vehicles may invest.

Such subsidiaries or master funds may be managed by the Investment Manager or its affiliates and may pay separate fees to those persons.

Such subsidiaries or master funds may incur operational and administrative costs and expenses that include, but are not limited to, establishment costs, administration fees and local regulatory fees. These costs and expenses will be paid out of the assets of the relevant Segregated Portfolio.

Each Shareholder accepts that any reorganisation into a master-feeder fund structure will not adversely affect it in any material respect and therefore shall not require consent of the Shareholders in any form. For this purpose, the sub-section headed "Variation of offering terms" under the section headed "The rights of the Fund and Investors" will not apply to any such reorganisation into a master-feeder fund structure.

在與投資管理人協商後，如果出於稅務、監管或其他董事認爲適當的原因而使下列行動顯得必要，則本基金或任何獨立投資組合可以採取以下行動：

（a）通過本基金的一個或多個全資子公司或上述獨立投資組合進行投資；或

（b）通過可以有效用作母基金的工具進行投資，其中一類或多類參與股份或其他投資工具可投資於該母基金。

此類子公司或母基金可由投資管理人或其關聯方進行管理，並可分別向其支付費用。

此類子公司或母基金可能會產生運營和行政成本和費用，包括但不限於公司設立費用、行政費用和地方監管費用。這些費用和開支將從相關獨立投資組合的資產中支付。

各股東均承認，任何重組爲母子基金結構的重組均不會在任何重大方面對其產生不利影響，因此，無需經過股東任何形式的同意。爲此目的，“本基金和投資者的權利”一節下的“發售條款的變更”小節將不適用於重組爲母子基金結構的任何重組。

來源：譯問 https://www.qidulp.com/