project report on funds flow

7/31/2019 project report on Funds Flow

1/52

CFI^GI^S

) KG^AFNFBFDP

l) Hwins Klildgkgi~

e) ^p}gs fh Hwins Klildgkgi~

c) @ixgs~kgi~ ( Klildgkgi~

n) Cfi~gi~s fh Hwins Klildgkgi~

g) ^p}gs fh Hwins `i ANHC S^LINLUN B@HG @ISWULICG


2/52

@INWS^UP ]UFH@BG


3/52

@INWSÛP ]UFH@BG

Tal~ `s ìswulicg6

@iswulicg `s l cfi~ulc~ eg~tggi ~tf }lu~`gs tagug ep fig }lu~p

clbbgn ìswugu wingu~ljgs ì gqcalidg hfu l h`qgn swk clbbgn }ugk`wks"

}lp ~ag f~agu }lu~p al}}giìd fh l cgu~lì gxgi~)

@iswulicg `s l }uf~gc~`fi ldlìs~ l hìlic`lb bfss lu`sìd fi ~ag

al}}giìd fh li wigq}gc~gn gxgi~) @iswulicg cfk}li`gs cfbbgc~

}ugk`wks ~f }ufx`ng hfu ~a`s }uf~gc~`fi) L bfss `s }l`n fw~ fh ~a`s

}ugk`wk cfbbgc~gn hufk ~ag ìswuìd }web`c) âg ìswulicg cfk}lip lc~

ls l ~uws~gg ~f ~ag lkfwi~ cfbbgc~gn ~aufwda }ugk`wk)

âg @iswulicg `s dgigulbbp cblss`h`gn ì ~augg klì cl~gdfu`gs

!` B`hg iswulicg

!`` Aglb~a iswulicg

!``` Dgigulb iswulicg

^f dg~ ìswulicg li ìn`x`nwlb fu li fudli`zl~`fi cli l}}uflca ~f li

ìswulicg cfk}lip nùgc~bp" ~aufwda ìswulicg ldgi~ fh ~ag cficguign

cfk}lip fu ~aufwda ì~gukgn`lu`gs)


4/52

@iswulicg inws~up

@in`l `s ~ag bludgs~ ngkfculcp ì ~ag tfubn alxìd l }f}wbl~`fi

kfug ~ali fig e`bb`fi) @~ `s 7~a bludgs~ ì ~ag tfubn ì ~guks fh }wucalsìd

}ftgu }lu`~p) @in`l DN] duft~a ul~g `s fxgu 8 }gucgi~ }gu pglu fi

lxguldg hfu ~ag bls~ ngclng lin slxìd ul~g `s lufwin 58 }gucgi~ fh

DN])

âufwda @in`ls gcfifk`c ngxgbf}kgi~" `~ egcfkgs ~ag kfs~

bwcul~`xg ìswulicg klujg~s ì ~ag tfubn) Eghfug ~ag pglu


5/52

A@S^FUP

@iswulicg ìnws~u`gs ì @in`l alxg l bfid a`s~fup) B`hg ìswulicg ì

gq`s~ìd hfuk clkg ì @in`l hufk WJ ì


6/52

@ISWULICG UGDWBL^FUP LWÂFU@^P

Fi ~ag ugcfkkginl~`fi fh lk}aful cfkk`~~gg" li ìswulicg

ngxgbf}kgi~ lc~ !@UNL }lssgn ep @in`li }lub`lkgi~ ì


7/52

U@NGUS LIN F]^@FIS

]GUSFILB LCCGINGI^LB EGIGH@^S

@h ~ag ìswugn n`gs ls l ugswb~ fh li lcc`ngi~" ~ag ìswugu t`bb }lp ~ag

egigh`c`lup" ì lnn`~`fi ~f ~ag els`c ngl~a egigh`~ ~t`cg fu ~au`cg fh ~ag

els`c ngl~a egigh`~) âg ngl~a kws~ alxg eggi clwsgn ìng}gingi~bp fh

lbb f~agu clwsgs ew~ nùgc~bp ep li lcc`ngi~lb efn`bp ìowup) @i ~ag clsg fh

lip }gukligi~ n`sle`b`~p ls l ugswb~ fh lcc`ngi~ ~ag b`hg ìswugn t`bb dg~

g`~agu l tlx`gu fh 7 fu


8/52

NUGLNGN N@SGLSG EGIGH@^

â`s }ufx`ngs l }fu~`fi fh ~ag }fb`cp fh ~ag }fb`cps swk lsswugn `h

fig swhhgus hufk fig fh ~ag s}gc`h`gn n`sglsgs b`jg clicgu" L@NS" fu

wingudfgs ep}lss swudgup lin ~ag ugklìngu t`bb eg }l`n ~f ~ag

egigh`c`lup l~ ~ag ngl~a) âg cfxgu `s fhhgugn hfu l klq`kwk ldg fh 87

fu 4= pglus)

KLOFU SWUD@CLB LSS@S^LICG

â`s }ufx`ngs hìlic`lb `h ~ag ìswugn }gusfis iggns lip fh ~ag

s}gc`h`gnswud`clb }ufcgnwug nwuìd ~ag ~gilicp fh ~ag }fb`c`gs) Wingu

~a`s scagkg l }gucgi~ldg fh ~ag swk lsswugn `s }l`n hfu sfkg klofu"

ì~gukgn`l~g lin kìfu swudgu`gs) âg `s }ufx`ngn gxgi hfu kfug ~ali

fig swca fccls`fis ew~ ~ag ~f~lb egigh`~ t`bb if~ gqcggn l s}gc`h`gn b`k`~"

wswlbbp 7=' fh ~ag swk lsswugn)

TLX@GU FH ]UGK@WK

@h ~ag ìswugn `s n`slebgn nwg ~f lcc`ngi~" ~ag u`ngu ~f }wucalsg

lnn`~`filb ìswulicg cfxguldg dfgs ì~f ghhgc~ lw~fkl~`clbbp t`~afw~

lsjìd hfu gq~ul }ugk`wk)


9/52

A@JG SWKLSSWULCIG

Lip ~`kg nwuìd ~ag ~gilicp fh ~ag }fb`cp" ~ag ìswugn als ~ag

u`da~ ~f }wucalsg lnn`~ filb ìswulicg g|wlb ~f ~ag elsg ìswulicg

t ~afw~ sw}}bpìd gx`ngicg fh ìswule`b`~p) Hfu gqlk}bg ~ag u`ngu

l~~lcagn ~f 7 blja ì clsg fh pfwu kluu`ldg" lif~agu < blja l~ ~ag Ca`bns

eù~a fu ~ag ca`bn dfìd ~f scaffb) Aft gxgu ~a`s u`ngu kfs~bp b`k`~s ~ag

egigh`~s ep }w~~ìd l ugs~u`c~`fi fi ~ag klq`kwk ldg lh~gu ta`ca pfw

cli~ gqguc`sg ~ag f}~`fi)

S]FWSG @ISWULICG

Pfw cli cfxgu pfwu s}fwsg t`~afw~ alxìd ~f gi~gu l igt

cfi~ulc~ lin if~ ~ljìd l hugsa }fb`cp ì a`s&agu ilkg


10/52

UGIGT&CFIXGU^ EGIGH@^

Lh~gu ~ag h`qgn ~guk fh ~ag }fb`cp" `~ `s ugigtgn hfu lif~agu ~guk

t`~afw~ ug|wùìd gx`ngicg fh ìswule`b`~p) Cfixgu~èbg egigh`~ }ufx`ngs

~ag f}~`fi ~f cfixgu~ `~ ì~f lif~agu }fb`cp fh ~ag slkg swk lsswugn)

GQCBWS@FI @I ÂG U@NGUS?

âg ìswulicg `s if~ l}}b`clebg tagug ~ag ngl~a fccwus

nwg ~f sw`c`ng" tlu" lin s~u`jg" c`x`b cfkkf~`fi" iwcbglu }gu`bs"

g~c) ngl~a nwg ~f lcc`ngi~ ì lx`l~fus `s if~ lxl`blebg ~f ~afsg

taf alxg if~ }l`n hlug hfu ~ulxgbìd) Ngl~a nwg ~f ìhbwgicg fh

nuwds" lbcfafb" ilucf~`cs fu }spcaf~`cs swes~licgs"

}lu~`c`}l~`fi ì cu`kìlb lin wiblthwb lc~s t bb ngelu ~ag

ìswugn hufk dg~~ìd ~ag egigh`~) âgug `s l klq`kwk b`k`~ fi

cfxguldg wingu glca u`ngu ùugs}gc~`xg fh ~ag iwkegu fh els`s

}fb`cgs ~ag ìswugn als }wucalsgn) Hfu nuglngn n`sglsg

u`ngus" `h `~ fccwus t`~aì l s}gc`h`gn }gu`fn) âgi ~ag egigh`~ `s

if~ }lplebg)


11/52

SFKG NFS LIN NFI^S

CA@BNUGIS ]FB@CGS?

âgug lug l }bg~aful fh }fb`cgs ngs`dign hfu ca`bnugi) @ nf if~

wingus~lin ~ag }wu}fsg fh ~agù gq`s~gicg) @i kfs~ clsgs" l ca`bn `s if~ l

euglntìigu lin a`s ngk`sg tfwbn kljg if n`hhgugicg ~f ~ag hìlic`lb

s~l~ws fh ~ag hlk`bp) âg klì lnxli~ldg cbl`kgn ep ~ag ìswugu `s ~al~ `~

`s eg~~gu ~f ìxgs~ ~ag kfigp ì l sps~gkl~`c ng}fs`~s }bli ~f kljg `~

duft hls~gu) â`s duft~a tfwbn eg lebg ~f sw}}fu~ if~ fibp ~ag a`dagu

}ugk`wks ew~ lbsf l a`dagu swk lsswugn)

ELCJ NL^@ID L ]FB@CP?

Klip ldgi~s ug|wgs~ ~ag }uf}figi~s ~f elcj nl~g ~ag }fb`cp" l

hlxfwu ~f gilebg ~agk ~f uglca ~agù ~ludg~s }guhfuklicg) Lif~agu

ludwkgi~ `s ~al~ ~ag }fb`cp t`bb kl~wug hls~gu) S`diìd l cfi~ulc~ hfu b`hg

cfxgu t`~a ug~ufs}gc~`xg ghhgc~ `s s~w}`n`~p fh ~ag a`dags~ fungu: `~ kglis

~al~ ~ag b`hg tls cfxgugn hfu l }gu`fn tagi ~ag ìn`x`nwlb tls xgup kwca

lb`xg)


12/52

BFLIS

Bflis cli eg fe~lìgn fi wigicwkegugn }fb`cgs hfu }wucalsgs fh

afwsìd }uf}gu~`gs fi lss`dikgi~ fh li ìswulicg }fb`cp hufk ~ag elijs

fu afwsìd hìlicg cfk}li`gs!}lu~`cwblubp hufk B@C afwsìd hìlicg fu

hfu lip f~agu }wu}fsg l~ l agl} ul~gs) âg lkfwi~ lxl`blebg `s w} ~f

0=' fh swuugingu xlbwg wingu }fb`cgs" ta`ca lug ì hfucg hfu hwbb swk

lsswugn w} ~f 17' fh swuugingu xlbwg fi }fb`cgs" ta`ca lug }l`n w} hfu

ugnwcgn swk lsswugn)

@~ `s lbsf }fssèbg ~f dg~ ~ag swuugingu xlbwg fh ~ag }fb`cp hufk B@C

l~ lip ~`kg) Lb~guil~`xgbp" `~ `s lbsf }fssèbg ~f cfixgu~ `~ ì~f l }l`n w}

}fb`cp) âgug ep slxìd ~ag s~ugss fh }lpìd hw~wug }ugk`wks lin

s`kwb~ligfwsbp" dg~~ìd ~ag }l`n+w} xlbwg lh~gu bfid ~guk fh ~ag }fb`cp fu

fi }u`fu ngl~a" ta`ca gxgu `s glub`gu6 Pgs" lbb ~a`s d`xgs ~ag }uf}figi~ l

cfkhfu~ ew~ ~a`s safwbn if~ eg ~ag uglsfis hfu caffsìd ~ag cfxgu)


13/52

J@CJELCJS?

Wingu lip cùcwks~licgs" nf if~ lccg}~ lip j`cj hufk ~ag

ldgi~) Hùs~" `~ `s `bbgdlb ~f nf sf W&S >< fh ~ag ìswulicg lc~"


14/52

^LQEGIGH@^S

B`hg ìswulicg `s l ebwg+gpgn elep ta`ca als eggi egs~ftgn t`~a

kwca ~lq cficgss`fi) ^lq ugel~g w&s 11 `s lxl blebg ì ugs}gc~ fh

}ugk`wks }l`n fi }fb`cgs ì ~ag ilkg fh sgbh" s}fwsg fu ca`bnugi" klofu

fu kìfu" gxgi kluu`gn nlwda~gus)

Wingu Sgc~`fi 11!5``" swks }l`n l ng}fs`~gn ~f ghhgc~ fu ~f jgg}

ì hfucg l cfi~ulc~ hfu l nghguugn liiw`~p `s gb`dèbg hfu ugel~g }ufx`ngn

~al~ swca cfi~ulc~ nfgs if~ cfi~lì l }ufx`s`fi hfu ~ag gqguc`sg ep ~ag

ìswugn fh li f}~`fi ~f ugcg`xg l clsa }lpkgi~ ì b`gw fh ~ag }lpkgi~ fh

~ag liiw`~p) Lip }fb`cp t`~a swca l cblwsg safwbn eg lxf`ngn)

Tagug l ~lq}lpgu n`scfi~ìwg li l }fb`cp eghfug }ugk`wks hfu

~tf pglus alxg eggi }l`n" lbb ugel~gs lbbftgn nwuìd glub`gu pglus salbb

eg t`~a nulti lin salbb eg nggkgn ~f eg ~lq }lplebg ì ~ag pglu ì

ta`ca ~ag }fb`cp `s n`scfi~ìwgn)

Kfigp ugcg`xgn wingu l b hg fu lcc`ngi~lb }fb`cp ghhgc~gn ì

}gusfilb fu hlk`bp ì~gugs~ `s l cl}`~lb ugcg`}~ lin ~agughfug if~ ~lqlebg"

g`~agu ls ifuklb ìcfkg fu ls cl}`~lb dlìs)

@i ~ag clsg fh b`hg liiw`~p" ~ag lkfwi~ ìs~lbbkgi~ t`bb eg ~ugl~gn

ls ìcfkg hfuk f~agu sfwucgs ì ~ag clsg fh liiw`~p cgu~lì" ~ag ì~gugs~


15/52

}fu~`fi fu ~ag liiw`~p ìs~lbbkgi~s `s ~ugl~gn ls ìcfkg) @h clsa f}~`fi `s

gqguc`sgn" ~ag n`hhgugicg eg~tggi ~ag lkfwi~ fh clsa f}~`fi ugcg`xgn

lin ~ag ~f~lb lkfwi~ fh }ugk`wks }l`n `s ~ugl~gn ls ~lqlebg ìcfkg)

^f cfwi~gu ~a`s HLF3 ìsgu~gn sgc)11!5L ~f }ufx`ng ~al~ ~ag

ugel~g ì ugs}gc~ fh }ugk`wk fu f~agu }lpkgi~s klng fi li ìswulicg

}fb`cp" f~agu ~ali l cfi~ulc~ hfu l n`hhgugn liiw`~p" salbb eg lxl`blebg ls

`s if~ ì gqcgss fh 5= ' fh ~ag lc~wlb cl} ~lb swk lsswug) Sgc


16/52

~guk cfkk`~kgi~ hfu swca }fb`cgs) âgughfug" B@C nuf}}gn l sbgt fh

}ufnwc~s hufk `~s s~lebg ì Ifxgkegu)

EGIGH@^S FH @ISWULICG?

@iswulicg `s ~ag ìs~uwkgi~ fh sgcwu`~p" slxìd lin }glcg fh kìn)

@~ }ufx`ngs sgxgulb egigh`~s ep }lpìd l sklbb lkfwi~ fh }ugk`wk ~f li

ìswulicg cfk}lip ls?

Slhgdwluns figsgbh `h lin figs hlk`bp hfu hw~wug ug|wùgkgi~s)

]glcg fh kìn+ì+clsg fh hìlic`lb bfss

Gicfwuldìd slxìd

^lq ugel~g

]uf~gc~`fi hufk ~ag cbl`k klng ep cugn`~fus

Sgcwu`~p ldlìs~ l }gusfilb bfli" afwsìd bfli fu f~agu ~p}gs fh

bfli)


17/52

CFK]LIP ]UFH@BG


18/52

CFK]LIP ]UFH@BG

ANHC S~linlun B`hg @iswulicg Cfk}lip B~n) `s fig fh @in`l$s

bglnìd }u`xl~g b`hg ìswulicg Cfk}li`gs" ta`ca fhhgus l ulidg fh

ìn`x`nwlb lin dufw} ìswulicg sfbw~`fis) @~ `s l ofì~ xgi~wug eg~tggi

Afwsìd Ngxgbf}kgi~ Hìlicg Cfu}ful~`fi B`k`~gn !ANHC B~n)" @in`l$s

bglnìd afwsìd hìlicg ìs~`~w~`fi ìcfu}ful~gn ì ~ag pglu


19/52

Eu`gh }ufh`bg fh ~ag Eflun fh Nùgc~fus

Ku) Ngg}lj S ]lugja `s ~ag Calùkli fh ~ag Cfk}lip) Ag `s

lbsf ~ag Gqgcw~`xg Calùkli fh Afwsìd Ngxgbf}kgi~ Hìlicg

Cfu}ful~ fi B`k`~gn !ANHC B`k`~gn) Ag ofìgn ANHC B`k`~gn ì l

sgi`fu klildgkgi~ }fs`~`fi ì


20/52

Ks) Kluc`l N Clk}egbb `s cwuugi~bp ~ag Dufw} F}gul~`fis

Nùgc~fu ì ~ag S~linlun B`hg dufw} lin `s ugs}fisèbg hfu Dufw}

F}gul~`fis" Ls`l ]lc`h c Ngxgbf}kgi~" S~ul~gdp ( ]bliiìd"

Cfu}ful~g Ugs}fisè b`~p lin Salugn Sgux`cgs Cgi~ug) Ks)

Clk}egbb ofìgn ~ag Eflun fh Nùgc~fus ì Ifxgkegu 5==7)

Ku) Jg`~a I Sjgfca `s cwuugi~bp ~ag Ca`gh Gqgcw~`xg ì S~linlun

B hg @ixgs~kgi~s B`k`~gn lin `s ugs}fisèbg hfu fxgusggìd

@ixgs~kgi~ ]ufcgss ( Ca`gh Gqgcw~`xg Fhh`cgu Hwic~`fi) Ag tls

lbsf ugs}fisèbg hfu Gcfifk`c lin @ixgs~kgi~ S~ul~gdp ugsgluca

}ufnwcgn fi l tfubnt`ng els`s) Ku) Sjgfca ofìgn ~ag Eflun fh

Nùgc~fus i Ifxgkegu 5==7)

Ku) Dlw~lk U N`xli `s l }ulc~`cìd Calu~gugn Lccfwi~li~ lin `s

l Hgbbft fh ~ag @is~`~w~g fh Calu~gugn Lccfwi~li~s fh @in`l) Ku)

N`xli als t`ng gq}gu`gicg ì lwn`~ìd lccfwi~s fh bludg }web`c

b`k`~gn cfk}li`gs lin il~`filb`zgn elijs" hìlic`lb lin ~lql~`fi

}bliiìd fh ìn`x`nwlbs lin b`k ~gn cfk}li`gs lin lbsf als

swes~li~`lb gq}gu`gicg ì s~uwc~wuìd fxgusgls ìxgs~kgi~s ~f lin

hufk @in`l)

Ku) Ulioli ]li~ `s l dbfelb Klildgkgi~ Cfiswb~li~ lnx`sìd

CGF&Efluns fi S~ul~gdp lin Calidg Klildgkgi~) Ku) ]li~"

wi~`b 5==5 tls l ]lu~igu ( X`cg+]ugs`ngi~ l~ Elì ( Cfk}lip"


21/52

@ic)" Efs~fi" tagug ag bgn ~ag tfubnt`ng W~`b`~p ]ulc~`cg) Ag tls

lbsf Nùgc~fu" Cfu}ful~g Ewsìgss Ngxgbf}kgi~ l~ Dgigulb

Gbgc~u`c agln|wlu~gus ì Hlùh`gbn" WSL) Ku) ]li~ als li KEL

hufk âg Talu~fi Scaffb lin EG !Afifwus hufk Eùbl @is~`~w~g fh

^gcaifbfdp lin Sc`gicgs)

Ku) Ulx` Ilulì `s ~ag Klildìd Nùgc~fu ( CGF fh Il~`filb

S~fcj Gqcalidg fh @in`l B`k`~gn) Ku) Ulx` Ilulì tls l kgkegu

fh ~ag cfug ~glk ~f sg~+w} ~ag Sgcwu`~`gs ( Gqcalidg Eflun fh

@in`l !SGE@ lin `s lbsf lssfc`l~gn t`~a xlu`fws cfkk`~~ggs fh

SGE@ lin ~ag Ugsguxg Elij fh @in`l !UE@)

Ku) Ngg}lj K Sl~tlbgjlu `s ~ag Klildìd Nùgc~fu lin CGF fh

~ag Cfk}lip sìcg Ifxgkegu" 5===) ]u`fu ~f ~a`s" ag tls ~ag

Klildìd Nùgc~fu fh ANHC B`k`~gn sìcg


22/52

JGP SÛGIDÂS

Hìlic`lb Gq}gu~`sg

Ls l ofì~ xgi~wug fh bglnìd hìlic`lb sgux`cgs dufw}s" ANHC S~linlun

B hg als ~ag hìlic`lb gq}gu~`sg ug|wùgn ~f klildg ~ag bfid+~guk

ìxgs~kgi~s slhgbp lin ghh`c`gi~bp)

Ulidg fh Sfbw~`fis

ANHC S~linlun B`hg @iswulicg als l ulidg fh ìn`x`nwlb lin dufw}

sfbw~`fis" ta`ca cli eg gls`bp cws~fk`zgn ~f s}gc`h`c iggns) âg dufw}

sfbw~ fis alxg eggi ngs`dign ~f fhhgu cws~fkgu cfk}bg~g hbgqè`b ~p

cfkeìgn t`~a l bft caludìd s~uwc~wug)

ûlcj Ugcfun sf hlu

âg dufss }ugk`wk ìcfkg" hfu ~ag pglu ginìd Kluca 3


23/52

LEFW^ ÂG ]UFNWC^S

ANHC s~linlun b`hg ìswulicg }ufnwc~s ìcbwng l eufln luulp fh

b`hg ìswulicg cfxguldg ~f ef~a ìn`x`nwlbs lin dufw}s) âg cfk}lip

als b`hg }ufnwc~s tagug ls ìn`x`nwlbs: `~ als ~guk }ufnwc~s" ginftkgi~

}ufnwc~s ls tgbb ls kfigp elcj }ufnwc~s) ANHC }fb cgs alxg kfug

ngklin ì ~ag WB@]S }fb`cgs) âgsg lug ~ag }fb`cgs ta`ca alxg l xgup

dffn ngklin ì klujg~) âgsg }fb`cgs fibp }fb`cgs d`xg kfug }ufh`~ ~f

cfk}lip cfk}lugn ~f ~ag ~uln`~`filb }fb`cgs) ûln`~`filb }fb`cgs lug ~ag

kf~agu }fb`cgs ~f lbb ìswulicg cfk}li`gs

âg hfbbftìd lug sfkg fh ~ag }fb`cgs d`xgi ep ANHC?

Wi`~ bìjgn ginftkgi~ }bws

Wi`~ bìjgn ginftkgi~

Wi`~ bìjgn pfwids~gu }bws

Wi`~ bìjgn pfwids~gu

Wi`~ bìjgn }gis`fi

Wi`~ bìjgn }gis`fi }bws

Ginftkgi~ lsswulicg

^guk lsswulicg

Kfigp elcj }fb`cp

Sìdbg }ugk`wk tafbg b`hg

Bfli cfxgu ~guk lsswulicg


24/52

FEOGC^@XGS


25/52

Iggn Fh ~ag s~wnp

Gxgup cfk}lip ~ugl~s hwins klildgkgi~ `s xgup gssgi~`lb egclwsg

`~s klì l`k `s ~f w~ b`zg ~ag hwins ghhgc~`xgbp lin ghh`c`gi~bp) @h ~ag

cfk}lip w~`b`zgs ~ag hwins ghhgc~`xgbp lin ghh`c`gi~bp" tg cli ìcuglsg

~ag }guhfuklicg fh ~ag cfk}lip" ta`ca bglns ~f ~ag gcfifk`c duft~a fh

~ag cfwi~up) @i ~a`s cfi~gq~ ~a`s s~wnp fi klildgkgi~ fh hwins ì ~ag

fudli`zl~`fi t`bb eg wsghwb hfu ~ag fudli`zl~`fi ~f klildgn ~ag hwins

ghhgc~`xgbp)


26/52

KG^AFNFBFDP

^AG S^WNP ELS@CLBBP NG]GINS FI


27/52

@I^UFNWC^@FI


28/52

Hwins Klildgkgi~

@i~ufnwc~`fi?

@i @in`l tg lug wsgn ~f ~ag cficg}~ fh }ufhgss`filb hwin

klildgkgi~) ^fnlp" l afs~ fh hwins lug lxl blebg ~f ìxgs~fus) L

wi`hpìd hgl~wug fh lbb fh ~agsg hwins `s ~al~ ~agp lug lbb lc~`xgbp klildgn

hwins) Hwins klildgus sgbgc~ l }fu~hfb`f fh s~fcjs sf ls ~f dg~ ug~wuis)

@~ d`xgs li fxgux`gt fh ~ag tafbg ewsìgss lin gq}bfugs ~ag }ufcgss lin

~gcai`|wgs fh hwin klildgkgi~" }guhfuklicg kglswugkgi~ lin hwin

lnkì`s~ul~`fi)

Hwins Klildgkgi~?

Hwins klildgkgi~ }ufhgss`filbs lbsf iggn ~f eg lebg ~f ~ulng

|w`cjbp ~f ugs}fin ~f klujg~ cfin`~`fis) âgp tli~ ~f hfbbft ~ag klujg~s

lin jgg} leugls~ fh s`di`h`cli~ ngxgbf}kgi~s ta`bg ufw~ìd fungus) Sf"

~agp bffj hfu sgux`cgs ~al~ }ufx`ng igts" uglb+~`kg }u`cg nl~l lin ~ulng

cfiigc~`x`~p hufk ~ag slkg ngsj~f} i~guhlcg)

Hwins klildgkgi~ }ufhgss`filbs l`k hfu egs~ }u`cg lin gqgcw~`fi

fi ~agù ~ulng fungus" ug|wùgs lccgss ~f l t`ng }ffb fh b`|w`n`~p ~f ~ulng

ghh`c`gi~bp) âgp bffj hfu ~ulng fungu ufw~ìd sps~gks ~al~ lbbft ~agk ~f

nùgc~ ~agù ~ulng ~f kwb~`}bg eufjgus) âgp iggn ~f eg lebg ~f ~ulcj ~ulng

fungus" cagcj ~ag xlbwg fh gqgcw~gn ~ulngs lin ì~gdul~g fungu

ìhfukl~`fi)


29/52

Nghì`~`fi?

Hwin Klildgkgi~

@ixgs~kgi~ fh lin lnkì`s~guìd l |wli~`~p fh kfigp" gd) }gis`fi hwin" ìswulicghwin" fi egalbh fh ~ag hwins ftigus)

Cfk}figi~s fh hwins klildgkgi~?

Kfigp?

L cfkkfn`~p fu lssg~" swca ls dfbn" li fhh`c`lbbp `sswgn cwuugicp"

cfì fu }l}gu if~g" ~al~ cli eg bgdlbbp gqcalidgn hfu sfkg~aìd

g|w`xlbgi~" swca ls dffns fu sgux`cgs)

]fu~hfb`f Klildgkgi~?

âg lu~ lin sc`gicg fh kljìd ngc`s`fis lefw~ ìxgs~kgi~ k`q lin

}fb`cp" kl~caìd ìxgs~kgi~s ~f feogc~`xgs" lssg~s lbbfcl~`fi hfu

ìn`x`nwlbs lin ìs~`~w~`fis lin elblicìd u`sj) @~ `s x`~lb ~f klildg

ìxgs~kgi~s ls }lu~s fh wi`h`gn }fu~hfb`f) â`s `s fibp tlp ~f lca`gxg ~ag

elblicg lin n`xgus`h cl~ fi) âgug `s l iggn ~f b`k ~ ~ag u`sj ~f

uglsfilebg bgxgbs) âg }fu~hfb`f klildgu lbsf als ~f jift aft ~f uwi

~ag }fu~hfb`f ì fungu ~f }ufnwcg duft~a nwuìd glubp s~ldgs fh ~ag

ìxgs~kgi~ cluggu)

]fu~hfb`f klildgkgi~ `s lbb lefw~ s~ugid~as" tgljigssgs"

f}}fu~wi`~`gs" lin ~augl~s ì ~ag caf`cg fh nge~ xs) g|w`~p" nfkgs~`c xs)

ì~guil~ filb" duft~a xs) slhg~p lin iwkgufws f~agu ~ulng+fhhs


30/52

gicfwi~gugn ì ~ag l~~gk}~ ~f klq`k`zg ug~wui l~ l d`xgi l}}g~`~g hfu

u`sj)

Kfigp Klildgkgi~?

âg }ufcgss fh ewndg~ìd" slxìd" ìxgs~ìd" s}ginìd fu f~agut`sg ì

fxgusggìd ~ag clsa wsldg fh li ìn`x`nwlb fu dufw}) âg }ugnfkìli~

wsg fh ~ag }aulsg ì hìlic`lb klujg~s `s ~al~ fh li ìxgs~kgi~

}ufhgss`filb kljìd ìxgs~kgi~ ngc`s`fis hfu bludg }ffbs fh hwins)

@ixgs~kgi~ L}}uflcags?

@ixgs~kgi~ hfcws `s elsgn fi ~ag }u`klup feogc~`xg fh }uf~gc~ìd lin

dgigul~ìd dffn lin cfis`s~gi~ ixgs~kgi~ ug~wuis ~f kl~ca ~ag

ìxgs~fus bfid+~guk feogc~`xg lin ug~wui gq}gc~l~`fis) ag ixgs~kgi~

l}}uflcags lug fh 5 ~p}gs)

l) @ixgs~kgi~ }ufcgsse) U`sj klildgkgi~

L) @ixgs~kgi~ }ufcgss?

âg klildgu t`~a ~ag egb`gh ~al~ fxgu ~ag kgn`wk lin bfid ~guk" t`bb

eg lebg ~f }guhfuk ~ag egicakluj) A`da |wlb`~p ugsgluca `s ~agughfug

s~fcj fu sgc~fu fu lssg~ cli eg ìhbwicgn ep b`|w`n`~p fu f~agu swca

hlc~fus ì ~ag safu~ ~guk" fxgu ~ag bfid ~guk klujg~ }u`cgs elsgn fi


31/52

hwinlkgi~lb xlbwgs) Hfu ~a`s uglsfi ìxgs~kgi~ }ufcgss `s elsgn fi

~ag hwinlkgi~lb gxlbwl~`fi fh glca in`x`nwlb sgcwu`~p)

E) U`sj klildgkgi~?

U`sj klildgkgi~ `s l cu`~`clb hwic~`fi ì ~ag ìxgs~kgi~ }ufcgss lin

`s kfi`~fugn l~ kwb~`}bg bgxgbs b`jg hwin u`sj" f}gul~`filb u`sj" klujg~ u`sj

lin s~fcj fu ìs~uwkgi~ s}gc`h`c u`sj) N`sc`}bìg `s cu`~`clb ì klildìd

hwins fxgu l bfid~`kg)


32/52

^p}gs Fh Hwins Klildgkgi~?

Lc~`xg klildgkgi~?

Lc~`xg klildgkgi~ !lbsf clbbgn lc~`xg ìxgs~ id ughgus ~f l }fu~hfb`f

klildgkgi~ s~ul~gdp tagug ~ag klildgu kljgs s}gc`h`c ìxgs~kgi~s

t`~a ~ag dflb fh fw~}guhfukìd l egicakluj ìngq)

@nglbbp" ~ag klildgu gq}bf`~s klujg~ ìghh`c`gic`gs ep }wucalsìd

sgcwu`~`gs ~al~ lug winguxlbwgn" lin&fu !bgss hug|wgi~bp" safu~ sgbbìd

sgcwu`~`gs ~al~ lug fxguxlbwgn) Ng}ginìd fi ~ag dflbs fh ~ag s}gc`h`c

ìxgs~kgi~ }fu~hfb`f fu kw~wlb hwin" lc~`xg klildgkgi~ klp lbsf s~u`xg

~f lca`gxg l dflb fh bgss xfbl~`b`~p fu u`sj ~ali ~ag egicakluj ìngq

ìs~gln fh" fu ì lnn`~`fi ~f" dugl~gu bfid+~guk ug~wui

Lc~`xg klildgkgi~ `s ~ag f}}fs`~g fh }lss`xg klildgkgi~" tagug ~ag

klildgu nfgs if~ sggj ~f fw~}guhfuk ~ag egicakluj ìngq)

Lc~`xg }fu~hfb`f klildgus klp wsg l xlu`g~p fh hlc~fus lin s~ul~gd`gs ~f

cfis~uwc~ ~agù }fu~hfb`f) âgsg ìcbwng |wli~`~l~`xg kglswugs swca ls

]&G ul~`fs lin ]GD ul~`fs" sgc~fu eg~s ~al~ l~~gk}~ ~f li~`c`}l~g bfid+

~guk klcufgcfifk`c ~ugins !swca ls l hfcws fi gigudp fu afwsìd

s~fcjs" lin }wucalsìd s~fcjs fh cfk}li`gs ~al~ lug ~gk}fulu`bp fw~+fh+

hlxfu fu sgbbìd l~ l n`scfwi~ ~f ~agù ì~uìs`c xlbwg) Sfkg lc~ xgbp

klildgn hwins lbsf }wuswg s~ul~gd`gs swca ls kgudgu lue`~uldg" safu~

}fs`~`fis" f}~`fi tu`~ìd" lin lssg~ lbbfcl~`fi)
http://en.wikipedia.org/wiki/Investment_managementhttp://en.wikipedia.org/wiki/Investment_managementhttp://en.wikipedia.org/wiki/Efficient_market_theoryhttp://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Short_sellinghttp://en.wikipedia.org/wiki/Passive_managementhttp://en.wikipedia.org/wiki/P/E_ratiohttp://en.wikipedia.org/wiki/P/E_ratiohttp://en.wikipedia.org/wiki/PEG_ratioshttp://en.wikipedia.org/wiki/PEG_ratioshttp://en.wikipedia.org/wiki/Macroeconomichttp://en.wikipedia.org/wiki/Merger_arbitragehttp://en.wikipedia.org/wiki/Merger_arbitragehttp://en.wikipedia.org/wiki/Short_(finance)http://en.wikipedia.org/wiki/Short_(finance)http://en.wikipedia.org/wiki/Option_(finance)http://en.wikipedia.org/wiki/Asset_allocationhttp://en.wikipedia.org/wiki/Investment_managementhttp://en.wikipedia.org/wiki/Investment_managementhttp://en.wikipedia.org/wiki/Efficient_market_theoryhttp://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Short_sellinghttp://en.wikipedia.org/wiki/Passive_managementhttp://en.wikipedia.org/wiki/P/E_ratiohttp://en.wikipedia.org/wiki/PEG_ratioshttp://en.wikipedia.org/wiki/Macroeconomichttp://en.wikipedia.org/wiki/Merger_arbitragehttp://en.wikipedia.org/wiki/Short_(finance)http://en.wikipedia.org/wiki/Short_(finance)http://en.wikipedia.org/wiki/Option_(finance)http://en.wikipedia.org/wiki/Asset_allocation


33/52

âg ghhgc~`xgigss fh li lc~`xgbp+klildgn ìxgs~kgi~ }fu~hfb`f fex`fwsbp

ng}gins fi ~ag sj`bb fh ~ag klildgu lin ugsgluca s~lhh) @i uglb`~p" ~ag

klofu`~p fh lc~ xgbp klildgn cfbbgc~`xg ìxgs~kgi~ scagkgs ulugbp

fw~}guhfuk ~agù ìngq cfwi~gu}lu~s fxgu bfid }gu`fns fh ~`kg" lsswkìd

~al~ ~agp lug egicaklujgn cfuugc~bp) Hfu gqlk}bg" ~ag S~linlun (

]ffu$s @ingq Xgusws Lc~`xg !S]@XL |wlu~gubp scfugcluns ngkfis~ul~g

~al~ fibp l kìfu`~p fh lc~ xgbp klildgn kw~wlb hwins wswlbbp egl~

S~linlun ( ]ffu$s xlu`fws ìngq egicaklujs) Ls ~ag ~`kg }gu`fn hfu

cfk}lu`sfi ìcuglsgs" ~a`s kìfu`~p }gucgi~ldg ~gins ~f sauìj gxgi

kfug)

Tagi lbb gq}gisgs lug ~ljgi ì~f lccfwi~ fig k`da~ lc~wlbbp sgg

wingu}guhfuklicg gxgi `h ~ag sgcwu`~`gs fw~}guhfuk ~ag Klujg~)

Aftgxgu" `h if~ hfu lc~`xg klildgkgi~" }lss`xg klildgkgi~ tfwbn

egcfkg l dlkebg" ~aws ~ag ìcgi~`xgs hfu lc~`xg klildgkgi~ t`bb ltlps

gq`s~) @i lnn`~`fi" klip ìxgs~fus hìn lc~`xg klildgkgi~ li l~~ulc~`xg

s~ul~gdp t`~aì klujg~ sgdkgi~s ~al~ lug bgss b`jgbp ~f eg hwbbp ghh`c`gi~"

swca ls ìxgs~kgi~s ì sklbb cl} s~fcjs)

Lnxli~ldgs fh lc~`xg klildgkgi~?

âg }u`klup l~~ulc~`fi fh lc~`xg klildgkgi~ `s ~al~ `~ lbbfts sgbgc~`fi fh

ìxgs~kgi~s ~al~ nf if~ gcaf ~afsg fh ~ag klujg~ ls l tafbg) @ixgs~fus

klp alxg l xlu`g~p fh kf~`xl~`fis hfu hfbbftìd swca l s~ul~gdp?
http://en.wikipedia.org/wiki/Collective_investment_schemehttp://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/Collective_investment_schemehttp://en.wikipedia.org/wiki/Market_capitalization


34/52

âgp klp eg sjg}~`clb fh ~ag ghh`c`gi~ klujg~ ~agfup" fu egb`gxg

~al~ sfkg klujg~ sgdkgi~s lug bgss ghh`c`gi~ ~ali f~agus)

âgp klp tli~ ~f klildg xfbl~`b`~p ep ìxgs~ìd ì bgss+u`sjp"

a`da+|wlb`~p cfk}li`gs ul~agu ~ali ì ~ag klujg~ ls l tafbg" gxgi

l~ ~ag cfs~ fh sb`da~bp bftgu ug~wuis)

Cfixgusgbp" sfkg ìxgs~fus klp tli~ ~f ~ljg fi lnn`~`filb u`sj

hfu ~ag calicg fh a`dagu+~ali+klujg~ ug~wuis)

@ixgs~kgi~s ~al~ lug if~ a`dabp cfuugbl~gn ~f ~ag klujg~ lug wsghwb

ls l }fu~hfb`f n`xgus`h`gu)

Sfkg ìxgs~fus klp t`sa ~f hfbbft l s~ul~gdp ~al~ lxf`ns fu

wingutg`da~s cgu~lì ìnws~u`gs cfk}lugn ~f ~ag klujg~ ls l

tafbg" lin klp hìn li lc~`xgbp+klildgn hwin kfug ì bìg t`~a

~agù }lu~`cwblu ìxgs~kgi~ dflbs) !Hfu ìs~licg" li gk}bfpgg fh l

a`da+~gcaifbfdp duft~a cfk}lip taf ugcg`xgs cfk}lip s~fcj fu

s~fcj f}~`fis ls l egigh`~ k`da~ }ughgu if~ ~f ~`g w} ~agù f~agu

lssg~s ì ~ag slkg ìnws~up)

Sgxgulb fh ~ag lc~`xgbp+klildgn kw~wlb hwins t`~a s~ufid bfid+~guk

ugcfuns ìxgs~ ì xlbwg s~fcjs) ]lss`xgbp+klildgn hwins ~al~ ~ulcj

eufln klujg~ ìn`cgs swca ls ~ag S(] 7== alxg kfigp ìxgs~gn ì ef~a

duft~a lin xlbwg s~fcjs)
http://en.wikipedia.org/wiki/Efficient_market_theoryhttp://en.wikipedia.org/wiki/Value_stockhttp://en.wikipedia.org/wiki/S%26P_500http://en.wikipedia.org/wiki/Efficient_market_theoryhttp://en.wikipedia.org/wiki/Value_stockhttp://en.wikipedia.org/wiki/S%26P_500


35/52

N`slnxli~ldgs fh lc~`xg klildgkgi~

âg kfs~ fex`fws n`slnxli~ldg fh lc~`xg klildgkgi~ `s ~al~ ~ag hwin

klildgu klp kljg eln ìxgs~kgi~ caf`cgs fu hfbbft li wisfwin ~agfup

ì klildìd ~ag }fu~hfb`f) âg hggs lssfc`l~gn t`~a lc~`xg klildgkgi~

lug lbsf a`dagu ~ali ~afsg lssfc`l~gn t`~a }lss`xg klildgkgi~" gxgi `h

hug|wgi~ ~ulnìd `s if~ }ugsgi~) âfsg taf lug cfis`nguìd ìxgs~ìd ì

li lc~`xgbp+klildgn kw~wlb hwin safwbn gxlbwl~g ~ag hwin$s }ufs}gc~ws

clughwbbp) âg klofu`~p fh lc~`xgbp klildgn bludg+ lin k`n+cl} s~fcj

hwins ì Wi`~gn S~l~gs hl`b ~f fw~}guhfuk l }lss`xg s~fcj ìngq ì ugcgi~

ngclngs)

Lc~`xg hwin klildgkgi~ s~ul~gd`gs ~al~ ìxfbxg hug|wgi~ ~ulnìd

dgigul~g a`dagu ~ulislc~`fi cfs~s ta`ca cw~ ì~f ~ag hwin$s ug~wui) @i

lnn`~`fi" ~ag safu~+~guk cl}`~lb dlìs ugswb~ìd hufk hug|wgi~ ~ulngs alxg

li wihlxfulebg ~lq ~ugl~kgi~ tagi swca hwins lug agbn ì l ~lqlebg

lccfwi~)

Tagi ~ag lssg~ elsg fh li lc~`xgbp+klildgn hwin egcfkgs ~ff bludg" `~ egdìs ~f

~ljg fi ìngq+b`jg calulc~gu`s~`cs egclwsg `~ kws~ ìxgs~ ì li ìcuglsìdbp n`xgusg

sg~ fh ìxgs~kgi~s ìs~gln fh fibp ~afsg ta`ca ug}ugsgi~ ~ag hwin klildgu$s egs~

`ngls) Klip kw~wlb hwin cfk}li`gs cbfsg ~agù hwins eghfug ~agp uglca ~a`s }fì~"

ew~ ~agug `s }f~gi~ lb hfu cfihb`c~ fh ì~gugs~ eg~tggi ~ag hwin klildgu lin

salugafbngus egclwsg fh ~ag lnn`~`filb klildgkgi~ hggs ~al~ cli eg cfbbgc~gn ep

jgg}ìd ~ag hwin f}gi)
http://en.wikipedia.org/wiki/Prospectus_(finance)http://en.wikipedia.org/wiki/Capital_gainshttp://en.wikipedia.org/wiki/Prospectus_(finance)http://en.wikipedia.org/wiki/Capital_gains


36/52

Uglb lc~`xg klildgkgi~

G|w`~p hwin klildgus wswlbbp nf if~ alxg eflun kgkegus l~ ~ag hùks ì

ta`ca ~agp alxg li g|w`~p s~ljg" lin ~agp nf xù~wlbbp if~aìd lefw~ ~ag

hw~wug }guhfuklicg fh ~ag hùk) Sf ewpìd lin sgbbìd g|w`~p `s if~ lc~`xg

klildgkgi~ fh ~ag cfk}li`gs: `~ `s ows~ li lc~`xg ~ulislc~`fi fh g|w`~p ì

~ag hwin)

Uglb lc~`xg klildgkgi~ `s nfig ep ~ag }gf}bg ~al~ tfuj l~ ~ag

cfk}lip" gxgup gk}bfpgg lin klildgu) ]u`xl~g+g|w`~p `s fh~gi uglb

lc~`xg klildgkgi~ sìcg l }u`xl~gbp ftign cfk}lip alxg l sklbb

iwkegu fh ftigus lin wswlbbp alxg ows~ fig ftigu ~al~ kljg s~ul~gdp

ngc`s`fis l~ ~ag eflun bgxgb)

]lss`xg hwins klildgkgi~?

]lss`xg klildgkgi~ !lbsf clbbgn }lss`xg ìxgs~ìd `s l hìlic`lb

s~ul~gdp ì ta`ca l hwin klildgukljgs ls hgt }fu~hfb`f ngc`s`fis ls

}fssèbg" ì fungu ~f kì`k`zg ~ulislc~`fi cfs~s" ìcbwnìd ~ag ìc`ngicg

fhcl}`~lb dlìs ~lq) Fig }f}wblu kg~afn `s ~f k`k`c ~ag }guhfuklicg fh

li gq~guilbbp s}gc`h`gn ìngqclbbgn $ìngq hwins$) âg g~afs fh li ìngq

hwin `s l}~bp swkkgn w} ì ~ag ìowic~`fi ~f li ìngq hwin klildgu?

%Nfi$~ ows~ nf sfkg~aìd" s`~ ~agug,%

]lss`xg klildgkgi~ `s kfs~ cfkkfi fi ~ag g|w`~p klujg~" tagug

ìngq hwins ~ulcj l s~fcj klujg~ ìngq" ew~ `~ `s egcfkìd kfug cfkkfi
http://en.wikipedia.org/wiki/Private-equityhttp://en.wikipedia.org/wiki/Financehttp://en.wikipedia.org/wiki/Fund_managerhttp://en.wikipedia.org/wiki/Fund_managerhttp://en.wikipedia.org/wiki/Portfolio_(finance)http://en.wikipedia.org/wiki/Transaction_costhttp://en.wikipedia.org/wiki/Capital_gains_taxhttp://en.wikipedia.org/wiki/Index_(economics)http://en.wikipedia.org/wiki/Index_fundhttp://en.wikipedia.org/wiki/Index_fundhttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Stock_market_indexhttp://en.wikipedia.org/wiki/Private-equityhttp://en.wikipedia.org/wiki/Financehttp://en.wikipedia.org/wiki/Fund_managerhttp://en.wikipedia.org/wiki/Portfolio_(finance)http://en.wikipedia.org/wiki/Transaction_costhttp://en.wikipedia.org/wiki/Capital_gains_taxhttp://en.wikipedia.org/wiki/Index_(economics)http://en.wikipedia.org/wiki/Index_fundhttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Stock_market_index


37/52

ì f~agu ìxgs~kgi~ ~p}gs" ìcbwnìd efins" cfkkfn`~`gs lin agndg

hwins) ^fnlp" ~agug `s l }bg~aful fh klujg~ ìngqgs ì ~ag tfubn" lin

~afwslins fh n`hhgugi~ ìngq hwins ~ulcjìd klip fh ~agk)

âg cficg}~ fh }lss`xg klildgkgi~ `s cfwi~guì~w`~`xg ~f klip

ìxgs~fus) âg ul~`filbg egaìn ìngqìd s~gks hufk hfwu cficg}~s fh

hìlic`lb gcfifk`cs?


38/52

>) âg cl}`~lb lssg~ }u`cìd kfngb !CL]K lin ugbl~gn }fu~hfb`f

sg}lul~`fi ~agfugks" ta`ca `k}bp ~al~" ì g|w`bèu`wk" lbb ìxgs~fus

t`bb afbn l k`q~wug fh ~ag klujg~ }fu~hfb`f lin l u`sjbgss lssg~)

âl~ `s" wingu sw`~lebg cfin`~`fis" l hwin ìngqgn ~f %~ag klujg~%

`s ~ag fibp hwin ìxgs~fus iggn)

Sfkg lc~`xg klildgus klp egl~ ~ag ìngq ì }lu~`cwblu pglus" fu

gxgi cfis`s~gi~bp fxgu l sgu`gs fh pglus) Igxgu~agbgss ~ag ug~l`b ìxgs~fu

s~`bb als ~ag }ufebgk fh n`scguiìd aft kwca fh ~ag fw~ }guhfuklicg tls

nwg ~f sj`bb ul~agu ~ali bwcj" lin ta`ca klildgus t`bb nf tgbb ì ~ag

hw~wug)

@k}bgkgi~l~`fi

L~ ~ag s`k}bgs~" li ìngq hwin `s k}bgkgi~gn ep }wucalsìd sgcwu`~`gs ì

~ag slkg }uf}fu~`fi ls ì ~ag s~fcj klujg~ ìngq) @~ cli lbsf eg

lca`gxgn ep slk}bìd !g)d) ewpìd s~fcjs fh glca jìn lin sgc~fu ì ~ag

ìngq ew~ if~ igcgsslu`bp sfkg fh glca ìn`x`nwlb s~fcj" lin ~agug lug

sf}a`s~`cl~gn xgus`fis fh slk}bìd !g)d) ~afsg ~al~ sggj ~f ewp ~afsg

}lu~`cwblu salugs ~al~ alxg ~ag egs~ calicg fh dffn }guhfuklicg)

@ixgs~kgi~ hwins uwi ep @ixgs~kgi~ klildgus taf cbfsgbp kùufu ~ag

ìngq ì ~ag u klildgn }fu~hfb`fs lin fhhgu b`~~bg %lnngn xlbwg% ls

klildgus ta`bs~ caludìd hggs hfu lc~`xg klildgkgi~ lug clbbgn $cbfsg~

~ulcjgus$: ~al~ `s ~agp nf if~ ì ~uw~a lc~`xgbp klildg ~ag hwin ew~

hwu~`xgbp kùufu ~ag ingq)
http://en.wikipedia.org/wiki/Capital_asset_pricing_modelhttp://en.wikipedia.org/w/index.php?title=Portfolio_separation_theorems&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Portfolio_separation_theorems&action=edit&redlink=1http://en.wikipedia.org/wiki/Market_portfoliohttp://en.wikipedia.org/wiki/Index_fundhttp://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Stockmarket_indexhttp://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Investment_managerhttp://en.wikipedia.org/wiki/Investment_managerhttp://en.wikipedia.org/wiki/Capital_asset_pricing_modelhttp://en.wikipedia.org/w/index.php?title=Portfolio_separation_theorems&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Portfolio_separation_theorems&action=edit&redlink=1http://en.wikipedia.org/wiki/Market_portfoliohttp://en.wikipedia.org/wiki/Index_fundhttp://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Stockmarket_indexhttp://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Investment_manager


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Cfbbgc~`xg ìxgs~kgi~ scagkgs ~al~ gk}bfp }lss`xg ìxgs~kgi~

s~ul~gd`gs ~f ~ulcj ~ag }guhfuklicg fh l s~fcj klujg~ ìngq" lug jifti

ls ìngq hwins) Gqcalidg+~ulngn hwins lug igxgu lc~`xgbp klildgn lin

fh~gi ~ulcj l s}gc`h`c klujg~ fu cfkkfn`~p ìn`cgs)

@ixgs~kgi~ klildgkgi~

@ixgs~kgi~ klildgkgi~ `s ~ag }ufhgss`filb klildgkgi~ fh xlu`fws

sgcwu`~`gs !salugs" efins g~c lssg~s !g)d) uglb gs~l~g" ~f kgg~ s}gc`h`gn

ìxgs~kgi~ dflbs hfu ~ag egigh`~ fh ~ag ìxgs~fus) @ixgs~fus klp eg

ìs~`~w~`fis !ìswulicg cfk}li`gs" }gis`fi hwins" cfu}ful~`fis g~c) fu

}u`xl~g ìxgs~fus !ef~a nùgc~bp x`l ìxgs~kgi~ cfi~ulc~s lin kfug

cfkkfibp x`l cfbbgc~`xg ixgs~kgi~ scagkgs g)d) kw~wlb hwins)

âg ~guk lssg~ klildgkgi~ `s fh~gi wsgn ~f ughgu ~f ~ag ìxgs~kgi~

klildgkgi~ fh cfbbgc~`xg ìxgs~kgi~s" ta`bs~ ~ag kfug dgigu`c hwin

klildgkgi~ klp ughgu ~f lbb hfuks fh ìs~`~w~`filb ìxgs~kgi~ ls tgbb ls

ìxgs~kgi~ klildgkgi~ hfu }u`xl~g ìxgs~fus) @ixgs~kgi~ klildgus

taf s}gc`lb`zg ì lnx`sfup fu n`scug~`filup klildgkgi~ fi egalbh fh

!ifuklbbp tglb~ap }u`xl~g ìxgs~fus klp fh~gi ughgu ~f ~agù sgux`cgs ls

tglb~a klildgkgi~ fu }fu~hfb`f klildgkgi~ fh~gi t`~aì ~ag cfi~gq~ fh

sf+clbbgn %}u`xl~g elijìd%)

âg }ufx`s`fi fhìxgs~kgi~ klildgkgi~ sgux`cgs ìcbwngs gbgkgi~s

fh hìlic`lb lilbps`s" lssg~ sgbgc~`fi" s~fcj sgbgc~`fi" }bli
http://en.wikipedia.org/wiki/Collective_investment_schemehttp://en.wikipedia.org/wiki/Collective_investment_schemehttp://en.wikipedia.org/wiki/Stockmarket_indexhttp://en.wikipedia.org/wiki/Index_fundhttp://en.wikipedia.org/wiki/Exchange-traded_fundhttp://en.wikipedia.org/wiki/Securitieshttp://en.wikipedia.org/wiki/Assethttp://en.wikipedia.org/wiki/Real_estatehttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Collective_investment_schemehttp://en.wikipedia.org/wiki/Stockmarket_indexhttp://en.wikipedia.org/wiki/Index_fundhttp://en.wikipedia.org/wiki/Exchange-traded_fundhttp://en.wikipedia.org/wiki/Securitieshttp://en.wikipedia.org/wiki/Assethttp://en.wikipedia.org/wiki/Real_estatehttp://en.wikipedia.org/wiki/Mutual_fund


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`k}bgkgi~l~`fi lin fidfìd kfi`~fuìd fh ìxgs~kgi~s) @ixgs~kgi~

klildgkgi~ `s l bludg lin `k}fu~li~ dbfelb ìnws~up ì `~s fti u`da~

ugs}fisèbg hfu clug~ljìd fh ~u`bb`fis fh nfbblus" gwuf" }fwins lin pgi)

Cfkìd wingu ~ag ugk`~ fh hìlic`lb sgux`cgs klip fh ~ag tfubn$s bludgs~

cfk}li`gs lug l~ bgls~ ì }lu~ ìxgs~kgi~ klildgus lin gk}bfp k`bb`fis

fh s~lhh lin cugl~g e`bb`fis ì ugxgiwg)

Hwin klildgu ughgus ~f ef~a l h uk ~al~ }ufx`ngs ìxgs~kgi~

klildgkgi~ sgux`cgs lin li ìn`x`nwlb taf nùgc~s %hwin klildgkgi~%

ngc`s`fi)


41/52

Cfi~gi~s Fh Hwins Klildgkgi~


42/52

~ag ~glk eggi tfujìd ~fdg~agu6 â`s bls~ |wgs~`fi `s x`~lb

egclwsg tal~gxgu }guhfuklicg ugcfun tls }ugsgi~gn l~ ~ag

fw~sg~ fh ~ag ugbl~`fisa`} t`~a ~ag cb`gi~ klp fu klp if~ ugbl~g ~f

!alxg eggi }ufnwcgn ep l ~glk ~al~ `s s~`bb ì }blcg) @h ~ag ~glk

als calidgn dugl~bp !a`da s~lhh ~wuifxgu fu calidgs ~f ~ag ~glk"

~agi ludwlebp ~ag }guhfuklicg ugcfun `s cfk}bg~gbp wiugbl~gn ~f

~ag gq`s~ìd ~glk !fh hwin klildgus)

5) @ixgs~kgi~ klildgus lin }fu~hfb`f s~uwc~wugs

L~ ~ag aglu~ fh ~ag ìxgs~kgi~ klildgkgi~ ìnws~up lug ~ag klildgus

taf ìxgs~ lin n`xgs~ cb`gi~ ìxgs~kgi~s)L cgu~`h`gn cfk}lip ìxgs~kgi~

lnx`sfu safwbn cfinwc~ li lssgsskgi~ fh glca cb`gi~$s ìn`x`nwlb iggns

lin u`sj }ufh`bg) âg lnx`sfu ~agi ugcfkkgins l}}uf}u`l~g ixgs~kgi~s)

3) Lssg~ lbbfcl~`fi

âg n`hhgugi~ lssg~ cblssgs lin ~ag gqguc`sg fh lbbfcl~ìd hwins lkfid

~agsg lssg~s !lin lkfid ìn`x`nwlb sgcwu`~`gs t`~aì glca lssg~ cblss `s

tal~ ìxgs~kgi~ klildgkgi~ hùks lug }l`n hfu) Lssg~ cblssgs gqaè`~

n`hhgugi~ klujg~ npilk`cs" lin n`hhgugi~ ì~gulc~ fi ghhgc~s: ~aws" ~ag

lbbfcl~`fi fh kfi`gs lkfid lssg~ cblssgs t`bb alxg l s`di`h`cli~ ghhgc~

fi ~ag }guhfuklicg fh ~ag hwin) Sfkg ugsgluca swddgs~s ~al~ lbbfcl~`fi

lkfid lssg~ cblssgs als kfug }ugn`c~`xg }ftgu ~ali ~ag caf`cg fh

ìn`x`nwlb afbnìds ì ng~gukììd }fu~hfb`f ug~wui) Ludwlebp" ~ag sj`bb fh l

swccgsshwb ìxgs~kgi~ klildgu ugs`ngs ì cfis~uwc~ìd ~ag lssg~


43/52

lbbfcl~`fi" lin sg}lul~gbp ~ag ìn`x`nwlb afbnìds" sf ls ~f fw~}guhfuk

cgu~lì egicaklujs !g)d)" ~ag }ggu dufw} fh cfk}g~ìd hwins" efin lin

s~fcj in`cgs)

>) Bfid+~guk ug~wuis

@~ `s `k}fu~li~ ~f bffj l~ ~ag gx`ngicg fi ~ag bfid+~guk ug~wuis ~f

n`hhgugi~ lssg~s" lin ~f afbnìd }gu`fn ug~wuis !~ag ug~wuis ~al~ lccuwg fi

lxguldg fxgu n`hhgugi~ bgid~as fh ìxgs~kgi~) Hfu gqlk}bg" fxgu xgup

bfid afbnìd }gu`fns !gd)


44/52

b`le`b ~p ug~wuis" `sswgs ì~guilb ~f ~ag }fu~hfb`f !ìn`x`nwlb afbnìds

xfbl~`b`~p" lin cufss+cfuugbl~`fis eg~tggi ~ag ug~wuis)

8) @ixgs~kgi~ s~pbgs

@ixgs~kgi~ S~pbg sgbgc~`fi ng}gins w}fi u`sj l}}g~`~g lin ug~wui

gq}gc~l~`fi) âgug lug l ulidg fh n`hhgugi~ s~pbgs fh hwin klildgkgi~

~al~ ~ag ìs~`~w~`fi cli `k}bgkgi~) Hfu gqlk}bg" duft~a" xlbwg" klujg~

igw~ulb" sklbb cl}`~lb`sl~`fi" ìngqgn" g~c) Glca fh ~agsg l}}uflcags als

`~s n`s~ìc~`xg hgl~wugs" lnagugi~s lin" ì lip }lu~ cwblu hìlic`lb

gixùfikgi~" n`s~ìc~`xg u`sj calulc~gu`s~`cs) Hfu gqlk}bg" ~agug `s

gx`ngicg ~al~ duft~a s~pbgs !ewpìd ul}`nbp duftìd gluiìds lug

gs}gc`lbbp ghhgc~`xg tagi ~ag cfk}li`gs lebg ~f dgigul~g swca duft~a

lug sclucg: cfixgusgbp" tagi swca duft~a `s }bgi~ hwb" ~agi ~agug `s

gx`ngicg ~al~ xlbwg s~pbgs ~gin ~f fw~}guhfuk ~ag ìn`cgs }lu~`cwblubp

swccgsshwbbp)

4) ]guhfuklicg kglswugkgi~

Hwin }guhfuklicg `s ~ag lc`n ~gs~ fh hwin klildgkgi~" lin ì ~ag

ìs~ ~w~ filb cfi~gq~ lccwul~g kglswugkgi~ `s l igcgss ~p) Hfu ~al~

}wu}fsg" ìs~`~w~`fis kglswug ~ag }guhfuklicg fh glca hwin !lin wswlbbp

hfu ì~guilb }wu}fsgs cfk}figi~s fh glca hwin wingu ~agù

klildgkgi~" lin }guhfuklicg `s lbsf kglswugn ep gq~guilb hùks ~al~
http://en.wikipedia.org/wiki/Cross-correlationhttp://en.wikipedia.org/wiki/Investment_stylehttp://en.wikipedia.org/wiki/Market_neutralhttp://en.wikipedia.org/wiki/Market_neutralhttp://en.wikipedia.org/wiki/Cross-correlationhttp://en.wikipedia.org/wiki/Investment_stylehttp://en.wikipedia.org/wiki/Market_neutralhttp://en.wikipedia.org/wiki/Market_neutral


45/52

s}gc`lb`zg ì }guhfuklicg kglswugkgi~) âg bglnìd }guhfuklicg

kglswugkgi~ hùks cfk}`bg lddugdl~g ìnws~up nl~l)

Dgigulbbp s}gljìd" `~ `s }ufelebp l}}uf}u`l~g hfu li ìxgs~kgi~ hùk ~f

}guswlng `~s cb`gi~s ~f lssgss }guhfuklicg fxgu bfidgu }gu`fns !g)d)" 3

~f 7 pglus ~f skff~a fw~ xgup safu~ ~guk hbwc~wl~`fis ì }guhfuklicg

lin ~ag ìhbwgicg fh ~ag ewsìgss cpcbg) â`s cli eg n`hh`cwb~ aftgxgu

lin" ìnws~up t`ng" ~agug `s l sgu fws }ugfccw}l~`fi t`~a safu~+~guk

iwkegus lin ~ag ghhgc~ fi ~ag ugbl~`fisa`} t`~a cb`gi~s !lin ugswb~li~

ewsìgss u`sjs hfu ~ag ìs~`~w~`fis)

Li ginwuìd }ufebgk `s tag~agu ~f kglswug eghfug+~lq fu lh~gu+~lq

}guhfuklicg) Lh~gu+~lq kglswugkgi~ ug}ugsgi~s ~ag egigh`~ ~f ~ag

ìxgs~fu" ew~ ìxgs~fus$ ~lq }fs`~`fis klp xlup) Eghfug+~lq kglswugkgi~

cli eg k`sbglnìd" gs}gc`lbbp ì ugd`kgis ~al~ ~lq uglb`sgn cl}`~lb dlìs

!lin if~ wiuglb`sgn) @~ `s ~aws }fssèbg ~al~ swccgsshwb lc~`xg klildgus

!kglswugn eghfug ~lq klp }ufnwcg k`sgulebg lh~gu+~lq ugswb~s) Fig

}fssèbg sfbw~`fi `s ~f ug}fu~ ~ag lh~gu+~lq }fs`~ fi fh sfkg s~linlun

~lq}lpgu)

)1) U`sj+lnows~gn }guhfuklicg kglswugkgi~

]guhfuklicg kglswugkgi~ safwbn if~ eg ugnwcgn ~f ~ag gxlbwl~`fi fh

hwin ug~wuis lbfig" ew~ kws~ lbsf ì~gdul~g f~agu hwin gbgkgi~s ~al~

tfwbn eg fh ì~gugs~ ~f ìxgs~fus" swca ls ~ag kglswug fh u`sj ~ljgi)

Sgxgulb f~agu ls}gc~s lug lbsf }lu~ fh }guhfuklicg kglswugkgi~?


46/52

gxlbwl~ìd `h klildgus alxg swccggngn ì uglcaìd ~agù feogc~`xg" `)g) `h

~agù ug~wui tls swhh`c`gi~bp a`da ~f ugtlun ~ag u`sjs ~ljgi: aft ~agp

cfk}lug ~f ~agù }ggus: lin hìlbbp tag~agu ~ag }fu~hfb`f klildgkgi~

ugswb~s tgug nwg ~f bwcj fu ~ag klildgus sj`bb) âg iggn ~f listgu lbb

~agsg |wgs~`fis als bgn ~f ~ag ngxgbf}kgi~ fh kfug sf}a`s~`cl~gn

}guhfuklicg kglswugs" klip fh ta`ca fu`dìl~g ì kfngui }fu~hfb`f

~agfup)

Kfngui }fu~hfb`f ~agfup gs~leb`sagn ~ag |wli~ ~l~`xg bìj ~al~ gq`s~s

eg~tggi }fu~hfb`f u`sj lin ug~wui) âg Cl}`~lb Lssg~ ]u`cìd Kfngb

!CL]K ngxgbf}gn ep Salu}g ! a`dab`da~gn ~ag if~`fi fh ugtlunìd

u`sj lin }ufnwcgn ~ag hùs~ }guhfuklicg ìn`cl~fus" eg ~agp u`sj+lnows~gn

ul~`fs !Salu}g ul~`f" ìhfukl~`fi ul~`f fu n`hhgugi~`lb ug~wuis cfk}lugn ~f

egicaklujs !lb}als) âg Salu}g ul~`f `s ~ag s`k}bgs~ lin egs~ jifti

}guhfuklicg kglswug) @~ kglswugs ~ag ug~wui fh l }fu~hfb`f ì gqcgss fh

~ag u`sj+hugg ul~g" cfk}lugn ~f ~ag ~f~lb u`sj fh ~ag }fu~hfb`f) â`s

kglswug `s sl`n ~f eg lesfbw~g" ls `~ nfgs if~ ughgu ~f lip egicakluj"

lxf`nìd nultelcjs ugbl~gn ~f l }ffu caf`cg fh egicakluj) Kglita`bg"

`~ nfgs if~ lbbft ~ag sg}lul~`fi fh ~ag }guhfuklicg fh ~ag klujg~ ì

ta`ca ~ag }fu~hfb`f `s ìxgs~gn hufk ~al~ fh ~ag klildgu) âg ìhfukl~`fi

ul~`f `s l kfug dgigulb hfuk fh ~ag Salu}g ul~`f ì ta`ca ~ag u`sj+hugg

lssg~ `s ug}blcgn ep l egicakluj }fu~hfb`f) â`s kglswug `s ugbl~`xg" ls

`~ gxlbwl~gs }fu~hfb`f }guhfuklicg ì ughgugicg ~f l egicakluj" kljìd

~ag ugswb~ s~ufidbp ng}gingi~ fi ~a`s egicakluj caf`cg)


47/52

]fu~hfb`f lb}al `s fe~lìgn ep kglswuìd ~ag n`hhgugicg eg~tggi ~ag

ug~wui fh ~ag }fu~hfb`f lin ~al~ fh l egicakluj }fu~hfb`f) â`s kglswug

l}}glus ~f eg ~ag fibp ugb`lebg }guhfuklicg kglswug ~f gxlbwl~g lc~`xg

klildgkgi~) @i hlc~" tg alxg ~f n`s~ìdw`sa eg~tggi ifuklb ug~wuis"

}ufx`ngn ep ~ag hlù ugtlun hfu }fu~hfb`f gq}fswug ~f n`hhgugi~ u`sjs" lin

fe~lìgn ~aufwda }lss`xg klildgkgi~" hufk leifuklb }guhfuklicg !fu

fw~}guhfuklicg nwg ~f ~ag klildgus sj`bb" tag~agu ~aufwda klujg~

~`kìd fu s~fcj }`cjìd) âg hùs~ cfk}figi~ `s ugbl~gn ~f lbbfcl~`fi lin

s~pbg ìxgs~kgi~ caf`cgs" ta`ca klp if~ eg wingu ~ag sfbg cfi~ufb fh ~ag

klildgu" lin ng}gins fi ~ag gcfifk`c cfi~gq~" ta bg ~ag sgcfin

cfk}figi~ `s li gxlbwl~`fi fh ~ag swccgss fh ~ag klildgus ngc`s`fis)

Fibp ~ag bl~~gu" kglswugn ep lb}al" lbbfts ~ag gxlbwl~`fi fh ~ag

klildgus ~uwg }guhfuklicg)

]fu~hfb`f ifuklb ug~wui klp eg gxlbwl~gn wsìd hlc~fu kfngbs) âg hùs~

kfngb" }uf}fsgn ep Ogisgi !


48/52

cfk}lip$s s`zg ls kglswugn ep `~s klujg~ cl}`~lb`sl~ fi) Hlkl lin

Hugica ~agughfug }uf}fsgn l ~augg+hlc~fu kfngb ~f ngscu`eg }fu~hfb`f

ifuklb ug~wuis) Clualu~ !


49/52

u`sj ew~ wi`~ }u`cgs klp s~`bb df w} fu nfti) Ls ~ag hwins lug ìxgs~gn ì

sgcwugn sgcwu`~`gs tagug ~ag ug~wuis lug }ufx`ngn ugdwblubp)

Nghgis`xg Klildgn Hwin?

âg hùs~ `s l nghgis`xg ìxgs~kgi~ s~ul~gdp ~al~ }uf~gc~s li ìxgs~fus

}uìc`}lb tagi ~ag s~fcj klujg~ `s dfìd nfti) âgp lug sfkg~`kgs

jifti ls @ICFKG HWIN lin ~gin ~f ~ag aglx`bp tg`da~gn ì clsa lin

h`qgn ì~gugs~ ìxgs~kgi~s)


50/52

~ag bfid ~guk hufk ~ag a`dagu }uf}fu~`fi `~ ìxgs~s ì g|w`~`gs) Wi`~ }u`cgs

klp df w} fu nfti)

Duft~a Hwin?

â`s hwin hfcws fi bfid ~guk cl}`~lb duft~a ul~agu ~ali ìcfkg lin lug

dgigulbbp sw`~gn ~f }gf}bg taf nfif~ iggn ~f lccgss ~agù kfigp hfu 7*

pglus) âgp ~gin ~f eg aglx`bp tg`da~gn ì }uf}gu~p sgcwu`~`gs) Wsìd

~agsg hwins klildgus lug cfi~gi~ ~f ewp salugs ì cfk}li`gs t`~a

k`bnbp lefxg lxguldg ugxgiwg lin gluiìds duft~a) Duft~a hwins lbsf

ìxgs~ ì salugs fh ul}`nbp duftìd cfk}li`gs" ew~ bglui kfug ~ftlun

bludg gs~leb`sagn ilkgs) Ta`ca lug }ufelebp if~ dfìd ~f df fw~ fh

ewsìgss ~ff |w`cjbp) U`sj bgxgb ì ~a`s hwin `s hufk kfngul~g ~f a`da)

âg duft~a hwin ìxgs~s


51/52

ew~ ì dgigulb" g|w`~p hwins }wuswg fig fh ~agsg ~augg }u`klup dflbs?

ìcfkg" cl}`~lb dlìs" fu ef~a) ^f uglbbp eg swug lefw~ cl~gdfu`zìd" pfw

kws~ s~wnp ~ag hwin$s wingubpìd ìxgs~kgi~s) Aftgxgu" ~agug lug l hgt

eufln cl~gdfu gs ~al~ kfs~ hwins h`~ ì~f)

Dgigulb g|w`~p hwins ìcbwng?

Lddugss`xg duft~a hwins" ta`ca sggj klq`kwk cl}`~lb l}}ugc`l~`fi

lin klp wsg s}gcwbl~`xg s~ul~gd`gs)

Sklbb+cfk}lip hwins" ta`ca ìxgs~ ì cfk}li`gs t`~a ugbl~`xgbp sklbb

klujg~ cl}`~lb`zl~`fis)

Duft~a hwins" ta`ca ìxgs~ ì bludgu" gs~leb`sagn ew~ duftìd

cfk}li`gs) âgp dgigulbbp gk}als`zg cl}`~lb l}}ugc`l~`fi)

Duft~a lin ìcfkg hwins" ta`ca ìxgs~ ì bludgu" gs~leb`sagn

cfk}li`gs ~al~ fhhgu ~ag }f~gi~`lb hfu cl}`~lb l}}ugc`l~`fi ew~ lbsf }lp

ugdwblu n`x`ngins)

G|w`~p+ìcfkg hwins" ta`ca }u`klu`bp ìxgs~ ì n`x`ngin+}lpìd s~fcjs)

F~agu g|w`~p hwins icbwng?


52/52

Apeu`n hwins" ta`ca dgigulbbp ìxgs~ ì g|w`~`gs ew~ lbsf ìxgs~ ì

efins)

S}gc`lb~p hwins" ta`ca ìxgs~ ì s~fcjs kgg~ìd cgu~lì cu`~gu`l !swca ls

dgfdul}a`c ugd`fi" ìnws~up sgc~fu" sfc`lb clwsgs" g~c))

Sgc~fu hwins" ta`ca ìxgs~ ì s}gc`h`c s~fcj dufw}s" fh~gi t`~aì fig ìnws~up)

@ingq hwins" ta`ca ìxgs~ ì ~ag slkg fu s`k`blu s~fcjs ls g|w`~p klujg~

ìngqgs b`jg ~ag S(] 7==)

@i~guil~`filb hwins" ta`ca ìxgs~ ì hfug`di s~fcjs)

Tap @~ Kl~~gus?

Fig fh ~ag dugl~gs~ lnxli~ldgs fh g|w`~p hwins `s ìs~li~ n`xgus`h`cl~`fi) Lbsf" `~ `s

wswlbbp gls`gu lin bgss gq}gis`xg ~f ìxgs~ ì g|w`~p hwins ~ali ~f ewp glca lin

gxgup s~fcj ì l hwin$s }fu~hfb`f) G|w`~p hwins lug lbsf cagl}gu ++ ~agp$ug l tlp ~f

lxf`n ~ag fh~gi a`dagu ~ulislc~`fi cfs~s lin bftgu b`|w`n`~p lssfc`l~gn t`~a

~ulnìd ìn`x`nwlb s~fcjs) @~$s fh~gi gls`gu ~f sgbb hwin salugs ~ali ~f sgbb l

}lu~`cwblu s~fcj" gs}gc`lbbp h ~al~ s~fcj als wiwswlb calulc~gu s~`cs" ~ag `sswgu als

l bft cugn`~ ul~ìd" fu ~ag `sswgu `s hlcìd f~agu ~wukf`b) G|w`~p hwins lbsf fhhgu

~ag sgux`cgs fh l }ufhgss`filb taf tl~cags lin lc~s fi ~ag klujg~ fi egalbh fh ~ag

ìxgs~fu" alinbgs ~ag ~ulnìd ngc`s`fis" lin ng~gukìgs ~ag lssg~ lbbfcl~`fi)

Hggs" aftgxgu" cli gl~ ì~f ug~wuis" ta`ca cli eg lbuglnp bft `h ~ag g|w`~p hwin

ìxgs~s ì bftgu+u`sj g|w`~`gs) @i dgigulb" bludgu hwins safwbn alxg bftgu hggs nwg

~f ~agù gcfifk`gs fh sclbg) Aftgxgu" sklbb hwins fh~gi ~ljg kgliìdhwb

}fs`~`fis ì sklbbgu `sswgs ~al~ bludg hwins cliif~ fu t`bb if~ bffj l~) Lbsf" sklbb

hwins lug fh~gi eg~~gu lebg ~f gq`~ cgu~lì }fs`~`fis egclwsg ~agp alxg bgss `k}lc~

project report on funds flow

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