Assetcl

asses
Topi
c3:
CashandCashAl
ter
nat
ives
Ov
erv
iewofCash&CashAl
ter
nat
ives
‫ﺔ‬
‫ﻳ‬‫ﺪ‬‫ﻘ‬
‫ﻨ‬‫ﻟ‬
‫ﺍ‬‫ﺋﻞ‬
‫ﺍ‬‫ﺪ‬
‫ﺒ‬‫ﻟ‬
‫ﺍ‬‫ﺪﻭ‬
‫ﻘ‬‫ﻨ‬‫ﻟ‬
‫ﺍ‬‫ﻠﻰ‬
‫ﺔﻋ‬‫ﻣ‬
‫ﺎ‬‫ﺓﻋ‬
‫ﺮ‬‫ﻧﻈ‬
Physicalcashholdingsrepresentt
heextr
emeendofthei
nvest
mentspectrum.Aslong
asitissafef r
om theft
,cashdoesnotdecli
nei
nnominalt
erms.However
,infl
ati
on
reducedther eal
valueofcashwor ldwi
debyar
ound4%perannum dur
ingtheperiod
1900-2014( Sour
ce: Cr
editSuisse)
.

‫ﺔﻣﻦ‬‫ﻨ‬‫ﻣ‬‫ﺁ‬
‫ﺎ‬‫ﻬ‬‫ﻧ‬
‫ﺃ‬‫ﺎ‬‫ﻤ‬
‫ﻟ‬‫ﺎ‬
‫ﻃ‬.‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﻻﺳ‬ ‫ﻴﻒ‬‫ﻗﺼﻰﻣﻦﻃ‬‫ﺍﻷ‬‫ﺮﻑ‬ ‫ﻟﻄ‬
‫ﺍ‬‫ﺔ‬‫ﻳ‬‫ﺩ‬‫ﺎ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺔ‬‫ﻳ‬
‫ﺪ‬‫ﻘ‬‫ﻨ‬
‫ﻟ‬‫ﺍ‬
‫ﺍﺕ‬ ‫ﺩ‬
‫ﻮ‬‫ﻮﺟ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺜﻞ‬‫ﻤ‬
‫ﺗ‬
‫ﺔ‬‫ﻤ‬
‫ﻴ‬‫ﻘ‬‫ﻟ‬
‫ﺍ‬‫ﻔﺾ‬ ‫ﻟﻰﺧ‬‫ﺘﻀﺨﻢﺇ‬‫ﻟ‬
‫ﺍ‬‫ﺩﻯ‬‫ﺃ‬،‫ﻟﻚ‬‫ﻊﺫ‬‫ﻣ‬
‫ﻭ‬.‫ﺔ‬
‫ﻴ‬‫ﻤ‬‫ﺍﻻﺳ‬‫ﺔ‬‫ﻤ‬‫ﻴ‬‫ﻘ‬
‫ﻟ‬‫ﺎ‬
‫ﻔ ﺾﺑ‬‫ﻨﺨ‬
‫ﺪﻻﻳ‬ ‫ﻘ‬
‫ﻨ‬‫ﻟ‬
‫ﺍ‬‫ﺈﻥ‬‫ﻓ‬،‫ﺔ‬‫ﻗ‬
‫ﺮ‬‫ﻟﺴ‬
‫ﺍ‬
2014‫ﻟﻰ‬‫ﺇ‬1900‫ﺓﻣﻦ‬‫ﺮ‬‫ﺘ‬‫ﻔ‬
‫ﻟ‬‫ﺍ‬‫ﺎﺧﻼﻝ‬ً
‫ﻳ‬‫ﻮ‬
‫ﻨ‬‫ﺳ‬٪4‫ﻮ‬‫ﻨﺤ‬‫ﻟﻢﺑ‬‫ﺎ‬
‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﺀ‬‫ﺎ‬
‫ﻧﺤ‬‫ﺃ‬‫ﻊ‬‫ﻴ‬
‫ﻤ‬‫ﺪﻓﻲﺟ‬ ‫ﻘ‬‫ﻨ‬
‫ﻠ‬‫ﻟ‬‫ﺔ‬
‫ﻴ‬‫ﻘ‬‫ﻴ‬
‫ﻘ‬‫ﻟﺤ‬
‫ﺍ‬

I
nv est
orscanboostr
etur
nssomewhatt
hroughlow-r
iskal
ternat
ivessuchassav
ings
accountsorshor
t-
ter
m debti
nvest
ment
s,butr
eturnsremainpoorcomparedwit
hlonger
-t
ermi nv
estment
s.

‫ﺎﺕ‬
‫ﺑ‬‫ﺎ‬
‫ﺜﻞﺣﺴ‬‫ﺮﻣ‬‫ﺎﻃ‬
‫ﻤﺨ‬‫ﻟ‬
‫ﺍ‬‫ﺔ‬‫ﻔﻀ‬‫ﻨﺨ‬
‫ﺋﻞﻣ‬ ‫ﺍ‬
‫ﺪ‬‫ﺎﻣﻦﺧﻼﻝﺑ‬‫ﺪﻣ‬‫ﻟﻰﺣ‬‫ﺍﺕﺇ‬‫ﺪ‬
‫ﺋ‬‫ﺎ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬‫ﺓ‬
‫ﺩ‬‫ﺎ‬‫ﻳ‬
‫ﻳﻦﺯ‬‫ﺮ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﻤﺴ‬
‫ﻠ‬‫ﻟ‬‫ﻜﻦ‬‫ﻤ‬
‫ﻳ‬
‫ﺔ‬
‫ﻠ‬‫ﻳ‬‫ﻮ‬
‫ﺍﺕﻃ‬‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺎﻻﺳ‬
‫ﺔﺑ‬‫ﻧ‬
‫ﺭ‬‫ﺎ‬
‫ﻘ‬‫ﺔﻣ‬‫ﻔ‬‫ﻴ‬
‫ﻌ‬‫ﺪﺗﻈﻞ ﺿ‬‫ﺋ‬‫ﺍ‬
‫ﻮ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﻜﻦ‬
‫ﻟ‬،‫ﺟ‬
‫ﺍﻷ ﻞ‬
‫ﺓ‬‫ﺮ‬‫ﻴ‬‫ﻮﻥﻗﺼ‬‫ﻳ‬‫ﺪ‬‫ﻟ‬
‫ﺍ‬‫ﺍﺕ‬‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﺳ‬‫ﻭ‬‫ﺃ‬
‫ﺮ‬‫ﻴ‬‫ﻓ‬‫ﻮ‬
‫ﺘ‬‫ﻟ‬‫ﺍ‬
.‫ﺟ‬
‫ﺍﻷ ﻞ‬

Overt
helongt erm,theaverageportf
oli
ocannotaf
fordtoinvestthemajori
tyofi
tsfunds
i
ntheseinstr
ument s.Howev er,
ther
eisgeneral
l
ysomeal locat
iontoeasil
yaccessi
ble,
l
ow-ri
ski
nv estmentsthatcanbel i
quidat
edatshor
tnotice.Thi
s" dr
ypowder"all
ows
i
nvest
orstor espondtoshor t
-t
erm oppor
tuni
ti
esorcoverunforeseenl
iabi
li
ti
es.

‫ﻊ‬‫ﻣ‬‫ﻭ‬.‫ﺍﺕ‬
‫ﻭ‬‫ﺩ‬‫ﺍﻷ‬‫ﻩ‬
‫ﺬ‬‫ﻪﻓﻲﻫ‬‫ﻟ‬‫ﺍ‬‫ﻮ‬
‫ﻣ‬ ‫ﺃ‬
‫ﺔ‬‫ﻴ‬‫ﺒ‬
‫ﻟ‬‫ﺎ‬
‫ﺭﻏ‬‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﺍﺳ‬‫ﺔ‬‫ﻔﻈ‬‫ﻤﺤ‬‫ﻟ‬‫ﺍ‬
‫ﻮﺳﻂ‬ ‫ﺘ‬‫ﻊﻣ‬
‫ﻴ‬ ‫ﺘﻄ‬‫ﻻﻳﺴ‬،‫ﻳﻞ‬‫ﻮ‬‫ﻟﻄ‬
‫ﺍ‬‫ﺪﻯ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻠﻰ‬‫ﻋ‬
‫ﺎ‬
‫ﻬ‬‫ﻴ‬
‫ﻟ‬‫ﻮﻝﺇ‬‫ﻮﺻ‬‫ﻟ‬‫ﺍ‬
‫ﻬﻞ‬‫ﺘﻲﻳﺴ‬‫ﻟ‬
‫ﺍ‬‫ﺮ‬‫ﺎﻃ‬‫ﻤﺨ‬‫ﻟ‬
‫ﺍ‬‫ﺔ‬‫ﻔﻀ‬‫ﻨﺨ‬‫ﺍﺕﻣ‬‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﻟﻼﺳ‬ ‫ﻴﺺ‬ ‫ﺘﺨﺼ‬‫ﻟ‬
‫ﺍ‬ ‫ﻌﺾ‬‫ﻡﺑ‬‫ﺎ‬
‫ﻜﻞﻋ‬ ‫ﺎﻙﺑﺸ‬‫ﻨ‬
‫ﻫ‬،‫ﻟﻚ‬‫ﺫ‬
‫ﺎﻻ‬‫ﻳﻦﺑ‬
‫ﺮ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﻤﺴ‬‫ﻠ‬
‫ﻟ‬"‫ﺎﻑ‬
‫ﻟﺠ‬‫ﺍ‬‫ﻮﻕ‬‫ﻤﺴﺤ‬‫ﻟ‬‫ﺍ‬
"‫ﺍ‬‫ﺬ‬
‫ﻤﺢﻫ‬ ‫ﻳﺴ‬.‫ﺓ‬‫ﺮ‬
‫ﻴ‬‫ﺔﻗﺼ‬ ‫ﻠ‬
‫ﻬ‬‫ﻮﻥﻣ‬‫ﺎﻓﻲﻏﻀ‬ ‫ﻬ‬‫ﺘ‬‫ﻴ‬
‫ﻔ‬‫ﻜﻦﺗﺼ‬‫ﻤ‬‫ﺘﻲﻳ‬‫ﻟ‬
‫ﺍ‬‫ﻭ‬
‫ﺔ‬‫ﻌ‬
‫ﻗ‬‫ﻮ‬‫ﺘ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬‫ﺮ‬‫ﻴ‬
‫ﺎﺕﻏ‬‫ﻣ‬‫ﺍ‬‫ﺰ‬‫ﺘ‬
‫ﻟ‬‫ﺍﻻ‬‫ﺔ‬‫ﻴ‬
‫ﻐﻄ‬‫ﻭﺗ‬‫ﺃ‬‫ﺍﻷﺟﻞ‬‫ﺓ‬‫ﺮ‬‫ﻴ‬
‫ﺮ ﺹﻗﺼ‬ ‫ﻔ‬‫ﻠ‬
‫ﻟ‬‫ﺔ‬‫ﺑ‬
‫ﺎ‬‫ﺘﺠ‬
‫ﺳ‬
 .
Ty
pesofCashI
nvest
ment‫ﺪﻱ‬
‫ﻘ‬‫ﻨ‬‫ﻟ‬
‫ﺍ‬‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﻻﺳ‬
‫ﺍﻉ‬‫ﻮ‬
‫ﻧ‬‫ﺍ‬
I
nvestor
scanimpr
ovesl
i
ght
lyonphy
sical
cashr
etur
nsbyi
nvest
ingi
nshor
t-
ter
m debt
i
nstr
uments.
‫ﺭﻓﻲ‬
‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﺍﻻﺳ‬
‫ﺔﻣﻦﺧﻼﻝ‬
‫ﻳ‬‫ﺩ‬‫ﺎ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺔ‬‫ﻳ‬
‫ﺪ‬‫ﻘ‬‫ﻨ‬
‫ﻟ‬‫ﺍ‬
‫ﺍﺕ‬‫ﺪ‬
‫ﺋ‬‫ﺎ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬‫ﻴﻒﻓﻲ‬
‫ﻔ‬‫ﻜﻞﻃ‬
‫ﺍﺑﺸ‬
‫ﻮ‬‫ﻨ‬
‫ﺘﺤﺴ‬‫ﺃﻥﻳ‬‫ﻳﻦ‬‫ﺮ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﻤﺴ‬‫ﻠ‬‫ﻟ‬‫ﻜﻦ‬
‫ﻤ‬‫ﻳ‬
.‫ﺟ‬
‫ﺍﻷ ﻞ‬
‫ﺓ‬‫ﺮ‬‫ﻴ‬‫ﻳﻦﻗﺼ‬‫ﺪ‬‫ﻟ‬
‫ﺍ‬‫ﺍﺕ‬‫ﻭ‬‫ﺩ‬
‫ﺃ‬

Gov
ernmentbi
ls‫ﺔ‬
l ‫ﻴ‬
‫ﻣ‬‫ﻮ‬‫ﻜ‬
‫ﻟﺤ‬‫ﺍ‬
‫ﺍﺕ‬‫ﺪ‬
‫ﻨ‬‫ﻟﺴ‬
‫ﺍ‬(
shor
t-
ter
m debtsecur
it
ies)ar
ethepr
efer
redl
ow-
ri
skcashmar ketchoi
ceformanyinvestor
s.Aswellasbei
ngvi
rt
ual
l
ydefaul
t-
free,
most
majorbi
llmarketsarehi
ghlyl
i
quid.Globalhi
stor
icr
ealr
etur
nsonbi
ll
shavebeenmi l
dly
posi
ti
ve(around1%perannum forthe per
iod1900-
2015)

‫ﺔ‬‫ﻳ‬
‫ﺪ‬‫ﻘ‬‫ﻨ‬
‫ﻟ‬‫ﺍ‬‫ﻮﻕ‬‫ﻟﺴ‬‫ﺍ‬‫ﻔﻀﻞﻓﻲ‬ ‫ﻤ‬
‫ﻟ‬‫ﺍ‬‫ﺭ‬
‫ﺎ‬‫ﻴ‬
‫ﻟﺨ‬‫ﺍ‬(‫ﺟ‬
‫ﺍﻷ ﻞ‬‫ﺓ‬‫ﺮ‬‫ﻴ‬
‫ﻳﻦﻗﺼ‬ ‫ﺪ‬‫ﻟ‬
‫ﺍ‬‫ﺍﺕ‬
‫ﺪ‬‫ﻨ‬‫ﺔ)ﺳ‬‫ﻴ‬‫ﻣ‬‫ﻮ‬‫ﻜ‬‫ﻟﺤ‬‫ﺍ‬
‫ﺍﺕ‬ ‫ﺪ‬
‫ﻨ‬‫ﻟﺴ‬
‫ﺍ‬‫ﺮ‬‫ﺒ‬‫ﺘ‬
‫ﻌ‬‫ﺗ‬
‫ﺎ‬
ً
‫ﺒ‬‫ﻳ‬
‫ﺮ‬‫ﻘ‬‫ﺩﺗ‬
‫ﺍ‬‫ﺪ‬‫ﻟﺴ‬
‫ﺍ‬‫ﻠﻒﻋﻦ‬ ‫ﺘﺨ‬‫ﻟ‬‫ﺍ‬
‫ﺔﻣﻦ‬ ‫ﻴ‬
‫ﻟ‬‫ﺎ‬
‫ﺎﺧ‬‫ﻬ‬‫ﻧ‬‫ﻮ‬
‫ﻟﻰﻛ‬‫ﺔﺇ‬‫ﻓ‬‫ﺎ‬‫ﺎﻹﺿ‬‫ﺑ‬.
‫ﻳﻦ‬‫ﺮ‬‫ﻤ‬
‫ﺜ‬‫ﺘ‬‫ﻤﺴ‬
‫ﻟ‬‫ﺍ‬‫ﺪﻣﻦ‬‫ﻳ‬‫ﺪ‬‫ﻌ‬
‫ﻠ‬‫ﻟ‬‫ﺮ‬‫ﺎﻃ‬‫ﻤﺨ‬‫ﻟ‬
‫ﺍ‬‫ﺔ‬‫ﻔﻀ‬‫ﻨﺨ‬‫ﻣ‬
‫ﺔ‬
‫ﻴ‬‫ﻳﺨ‬‫ﺭ‬‫ﺎ‬
‫ﺘ‬‫ﻟ‬
‫ﺍ‬‫ﺔ‬‫ﻴ‬‫ﻘ‬‫ﻴ‬
‫ﻘ‬‫ﻟﺤ‬‫ﺍ‬‫ﺪ‬‫ﺋ‬
‫ﺍ‬‫ﻮ‬
‫ﻌ‬‫ﻟ‬‫ﺍ‬‫ﻧﺖ‬‫ﺎ‬
‫ﻛ‬.‫ﺔ‬‫ﻴ‬
‫ﻟ‬‫ﺎ‬
‫ﺔﻋ‬ ‫ﻟ‬
‫ﻮ‬‫ﻴ‬‫ﻊﺑﺴ‬‫ﺘ‬
‫ﻤ‬‫ﺘ‬‫ﺔﺗ‬‫ﻴ‬
‫ﻴﺴ‬‫ﺋ‬‫ﺮ‬
‫ﻟ‬‫ﺍ‬‫ﺮ‬‫ﻴ‬
‫ﺗ‬‫ﺍ‬
‫ﻮ‬‫ﻔ‬‫ﻟ‬
‫ﺍ‬‫ﺍﻕ‬‫ﻮ‬‫ﺃﺳ‬‫ﻌﻈﻢ‬‫ﺈﻥﻣ‬‫ﻓ‬،
(2015-1900‫ﺓ‬‫ﺮ‬‫ﺘ‬‫ﻔ‬
‫ﻠ‬‫ﻟ‬‫ﺎ‬
ً
‫ﻳ‬‫ﻮ‬‫ﻨ‬
‫ﺳ‬٪ 1‫ﻟﻲ‬‫ﺍ‬‫ﻮ‬‫ﻣ)ﺣ‬
‫ﺪﺎ‬‫ﻟﻰﺣ‬‫ﺔﺇ‬ ‫ﻴ‬
‫ﺑ‬‫ﺎ‬
‫ﻳﺠ‬‫ﺮﺇ‬‫ﻴ‬
‫ﺗ‬‫ﺍ‬‫ﻮ‬‫ﻔ‬
‫ﻟ‬‫ﺍ‬‫ﻠﻰ‬‫ﺔﻋ‬‫ﻴ‬
‫ﻤ‬‫ﻟ‬
‫ﺎ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬

Cer
) ti
fi
cat
esofDeposi
t(CDs)‫ﺍﻉ‬
‫ﺪ‬‫ﻳ‬‫ﺍﻻ‬
‫ﺍﺕ‬‫ﺩ‬
‫ﺎ‬‫ﻬ‬‫ﺷ‬ACDi
sadebtsecur
it
yissuedbya
fi
nancial i
nsti
tuti
on(usuallyabank)si mi l
art oatimedeposit.Alt
houghCDscanhav e
mat uri
tyofupt o f
iveyears,themaj ori
tyaref orl
essthansixmont hs.Out sideoftheUS,
high-denominationCDsar et radedwhol esalebetweenfinanciali
nstit
utions, al
though
mar ketsarenotusuallyasl iquidasthosef orbil
ls.USCDsar eeffectivelylong-ter
m
savingsaccount sdesi
gnedf orretai
linvestors–CDsar egov ernment -
insur ed,andther
e
i
sl i
ttl
esecondar ymarkett rading.Nevertheless,
CDr at
esar estil
lhigher( roughly0.
2-
0.3%)t hanthoseforbill
s.

‫ﻠﻰ‬‫ﻋ‬.‫ﺟ‬
‫ﺔﻷ ﻞ‬ ‫ﻌ‬‫ﻳ‬‫ﺩ‬‫ﻮ‬‫ﻟ‬
‫ﺍ‬‫ﻪ‬‫ﺒ‬
‫(ﺗﺸ‬‫ﻨﻚ‬‫ﺓﺑ‬‫ﺩ‬
‫ﺎ‬‫ﻋ‬)‫ﺔ‬‫ﻴ‬‫ﻟ‬
‫ﺎ‬‫ﺔﻣ‬‫ﺆﺳﺴ‬ ‫ﺓﻋﻦﻣ‬ ‫ﺭ‬
‫ﺩ‬‫ﺎ‬‫ﻳﻦ ﺻ‬‫ﺍﺕﺩ‬ ‫ﺪ‬‫ﻨ‬
‫ﻮﺳ‬ ‫ﻮﻁﻫ‬ ‫ﻐ‬‫ﻤﻀ‬‫ﻟ‬‫ﺍ‬‫ﺮﺽ‬ ‫ﻘ‬
‫ﻟ‬‫ﺍ‬
‫ﻮﻥ‬‫ﻜ‬‫ﺔﺗ‬‫ﻴ‬‫ﺒ‬‫ﻠ‬
‫ﺍﻷﻏ‬‫ﺈﻥ‬‫ﻓ‬،‫ﺍﺕ‬‫ﻮ‬‫ﻨ‬
‫ﻤﺲﺳ‬ ‫ﻟﻰﺧ‬ ‫ﺪﺗﺼﻞﺇ‬ ‫ﺔﻗ‬‫ﻣﺠ‬‫ﺪ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺍﺹ‬ ‫ﺮ‬‫ﻗ‬‫ﺍﻷ‬ ‫ﺎﻕ‬
‫ﻘ‬‫ﺘﺤ‬‫ﺍﺳ‬ ‫ﺓ‬
‫ﺪ‬‫ﺃﻥﻣ‬ ‫ﺮﻏﻢﻣﻦ‬‫ﻟ‬‫ﺍ‬
‫ﺎﺕ‬‫ﺌ‬‫ﻔ‬‫ﻟ‬
‫ﺍ‬‫ﺍﺕ‬‫ﺔﺫ‬ ‫ﻣﺠ‬‫ﺪ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬‫ﺍﺹ‬‫ﺮ‬‫ﻗ‬
‫ﺍﻷ‬‫ﻭﻝ‬‫ﺍ‬
‫ﺪ‬ ‫ﺘﻢﺗ‬‫ﻳ‬،‫ﺓ‬‫ﺪ‬‫ﺘﺤ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺎﺕ‬‫ﻳ‬‫ﻮﻻ‬‫ﻟ‬
‫ﺍ‬‫ﺭﺝ‬‫ﺎ‬‫ﺧ‬. ‫ﺮ‬
‫ﻬ‬‫ﺃﺷ‬‫ﺔ‬‫ﺘ‬‫ﻗﻞﻣﻦﺳ‬ ‫ﺃ‬
‫ﺎ‬‫ﻬ‬‫ﺗ‬
‫ﺪ‬‫ﻣ‬
‫ﺜﻞ‬‫ﺔﻣ‬‫ﻟ‬‫ﻮ‬‫ﻴ‬‫ﻟﺴ‬‫ﺎ‬
‫ﺓﺑ‬‫ﺩ‬‫ﺎ‬
‫ﻊﻋ‬‫ﺘ‬‫ﻤ‬‫ﺘ‬
‫ﺍﻕﻻﺗ‬‫ﻮ‬‫ﺃﺍﻷﺳ‬
‫ﺮﻏﻢﻣﻦ ﻥ‬ ‫ﻟ‬‫ﺍ‬‫ﻠﻰ‬‫ﻋ‬،‫ﺔ‬‫ﻴ‬‫ﻟ‬
‫ﺎ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺎﺕ‬ ‫ﺆﺳﺴ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻴﻦ‬‫ﺔﺑ‬‫ﻠ‬‫ﻤ‬‫ﻟﺠ‬
‫ﺎ‬‫ﺔﺑ‬‫ﻴ‬‫ﻟ‬
‫ﺎ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬
‫ﺍﻷﺟﻞ‬‫ﺔ‬‫ﻠ‬‫ﻳ‬
‫ﻮ‬‫ﺮﻃ‬ ‫ﻴ‬‫ﻓ‬‫ﻮ‬‫ﺎﺕﺗ‬‫ﺑ‬
‫ﺎ‬‫ﺔﺣﺴ‬‫ﻴ‬‫ﻜ‬‫ﻳ‬
‫ﺮ‬‫ﻣ‬‫ﺍﻷ‬
‫ﺔ‬ ‫ﻮﻃ‬ ‫ﻐ‬
‫ﻤﻀ‬ ‫ﻟ‬
‫ﺍ‬‫ﺍﺹ‬ ‫ﺮ‬
‫ﻗ‬‫ﺍﻷ‬‫ﺮ‬‫ﺒ‬‫ﺘ‬
‫ﻌ‬‫ﺗ‬.‫ﺔ‬‫ﻴ‬‫ﻧ‬‫ﺪ‬‫ﻌ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬
‫ﻤﻼﺕ‬ ‫ﻌ‬‫ﻟ‬
‫ﺎ‬‫ﺔﺑ‬‫ﺎﺻ‬‫ﻟﺨ‬‫ﺍ‬‫ﻠﻚ‬‫ﺗ‬
‫ﻭﻝ‬‫ﺍ‬
‫ﺪ‬ ‫ﺘ‬
‫ﻟ‬‫ﺍ‬‫ﻴﻞﻣﻦ‬‫ﻠ‬‫ﻘ‬‫ﻟ‬
‫ﺍ‬‫ﺎﻙ‬
‫ﻨ‬‫ﻭﻫ‬،‫ﺔ‬‫ﻣ‬‫ﻮ‬
‫ﻜ‬‫ﻟﺤ‬‫ﺍ‬‫ﺔﻣﻦ‬ ‫ﻨ‬‫ﻣ‬‫ﺆ‬
‫ﺔﻣ‬ ‫ﻣﺠ‬‫ﺪ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺍﺹ‬ ‫ﺮ‬‫ﻗ‬
‫ﺍﻷ‬ -‫ﺔ‬‫ﺋ‬‫ﺰ‬
‫ﺘﺠ‬‫ﻟ‬‫ﺍ‬‫ﺮﻱ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﻤﺴ‬‫ﻟ‬‫ﺔ‬‫ﻤ‬‫ﻤ‬‫ﻣﺼ‬
‫ﺔﺑ‬‫ﺎﺻ‬‫ﻟﺨ‬‫ﺍ‬‫ﻠﻚ‬‫(ﻣﻦﺗ‬٪0.3-
0.2‫ﻟﻲ‬‫ﺍ‬
‫ﻮ‬‫ﻠﻰ)ﺣ‬ ‫ﺃﻋ‬CD‫ﺪﻻﺕ‬ ‫ﻌ‬‫ﺍﻝﻣ‬‫ﻻﺰ‬
‫ﺗ‬، ‫ﻟﻚ‬‫ﻊﺫ‬‫ﻣ‬‫ﻭ‬.‫ﺔ‬‫ﻳ‬‫ﻮ‬‫ﻧ‬
‫ﺎ‬‫ﺜ‬‫ﻟ‬
‫ﺍ‬‫ﻮﻕ‬‫ﻟﺴ‬‫ﺍ‬‫ﻓﻲ‬
‫ﺮ‬‫ﻴ‬
‫ﺗ‬‫ﺍ‬‫ﻮ‬‫ﻔ‬
‫ﻟ‬‫ﺎ‬

Commer
. cialPaper( CP‫ﺔ‬ ‫ﻳ‬
‫ﺭ‬‫ﺎ‬‫ﺘﺠ‬‫ﻟ‬
‫ﺍ‬‫ﺍﻕ‬ ‫ﺭ‬
‫ﻭ‬‫(ﺍﻻ‬CPi sagenericter
mf ornegotiabl
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‫‪f‬‬
‫‪i‬‬‫‪nanci‬‬
‫‪al‬‬‫‪andnonf‬‬
‫‪i‬‬‫‪nanci‬‬
‫‪al‬‬‫‪bor‬‬
‫‪r‬‬‫‪ower‬‬
‫‪s.CPi‬‬
‫‪susual‬‬
‫‪l‬‬
‫‪yunsecur‬‬
‫‪ed,‬‬
‫‪wi‬‬‫‪t‬‬
‫‪hmat‬‬
‫‪ur‬‬‫‪i‬‬
‫‪t‬‬‫‪i‬‬
‫‪esv‬‬
‫‪ar‬‬‫‪y‬‬
‫‪i‬‬‫‪ng‬‬
‫‪f‬‬
‫‪r‬‬‫‪om onedayt‬‬‫‪oay‬‬ ‫‪ear‬‬
‫‪.‬‬

‫ﺍ‬‫‪.‬ﻓﻲ‬‫ﺔ‬
‫ﺎﺻ‬ ‫ﺎﺕﺧ‬‫ﻧ‬‫ﺎ‬
‫ﻴ‬‫ﺓﻋﻦﻛ‬‫ﺭ‬‫ﺩ‬‫ﺎ‬
‫ﻟﺼ‬‫ﺍ‬‫ﻭﻝ‬
‫ﺍ‬‫ﺪ‬‫ﺘ‬‫ﻠ‬
‫ﻟ‬‫ﺔ‬‫ﻠ‬‫ﺑ‬
‫ﺎ‬‫ﻘ‬
‫ﻟ‬‫ﺍ‬‫ﺍﻷﺟﻞ‬‫ﺓ‬‫ﺮ‬‫ﻴ‬
‫ﻳﻦﻗﺼ‬ ‫ﺪ‬
‫ﻟ‬‫ﺍ‬‫ﺍﺕ‬‫ﻭ‬‫ﺩ‬‫ﻡﻷ‬‫ﺎ‬‫ﻠﺢﻋ‬
‫‪C‬ﻮﻣﺼﻄ‬ ‫‪P‬ﻫ‬
‫ﺭ‬
‫ﺍ‬‫ﺪ‬‫ﺘﻢﺇﺻ‬‫ﻡﻳ‬‫ﻮ‬‫ﻴ‬
‫ﻟ‬‫ﺍ‬‫ﻜﻦ‬‫ﻟ‬
‫‪،‬ﻭ‬‫ﺔ‬‫ﻴ‬‫ﻟ‬
‫ﺎ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬‫ﺮ‬
‫ﻴ‬‫ﺔﻏ‬‫ﻴ‬‫ﻜ‬
‫ﻳ‬‫ﺮ‬‫ﻣ‬‫ﺍﻷ‬‫ﺎﺕ‬‫ﻛ‬‫ﺮ‬‫ﻟﺸ‬‫ﺍ‬‫ﺍﺕ‬
‫ﺭ‬‫ﺍ‬
‫ﺪ‬‫ﻟﻰﺇﺻ‬‫ﺮﺇ‬‫ﻴ‬‫ﻠﺢﻳﺸ‬‫ﻤﺼﻄ‬‫ﻟ‬
‫ﺍ‬ ‫ﺎﻥ‬‫ﺻ‪،‬ﻛ‬
‫ﻷﻞ‬
‫ﻮﻥ‪CP‬‬ ‫ﻜ‬‫ﺎﻳ‬
‫ﺓﻣ‬‫ﺩ‬‫ﺎ‬‫‪.‬ﻋ‬‫ﻴﻦ‬
‫ﻴ‬‫ﻟ‬
‫ﺎ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬‫ﺮ‬
‫ﻴ‬‫ﻴﻦﻭﻏ‬‫ﻴ‬‫ﻟ‬
‫ﺎ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬‫ﻴﻦ‬‫ﺮﺿ‬‫ﺘ‬‫ﻘ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺒﻞﻛﻞﻣﻦ‬‫ﻟﻢﻣﻦﻗ‬‫ﺎ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬‫ﺀ‬‫ﺎ‬
‫ﻧﺤ‬‫ﺃ‬‫ﻊ‬
‫ﻴ‬‫ﻤ‬ ‫ﻓﻲﺟ‬‫‪CP‬‬
‫ﻋ‪.‬‬
‫ﻡ‬‫ﻟﻰﺎ‬ ‫ﻡﺇ‬‫ﻮ‬‫ﻭﺡﻣﻦﻳ‬ ‫ﺍ‬
‫ﺮ‬‫ﺘ‬
‫ﺎﻕﺗ‬‫ﻘ‬‫ﺘﺤ‬‫ﺍﺳ‬‫ﺎﻝ‬‫ﺁﺟ‬‫ﻊ‬‫‪،‬ﻣ‬‫ﻮﻥ‬‫ﻤ‬‫ﺮﻣﻀ‬‫ﻴ‬
‫ﻏ‬
‫‪Ther‬‬‫‪ei‬‬
‫‪sl‬‬‫‪i‬‬‫‪mi‬‬‫‪t‬‬‫‪edl‬‬‫‪i‬‬
‫‪qui‬‬‫‪di‬‬
‫‪t‬‬‫‪yi‬‬‫‪nt‬‬‫‪heCPmar‬‬ ‫‪ket‬‬‫‪,‬‬
‫‪andmanyi‬‬‫‪nv‬‬‫‪est‬‬‫‪or‬‬ ‫‪shol‬‬
‫‪dt‬‬ ‫‪omat‬‬‫‪ur‬‬‫‪i‬‬‫‪t‬‬
‫‪y‬‬‫‪.The‬‬
‫‪r‬‬‫‪et‬‬
‫‪ur‬‬‫‪ndi‬‬‫‪f‬‬
‫‪f‬‬‫‪er‬‬‫‪ent‬‬
‫‪i‬‬‫‪al‬‬‫‪bet‬‬‫‪weenCPandbi‬‬ ‫‪l‬‬‫‪l‬‬
‫‪sv‬‬‫‪ar‬‬‫‪i‬‬
‫‪esbet‬‬
‫‪weenmar‬‬ ‫‪ket‬‬‫‪sandmat‬‬ ‫‪ur‬‬‫‪i‬‬
‫‪t‬‬‫‪i‬‬
‫‪es.For‬‬
‫‪exampl‬‬‫‪e,‬‬‫‪t‬‬
‫‪heexcessr‬‬ ‫‪et‬‬‫‪ur‬‬
‫‪nofUSt‬‬ ‫‪hr‬‬‫‪ee-‬‬
‫‪mont‬‬‫‪hCPov‬‬‫‪ert‬‬‫‪hr‬‬‫‪ee-‬‬ ‫‪mont‬‬‫‪hUSTr‬‬ ‫‪easur‬‬‫‪ybi‬‬‫‪l‬‬
‫‪l‬‬
‫‪s‬‬
‫‪hasgener‬‬‫‪al‬‬‫‪l‬‬
‫‪ybeenbet‬‬ ‫‪ween0.‬‬‫‪20-‬‬
‫‪0.‬‬‫‪30%.Howev‬‬‫‪er‬‬
‫‪,‬‬‫‪att‬‬‫‪hehei‬‬ ‫‪ghtoft‬‬‫‪hef‬‬‫‪i‬‬
‫‪nanci‬‬‫‪al‬‬‫‪cr‬‬‫‪i‬‬
‫‪si‬‬‫‪s‬‬
‫‪t‬‬‫‪hi‬‬
‫‪sgapwi‬‬ ‫‪denedt‬‬‫‪oov‬‬ ‫‪er2.‬‬
‫‪5%.‬‬

‫ﺘﻰ‬
‫ﺎﺣ‬‫ﻬ‬‫ﻮﻥﺑ‬‫ﻔﻈ‬‫ﺘ‬‫ﻳﻦﻳﺤ‬‫ﺮ‬‫ﻤ‬
‫ﺜ‬‫ﺘ‬‫ﻤﺴ‬‫ﻟ‬
‫ﺍ‬‫ﺪﻣﻦ‬‫ﻳ‬‫ﺪ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫‪،‬ﻭ‬‫ﻧﻈﻒ‬‫ﺍﻷ‬‫ﺎﺝ‬‫ﺘ‬‫ﻧ‬
‫ﺍﻹ‬‫ﻮﻕ‬ ‫ﺓﻓﻲﺳ‬ ‫ﺩ‬‫ﻭ‬‫ﺪ‬‫ﺔﻣﺤ‬‫ﻟ‬‫ﻮ‬‫ﻴ‬
‫ﺎﻙﺳ‬‫ﻨ‬‫ﻫ‬
‫‪.‬‬
‫ﺎﻕ‬‫ﻘ‬
‫ﺘﺤ‬‫ﺎﺍﻻﺳ‬
‫ﺁﺟﻝ‬ ‫ﺍﻕﻭ‬‫ﻮ‬‫ﺍﻷﺳ‬‫ﺘﻼﻑ‬‫ﺎﺧ‬‫ﺮﺑ‬‫ﻴ‬‫ﺗ‬
‫ﺍ‬‫ﻮ‬
‫ﻔ‬‫ﻟ‬‫ﺍ‬
‫ﻴﻦ‪CP‬ﻭ‬ ‫ﺪﺑ‬‫ﺋ‬‫ﺎ‬
‫ﻌ‬‫ﻟ‬
‫ﺍ‬ ‫ﺮﻕ‬
‫ﻠﻒﻓ‬ ‫ﺘ‬‫‪.‬ﻳﺨ‬‫ﺎﻕ‬‫ﻘ‬
‫ﺘﺤ‬‫ﺍﻻﺳ‬‫ﻳﺦ‬‫ﺭ‬‫ﺎ‬
‫ﺗ‬
‫ﺍﺕ‬‫ﺪ‬‫ﻨ‬
‫ﻠﻰﺳ‬‫ﺮﻋ‬ ‫ﻬ‬
‫ﺃﺷ‬ ‫ﻼﺔ‬
‫ﺓﺛﺛ‬‫ﺪ‬‫ﻤ‬‫ﻟ‬‫ﺔ‬
‫ﻴ‬‫ﻜ‬‫ﻳ‬
‫ﺮ‬ ‫ﻣ‬
‫ﺍﻷ‬ ‫ﺔ‬
‫ﻧ‬‫ﺍ‬‫ﺰ‬
‫ﻟﺨ‬‫ﺍ‬‫ﺍﺕ‬‫ﺪ‬
‫ﻨ‬‫ﻟﺴ‬‫ﺪ‬‫ﺋ‬‫ﺍ‬
‫ﺰ‬‫ﻟ‬‫ﺍ‬‫ﺪ‬
‫ﺋ‬‫ﺎ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﺎﻥ‬‫ﺎ‪،‬ﻛ‬
‫ﺜﻝ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻴﻞ‬‫ﺒ‬‫ﻠﻰﺳ‬‫ﻋ‬
‫ﺍﻷ‬
‫ﺓ‬‫ﻭ‬‫ﺭ‬
‫‪،‬ﻓﻲﺫ‬ ‫ﻟﻚ‬‫ﻊﺫ‬‫ﻣ‬‫‪.‬ﻭ‬‫‪٪‬‬‫‪0.‬‬
‫‪30-‬‬‫‪0.‬‬
‫ﻴﻦ‪20‬‬ ‫ﻡﺑ‬‫ﺎ‬
‫ﻜﻞﻋ‬ ‫ﻭﺡﺑﺸ‬‫ﺍ‬
‫ﺮ‬‫ﺘ‬‫ﺮﻳ‬‫ﻬ‬‫ﺃﺷ‬‫ﺔ‬‫ﺛ‬‫ﺓﺛﻼ‬‫ﺪ‬‫ﻤ‬‫ﻟ‬
‫ﺔ‬ ‫ﻴ‬
‫ﻜ‬‫ﻳ‬‫ﺮ‬‫ﻣ‬
‫ﺍﻷ‬‫ﺔ‬‫ﻧ‬‫ﺍ‬
‫ﺰ‬‫ﻟﺨ‬
‫ﺍ‬
‫‪٪‬‬‫‪2.‬‬
‫ﺮﻣﻦ‪5‬‬ ‫ﺜ‬‫ﻛ‬
‫ﺃ‬‫ﻟﻰ‬‫ﺓﺇ‬‫ﻮ‬‫ﻔﺠ‬‫ﻟ‬‫ﺍ‬‫ﻩ‬‫ﺬ‬
‫ﻌﺖﻫ‬ ‫ﺗﺴ‬‫ﺍ‬‫‪،‬‬‫ﺔ‬‫ﻴ‬‫ﻟ‬
‫ﺎ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬
‫ﺔ‬‫ﻣ‬‫ﺯ‬

‫‪MoneyMar‬‬
‫(‪ketFunds‬‬‫)‪MMFs‬‬
‫‪MoneyMar‬‬‫(‪ketFunds‬‬‫ﺎ)‪MMFs‬‬
‫ﻤﻝ‬
‫ﻟ‬‫ﺍ‬‫ﺍﻕ‬
‫ﻮ‬‫ﺍﺳ‬
‫ﻳﻖ‬‫ﺩ‬
‫ﺎ‬‫ﻨ‬
‫‪I‬ﺻ‬‫‪nv‬‬
‫‪est‬‬
‫‪or‬‬‫‪scanpur‬‬
‫‪chaseshor‬‬
‫‪t‬‬‫‪-‬‬
‫‪t‬‬‫‪er‬‬‫‪m secur‬‬‫‪i‬‬‫‪t‬‬
‫‪i‬‬‫‪esi‬‬‫‪ndi‬‬‫‪r‬‬
‫‪ect‬‬‫‪l‬‬‫‪ybyi‬‬‫‪nv‬‬‫‪est‬‬
‫‪i‬‬‫‪ngi‬‬‫‪namoneymar‬‬ ‫‪ketf‬‬‫(‪und‬‬ ‫)‪MMF‬‬ ‫‪.AnMMFi‬‬ ‫‪sat‬‬ ‫‪y‬‬
‫‪pe‬‬
‫‪ofopen-‬‬ ‫‪endedmut‬‬ ‫‪ual‬‬ ‫‪f‬‬
‫‪undt‬‬‫‪hatpur‬‬ ‫‪chasest‬‬‫‪hemoneymar‬‬ ‫‪ketsecur‬‬‫‪i‬‬‫‪t‬‬
‫‪i‬‬‫‪es,‬‬‫‪suchas‬‬
‫‪Tr‬‬‫‪easur‬‬‫‪ybi‬‬ ‫‪l‬‬
‫‪l‬‬
‫‪s,‬‬‫‪CD,‬‬ ‫‪andCP.Manybr‬‬ ‫‪oker‬‬‫‪agesaut‬‬ ‫‪omat‬‬ ‫‪i‬‬‫‪cal‬‬
‫‪l‬‬‫‪ypl‬‬‫(‪ace‬‬‫"‬‫"‪sweep‬‬ ‫‪)i‬‬
‫‪nv‬‬‫‪est‬‬‫‪or‬‬‫’‪s‬‬
‫‪sur‬‬‫‪pl‬‬
‫‪uscashi‬‬ ‫‪nt‬‬‫‪oMMFs.Byi‬‬ ‫‪nv‬‬‫‪est‬‬
‫‪i‬‬‫‪ngi‬‬‫‪nr‬‬ ‫‪i‬‬
‫‪skyasset‬‬ ‫‪s,‬‬‫‪MMFspr‬‬ ‫‪ov‬‬
‫‪i‬‬‫‪dehi‬‬‫‪ghery‬‬ ‫‪i‬‬
‫‪el‬‬‫‪dst‬‬‫‪han‬‬
‫‪bankdeposi‬‬ ‫‪t‬‬‫‪s,‬‬‫‪butt‬‬‫‪her‬‬‫‪ei‬‬‫‪snogov‬‬ ‫‪er‬‬‫‪nmenti‬‬‫‪nsur‬‬ ‫‪ance.Dur‬‬ ‫‪i‬‬
‫‪ngt‬‬ ‫‪hef‬‬‫‪i‬‬‫‪nanci‬‬‫‪al‬‬‫‪cr‬‬
‫‪i‬‬‫‪si‬‬
‫‪s,‬‬‫‪t‬‬‫‪henet‬‬
‫‪assetv‬‬ ‫‪al‬‬‫‪ueofsomef‬‬ ‫‪undsf‬‬‫‪el‬‬‫‪l‬‬
‫‪bel‬‬‫‪owt‬‬ ‫‪hepr‬‬‫‪i‬‬‫‪nci‬‬‫‪pal‬‬‫‪i‬‬‫‪nv‬‬‫‪est‬‬‫(‪ed‬‬‫‪i‬‬‫‪nmar‬‬ ‫‪ketj‬‬‫‪ar‬‬‫‪gon,‬‬‫‪t‬‬
‫‪hese‬‬
‫‪f‬‬‫"‪unds‬‬‫‪br‬‬ ‫‪oket‬‬‫"‪hebuck‬‬ ‫)‬
‫‪.Thi‬‬‫‪shi‬‬‫‪ghl‬‬
‫‪i‬‬‫‪ght‬‬‫‪edt‬‬‫‪hef‬‬ ‫‪actt‬‬‫‪hatMMFsar‬‬ ‫‪e ‬‬
‫‪l‬‬‫‪ow ‬‬‫‪r‬‬‫‪i‬‬
‫‪skr‬‬ ‫‪at‬‬
‫‪her‬‬
‫‪t‬‬‫‪han ‬‬
‫‪no ‬‬ ‫‪r‬‬‫‪i‬‬
‫‪sk.‬‬

‫ﺭﻓﻲ‬‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﺍﻻﺳ‬‫ﻳﻖ‬‫ﺮ‬
‫ﺮﻋﻦﻃ‬ ‫ﺎﺷ‬
‫ﺒ‬‫ﺮﻣ‬‫ﻴ‬‫ﻜﻞﻏ‬ ‫ﺍﻷﺟﻞﺑﺸ‬ ‫ﺓ‬‫ﺮ‬
‫ﻴ‬‫ﺔﻗﺼ‬ ‫ﻴ‬‫ﻟ‬
‫ﺎ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬ ‫ﺍﻕ‬‫ﺭ‬
‫ﻭ‬ ‫ﺍﻷ‬‫ﺀ‬‫ﺍ‬
‫ﺮ‬‫ﻳﻦﺷ‬ ‫ﺮ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﻤﺴ‬ ‫ﻠ‬
‫ﻟ‬‫ﻜﻦ‬ ‫ﻤ‬‫ﻳ‬
‫ﺍﻷ‬‫ﺮﻱ‬‫ﺘ‬‫ﺘﻲﺗﺸ‬‫ﻟ‬
‫ﺍ‬‫ﺔ‬‫ﻮﺣ‬‫ﺘ‬‫ﻔ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬‫ﺔ‬‫ﻛ‬
‫ﺮ‬‫ﺘ‬‫ﻤﺸ‬‫ﻟ‬
‫ﺍ‬ ‫ﻳﻖ‬‫ﺩ‬‫ﺎ‬
‫ﻨ‬‫ﻟﺼ‬‫ﺍ‬‫ﻮﻉﻣﻦ‬‫ﻮﻧ‬‫(ﻫ‬ ‫)‪MMF‬‬ ‫ﺎﻝ‪.MMF‬‬ ‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻮﻕ‬‫ﻭﻕﺳ‬ ‫ﺪ‬‫ﻨ‬‫ﺻ‬
‫ﻡ‬
‫ﻮ‬‫ﻘ‬‫‪.‬ﺗ‬
‫ﺔ‬‫ﻴ‬‫ﻟ‬
‫ﺎ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺍﺕ‬‫ﺪ‬
‫ﻨ‬‫ﻟﺴ‬‫ﺍ‬
‫‪،‬ﻭ‬‫ﺔ‬‫ﻣﺠ‬ ‫ﺪ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬‫ﺍﺹ‬ ‫ﺮ‬‫ﻗ‬
‫ﺍﻷ‬‫‪،‬ﻭ‬‫ﺔ‬‫ﻧ‬‫ﺍ‬‫ﺰ‬
‫ﻟﺨ‬‫ﺍ‬‫ﺍﺕ‬‫ﺪ‬
‫ﻨ‬‫ﺜﻞﺳ‬ ‫ﺎ‪،‬ﻣ‬
‫ﻤﻝ‬ ‫ﻟ‬
‫ﺍ‬‫ﺍﻕ‬‫ﻮ‬‫ﺃﺳ‬‫ﺔﻓﻲ‬‫ﻴ‬‫ﻟ‬
‫ﺎ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬ ‫ﺍﻕ‬‫ﺭ‬
‫ﻭ‬
‫ﺪﻱﻓﻲ‪MMFs.‬ﻣﻦﺧ‬ ‫ﻘ‬‫ﻨ‬‫ﻟ‬
‫ﺍ‬‫ﻳﻦ‬‫ﺮ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﻤﺴ‬‫ﻟ‬‫ﺍ‬‫ﺋﺾ‬ ‫ﺎ‬
‫(ﻓ‬‫"‬‫ﻣﺴﺢ‬‫"‬‫ﻊ)‬‫ﻮﺿ‬ ‫ﺎﺑ‬‫ً‬
‫ﻴ‬‫ﺋ‬
‫ﺎ‬‫ﻘ‬‫ﻠ‬
‫ﺓﺗ‬ ‫ﺮ‬‫ﻤﺴ‬‫ﻟﺴ‬‫ﺍ‬‫ﺎﺕ‬
‫ﻛ‬‫ﺮ‬‫ﺪﻣﻦﺷ‬ ‫ﻳ‬‫ﺪ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬
‫ﻜﻦﻻ‬ ‫ﻟ‬
‫‪،‬ﻭ‬‫ﺔ‬‫ﻴ‬‫ﻓ‬
‫ﺮ‬‫ﻤﺼ‬‫ﻟ‬‫ﺍ‬‫ﻊ‬‫ﺋ‬
‫ﺍ‬‫ﺩ‬
‫ﻮ‬ ‫ﻟ‬
‫ﺍ‬‫ﻠﻰﻣﻦ‬‫ﺃﻋ‬ ‫ﺍﺕ‬‫ﺪ‬‫ﺋ‬
‫ﺎ‬‫ﺮ‪MMF‬ﻋ‬ ‫ﻓ‬‫ﻮ‬‫‪،‬ﻳ‬‫ﺓ‬‫ﺮ‬‫ﻟﺨﻄ‬ ‫ﺍ‬‫ﻮﻝ‬‫ﺍﻷﺻ‬ ‫ﺭﻓﻲ‬‫ﺎ‬‫ﻤ‬
‫ﺜ‬‫ﺘ‬‫ﺍﻻﺳ‬ ‫ﻼﻝ‬
‫ﺎ‬
‫ﻟﻰﻣ‬‫ﻳﻖﺇ‬‫ﺩ‬‫ﺎ‬
‫ﻨ‬‫ﻟﺼ‬
‫ﺍ‬‫ﻌﺾ‬ ‫ﺒ‬‫ﻟ‬
‫ﻮﻝ‬ ‫ﺍﻷﺻ‬‫ﺔ‬‫ﻤ‬‫ﻴ‬‫ﻓﻲﻗ‬ ‫ﺎ‬
‫ﻔ ﺾﺻ‬ ‫ﻧﺨ‬‫ﺍ‬‫‪،‬‬‫ﺔ‬‫ﻴ‬
‫ﻟ‬‫ﺎ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬‫ﺔ‬‫ﻣ‬‫ﺯ‬‫ﺍﻷ‬ ‫‪.‬ﺧﻼﻝ‬ ‫ﻣﻲ‬‫ﻮ‬‫ﻜ‬‫ﻴﻦﺣ‬‫ﻣ‬‫ﺄ‬‫ﺪﺗ‬‫ﻮﺟ‬ ‫ﻳ‬
‫ﻠﻰ‬‫ﺀﻋ‬‫ﻮ‬‫ﻟﻀ‬‫ﺍ‬‫ﺍ‬
‫ﺬ‬‫ﻠﻂﻫ‬‫‪.‬ﺳ‬ ‫(‬
‫"‬‫ﻎ‬‫ﻠ‬
‫ﺒ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺮﺕ‬ ‫ﻛﺴ‬‫ﻳﻖ"‬‫ﺩ‬‫ﺎ‬
‫ﻨ‬‫ﻟﺼ‬‫ﺍ‬‫ﻩ‬‫ﺬ‬‫‪،‬ﻫ‬‫ﻮﻕ‬ ‫ﻟﺴ‬‫ﺍ‬‫ﺔ‬‫ﻐ‬‫ﻠ‬
‫ﺑ‬‫ﺮ)‬ ‫ﻤ‬
‫ﺜ‬‫ﺘ‬‫ﻤﺴ‬‫ﻟ‬
‫ﺍ‬‫ﺎﻝ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺃﺱ‬ ‫ﻭﻥﺭ‬‫ﺩ‬
‫‪.‬‬‫ﺮ‬
‫ﺎﻃ‬‫ﻤﺨ‬ ‫ﻟ‬
‫ﺍ‬‫ﺔﻣﻦ‬ ‫ﻴ‬‫ﻟ‬
‫ﺎ‬‫ﻴﺴﺖﺧ‬ ‫ﻟ‬
‫ﺮﻭ‬ ‫ﺎﻃ‬‫ﻤﺨ‬ ‫ﻟ‬
‫ﺍ‬‫ﺔ‬‫ﻔﻀ‬ ‫ﻨﺨ‬‫ﺃﻥ‪MMFs‬ﻣ‬ ‫ﺔ‬‫ﻘ‬ ‫ﻴ‬
‫ﻘ‬‫ﺣ‬
 Topi
c4:
real
est
ate
Ov
erv
iewofReal
Est
ate
‫ﺍﺕ‬
‫ﺭ‬‫ﺎ‬
‫ﻘ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﻠﻰ‬
‫ﺔﻋ‬‫ﻣ‬
‫ﺎ‬‫ﺓﻋ‬
‫ﺮ‬‫ﻇ‬
Realest
ate(orpr
operty)makesupar ound10%ofglobal
asset
sundermanagement .I
n
t
ermsofri
sksandreturn,t
hisassetcl
assseemstoliesomewherebetweenequi
tyand
f
ixedi
ncome.However ,
theheter
ogeneousandopaquenatur
eofrealestat
e
i
nvest
mentsmakespr eci
semeasur ementdi
ffi
cul
t.

‫ﻴﺚ‬‫ﻣﻦﺣ‬.‫ﺓ‬‫ﺭ‬
‫ﺍ‬‫ﺩ‬‫ﻟﻺ‬‫ﺔ‬‫ﻌ‬
‫ﺎﺿ‬‫ﻟﺨ‬‫ﺍ‬
‫ﺔ‬‫ﻴ‬‫ﻤ‬‫ﻟ‬
‫ﺎ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬‫ﻮﻝ‬‫ﻣﺍﻷﺻ‬
‫ﻦ‬٪ 10‫ﻟﻲ‬‫ﺍ‬
‫ﻮ‬‫(ﺣ‬‫ﺎﺕ‬‫ﻜ‬‫ﻠ‬
‫ﺘ‬‫ﻤ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬‫ﻭ‬‫ﺃ‬
)‫ﺍﺕ‬‫ﺭ‬‫ﺎ‬
‫ﻘ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﻜﻞ‬‫ﺗﺸ‬
.‫ﺑﺖ‬‫ﺎ‬
‫ﺜ‬‫ﻟ‬
‫ﺍ‬‫ﺪﺧﻞ‬‫ﻟ‬
‫ﺍ‬
‫ﺔﻭ‬ ‫ﻴ‬
‫ﻜ‬ ‫ﻠ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻮﻕ‬‫ﻘ‬
‫ﻴﻦﺣ‬ ‫ﺎﺑ‬
‫ﺎﻥﻣ‬‫ﻜ‬‫ﻊﻓﻲﻣ‬‫ﻘ‬‫ﻩﺗ‬
‫ﺬ‬‫ﻮﻝﻫ‬‫ﺍﻷﺻ‬‫ﺔ‬‫ﺌ‬
‫ﺃﻥﻓ‬‫ﻭ‬‫ﺪ‬‫ﺒ‬‫ﻳ‬،‫ﺪ‬‫ﺋ‬
‫ﺎ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬
‫ﺮﻭ‬‫ﺎﻃ‬‫ﻤﺨ‬‫ﻟ‬
‫ﺍ‬
‫ﺍ‬
ً
‫ﺮ‬‫ﻣ‬‫ﺃ‬
‫ﻴﻖ‬‫ﻗ‬‫ﺪ‬‫ﻟ‬
‫ﺍ‬‫ﺎﺱ‬‫ﻴ‬‫ﻘ‬
‫ﻟ‬‫ﺍ‬‫ﻌﻞ‬‫ﺔﺗﺠ‬‫ﻳ‬
‫ﺭ‬‫ﺎ‬
‫ﻘ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﺍﺕ‬‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﻟﻼﺳ‬‫ﺔ‬‫ﻤ‬
‫ﻬ‬‫ﺒ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬
‫ﺔﻭ‬‫ﻧﺴ‬
‫ﺎ‬‫ﺘﺠ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺮ‬‫ﻴ‬‫ﺔﻏ‬‫ﻌ‬‫ﻴ‬
‫ﺒ‬‫ﻟﻄ‬
‫ﺍ‬‫ﺈﻥ‬‫ﻓ‬،‫ﻟﻚ‬‫ﻊﺫ‬‫ﻣ‬‫ﻭ‬
.
‫ﺎ‬ً
‫ﺒ‬
‫ﻌ‬‫ﺻ‬

Mostrealest
ateinvest
menti
sincommer ci
alproper
tysuchasof f
icebuil
dingsor
shoppi
ngmal l
s,alt
hought
her
earealsosomel arge-
scal
e i
nvestmentsi
nr esi
denti
al
proper
ty.Ret
urnsareacombi
nati
onofincome( mainlyr
ents)andcapit
algains/
losses.

‫ﺮﻏﻢ‬
‫ﻟ‬‫ﺍ‬‫ﻠﻰ‬
‫ﻋ‬،‫ﻮﻕ‬
‫ﺘﺴ‬‫ﻟ‬
‫ﺍ‬‫ﺰ‬‫ﻛ‬
‫ﺍ‬‫ﺮ‬‫ﻭﻣ‬‫ﺃ‬‫ﺗﺐ‬‫ﺎ‬
‫ﻜ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻧﻲ‬‫ﺎ‬
‫ﺒ‬‫ﺜﻞﻣ‬‫ﺔﻣ‬‫ﻳ‬‫ﺭ‬
‫ﺎ‬‫ﺘﺠ‬‫ﻟ‬
‫ﺍ‬‫ﺍﺕ‬‫ﺭ‬
‫ﺎ‬‫ﻘ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬‫ﺭﻱﻓﻲ‬‫ﺎ‬
‫ﻘ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﻻﺳ‬‫ﻌﻈﻢ‬‫ﻣ‬
‫ﺍ‬
)‫ﺪﺧﻞ‬‫ﻟ‬
‫ﺍ‬‫ﻳﺞﻣﻦ‬
‫ﺰ‬‫ﺪﻫﻲﻣ‬‫ﺋ‬‫ﺍ‬
‫ﻮ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬.‫ﺔ‬
‫ﻴ‬‫ﻨ‬‫ﻜ‬
‫ﻟﺴ‬‫ﺍ‬‫ﺍﺕ‬
‫ﺭ‬‫ﺎ‬‫ﻘ‬
‫ﻌ‬‫ﻟ‬‫ﺍ‬‫ﺎﻕﻓﻲ‬‫ﻨﻄ‬‫ﻟ‬
‫ﺍ‬‫ﺔ‬‫ﻌ‬
‫ﺍﺳ‬‫ﺍﺕﻭ‬‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﻻﺳ‬‫ﻌﺾ‬ ‫ﺩﺑ‬‫ﻮ‬
‫ﻣﻦﻭﺟ‬
.‫ﺎ‬
‫ﻤﻝ‬‫ﻟ‬‫ﺍ‬‫ﺃﺱ‬‫ﺮﺭ‬‫ﺋ‬‫ﺎ‬
‫ﺧﺴ‬/‫ﺎﺡ‬ ‫ﺑ‬
‫ﺭ‬‫ﺃ‬
‫(ﻭ‬‫ﺎﺳﻲ‬‫ﺃﺳ‬‫ﻜﻞ‬‫ﺍﺕﺑﺸ‬‫ﺭ‬‫ﺎ‬
‫ﻳﺠ‬‫ﻹ‬

Alt
houghpopularpercepti
onsofpr oper
tymar ketsareli
nkedtodramaticchangesin
capit
alval
ues(bubbl
esorcr ashes),t
hereisnol ong-
term evi
denceofrealcapit
al
appreci
ati
on.However,nominalvalues 
tendto keeppacewi t
hinfl
ati
on.Whiletheymust
bewar yofmedium-t
erm capital
trends,l
ong-t
er minvestorsf
ocusonpot enti
alrent
al
yi
elds.
‫ﻴﻢ‬‫ﺔﻓﻲﻗ‬‫ﻴ‬‫ﻜ‬
‫ﻴ‬‫ﺗ‬‫ﺎ‬
‫ﻣ‬‫ﺍ‬‫ﺭ‬
‫ﺪ‬‫ﻟ‬‫ﺍ‬‫ﺍﺕ‬‫ﺮ‬‫ﻴ‬
‫ﻐ‬‫ﺘ‬‫ﻟ‬
‫ﺎ‬‫ﺔﺑ‬
‫ﺒﻄ‬‫ﺗ‬
‫ﺮ‬‫ﺍﺕﻣ‬
‫ﺭ‬‫ﺎ‬
‫ﻘ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﺍﻕ‬
‫ﻮ‬‫ﺔﻷﺳ‬ ‫ﻌ‬
‫ﺋ‬‫ﺎ‬
‫ﻟﺸ‬‫ﺍ‬‫ﺍﺕ‬‫ﺭ‬
‫ﻮ‬‫ﺘﺼ‬‫ﻟ‬
‫ﺍ‬‫ﺃﻥ‬ ‫ﺮﻏﻢﻣﻦ‬‫ﻟ‬
‫ﺍ‬‫ﻠﻰ‬
‫ﻋ‬
.
‫ﻘﻲ‬‫ﻴ‬‫ﻘ‬
‫ﻟﺤ‬‫ﺍ‬‫ﺎﻝ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺃﺱ‬ ‫ﺎﻉﺭ‬‫ﻔ‬
‫ﺗ‬‫ﺭ‬‫ﺍ‬‫ﻠﻰ‬‫ﺍﻷﺟﻞﻋ‬‫ﻳﻞ‬
‫ﻮ‬‫ﻴﻞﻃ‬‫ﻟ‬
‫ﺪﺩ‬‫ﻮﺟ‬‫ﻻﻳ‬،(‫ﺍﺕ‬‫ﺭ‬‫ﺎ‬
‫ﻴ‬‫ﻬ‬
‫ﻧ‬‫ﺃﺍﻻ‬
‫ﺎﺕﻭ‬‫ﺎﻋ‬
‫ﻘ‬‫ﻔ‬‫ﻟ‬‫ﺍ‬
)‫ﺎﻝ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬‫ﺃﺱ‬‫ﺭ‬
‫ﻳﻦﻣﻦ‬‫ﺭ‬
‫ﺬ‬‫ﺍﺣ‬ ‫ﻮ‬
‫ﻧ‬‫ﻮ‬‫ﻜ‬‫ﺃﻥﻳ‬‫ﻴﻦﻳﺠﺐ‬ ‫ﻓﻲﺣ‬.
‫ﺘﻀﺨﻢ‬‫ﻟ‬‫ﺍ‬
‫ﺔ‬‫ﺒ‬‫ﻛ‬
‫ﺍ‬‫ﻮ‬‫ﻟﻰﻣ‬‫ﺔﺇ‬‫ﻴ‬
‫ﻤ‬‫ﺍﻻﺳ‬‫ﻴﻢ‬
‫ﻘ‬‫ﻟ‬‫ﺍ‬
‫ﻴﻞ‬ ‫ﻤ‬
‫ﺗ‬،‫ﻟﻚ‬‫ﻊﺫ‬‫ﻣ‬
‫ﻭ‬
 ‫ﺍﻹ‬
‫ﺪ‬‫ﺋ‬‫ﺍ‬
‫ﻮ‬‫ﻠﻰﻋ‬
‫ﻳﻞﻋ‬
‫ﻮ‬‫ﻟﻄ‬
‫ﺍ‬‫ﺪﻯ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬
‫ﻠﻰ‬‫ﻭﻥﻋ‬
‫ﺮ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﻤﺴ‬
‫ﻟ‬‫ﺍ‬‫ﺰ‬
‫ﻛ‬‫ﺮ‬‫ﻳ‬،
‫ﻮﺳﻂ‬
‫ﺘ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺪﻯ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬
‫ﻠﻰ‬‫ﺎﻝﻋ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺃﺱ‬
‫ﺎﺕﺭ‬
‫ﺎﻫ‬‫ﺗﺠ‬
‫ﺍ‬
.
‫ﺔ‬‫ﻠ‬
‫ﻤ‬‫ﺘ‬‫ﻤﺤ‬
‫ﻟ‬‫ﺍ‬‫ﺭ‬
‫ﺎ‬‫ﻳﺠ‬

Real
Est
ateI
nvest
ment
‫ﺭﻱ‬
‫ﺎ‬‫ﻘ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬‫ﺭ‬
‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﺍﻻﺳ‬
Directowner shipi sthemostst rai
ght forwar dmet hodofpr i
vateinvestmenti nreal
estate.Howev er,
 suchi nvestment sar ecompar ati
v el
yill
i
quid.Thepr oper tymarketis
"l
umpy "inthatt ransact i
onsar eoccasi onalratherthancont inuous,wi t
heachone
separ atelynegot iated.Investment swi llusual l
yrequiresignif
icantout l
ayofcapi t
al,so
diversif
icationi sonl yav ai
labletov erylargei nvestors.Unli
kesecur i
ties,
 real
estate cannotbest oredort ranspor t
ed, andi nvestorscannot" goshor t.
"Insteadof
transpar entpricei nformat i
on, i
nvest or
sr elyonper i
odic,subject
iveappr aisal
s.Since
soleowner shipof teni nvolvesactivemanagementoft heunder l
yingasset ,i
nvestors
mayi nst eadf orm pr oper t
yclubs/sy ndicatest hatdelegatemanagementwhi l
e
remai ningresponsi bleforassetsel ection.
‫ﺍ‬
‫ﻩ‬‫ﺬ‬‫ﺈﻥﻫ‬ ‫ﻓ‬،‫ﻟﻚ‬‫ﻊﺫ‬‫ﻣ‬‫ﻭ‬.‫ﺍﺕ‬‫ﺭ‬
‫ﺎ‬‫ﻘ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﺎ ﺹﻓﻲ‬‫ﻟﺨ‬‫ﺍ‬‫ﺭ‬‫ﺎ‬
‫ﻤ‬ ‫ﺜ‬‫ﺘ‬
‫ﻟﻼﺳ‬ ‫ﺓ‬
‫ﺮ‬‫ﺎﺷ‬‫ﺒ‬‫ﺮﻣ‬‫ﺜ‬
‫ﻛ‬ ‫ﺍﻷ‬‫ﺔ‬‫ﻘ‬‫ﻳ‬‫ﺮ‬‫ﻟﻄ‬‫ﺍ‬‫ﺓﻫﻲ‬ ‫ﺮ‬‫ﺎﺷ‬‫ﺒ‬‫ﻤ‬‫ﻟ‬‫ﺍ‬‫ﺔ‬‫ﻴ‬
‫ﻜ‬‫ﻠ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬
‫ﺔ‬
‫ﻴ‬‫ﺮﺿ‬ ‫ﻮﻥﻋ‬‫ﻜ‬‫ﻣﻼﺕﺗ‬ ‫ﺎ‬
‫ﻌ‬‫ﻤ‬‫ﻟ‬‫ﺍ‬
‫ﺃﻥ‬ ‫ﻴﺚ‬‫"ﻣﻦﺣ‬ ‫ﺘﻞ‬ ‫ﻜ‬
‫ﺘ‬‫ﻣ‬"‫ﺍﺕ‬‫ﺭ‬‫ﺎ‬
‫ﻘ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﻮﻕ‬ ‫ﺳ‬.‫ﺎ‬ً
‫ﻴ‬‫ﺒ‬‫ﺔﻧﺴ‬‫ﻠ‬‫ﺋ‬‫ﺎ‬
‫ﺮﺳ‬ ‫ﻴ‬‫ﺍﺕﻏ‬ ‫ﺭ‬
‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﻻﺳ‬
‫ﺎ‬ً
‫ﻗ‬
‫ﺎ‬‫ﻔ‬‫ﻧ‬
‫ﺓﺇ‬
ً‫ﺩ‬‫ﺎ‬‫ﺍﺕﻋ‬‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﻻﺳ‬ ‫ﻠﺐ‬‫ﺘﻄ‬‫ﺗ‬.
‫ﺓ‬‫ﺪ‬‫ﻠﻰﺣ‬ ‫ﺓﻋ‬‫ﺪ‬ ‫ﺍﺣ‬‫ﻠﻰﻛﻞﻭ‬‫ﻭ ﺽﻋ‬ ‫ﺎ‬‫ﻔ‬‫ﺘ‬
‫ﻟ‬‫ﺍ‬‫ﺘﻢ‬‫ﻴﺚﻳ‬ ‫ﺣ‬، ‫ﺓ‬‫ﺮ‬‫ﻤ‬‫ﺘ‬‫ﻴﺴﺖﻣﺴ‬ ‫ﻟ‬
‫ﻭ‬
‫ﺍﻕ‬‫ﺭ‬‫ﻭ‬‫ﺍﻷ‬‫ﻜﺲ‬ ‫ﻠﻰﻋ‬‫ﻋ‬.‫ﺟ‬
‫ﺍ‬ً‫ﺭ‬
‫ﺪ‬ ‫ﺎ‬‫ﺒ‬
‫ﻜ‬‫ﻟ‬‫ﺍ‬
‫ﻳﻦ‬‫ﺮ‬‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﻤﺴ‬ ‫ﻠ‬‫ﻟ‬‫ﻘﻂ‬‫ﺎﺡﻓ‬‫ﺘ‬‫ﻊﻣ‬‫ﻳ‬
‫ﻮ‬‫ﻨ‬‫ﺘ‬‫ﻟ‬‫ﺍ‬‫ﺈﻥ‬‫ﺍﻓ‬‫ﺬ‬‫ﻟ‬،‫ﺎ‬
‫ﻤﻝ‬ ‫ﻟ‬‫ﺍ‬
‫ﺃﺱ‬ ‫ﺍﻣﻦﺭ‬ً
‫ﺮ‬‫ﻴ‬‫ﺒ‬
‫ﻛ‬
ً‫ﺑﻻ‬‫ﺪ‬. "‫ﻮﻑ‬‫ﻜﺸ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻠﻰ‬‫ﻊﻋ‬ ‫ﻴ‬‫ﺒ‬
‫ﻟ‬‫ﺍ‬
"‫ﻳﻦ‬‫ﺮ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﻤﺴ‬‫ﻠ‬
‫ﻟ‬ ‫ﻜﻦ‬‫ﻤ‬‫ﻭﻻﻳ‬، ‫ﺎ‬
‫ﻬ‬‫ﻠ‬
‫ﻘ‬‫ﻭﻧ‬‫ﺃ‬‫ﺍﺕ‬‫ﺭ‬‫ﺎ‬‫ﻘ‬‫ﻌ‬‫ﻟ‬‫ﺍ‬‫ﻳﻦ‬‫ﺰ‬
‫ﻜﻦﺗﺨ‬ ‫ﻤ‬ ‫ﻻﻳ‬، ‫ﺔ‬‫ﻴ‬‫ﻟ‬
‫ﺎ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬
‫ﺔ‬‫ﻴ‬‫ﻜ‬‫ﻠ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬‫ﺍﻷﻥ‬ً
‫ﺮ‬‫ﻧﻈ‬.‫ﺔ‬‫ﻴ‬
‫ﺗ‬‫ﺍ‬
‫ﺫ‬‫ﺔﻭ‬‫ﻳ‬‫ﺭ‬‫ﻭ‬‫ﺎﺕﺩ‬‫ﻤ‬‫ﻴ‬‫ﻴ‬
‫ﻘ‬‫ﻠﻰﺗ‬‫ﻭﻥﻋ‬ ‫ﺮ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﻤﺴ‬‫ﻟ‬‫ﺍ‬‫ﺪ‬‫ﻤ‬
‫ﺘ‬‫ﻌ‬‫ﻳ‬، ‫ﺔ‬‫ﻓ‬‫ﺎ‬
‫ﻔ‬ ‫ﻟﺸ‬‫ﺍ‬
‫ﺭ‬‫ﺎ‬‫ﻌ‬‫ﺍﻷﺳ‬ ‫ﺎﺕ‬‫ﻣ‬ ‫ﻮ‬‫ﻠ‬
‫ﻌ‬‫ﻣﻦﻣ‬
‫ﻟﻚ‬‫ﺑﻻًﻣﻦﺫ‬‫ﻭﻥﺪ‬ ‫ﺮ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬‫ﻤﺴ‬‫ﻟ‬
‫ﺍ‬‫ﻡ‬‫ﻮ‬‫ﻘ‬‫ﺪﻳ‬‫ﻘ‬‫ﻓ‬،‫ﺎﺳﻲ‬ ‫ﺻﺍﻷﺳ‬
‫ﻟﻸ ﻞ‬ ‫ﺔ‬‫ﺓﻧﺸﻄ‬ ‫ﺭ‬‫ﺍ‬‫ﺩ‬‫ﻤﻦﺇ‬‫ﺘﻀ‬ ‫ﺎﺗ‬
‫ﻏﺎﻣ‬ً
‫ﺒ‬‫ﻟ‬
‫ﺔﺎ‬ ‫ﻳ‬‫ﺩ‬‫ﺮ‬‫ﻔ‬
‫ﻟ‬‫ﺍ‬
.
‫ﻮﻝ‬‫ﺍﻷﺻ‬ ‫ﺭ‬
‫ﺎ‬‫ﻴ‬‫ﺘ‬
‫ﺍﺧ‬ ‫ﺔﻋﻦ‬‫ﻟ‬‫ﻭ‬‫ﺆ‬‫ﺎﺗﻈﻞﻣﺴ‬ ‫ﻤ‬‫ﻨ‬
‫ﻴ‬‫ﺓﺑ‬‫ﺭ‬‫ﺍ‬
‫ﺩ‬‫ﺍﻹ‬‫ﻮﺽ‬ ‫ﻔ‬‫ﺔﺗ‬‫ﻳ‬‫ﺭ‬‫ﺎ‬
‫ﻘ‬‫ﺎﺕﻋ‬ ‫ﺑ‬‫ﺎ‬‫ﻘ‬
‫ﻧ‬/‫ﺩﻱ‬ ‫ﺍ‬
‫ﻮ‬ ‫ﻴﻞﻧ‬‫ﻜ‬‫ﺘﺸ‬‫ﺑ‬

Overthreequart
er sofall real est at
ei nvestmenti sviarealestat einv estmenttrusts
(REITs)
.AREI Tisar estrictedpr oper ty-owningcompanyt hatdi stributesal l
(ormost )of
i
tsincomeasdi vidends.REI Tsdonotusual l
ypaycor poratet axbecausest ockholders
payincomet axont hedi stributions.MostREI Tsarepubl i
clylisted, alt
hought hereare
somepr ivat
estr
uct ures.Whi l
eREI Ts, ortheirequiv
alents,aref oundacr ossthegl obe,
USv ehi
clesaccountf orjustov erhal fofgl obalmarketcapi tal
ization.I nvest
orsalso
purchasesharesinnon- REI Tl i
st edpr opertycompani esorf unds.
‫(‬‫‪REI‬‬
‫)‪Ts‬‬‫‪.REI‬‬‫ﺭﻱ‪T‬‬ ‫ﺎ‬
‫ﻘ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﺭ‬‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﺍﻻﺳ‬ ‫ﻳﻖ‬‫ﺩ‬
‫ﺎ‬‫ﻨ‬‫ﻳﻖ ﺻ‬‫ﺮ‬‫ﺘﻢﻋﻦﻃ‬ ‫ﺭﻱﻳ‬‫ﺎ‬‫ﻘ‬‫ﻌ‬‫ﻟ‬‫ﺍ‬‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﻻﺳ‬ ‫ﺎﻉ‬‫ﺑ‬
‫ﺭ‬‫ﺃ‬‫ﺔ‬‫ﺛ‬‫ﺮﻣﻦﺛﻼ‬‫ﺜ‬‫ﻛ‬‫ﺃ‬
‫ﺭ‬
‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﺍﻻﺳ‬‫ﻳﻖ‬‫ﺩ‬‫ﺎ‬
‫ﻨ‬‫ﻊﺻ‬ ‫ﻓ‬
‫ﺪ‬‫‪.‬ﻻﺗ‬ ‫ﺎﺡ‬‫ﺑ‬
‫ﺭ‬‫ﺄ‬‫ﺎﻛ‬‫ﻬ‬‫ﻠ‬
‫(ﺩﺧ‬‫ﻌﻈﻢ‬ ‫ﻭﻣ‬‫ﺃ‬
‫ﻊﻛﻞ)‬ ‫ﻳ‬‫ﺯ‬‫ﻮ‬‫ﺘ‬‫ﻡﺑ‬ ‫ﻮ‬
‫ﻘ‬‫ﺎﺕﺗ‬‫ﻜ‬ ‫ﻠ‬
‫ﺘ‬‫ﻤ‬‫ﻤ‬
‫ﻠ‬‫ﻟ‬‫ﺓ‬‫ﺪ‬‫ﻴ‬‫ﻘ‬
‫ﺔﻣ‬ ‫ﻛ‬
‫ﺮ‬‫ﻫﻲﺷ‬
‫ﻌﻈﻢ‬‫‪.‬ﻣ‬‫ﺎﺕ‬‫ﻌ‬
‫ﻳ‬‫ﺯ‬‫ﻮ‬‫ﺘ‬‫ﻟ‬
‫ﺍ‬‫ﻠﻰ‬‫ﺪﺧﻞﻋ‬ ‫ﻟ‬‫ﺍ‬‫ﺔ‬‫ﺒ‬‫ﻳ‬
‫ﺮ‬‫ﻮﻥ ﺿ‬‫ﻌ‬‫ﻓ‬‫ﺪ‬‫ﻴﻦﻳ‬‫ﻤ‬‫ﺎﻫ‬
‫ﻤﺴ‬ ‫ﻟ‬
‫ﺍ‬ ‫ﺎﺕﻷﻥ‬ ‫ﻛ‬‫ﺮ‬‫ﻟﺸ‬‫ﺍ‬
‫ﺔ‬ ‫ﺒ‬
‫ﻳ‬‫ﺮ‬‫ﺓﺿ‬ ‫ﺩ‬‫ﺎ‬
‫ﺭﻱﻋ‬‫ﺎ‬‫ﻘ‬
‫ﻌ‬‫ﻟ‬‫ﺍ‬
‫ﺎ‬
‫ﻤ‬‫ﻨ‬‫ﻴ‬
‫‪.‬ﺑ‬‫ﺔ‬‫ﺎﺻ‬‫ﻟﺨ‬
‫ﺍ‬‫ﻛﻞ‬‫ﺎ‬
‫ﻴ‬‫ﻬ‬‫ﻟ‬
‫ﺍ‬‫ﻌﺾ‬ ‫ﺩﺑ‬‫ﻮ‬‫ﺮﻏﻢﻣﻦﻭﺟ‬ ‫ﻟ‬‫ﺍ‬‫ﻠﻰ‬‫‪،‬ﻋ‬‫ﻡ‬‫ﺎ‬
‫ﻜﻞﻋ‬ ‫ﺔﺑﺸ‬ ‫ﺭﺟ‬‫ﺪ‬‫ﺭﻱﻣ‬‫ﺎ‬‫ﻘ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬‫ﺍﻻﺳ‬‫ﻳﻖ‬‫ﺩ‬
‫ﺎ‬‫ﻨ‬
‫ﺻ‬
‫ﺔ‬‫ﻴ‬‫ﻜ‬‫ﻳ‬
‫ﺮ‬‫ﻣ‬‫ﺍﻷ‬‫ﺎﺕ‬‫ﺒ‬
‫ﻛ‬‫ﺮ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬‫ﺜﻞ‬‫ﻤ‬‫‪،‬ﺗ‬‫ﻟﻢ‬‫ﺎ‬
‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﺀ‬‫ﺎ‬‫ﻧﺤ‬‫ﺃ‬‫ﻊ‬‫ﻴ‬‫ﻤ‬
‫‪،‬ﻓﻲﺟ‬ ‫ﺎ‬
‫ﻬ‬‫ﻟ‬‫ﺩ‬
‫ﺎ‬‫ﻌ‬‫ﺎﻳ‬‫‪،‬ﻭﻣ‬
‫ﺭﻱﺃ‬ ‫ﺎ‬‫ﻘ‬
‫ﻌ‬‫ﻟ‬‫ﺍ‬
‫ﺭ‬‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﺍﻻﺳ‬ ‫ﻳﻖ‬‫ﺩ‬‫ﺎ‬
‫ﻨ‬‫ﺪﺻ‬‫ﻮﺟ‬‫ﺗ‬
‫ﺎﺕ‬‫ﻛ‬
‫ﺮ‬‫ﻬﻢﻓﻲﺷ‬ ‫ﺃﺳ‬‫ﺀ‬‫ﺍ‬
‫ﺮ‬‫ﺎﺑﺸ‬ ‫ﻳً‬
‫ﻀ‬ ‫ﺃ‬‫ﻭﻥ‬‫ﺮ‬‫ﻤ‬‫ﺜ‬‫ﺘ‬‫ﻤﺴ‬‫ﻟ‬
‫ﺍ‬‫ﻡ‬‫ﻮ‬‫ﻘ‬‫‪.‬ﻳ‬‫ﺔ‬‫ﻴ‬
‫ﻤ‬‫ﻟ‬
‫ﺎ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﻮﻕ‬ ‫ﻟﺴ‬‫ﺍ‬‫ﺔ‬‫ﻠ‬‫ﻤ‬‫ﻴﻼًﻋﻦﻧﺼﻒﺭﺳ‬ ‫ﻠ‬
‫ﺪﻗ‬‫ﻳ‬‫ﺰ‬
‫ﺎﻳ‬‫ﻣ‬
‫‪REI‬‬ ‫ﻓ‪T.‬‬
‫ﺔﻲ‬ ‫ﺭﺟ‬‫ﺪ‬‫ﺮﻣ‬‫ﻴ‬‫ﺔﻏ‬ ‫ﻳ‬
‫ﺭ‬‫ﺎ‬‫ﻘ‬‫ﻳﻖﻋ‬‫ﺩ‬‫ﺎ‬
‫ﻨ‬‫ﻭﺻ‬ ‫ﺃ‬

‫‪Si‬‬‫‪ncet‬‬ ‫‪hepr‬‬ ‫‪oper‬‬‫‪t‬‬‫‪ymar‬‬ ‫‪keti‬‬‫‪sl‬‬‫‪ar‬‬‫‪gel‬‬‫‪yi‬‬‫‪mmunet‬‬ ‫‪oar‬‬ ‫‪bi‬‬‫‪t‬‬‫‪r‬‬

‫‪age,‬‬‫‪t‬‬‫‪her‬‬
‫‪ear‬‬ ‫‪esi‬‬‫‪gni‬‬‫‪f‬‬
‫‪i‬‬‫‪cantv‬‬ ‫‪ar‬‬‫‪i‬‬
‫‪at‬‬ ‫‪i‬‬‫‪ons‬‬
‫‪i‬‬
‫‪nt‬‬ ‫‪heper‬‬ ‫‪f‬‬
‫‪or‬‬‫‪manceofr‬‬ ‫‪eal‬‬‫‪est‬‬‫‪at‬‬‫‪ebot‬‬ ‫‪hbet‬‬ ‫‪weenandwi‬‬ ‫‪t‬‬
‫‪hi‬‬‫‪ndi‬‬‫‪f‬‬
‫‪f‬‬‫‪er‬‬‫‪entcount‬‬‫‪r‬‬‫‪i‬‬‫‪es.Thi‬‬‫‪sl‬‬ ‫‪ack‬‬
‫‪ofcor‬‬ ‫‪r‬‬‫‪el‬‬‫‪at‬‬
‫‪i‬‬‫‪onencour‬‬ ‫‪agesdi‬‬ ‫‪v‬‬‫‪er‬‬‫‪si‬‬‫‪f‬‬‫‪i‬‬
‫‪cat‬‬‫‪i‬‬‫‪on,‬‬‫‪al‬‬‫‪t‬‬‫‪houghmosti‬‬ ‫‪nv‬‬‫‪est‬‬‫‪mentmanager‬‬ ‫‪sexhi‬‬ ‫‪bi‬‬‫‪ta‬‬
‫‪st‬‬‫‪r‬‬‫‪onghomebi‬‬ ‫‪as.Ther‬‬‫‪ear‬‬ ‫‪esi‬‬‫‪gni‬‬‫‪f‬‬‫‪i‬‬‫‪cantdi‬‬‫‪f‬‬‫‪f‬‬‫‪i‬‬‫‪cul‬‬‫‪t‬‬
‫‪i‬‬‫‪esassoci‬‬‫‪at‬‬‫‪edwi‬‬ ‫‪t‬‬
‫‪hcal‬‬‫‪cul‬‬‫‪at‬‬ ‫‪i‬‬
‫‪ngt‬‬ ‫‪he‬‬
‫‪hi‬‬‫‪st‬‬‫‪or‬‬‫‪i‬‬
‫‪ci‬‬ ‫‪nv‬‬‫‪est‬‬‫‪mentper‬‬ ‫‪f‬‬‫‪or‬‬‫‪mance ‬‬ ‫‪ofr‬‬‫‪eal‬‬ ‫‪est‬‬‫‪at‬‬‫‪e.Ther‬‬ ‫‪ei‬‬‫‪sanot‬‬ ‫‪abl‬‬
‫‪el‬‬‫‪ackofdat‬‬ ‫‪aout‬‬ ‫‪si‬‬‫‪de‬‬
‫‪oft‬‬ ‫‪heUS,‬‬ ‫‪andmeasur‬‬ ‫‪ement‬‬ ‫‪st‬‬‫‪hr‬‬ ‫‪oughpr‬‬ ‫‪i‬‬
‫‪ceappr‬‬ ‫‪ai‬‬
‫‪sal‬‬‫‪st‬‬‫‪endt‬‬‫‪ounder‬‬ ‫‪st‬‬‫‪at‬‬
‫‪ev‬‬ ‫‪ol‬‬‫‪at‬‬‫‪i‬‬‫‪l‬‬
‫‪i‬‬‫‪t‬‬
‫‪y‬‬ ‫‪.I‬‬‫‪n‬‬
‫‪t‬‬‫‪er‬‬‫‪msofcor‬‬ ‫‪r‬‬‫‪el‬‬‫‪at‬‬
‫‪i‬‬‫‪onswi‬‬ ‫‪t‬‬‫‪hot‬‬‫‪herassetcl‬‬ ‫‪asses,‬‬ ‫‪st‬‬‫‪udi‬‬‫‪essuggestt‬‬‫‪hatdi‬‬‫‪r‬‬‫‪ectr‬‬‫‪eal‬‬‫‪est‬‬ ‫‪at‬‬‫‪e‬‬
‫‪i‬‬
‫‪nv‬‬ ‫‪est‬‬‫‪ment‬‬ ‫‪shav‬‬ ‫‪enegl‬‬ ‫‪i‬‬
‫‪gi‬‬‫‪bl‬‬
‫‪ecor‬‬ ‫‪r‬‬‫‪el‬‬‫‪at‬‬‫‪i‬‬
‫(‪on‬‬ ‫‪i‬‬‫‪fany‬‬ ‫‪)wi‬‬ ‫‪t‬‬
‫‪hbondsandar‬‬ ‫‪eonl‬‬‫‪yweakl‬‬ ‫‪y‬‬
‫‪cor‬‬‫‪r‬‬‫‪el‬‬‫‪at‬‬‫‪edwi‬‬ ‫‪t‬‬‫‪hequi‬‬‫‪t‬‬
‫‪i‬‬‫‪es.Publ‬‬ ‫‪i‬‬
‫‪ci‬‬ ‫‪nv‬‬‫‪est‬‬‫‪ment‬‬ ‫(‪s‬‬‫‪REI‬‬‫‪Ts)hav‬‬ ‫‪easi‬‬‫‪gni‬‬‫‪f‬‬‫‪i‬‬
‫‪cantposi‬‬ ‫‪t‬‬‫‪i‬‬
‫‪v‬‬‫‪e‬‬
‫‪cor‬‬‫‪r‬‬‫‪el‬‬‫‪at‬‬‫‪i‬‬
‫‪onwi‬‬ ‫‪t‬‬‫‪hequi‬‬‫‪t‬‬‫‪i‬‬‫‪esandar‬‬ ‫‪enegat‬‬ ‫‪i‬‬‫‪v‬‬‫‪el‬‬‫‪ycor‬‬‫‪r‬‬‫‪el‬‬‫‪at‬‬‫‪edwi‬‬‫‪t‬‬‫‪hbonds.‬‬
‫‪ ‬‬
‫ﺀ‬‫ﺍ‬
‫ﺩ‬‫ﺃ‬‫ﺓﻓﻲ‬ ‫ﺮ‬‫ﻴ‬
‫ﺒ‬‫ﺎﺕﻛ‬ ‫ﻓ‬
‫ﺘﻼ‬‫ﺍﺧ‬ ‫ﺎﻙ‬
‫ﻨ‬‫ﻬ‬‫‪،‬ﻓ‬‫ﺔ‬‫ﺍﺟﺤ‬‫ﺮ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺮﻣﻦ‬ ‫ﻴ‬
‫ﺒ‬‫ﺪﻛ‬ ‫ﻟﻰﺣ‬‫ﺍﺕﻣﺤﺼﻦﺇ‬ ‫ﺭ‬‫ﺎ‬
‫ﻘ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﻮﻕ‬‫ﺍﻷﻥﺳ‬ ‫ً‬
‫ﺮ‬‫ﻧﻈ‬
‫ﻌﻈﻢ‬‫ﺃﻥﻣ‬ ‫ﺮﻏﻢﻣﻦ‬‫ﻟ‬‫ﺍ‬‫ﻠﻰ‬‫‪،‬ﻋ‬‫ﻊ‬‫ﻳ‬‫ﻮ‬‫ﻨ‬‫ﺘ‬
‫ﻟ‬‫ﺍ‬‫ﺍ‬
‫ﺬ‬‫ﺎﻁﻫ‬‫ﺒ‬‫ﺗ‬
‫ﺭ‬‫ﺍﻻ‬‫ﻡ‬ ‫ﺪ‬‫ﻊﻋ‬‫‪.‬ﻳﺸﺠ‬ ‫ﺎ‬
‫ﻬ‬‫ﻠ‬
‫ﺍﺧ‬ ‫ﺩ‬‫ﺔﻭ‬‫ﻔ‬‫ﻠ‬‫ﺘ‬‫ﻤﺨ‬‫ﻟ‬
‫ﺍ‬‫ﺍﻥ‬‫ﺪ‬‫ﻠ‬
‫ﺒ‬‫ﻟ‬
‫ﺍ‬‫ﻴﻦ‬‫ﺍﺕﺑ‬‫ﺭ‬‫ﺎ‬
‫ﻘ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬
‫ﺍﻻ‬‫ﻷﺀ‬
‫ﺍ‬‫ﺍﺩ‬‫ﺎﺏ‬‫ﺔﺑﺤﺴ‬ ‫ﺒﻄ‬‫ﺗ‬‫ﺮ‬‫ﺓﻣ‬‫ﺮ‬‫ﻴ‬‫ﺒ‬
‫ﺎﺕﻛ‬‫ﺑ‬‫ﻮ‬‫ﻌ‬‫ﺎﻙ ﺻ‬‫ﻨ‬
‫‪.‬ﻫ‬‫ﺰﻝ‬‫ﻨ‬‫ﻤ‬‫ﻠ‬‫ﻟ‬
‫ﺎ‬‫ً‬
‫ﻳ‬‫ﻮ‬
‫ﺍﻗ‬ ‫ً‬
‫ﺰ‬‫ﻴ‬‫ﻭﻥﺗﺤ‬‫ﺮ‬‫ﻬ‬‫ﺭﻳﻈ‬‫ﺎ‬‫ﻤ‬
‫ﺜ‬‫ﺘ‬‫ﺍﻻﺳ‬‫ﺮﻱ‬‫ﻳ‬‫ﺪ‬‫ﻣ‬
‫ﻴﻞ‬‫ﻤ‬‫ﺗ‬‫‪،‬ﻭ‬‫ﺓ‬‫ﺪ‬
‫ﺘﺤ‬ ‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺎﺕ‬‫ﻳ‬‫ﻮﻻ‬‫ﻟ‬
‫ﺍ‬‫ﺭﺝ‬‫ﺎ‬‫ﺎﺕﺧ‬‫ﻧ‬‫ﺎ‬
‫ﻴ‬‫ﺒ‬‫ﻟ‬
‫ﺍ‬ ‫ﻮﻅﻓﻲ‬ ‫ﻠﺤ‬‫ﻘ ﺺﻣ‬ ‫ﺎﻙﻧ‬‫ﻨ‬‫‪.‬ﻫ‬‫ﺭ‬‫ﺎ‬
‫ﻘ‬‫ﻌ‬‫ﻠ‬
‫ﻟ‬‫ﻳﺨﻲ‬‫ﺭ‬‫ﺎ‬‫ﺘ‬
‫ﻟ‬‫ﺍ‬‫ﺭﻱ‬
‫ﺎ‬‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺳ‬
‫ﺍﻷ‬‫ﺎﺕ‬‫ﺌ‬‫ﻊﻓ‬ ‫ﺎﺕﻣ‬‫ﺎﻃ‬‫ﺒ‬
‫ﺗ‬‫ﺭ‬‫ﺎﻻ‬
‫ﻠﻖﺑ‬‫ﻌ‬‫ﺘ‬‫ﺎﻳ‬‫ﻤ‬
‫ﻴ‬‫‪.‬ﻓ‬‫ﺎﺕ‬‫ﺒ‬
‫ﻠ‬‫ﻘ‬
‫ﺘ‬‫ﻟ‬‫ﺍ‬‫ﻴﻞﻣﻦ‬ ‫ﻠ‬
‫ﻘ‬‫ﺘ‬
‫ﻟ‬‫ﺍ‬‫ﻟﻰ‬‫ﺭﺇ‬‫ﺎ‬
‫ﻌ‬ ‫ﺍﻷﺳ‬ ‫ﺎﺕ‬‫ﻤ‬‫ﻴ‬
‫ﻴ‬‫ﻘ‬‫ﺎﺕﻣﻦﺧﻼﻝﺗ‬ ‫ﺎﺳ‬‫ﻴ‬‫ﻘ‬‫ﻟ‬
‫ﺍ‬
‫)ﻥ‬
‫ﺔﺇ‬ ‫ﻠ‬
‫ﻴ‬‫ﺌ‬
‫ﻼﺔ ﺿ‬‫ﺎﻋﻗ‬ ‫ﻬ‬
‫ﻟ‬ ‫ﺓ‬
‫ﺮ‬‫ﺎﺷ‬‫ﺒ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬‫ﺔ‬
‫ﻳ‬‫ﺭ‬‫ﺎ‬
‫ﻘ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬ ‫ﺍﺕ‬‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺃﺍﻻﺳ‬‫ﻟﻰ ﻥ‬ ‫ﺎﺕﺇ‬‫ﺍﺳ‬‫ﺭ‬‫ﺪ‬‫ﻟ‬
‫ﺍ‬‫ﺮ‬‫ﻴ‬‫‪،‬ﺗﺸ‬‫ﺮﻯ‬‫ﺍﻷﺧ‬‫ﻮﻝ‬‫ﺻ‬
‫ﻼﺔ‬
‫(ﺎﻋ ﻗ‬
‫ﻬ‬‫‪REI‬ﻟ‬‫ﺔ)‪Ts‬‬ ‫ﻣ‬‫ﺎ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬‫ﺍﺕ‬‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﻻﺳ‬‫‪.‬‬‫ﻬﻢ‬‫ﺎﻷﺳ‬‫ﺎﺑ‬‫ً‬
‫ﻔ‬‫ﻴ‬
‫ﻌ‬‫ﺎﺿ‬ ‫ﺎً‬
‫ﻃ‬ ‫ﺒ‬
‫ﺗ‬‫ﺭ‬‫ﺍ‬‫ﺒﻂﺇﻻ‬ ‫ﺗ‬‫ﺮ‬
‫ﺍﺕﻭﻻﺗ‬ ‫ﺪ‬‫ﻨ‬
‫ﻟﺴ‬‫ﺍ‬‫ﻊ‬‫(ﻣ‬‫ﺪﺕ‬‫ﻭﺟ‬
‫‪.‬‬‫ﺍﺕ‬‫ﺪ‬‫ﻨ‬
‫ﻟﺴ‬‫ﺎ‬‫ﺎﺑ‬
‫ً‬
‫ﺒ‬‫ﻠ‬
‫ﺒﻂﺳ‬ ‫ﺗ‬‫ﺮ‬‫ﺗ‬
‫ﻬﻢﻭ‬ ‫ﻣﺍﻷﺳ‬
‫ﺓﻊ‬ ‫ﺮ‬‫ﻴ‬‫ﺒ‬
‫ﺔﻛ‬‫ﻴ‬‫ﺑ‬‫ﺎ‬
‫ﻳﺠ‬‫ﺇ‬
 Topi
c5:
Alt
ernat
iveAsset
s
Ov
erv
iewofAl
ter
nat
iveAsset
s
‫ﺔ‬
‫ﻠ‬‫ﻳ‬‫ﺪ‬
‫ﺒ‬‫ﻟ‬
‫ﺍ‬‫ﻮﻝ‬
‫ﺍﻷﺻ‬
‫ﻠﻰ‬‫ﺔﻋ‬
‫ﻣ‬‫ﺎ‬‫ﺓﻋ‬
‫ﺮ‬‫ﻧﻈ‬

Alt
ernati
veassets(
oral
ter
nati
veinv
est
ment s)ar
easset
sthatar
enotmainstr
eam
("
tr
aditi
onal
")asset
sli
kedebtandequi
ty.Keychar
act
eri
sti
csofal
ter
nat
iveasset
s
i
nclude:
‫ﺜﻞ‬
‫(ﻣ‬"
‫ﺔ‬‫ﻳ‬‫ﺪ‬
‫ﻴ‬‫ﻠ‬‫ﻘ‬
‫ﺗ‬"
)‫ﺓ‬‫ﺪ‬‫ﺋ‬
‫ﺎ‬‫ﻮﻻًﺳ‬ ‫ﺃﺻ‬‫ﻴﺴﺖ‬‫ﻟ‬
‫ﻮﻝ‬‫ﺃﺻ‬‫(ﻫﻲ‬‫ﺔ‬
‫ﻠ‬‫ﻳ‬‫ﺪ‬
‫ﺒ‬‫ﻟ‬
‫ﺍ‬‫ﺍﺕ‬‫ﺭ‬
‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﺃﺍﻻﺳ‬
‫ﺔ)ﻭ‬‫ﻠ‬
‫ﻳ‬‫ﺪ‬‫ﺒ‬
‫ﻟ‬‫ﺍ‬
‫ﻮﻝ‬‫ﺍﻷﺻ‬
:‫ﻠﻲ‬
‫ﺎﻳ‬‫ﺔﻣ‬
‫ﻠ‬‫ﻳ‬‫ﺪ‬
‫ﺒ‬‫ﻟ‬‫ﺍ‬
‫ﻮﻝ‬‫ﻟﻸﺻ‬‫ﺔ‬‫ﻴ‬
‫ﻴﺴ‬‫ﺋ‬
‫ﺮ‬‫ﻟ‬
‫ﺍ‬‫ﺋﺺ‬‫ﺎ‬
‫ﻟﺨﺼ‬‫ﺍ‬‫ﻤﻞ‬‫ﺗﺸ‬.
‫ﺔ‬‫ﻴ‬‫ﻜ‬
‫ﻠ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻮﻕ‬‫ﻘ‬
‫ﻮﻥﻭﺣ‬‫ﻳ‬‫ﺪ‬‫ﻟ‬
‫ﺍ‬

 
 Ali
mi tedinvestmenthist
ory
 Anill
i
qui d(ornonexist
ent)secondarymarket
 Dif
ferentperformancecharacteri
sti
cstotr
aditi
onalasset
s
 Requirementf orspeci
ali
stski
ll
sont hepartoftheassetmanager

‫ﺩ‬‫ﻭ‬
‫ﺪ‬‫ﺭﻱﻣﺤ‬ ‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﺳ‬ ‫ﻳﺦ‬‫ﺭ‬
‫ﺎ‬‫ﺗ‬
)‫ﺩ‬‫ﻮ‬‫ﻮﺟ‬‫ﺮﻣ‬‫ﻴ‬
‫ﻭﻏ‬‫ﺃ‬)‫ﺋﻞ‬‫ﺎ‬
‫ﺮﺳ‬ ‫ﻴ‬
‫ﻮﻱﻏ‬ ‫ﻧ‬
‫ﺎ‬‫ﻮﻕﺛ‬‫ﺳ‬
‫ﺔ‬‫ﻳ‬
‫ﺪ‬‫ﻴ‬‫ﻠ‬
‫ﻘ‬‫ﺘ‬
‫ﻟ‬‫ﺍ‬‫ﻮﻝ‬‫ﻟﻸﺻ‬‫ﺔ‬‫ﻔ‬‫ﻠ‬
‫ﺘ‬‫ﺀﻣﺨ‬‫ﺍ‬‫ﺩ‬
‫ﺃ‬‫ﺋﺺ‬ ‫ﺎ‬‫ﺧﺼ‬
‫ﻮﻝ‬
‫ﺍﻷﺻ‬
‫ﺮ‬‫ﻳ‬‫ﺪ‬
‫ﻧﺐﻣ‬ ‫ﺎ‬
‫ﺔﻣﻦﺟ‬ ‫ﺘﺨﺼﺼ‬ ‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺍﺕ‬‫ﺭ‬
‫ﺎ‬‫ﻬ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬‫ﺮﻁ‬‫ﺷ‬

Bycont
rast
,tr
adi
ti
onalassetsaret
ypi
cal
l
ytr
adedi
nli
qui
dpubl
i
cmar
ket
sandar
e
managedbymainst
ream str
ategi
es.

‫ﺭﻣﻦ‬
‫ﺍ‬‫ﺪ‬‫ﺗ‬
‫ﺔﻭ‬‫ﻠ‬
‫ﺋ‬‫ﺎ‬
‫ﻟﺴ‬‫ﺍ‬
‫ﺔ‬‫ﻣ‬‫ﺎ‬
‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﺍﻕ‬
‫ﻮ‬‫ﺍﻷﺳ‬
‫ﺔﻓﻲ‬
‫ﻳ‬‫ﺪ‬‫ﻴ‬
‫ﻠ‬‫ﻘ‬
‫ﺘ‬‫ﻟ‬
‫ﺍ‬‫ﻮﻝ‬
‫ﺍﻷﺻ‬
‫ﻭﻝ‬‫ﺍ‬
‫ﺪ‬‫ﺘﻢﺗ‬
‫ﺎﻳ‬‫ﺓﻣ‬‫ﺩ‬
‫ﺎ‬‫ﻋ‬،‫ﻟﻚ‬
‫ﻴ ﺾﻣﻦﺫ‬‫ﻘ‬
‫ﻨ‬‫ﻟ‬
‫ﺍ‬‫ﻠﻰ‬
‫ﻋ‬
.
‫ﺓ‬‫ﺪ‬‫ﺋ‬
‫ﺎ‬‫ﻟﺴ‬
‫ﺍ‬‫ﺎﺕ‬
‫ﻴ‬‫ﻴﺠ‬
‫ﺗ‬‫ﺍ‬
‫ﺮ‬‫ﺘ‬
‫ﺍﻻﺳ‬‫ﺧﻼﻝ‬
Alt
ernati
veassetsofferi
nvest
orst
hebenefi
tsofdi
ver
sif
icat
ionandpotent
ial
l
yhigher
ret
urns.Thei
rrelat
iveil
li
qui
dit
ymakest
hem suit
abl
easal ong-
ter
mi nv
estment.Agai
nst
thi
s,al
ternat
iveassetsmaybehardtoval
ueandexpensi
v etot
rade.
‫ﺔ‬‫ﻟ‬
‫ﻮ‬‫ﻴ‬‫ﻟﺴ‬
‫ﺍ‬‫ﻘﺺ‬ ‫ﻥﻧ‬.
‫ﺔﺇ‬‫ﻠ‬
‫ﻤ‬‫ﺘ‬‫ﻤﺤ‬‫ﻟ‬
‫ﺍ‬‫ﺔ‬‫ﻌ‬
‫ﻔ‬‫ﺗ‬‫ﺮ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬
‫ﺪ‬‫ﺋ‬‫ﺍ‬
‫ﻮ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬
‫ﻊﻭ‬‫ﻳ‬‫ﻮ‬
‫ﻨ‬‫ﺘ‬‫ﻟ‬
‫ﺍ‬‫ﺎ‬
‫ﻳ‬‫ﺍ‬
‫ﺰ‬‫ﻳﻦﻣ‬‫ﺮ‬‫ﻤ‬
‫ﺜ‬‫ﺘ‬‫ﻤﺴ‬‫ﻠ‬
‫ﻟ‬‫ﺔ‬‫ﻠ‬
‫ﻳ‬‫ﺪ‬‫ﺒ‬
‫ﻟ‬‫ﺍ‬
‫ﻮﻝ‬ ‫ﺍﻷﺻ‬‫ﺮ‬
‫ﻓ‬‫ﻮ‬‫ﺗ‬
‫ﻴﻢ‬
‫ﻴ‬‫ﻘ‬‫ﻌﺐﺗ‬‫ﻟﺼ‬‫ﺍ‬‫ﻮﻥﻣﻦ‬‫ﻜ‬‫ﺪﻳ‬
‫ﻗ‬، ‫ﻟﻚ‬
‫ﺑﻞﺫ‬‫ﺎ‬
‫ﻘ‬‫ﻓﻲﻣ‬.‫ﺟ‬
‫ﺍﻷ ﻞ‬‫ﻳﻞ‬
‫ﻮ‬‫ﺭﻃ‬ ‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺎﺳ‬‫ﺔﻛ‬‫ﺒ‬
‫ﺎﺳ‬‫ﻨ‬
‫ﺎﻣ‬‫ﻬ‬‫ﻠ‬
‫ﻌ‬‫ﻬﻢﻳﺠ‬‫ﻳ‬‫ﺪ‬‫ﻟ‬
‫ﺒﻲ‬‫ﻨﺴ‬‫ﻟ‬
‫ﺍ‬
.
‫ﻤﻦ‬‫ﺜ‬‫ﻟ‬
‫ﺍ‬‫ﺎﻫﻆ‬‫ﺎﺑ‬
‫ﻬ‬‫ﻟ‬
‫ﻭ‬‫ﺍ‬‫ﺪ‬
‫ﺗ‬‫ﺔﻭ‬‫ﻠ‬‫ﻳ‬
‫ﺪ‬‫ﺒ‬‫ﻟ‬
‫ﺍ‬‫ﻮﻝ‬‫ﺍﻷﺻ‬
Nextl
et’
slookatt
hekeyt
ypesofal
ter
nat
iveasset
.
‫ﺔ‬
‫ﻠ‬‫ﻳ‬‫ﺪ‬
‫ﺒ‬‫ﻟ‬
‫ﺍ‬‫ﻮﻝ‬
‫ﻟﻸﺻ‬
‫ﺔ‬‫ﻴ‬‫ﻴﺴ‬
‫ﺋ‬‫ﺮ‬‫ﻟ‬
‫ﺍ‬‫ﺍﻉ‬
‫ﻮ‬‫ﻧ‬
‫ﺍﻷ‬‫ﻠﻰ‬
‫ﺓﻋ‬‫ﺮ‬
‫ﻘﻲﻧﻈ‬
‫ﻠ‬‫ﺎﻧ‬
‫ﻧ‬‫ﻮ‬‫ﺩﻋ‬،
‫ﻟﻚ‬‫ﺪﺫ‬
‫ﻌ‬‫ﺑ‬

Ty
pesofAl
ter
nat
iveAsset
Thekeyt
ypesofal
ter
nat
iveasseti
ncl
ude:
Commodi
ti
es
Commodi
tes‫ﻊ‬
i ‫ﻠ‬
‫ﻟﺴ‬‫ﺍ‬
ar
eraworpar
tl
yref
inedmat
eri
alst
radedf
orpr
ocessi
ngi
nto
fi
nalgoods.Examplesofcommodi t
iesincl
udegrains,meat
,metals,
oil
,andgas.Most
commodi t
iesareconsumedort r
ansformedint
oot herpr
oduct
s,thoughsome
commodi t
iesli
kegold(andotherpr
eciousmetals)canactasastoreofval
ueespeci
all
y
i
nt i
mesofeconomi cuncert
ainty
.
‫ﺔ‬
‫ﻠ‬‫ﺜ‬‫ﻣ‬
‫ﺃ‬ ‫ﻤﻞ‬
‫ﺗﺸ‬.‫ﺔ‬‫ﻴ‬
‫ﺋ‬‫ﺎ‬
‫ﻬ‬‫ﻊﻧ‬
‫ﻠ‬‫ﻟﻰﺳ‬‫ﺎﺇ‬
‫ﻬ‬‫ﻠ‬
‫ﻳ‬‫ﻮ‬‫ﺗﺤ‬‫ﺎﻭ‬
‫ﺰﻫ‬‫ﻴ‬‫ﻬ‬‫ﺘﺠ‬‫ﻟ‬‫ﺎ‬
‫ﻬ‬‫ﻟ‬
‫ﻭ‬‫ﺍ‬‫ﺪ‬
‫ﺘﻢﺗ‬‫ﺎﻳ‬ً
‫ﻴ‬
‫ﺋ‬‫ﺰ‬‫ﺓﺟ‬
‫ﺭ‬‫ﺮ‬‫ﻜ‬‫ﻭﻣ‬‫ﺃ‬‫ﻡ‬‫ﺎ‬
‫ﺩﺧ‬‫ﺍ‬‫ﻮ‬‫ﻊﻫﻲﻣ‬ ‫ﻠ‬‫ﻟﺴ‬
‫ﺍ‬
‫ﺎﺕ‬
‫ﺘﺠ‬‫ﻨ‬‫ﻟﻰﻣ‬‫ﺎﺇ‬
‫ﻬ‬‫ﻠ‬
‫ﻳ‬‫ﻮ‬‫ﻭﺗﺤ‬‫ﺃ‬‫ﻊ‬
‫ﻠ‬‫ﻟﺴ‬
‫ﺍ‬‫ﻌﻈﻢ‬‫ﻬﻼﻙﻣ‬‫ﺘ‬‫ﺍﺳ‬‫ﺘﻢ‬‫ﻳ‬.
‫ﺯ‬‫ﺎ‬‫ﻐ‬
‫ﻟ‬‫ﺍ‬
‫ﻔﻂﻭ‬ ‫ﻨ‬
‫ﻟ‬‫ﺍ‬
‫ﺩﻥﻭ‬‫ﺎ‬
‫ﻌ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻡﻭ‬
‫ﻮ‬‫ﻠﺤ‬‫ﻟ‬‫ﺍ‬
‫ﻮﺏﻭ‬ ‫ﺒ‬
‫ﻟﺤ‬‫ﺍ‬‫ﻊ‬‫ﻠ‬‫ﻟﺴ‬
‫ﺍ‬
‫ﻤﻞ‬‫ﻌ‬
‫ﺃﻥﺗ‬‫ﻜﻦ‬‫ﻤ‬‫(ﻳ‬
‫ﺮﻯ‬‫ﺍﻷﺧ‬‫ﺔ‬‫ﻨ‬
‫ﻴ‬‫ﻤ‬‫ﺜ‬
‫ﻟ‬‫ﺍ‬‫ﺩﻥ‬
‫ﺎ‬‫ﻌ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬
‫ﻭ‬ )‫ﺬﻫﺐ‬‫ﻟ‬
‫ﺍ‬‫ﺜﻞ‬‫ﻊﻣ‬‫ﻠ‬‫ﻟﺴ‬
‫ﺍ‬‫ﻌﺾ‬‫ﺃﻥﺑ‬‫ﺮﻏﻢﻣﻦ‬‫ﻟ‬‫ﺍ‬
‫ﻠﻰ‬‫ﻋ‬، ‫ﺮﻯ‬‫ﺃﺧ‬
.
‫ﺩﻱ‬‫ﺎ‬‫ﺘﺼ‬‫ﻗ‬‫ﺍﻻ‬‫ﻴﻦ‬‫ﻘ‬
‫ﻴ‬‫ﻟ‬
‫ﺍ‬‫ﻡ‬‫ﺪ‬‫ﺎﺕﻋ‬‫ﻗ‬‫ﻭ‬
‫ﺃ‬‫ﺔﻓﻲ‬ ‫ﺎﺻ‬‫ﺔﺧ‬‫ﻤ‬‫ﻴ‬‫ﻘ‬
‫ﻠ‬‫ﻟ‬‫ﺰﻥ‬‫ﻤﺨ‬‫ﻛ‬

Thev al
ueofapar ti
cularcommodi tyi
sdependentupongl obal suppl yanddemand.
Consequently
,commodi t
ypricesaredeterminedglobal
l
yr atherthanr egi
onal
ly.Most
commodi t
iesar eexchange-t
radedandar eforfut
uredeli
very.Ret urnsoncommodi ty
fut
uresarederivedfrom thepriceper
formanceoft hecommodi tyint hecashmar ket
,
rol
li
ngnear-datedcontractsforwardi
ntofar-dat
edcontracts,andi nterestear
nedon
excessmar gi
ncol l
ater
al.
‫ﻠﻰ‬
‫ﻊﻋ‬ ‫ﻠ‬
‫ﻟﺴ‬‫ﺍ‬‫ﺭ‬
‫ﺎ‬‫ﻌ‬‫ﺃﺳ‬‫ﺪ‬‫ﻳ‬
‫ﺪ‬‫ﺘﻢﺗﺤ‬‫ﻳ‬،‫ﻟﻲ‬
‫ﺎ‬‫ﻭﺘ‬
‫ﻟ‬
‫ﺎ‬‫ﺑ‬.‫ﻴﻦ‬
‫ﻴ‬‫ﻤ‬‫ﻟ‬
‫ﺎ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﻠﺐ‬‫ﻟﻄ‬‫ﺍ‬
‫ﺮ ﺽﻭ‬ ‫ﻌ‬
‫ﻟ‬‫ﺍ‬‫ﻠﻰ‬‫ﺔﻋ‬‫ﻨ‬
‫ﻴ‬‫ﻌ‬‫ﺔﻣ‬‫ﻌ‬‫ﻠ‬
‫ﺔﺳ‬ ‫ﻤ‬‫ﻴ‬‫ﺪﻗ‬‫ﻤ‬‫ﺘ‬‫ﻌ‬
‫ﺗ‬
‫ﻴﻢ‬
‫ﻠ‬‫ﺘﺴ‬‫ﻠ‬
‫ﻟ‬‫ﺔ‬‫ﺔﻭﻫﻲﻣﺨﺼﺼ‬ ‫ﺭﺻ‬‫ﻮ‬‫ﺒ‬
‫ﻟ‬‫ﺍ‬
‫ﻊﻓﻲ‬ ‫ﻠ‬
‫ﻟﺴ‬‫ﺍ‬‫ﻌﻈﻢ‬‫ﻭﻝﻣ‬‫ﺍ‬‫ﺪ‬‫ﺘﻢﺗ‬‫ﻳ‬.
‫ﻤﻲ‬‫ﻴ‬‫ﻠ‬‫ﻗ‬
‫ﺍﻹ‬‫ﻴﺲ‬ ‫ﻟ‬
‫ﻤﻲﻭ‬ ‫ﻟ‬
‫ﺎ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬‫ﻮﻯ‬‫ﺘ‬‫ﻤﺴ‬‫ﻟ‬
‫ﺍ‬
،‫ﺪﻱ‬‫ﻘ‬‫ﻨ‬‫ﻟ‬
‫ﺍ‬‫ﻮﻕ‬‫ﻟﺴ‬‫ﺍ‬
‫ﺔﻓﻲ‬ ‫ﻌ‬
‫ﻠ‬‫ﻟﺴ‬
‫ﺍ‬‫ﺮ‬‫ﻌ‬‫ﺀﺳ‬‫ﺍ‬‫ﺩ‬
‫ﺃ‬‫ﻊﻣﻦ‬‫ﻠ‬‫ﻠﺴ‬‫ﻟ‬
‫ﺔ‬‫ﻠ‬‫ﺍﻵﺟ‬‫ﺩ‬‫ﻮ‬‫ﻘ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﺪ‬‫ﺋ‬
‫ﺍ‬‫ﻮ‬‫ﺎﻕﻋ‬‫ﻘ‬
‫ﺘ‬‫ﺍﺷ‬‫ﺘﻢ‬‫ﻳ‬.‫ﺒﻞ‬‫ﻘ‬
‫ﺘ‬‫ﻤﺴ‬‫ﻟ‬‫ﺍ‬‫ﻓﻲ‬
‫ﺓ‬‫ﺩ‬‫ﺎ‬
‫ﻳ‬‫ﺔﻣﻦﺯ‬‫ﺒ‬‫ﺘﺴ‬‫ﻜ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬‫ﺓ‬
‫ﺪ‬‫ﺋ‬‫ﺎ‬
‫ﻔ‬‫ﻟ‬
‫ﺍ‬‫ﻭ‬،‫ﺟ‬
‫ﺍﻷ ﻞ‬‫ﺔ‬
‫ﻠ‬‫ﻳ‬‫ﻮ‬
‫ﺩﻃ‬ ‫ﻮ‬‫ﻘ‬‫ﻟﻰﻋ‬‫ﻡﺇ‬‫ﺎ‬‫ﻣ‬
‫ﺍﻷ‬‫ﻟﻰ‬‫ﺔﺇ‬‫ﻠ‬‫ﺆﺟ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬
‫ﻪ‬ ‫ﺒ‬
‫ﺩﺷ‬ ‫ﻮ‬‫ﻘ‬
‫ﻌ‬‫ﻟ‬‫ﺍ‬‫ﺎﻝ‬
‫ﺩﺧ‬ ‫ﺇ‬
‫ﻭ‬
.
‫ﻣﺶ‬ ‫ﺎ‬‫ﻬ‬
‫ﻟ‬‫ﺍ‬‫ﺎﻥ‬
‫ﻤ‬‫ﺿ‬

Oneoft
hemai
nbenef
it
sofi
nvest
ingi
nacommodi
tyi
sthati
tbot
hdi
ver
sif
iesan
i
nv estmentport
foli
oandact sasacount ercycli
calasset.Commodi typriceshaveal ow
(orevennegativ
e)cor r
elati
onwi ththepri
cesofcapi talassets,suchasst ocksand
bonds.Commodi t
iesalsohav eal owcorrelat
ionwi t
heachot herast heyaresubjectto
dif
ferenteconomicinfl
uences.Howev er
,commodi ti
esar eoftenil
li
quidassetsthat
exhibi
tshort-
ter
m priceswi ngs.Commodi typr i
cesmayal somov einli
newi thproducer
andconsumerpr icesdur i
ngper i
odsofinflati
onbutnoti nper i
odsofdef lat
ion.
 
‫ﻤﻞ‬‫ﻌ‬
‫ﺗ‬‫ﺔﻭ‬‫ﻳ‬‫ﺭ‬
‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﺍﺳ‬‫ﺔ‬‫ﻔﻈ‬‫ﻮﻉﻣﺤ‬ ‫ﻨ‬
‫ﺎﺗ‬‫ﻬ‬‫ﻧ‬
‫ﺃ‬‫ﺎﻓﻲ‬‫ﺔﻣ‬ ‫ﻌ‬
‫ﻠ‬‫ﺭﻓﻲﺳ‬ ‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﻟﻼﺳ‬ ‫ﺔ‬‫ﻴ‬
‫ﻴﺴ‬‫ﺋ‬‫ﺮ‬‫ﻟ‬
‫ﺍ‬‫ﺪ‬‫ﺋ‬
‫ﺍ‬‫ﻮ‬‫ﻔ‬
‫ﻟ‬‫ﺍ‬‫ﺪﻯ‬‫ﺜﻞﺇﺣ‬‫ﻤ‬‫ﺘ‬
‫ﺗ‬
‫ﻮﻝ‬‫ﺍﻷﺻ‬
‫ﺭ‬‫ﺎ‬‫ﻌ‬
‫ﺃﺳ‬‫ﻊ‬‫(ﻣ‬‫ﺔ‬‫ﻴ‬‫ﺒ‬
‫ﻠ‬‫ﺘﻰﺳ‬ ‫ﻭﺣ‬‫ﺃ‬)‫ﺔ‬‫ﻔﻀ‬‫ﻨﺨ‬‫ﻼﺔﻣ‬
‫ﺎﻋﻗ‬ ‫ﻬ‬‫ﻟ‬‫ﻊ‬‫ﻠ‬
‫ﻟﺴ‬‫ﺍ‬‫ﺭ‬
‫ﺎ‬‫ﻌ‬‫ﺃﺳ‬.‫ﺔ‬
‫ﻳ‬‫ﺭ‬‫ﻭ‬‫ﺪ‬‫ﻟ‬
‫ﺍ‬‫ﺎﺕ‬‫ﺒ‬
‫ﻠ‬‫ﻘ‬‫ﺘ‬
‫ﻠ‬‫ﻟ‬‫ﺩ‬‫ﺎ‬
‫ﻌ‬‫ﺄﺻﻞﻣ‬‫ﻛ‬
‫ﻊ‬‫ﻷﺎﺗﺨﻀ‬
‫ﻬ‬‫ﻌ ﺾﻧ‬ ‫ﺒ‬
‫ﻟ‬‫ﺍ‬‫ﺎ‬
‫ﻬ‬‫ﻌﻀ‬‫ﻊﺑ‬‫ﺔﻣ‬‫ﻔﻀ‬ ‫ﻨﺨ‬
‫ﻼﺔﻣ‬‫ﺎﻋ ﻗ‬‫ﻬ‬‫ﻟ‬
‫ﺎ‬ً‫ﻳ‬
‫ﻀ‬ ‫ﺃ‬‫ﻊ‬‫ﻠ‬
‫ﻟﺴ‬‫ﺍ‬.
‫ﺍﺕ‬‫ﺪ‬‫ﻨ‬‫ﻟﺴ‬‫ﺍ‬
‫ﻬﻢﻭ‬‫ﺍﻷﺳ‬‫ﺜﻞ‬‫ﻣ‬، ‫ﺔ‬
‫ﻴ‬‫ﻟ‬‫ﺎ‬
‫ﻤ‬‫ﺃﺳ‬
‫ﺮ‬‫ﻟ‬
‫ﺍ‬
‫ﺮ‬‫ﻬ‬
‫ﺔﺗﻈ‬‫ﻠ‬
‫ﺋ‬‫ﺎ‬
‫ﺮﺳ‬ ‫ﻴ‬
‫ﺎﻏ‬ً
‫ﻟ‬
‫ﻮ‬‫ﺃﺻ‬ ‫ﻮﻥ‬‫ﻜ‬‫ﺎﺗ‬
‫ﻏﺎﻣ‬
ً
‫ﺒ‬
‫ﻟ‬‫ﺔﺎ‬ ‫ﻴ‬‫ﺎﺳ‬
‫ﺍﻷﺳ‬ ‫ﻊ‬‫ﻠ‬
‫ﻟﺴ‬‫ﺍ‬
‫ﺈﻥ‬‫ﻓ‬،‫ﻟﻚ‬‫ﻊﺫ‬ ‫ﻣ‬
‫ﻭ‬.‫ﺔ‬‫ﻔ‬‫ﻠ‬
‫ﺘ‬‫ﺔﻣﺨ‬‫ﻳ‬‫ﺩ‬‫ﺎ‬
‫ﺘﺼ‬ ‫ﻗ‬‫ﺍ‬‫ﺍﺕ‬
‫ﺮ‬‫ﻴ‬‫ﺛ‬
‫ﺄ‬‫ﺘ‬
‫ﻟ‬
‫ﺭ‬‫ﺎ‬
‫ﻌ‬‫ﺃﺳ‬‫ﻊ‬‫ﺎﺷﻰﻣ‬‫ﻤ‬‫ﺘ‬‫ﺎﻳ‬
‫ﻤ‬‫ﺎﺑ‬
ً‫ﻳ‬
‫ﻀ‬ ‫ﺃ‬ ‫ﻊ‬‫ﻠ‬
‫ﻟﺴ‬‫ﺍ‬‫ﺭ‬
‫ﺎ‬‫ﻌ‬‫ﺃﺳ‬‫ﺮﻙ‬‫ﺘﺤ‬‫ﺪﺗ‬
‫ﻗ‬.‫ﺮ‬‫ﻴ‬‫ﻘﺼ‬‫ﻟ‬‫ﺍ‬‫ﺪﻯ‬‫ﻤ‬
‫ﻟ‬‫ﺍ‬‫ﻠﻰ‬
‫ﺭﻋ‬‫ﺎ‬‫ﻌ‬‫ﺍﻷﺳ‬‫ﺎﺕﻓﻲ‬ ‫ﺒ‬
‫ﻠ‬‫ﻘ‬
‫ﺗ‬
‫ﺎﺵ‬
. ‫ﻤ‬‫ﻜ‬‫ﻧ‬
‫ﺍﻻ‬‫ﺍﺕ‬‫ﺮ‬
‫ﺘ‬‫ﻴﺲﻓﻲﻓ‬ ‫ﻟ‬‫ﻜﻦ‬‫ﻟ‬
‫ﺘﻀﺨﻢﻭ‬ ‫ﻟ‬
‫ﺍ‬‫ﺍﺕ‬‫ﺮ‬‫ﺘ‬‫ﻴﻦﺧﻼﻝﻓ‬ ‫ﻜ‬‫ﻠ‬
‫ﻬ‬‫ﺘ‬
‫ﻤﺴ‬ ‫ﻟ‬
‫ﺍ‬‫ﻴﻦﻭ‬‫ﺘﺠ‬‫ﻨ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬

Cur
renci
es
Cur
renci
es‫ﺔ‬
‫ﻴ‬‫ﺒ‬‫ﻨ‬
‫ﺍﻻﺟ‬
‫ﻤﻼﺕ‬
‫ﻌ‬‫ﻟ‬‫ﺍ‬Forei
gncur
rencyi
sani
ncr
easi
ngl
ypopul
arassetcl
ass
forinvestors.Themai nat
tractionofthisassetisi
tsl
owcorr
elat
ionwithbondorequi
ty
mar ketreturns.I
nvesti
ngincur renci
escant husbeausef
ult
ool i
ndiver
sif
yingan
i
nv estmentpor tf
oli
o.Curr
enci esarealsoincome-pr
oduci
ngassets,
asinvestor
scan
earninterestonf or
eigncurrencydeposits.

‫ﺍﻷ‬
‫ﺍ‬‫ﺬ‬‫ﻬ‬
‫ﻟ‬‫ﻴﺴﻲ‬ ‫ﺋ‬
‫ﺮ‬‫ﻟ‬
‫ﺍ‬‫ﺬﺏ‬‫ﻟﺠ‬‫ﺍ‬
‫ﻣﻞ‬ ‫ﺎ‬
‫ﻋ‬.‫ﻳﻦ‬‫ﺮ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬‫ﻤﺴ‬‫ﻠ‬
‫ﻟ‬‫ﺪ‬‫ﻳ‬
‫ﺍ‬‫ﺰ‬‫ﺘ‬
‫ﻜﻞﻣ‬ ‫ﺔﺑﺸ‬‫ﻌ‬‫ﺋ‬‫ﺎ‬
‫ﻮﻝﺷ‬ ‫ﺃﺻ‬‫ﺔ‬‫ﺌ‬
‫ﺔﻫﻲﻓ‬‫ﻴ‬‫ﺒ‬‫ﻨ‬
‫ﺍﻷﺟ‬‫ﻤﻼﺕ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬
‫ﺭﻓﻲ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﻻﺳ‬ ‫ﻮﻥ‬‫ﻜ‬
‫ﺃﻥﻳ‬‫ﻜﻦ‬‫ﻤ‬‫ﻟﻲﻳ‬‫ﺎ‬
‫ﻭﺘ‬
‫ﻟ‬
‫ﺎ‬‫ﺑ‬.‫ﻬﻢ‬‫ﺃﺍﻷﺳ‬
‫ﺍﺕﻭ‬ ‫ﺪ‬‫ﻨ‬
‫ﻟﺴ‬‫ﺍ‬‫ﻮﻕ‬‫ﺪﺳ‬ ‫ﺋ‬
‫ﺍ‬‫ﻮ‬
‫ﻌ‬‫ﻔ ﺾﺑ‬‫ﻨﺨ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻪ‬‫ﺎﻃ‬‫ﺒ‬
‫ﺗ‬‫ﺭ‬‫ﺍ‬‫ﻮ‬
‫ﺻﻞﻫ‬
‫ﻴﺚ‬‫ﺣ‬، ‫ﺪﺧﻞ‬‫ﻠ‬
‫ﻟ‬‫ﺓ‬‫ﺭ‬‫ﺪ‬
‫ﻮﻝﻣ‬‫ﺃﺻ‬ ‫ﺎ‬
ً‫ﻳ‬
‫ﻀ‬ ‫ﺃ‬‫ﻤﻼﺕﻫﻲ‬ ‫ﻌ‬
‫ﻟ‬‫ﺍ‬.
‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﻻﺳ‬ ‫ﺔ‬‫ﻔﻈ‬‫ﻊﻣﺤ‬‫ﻳ‬‫ﻮ‬‫ﻨ‬
‫ﺓﻓﻲﺗ‬‫ﺪ‬‫ﻴ‬
‫ﻔ‬‫ﺓﻣ‬‫ﺍ‬‫ﺩ‬‫ﺃ‬
‫ﻤﻼﺕ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬
.‫ﺔ‬‫ﻴ‬
‫ﺒ‬‫ﻨ‬‫ﺍﻷﺟ‬‫ﻤﻼﺕ‬‫ﻌ‬‫ﻟ‬
‫ﺎ‬‫ﻊﺑ‬‫ﺋ‬
‫ﺍ‬‫ﺩ‬‫ﻮ‬‫ﻟ‬
‫ﺍ‬‫ﻠﻰ‬‫ﺓﻋ‬‫ﺪ‬‫ﺋ‬
‫ﺎ‬‫ﻔ‬
‫ﻟ‬‫ﺍ‬‫ﻳﻦﻛﺴﺐ‬‫ﺮ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬‫ﻤﺴ‬‫ﻠ‬
‫ﻟ‬‫ﻜﻦ‬
‫ﻤ‬‫ﻳ‬

HedgeFunds
HedgeFunds‫ﺔ‬
‫ﻴ‬‫ﺋ‬‫ﺎ‬
‫ﻗ‬‫ﻮ‬‫ﻟ‬
‫ﺍ‬‫ﻳﻖ‬
‫ﺩ‬‫ﺎ‬‫ﻨ‬
‫ﻟﺼ‬‫ﺍ‬
Ahedgef
undi
sapool
edi
nvest
mentv
ehi
clet
hat
i
spri
vat
elyorgani
zed,admi
nist
eredbypr
ofessi
onal i
nvest
mentmanager
s,andnot
wi
del
yavail
abletothepubl
i
c.Ahedgefundwi l
lty
pical
ly:
‫ﺭ‬
‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﺍﺳ‬‫ﻭ‬‫ﺮ‬
‫ﻳ‬‫ﺪ‬‫ﺎﻣ‬
‫ﺮﻫ‬‫ﻳ‬
‫ﺪ‬‫ﻳ‬‫ﻭ‬،‫ﺎﺹ‬‫ﻜﻞﺧ‬‫ﺎﺑﺸ‬‫ﻬ‬
‫ﻤ‬‫ﻴ‬‫ﻨﻈ‬
‫ﺘﻢﺗ‬
‫ﺔﻳ‬‫ﻌ‬
‫ﻤ‬‫ﺭﻣﺠ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﺳ‬‫ﺓ‬
‫ﺍ‬‫ﺩ‬‫ﺃ‬‫ﻮ‬
‫ﺋﻲﻫ‬
‫ﺎ‬‫ﻗ‬
‫ﻮ‬‫ﻟ‬‫ﺍ‬
‫ﻭﻕ‬‫ﺪ‬‫ﻨ‬‫ﻟﺼ‬
‫ﺍ‬
:
‫ﻠﻲ‬‫ﺎﻳ‬‫ﻤ‬
‫ﻮﻁﺑ‬‫ﺘﺤ‬‫ﻟ‬
‫ﺍ‬‫ﻭﻕ‬‫ﺪ‬‫ﻨ‬‫ﻡﺻ‬‫ﻮ‬
‫ﻘ‬‫ﺎﻳ‬
‫ﺓﻣ‬
ً‫ﺩ‬‫ﺎ‬‫ﻋ‬.‫ﺭ‬
‫ﻮ‬‫ﻬ‬‫ﻤ‬
‫ﻠﺠ‬‫ﻟ‬
‫ﻊ‬‫ﺍﺳ‬
‫ﺎﻕﻭ‬‫ﻠﻰﻧﻄ‬
‫ﺔﻋ‬‫ﺎﺣ‬‫ﺘ‬
‫ﻴﺴﺖﻣ‬
‫ﻟ‬‫ﻭ‬،‫ﻮﻥ‬‫ﻓ‬
‫ﺮ‬‫ﺘ‬‫ﻣﺤ‬

 
 Hav eanabsoluteretur
nper f
ormanceobject i
ve(outli
nedinthefund’
s
prospect
us)
 Grantthefundmanagersi gnifi
cantfl
exi
bili
tyininvestmentstyl
e,i
ncl
udi
ng
theuseofder iv
ati
vesandl everage,
andtheabi l
itytotakelongandshor
t
positi
onsinthemar ket
 Rewar dt
hemanagerwi thperformance-
basedf ees
 I
nv ol
vesigni
ficanttr
adingactivi
tyandadjustmentofposi t
ions
 ‫)‬
‫ﻭﻕ‬‫ﺪ‬‫ﻨ‬‫ﻟﺼ‬‫ﺎ‬
‫ﺔﺑ‬‫ﺎﺻ‬
‫ﻟﺨ‬‫ﺍ‬‫ﺭ‬‫ﺍ‬
‫ﺪ‬‫ﺍﻹﺻ‬‫ﺓ‬‫ﺮ‬‫ﻮﺿﺢﻓﻲﻧﺸ‬ ‫ﻣ‬‫ﻠﻖ)‬‫ﺪﻣﻄ‬‫ﺋ‬‫ﺎ‬
‫ﺀﻋ‬ ‫ﺍ‬
‫ﺩ‬‫ﺃ‬‫ﺪﻑ‬ ‫ﻳﻚﻫ‬‫ﺪ‬‫ﻟ‬‫ﻮﻥ‬‫ﻜ‬‫*ﻥﻳ‬
‫ﺃ‬
‫ﺎﺕ‬
‫ﻘ‬‫ﺘ‬‫ﻤﺸ‬
‫ﻟ‬‫ﺍ‬‫ﻡ‬‫ﺍ‬
‫ﺪ‬‫ﺘﺨ‬‫ﺍﺳ‬
‫ﻟﻚ‬‫ﺎﻓﻲﺫ‬‫ﻤ‬‫‪،‬ﺑ‬‫ﺭ‬
‫ﺎ‬‫ﻤ‬‫ﺜ‬‫ﺘ‬‫ﺍﻻﺳ‬‫ﻮﺏ‬
‫ﻠ‬‫ﺃﺳ‬‫ﺓﻓﻲ‬ ‫ﺮ‬
‫ﻴ‬‫ﺒ‬‫ﺔﻛ‬‫ﻧ‬
‫ﻭ‬‫ﺮ‬‫ﻭﻕﻣ‬ ‫ﺪ‬‫ﻨ‬‫ﻟﺼ‬‫ﺍ‬‫ﺮ‬
‫ﻳ‬‫ﺪ‬‫ﻨﺢﻣ‬‫ﻣ‬‫*‬
‫ﻮﻕ‬‫ﻟﺴ‬‫ﺍ‬‫ﺪﻯﻓﻲ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺓ‬‫ﺮ‬
‫ﻴ‬‫ﻗﺼ‬ ‫ﺔﻭ‬‫ﻠ‬‫ﻳ‬
‫ﻮ‬‫ﺰﻃ‬‫ﻛ‬‫ﺍ‬
‫ﺮ‬‫ﺫﻣ‬‫ﺎ‬‫ﺗﺨ‬
‫ﺍ‬‫ﻠﻰ‬‫ﺓﻋ‬‫ﺭ‬‫ﺪ‬‫ﻘ‬‫ﻟ‬‫ﺍ‬
‫‪،‬ﻭ‬ ‫ﺔ‬‫ﻴ‬
‫ﻟ‬‫ﺎ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺔ‬‫ﻌ‬‫ﻓ‬‫ﺍ‬
‫ﺮ‬‫ﻟ‬
‫ﺍ‬‫ﻭ‬
‫ﻷﺀ‬
‫ﺍ‬
‫ﺍﺩ‬ ‫ﻟﻰ‬‫ﺓﺇ‬‫ﺪ‬‫ﻨ‬
‫ﺘ‬‫ﻤﺴ‬‫ﻟ‬
‫ﺍ‬‫ﻡ‬ ‫ﻮ‬
‫ﺮﺳ‬ ‫ﻟ‬
‫ﺎ‬‫ﺮﺑ‬
‫ﻳ‬‫ﺪ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺓ‬‫ﺄ‬
‫ﻓ‬‫ﺎ‬
‫ﻜ‬‫ﻣ‬‫*‬
‫ﺰ‬‫ﻛ‬‫ﺍ‬
‫ﺮ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻳﻞ‬‫ﺪ‬‫ﻌ‬‫ﺗ‬
‫ﺮﻭ‬‫ﻴ‬‫ﺒ‬‫ﺭﻱﻛ‬‫ﺎ‬‫ﺎﻁﺗﺠ‬‫ﺍﻙﻧﺸ‬‫ﺮ‬
‫ﺇﺷ‬‫*‬

‫‪Hedgef‬‬
‫‪undsat‬‬‫‪t‬‬‫‪r‬‬‫‪actt‬‬‫‪al‬‬
‫‪ent‬‬‫‪edandmot‬‬ ‫‪i‬‬
‫‪v‬‬‫‪at‬‬‫‪edf‬‬‫‪undmanager‬‬‫‪sandmayt‬‬‫‪husof‬‬
‫‪f‬‬‫‪ersuper‬‬‫‪i‬‬
‫‪or‬‬
‫‪r‬‬
‫‪i‬‬‫‪sk-‬‬
‫‪adj‬‬
‫‪ust‬‬‫‪edr‬‬
‫‪et‬‬‫‪ur‬‬‫‪ns.Hedgef‬‬ ‫‪undr‬‬
‫‪et‬‬‫‪ur‬‬‫‪nshav‬‬‫‪ehi‬‬‫‪st‬‬
‫‪or‬‬‫‪i‬‬
‫‪cal‬‬
‫‪l‬‬‫‪ydi‬‬
‫‪spl‬‬
‫‪ay‬‬‫‪edal‬‬‫‪owcor‬‬‫‪r‬‬
‫‪el‬‬‫‪at‬‬
‫‪i‬‬‫‪on‬‬
‫‪wi‬‬‫‪t‬‬
‫‪hequi‬‬‫‪t‬‬
‫‪yandbondmar‬‬ ‫‪ket‬‬‫‪saswel‬‬‫‪l‬‬‫‪aswi‬‬‫‪t‬‬‫‪heachot‬‬‫‪her‬‬

‫ﺪ‬‫ﺋ‬
‫ﺍ‬‫ﻮ‬
‫ﻡﻋ‬‫ﺪ‬‫ﻘ‬
‫ﺪﺗ‬‫ﻟﻲﻗ‬‫ﺎ‬
‫ﻭﺘ‬
‫ﻟ‬
‫ﺎ‬‫‪،‬ﺑ‬
‫ﻴﻦ‬‫ﻤﺴ‬‫ﺘﺤ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻴﻦﻭ‬‫ﺑ‬
‫ﻮ‬‫ﻮﻫ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻳﻖ‬‫ﺩ‬
‫ﺎ‬‫ﻨ‬
‫ﻟﺼ‬‫ﺍ‬‫ﺮﻱ‬‫ﻳ‬
‫ﺪ‬‫ﺔﻣ‬‫ﻴ‬‫ﺋ‬
‫ﺎ‬‫ﻗ‬
‫ﻮ‬‫ﻟ‬‫ﺍ‬
‫ﻳﻖ‬‫ﺩ‬
‫ﺎ‬‫ﻨ‬‫ﻟﺼ‬
‫ﺍ‬‫ﺬﺏ‬‫ﺗﺠ‬
‫ﺍ‬
‫ﺍﻕ‬‫ﻮ‬
‫ﺃﺳ‬‫ﻊ‬‫ﺔﻣ‬
‫ﻔﻀ‬ ‫ﻨﺨ‬
‫ﻼﺔﻣ‬
‫ﺎﻋ ﻗ‬
‫ً‬
‫ﻴ‬‫ﻳﺨ‬
‫ﺭ‬‫ﺎ‬
‫ﻮﻁﺗ‬‫ﺘﺤ‬‫ﻟ‬
‫ﺍ‬‫ﻳﻖ‬‫ﺩ‬‫ﺎ‬
‫ﻨ‬‫ﺪﺻ‬‫ﺋ‬‫ﺍ‬
‫ﻮ‬‫ﺮﺕﻋ‬ ‫ﻬ‬
‫ﺃﻇ‬‫‪.‬‬‫ﺮ‬
‫ﺎﻃ‬‫ﻤﺨ‬‫ﻟ‬
‫ﺍ‬‫ﺔﺣﺴﺐ‬ ‫ﻟ‬
‫ﺪ‬‫ﻌ‬‫ﺔﻣ‬
‫ﻘ‬‫ﺋ‬‫ﺎ‬
‫ﻓ‬
‫‪.‬‬
‫ﻌﺾ‬ ‫ﺒ‬‫ﻟ‬
‫ﺍ‬‫ﺎ‬
‫ﻬ‬‫ﻌﻀ‬‫ﻊﺑ‬‫ﻟﻚﻣ‬
‫ﺬ‬‫ﻛ‬‫ﺍﺕﻭ‬‫ﺪ‬
‫ﻨ‬‫ﻟﺴ‬‫ﺍ‬
‫ﻬﻢﻭ‬‫ﻷﺳ‬

‫‪Pr‬‬
‫‪i‬‬‫‪v‬‬‫‪at‬‬
‫‪eEqui‬‬
‫‪t‬‬‫‪y‬‬

‫‪Pr‬‬
‫‪i‬‬‫‪v‬‬‫‪at‬‬
‫‪eEqui‬‬
‫‪t‬‬‫ﺔ‪y‬‬
‫ﺎﺻ‬‫ﻟﺨ‬
‫ﺍ‬‫ﻬﻢ‬
‫‪Pri‬ﺍﻻﺳ‬
‫‪v‬‬‫‪at‬‬
‫‪eequi‬‬
‫‪t‬‬‫‪yi‬‬
‫‪saf‬‬
‫‪or‬‬‫‪m ofequi‬‬
‫‪t‬‬‫‪ynotf‬‬
‫‪r‬‬‫‪eel‬‬
‫‪yt‬‬‫‪r‬‬
‫‪adabl‬‬
‫‪e‬‬
‫‪onapubl‬‬ ‫‪i‬‬
‫‪cst‬‬‫‪ockexchange.I‬‬‫‪ti‬‬
‫‪susedbyi‬‬‫‪nv‬‬
‫‪est‬‬‫‪or‬‬
‫‪sl‬‬‫‪ooki‬‬
‫‪ngt‬‬‫‪ost‬‬‫‪ar‬‬‫‪tup,‬‬‫‪expand,‬‬‫‪or‬‬
‫‪pur‬‬‫‪chaseast‬‬‫‪akei‬‬‫‪nabusi‬‬‫‪ness.Thet‬‬‫‪womai‬‬‫‪nst‬‬‫‪r‬‬
‫‪at‬‬‫‪egi‬‬
‫‪esf‬‬‫‪orpr‬‬
‫‪i‬‬‫‪v‬‬‫‪at‬‬‫‪eequi‬‬‫‪t‬‬
‫‪yi‬‬‫‪nv‬‬‫‪est‬‬
‫‪i‬‬‫‪ngar‬‬
‫‪e‬‬
‫‪v‬‬‫‪ent‬‬‫‪ur‬‬
‫‪ecapi‬‬‫‪t‬‬
‫‪al‬‬ ‫‪andl‬‬
‫‪ev‬‬‫‪er‬‬‫‪agedbuy‬‬‫‪-‬‬‫‪out‬‬
‫‪s.‬‬
‫‪.‬‬‫ﺔ‬
‫ﻣ‬‫ﺎ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬‫ﺔ‬‫ﺭﺻ‬‫ﻮ‬
‫ﺒ‬‫ﻟ‬
‫ﺍ‬‫ﺔﻓﻲ‬‫ﻳ‬‫ﺮ‬
‫ﺎﺑﺤ‬‫ﻬ‬‫ﻟ‬
‫ﻭ‬‫ﺍ‬
‫ﺪ‬‫ﻜﻦﺗ‬‫ﻤ‬‫ﺔﻻﻳ‬‫ﻴ‬‫ﻜ‬‫ﻠ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻮﻕ‬‫ﻘ‬‫ﺎﻝﺣ‬‫ﻜ‬‫ﺃﺷ‬‫ﻜﻞﻣﻦ‬ ‫ﺔﻫﻲﺷ‬ ‫ﺎﺻ‬‫ﻟﺨ‬
‫ﺍ‬‫ﻬﻢ‬‫ﺍﻷﺳ‬
‫ﺍ‬
‫‪.‬‬‫ﺔ‬‫ﻛ‬
‫ﺮ‬‫ﺔﻓﻲﺷ‬ ‫ﺀﺣﺼ‬ ‫ﺍ‬
‫ﺮ‬‫ﻭﺷ‬‫ﺃ‬‫ﻊ‬‫ﻴ‬
‫ﻮﺳ‬‫ﻭﺗ‬‫ﺃ‬‫ﺀ‬‫ﺪ‬‫ﻟﻰﺑ‬
‫ﻮﻥﺇ‬‫ﻌ‬‫ﻠ‬
‫ﺘﻄ‬‫ﻳﻦﻳ‬‫ﺬ‬‫ﻟ‬
‫ﺍ‬‫ﻳﻦ‬
‫ﺮ‬‫ﻤ‬ ‫ﺜ‬
‫ﺘ‬‫ﻤﺴ‬‫ﻟ‬
‫ﺍ‬‫ﺒﻞ‬‫ﻪﻣﻦﻗ‬ ‫ﻣ‬‫ﺍ‬
‫ﺪ‬‫ﺘﺨ‬‫ﺍﺳ‬‫ﺘﻢ‬‫ﻳ‬
‫ﺎﺕ‬‫ﻴ‬
‫ﻠ‬‫ﻤ‬‫ﺭﻱﻭﻋ‬
‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﺎﺍﻻﺳ‬
‫ﻤﻝ‬ ‫ﻟ‬
‫ﺍ‬‫ﺃﺱ‬‫ﺎﺭ‬‫ﻤ‬
‫ﺔﻫ‬ ‫ﺎﺻ‬‫ﻟﺨ‬
‫ﺍ‬‫ﻬﻢ‬‫ﺍﻷﺳ‬‫ﺭﻓﻲ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬‫ﻟﻼﺳ‬‫ﺎﻥ‬‫ﺘ‬
‫ﻴ‬‫ﻴﺴ‬‫ﺋ‬
‫ﺮ‬‫ﻟ‬‫ﺍ‬‫ﺎﻥ‬‫ﺘ‬
‫ﻴ‬‫ﻴﺠ‬‫ﺗ‬
‫ﺍ‬‫ﺮ‬
‫ﺘ‬‫ﻻﺳ‬
‫‪.‬‬‫ﺔ‬‫ﻴ‬
‫ﻟ‬‫ﺎ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺔ‬‫ﻌ‬‫ﻓ‬‫ﺍ‬
‫ﺮ‬‫ﻟ‬
‫ﺎ‬‫ﺔﺑ‬‫ﻠ‬‫ﻣ‬
‫ﺎ‬‫ﻟﺸ‬
‫ﺍ‬‫ﺀ‬‫ﺍ‬
‫ﺮ‬‫ﻟﺸ‬‫ﺍ‬

‫‪Mostpr‬‬‫‪i‬‬
‫‪v‬‬‫‪at‬‬
‫‪eequi‬‬‫‪t‬‬‫‪yi‬‬
‫‪nv‬‬‫‪est‬‬
‫‪ment‬‬‫‪sar‬‬‫‪ef‬‬
‫‪i‬‬‫‪nancedandmanagedbyt‬‬‫‪hegener‬‬
‫‪al‬‬‫‪manager‬‬
‫‪sof‬‬
‫‪i‬‬
‫‪nv‬‬‫‪est‬‬
‫‪mentpar‬‬‫‪t‬‬‫‪ner‬‬
‫‪shi‬‬
‫‪ps.Theset‬‬
‫‪hensel‬‬‫‪l‬‬‫‪t‬‬
‫‪hei‬‬‫‪rst‬‬
‫‪akesaf‬‬
‫‪t‬‬‫‪ert‬‬
‫‪hei‬‬
‫‪ri‬‬‫‪nv‬‬
‫‪est‬‬‫‪mentgoal‬‬
‫‪shav‬‬‫‪e‬‬
‫‪beenachi‬‬
‫‪ev‬‬‫‪ed.‬‬
‫‪.‬‬
‫ﺭ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﻻﺳ‬
‫ﺎﺕ‬‫ﻛ‬
‫ﺍ‬‫ﺮ‬‫ﻟﺸ‬
‫ﻴﻦ‬‫ﻣ‬
‫ﺎ‬‫ﻌ‬‫ﻟ‬
‫ﺍ‬‫ﻳﻦ‬
‫ﺮ‬‫ﻳ‬‫ﺪ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬
‫ﺒﻞ‬‫ﺔﻣﻦﻗ‬‫ﺎﺻ‬‫ﻟﺨ‬
‫ﺍ‬‫ﻬﻢ‬
‫ﺍﻷﺳ‬‫ﺍﺕ‬‫ﺭ‬
‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﺍﺳ‬‫ﻌﻈﻢ‬‫ﺓﻣ‬
‫ﺭ‬‫ﺍ‬‫ﺩ‬
‫ﺇ‬‫ﻳﻞﻭ‬
‫ﻮ‬‫ﻤ‬‫ﺘﻢﺗ‬‫ﻳ‬
‫ﺔ‬‫ﻳ‬‫ﺭ‬
‫ﺎ‬‫ﻤ‬‫ﺜ‬
‫ﺘ‬‫ﺍﻻﺳ‬
‫ﻬﻢ‬‫ﻓ‬
‫ﺍ‬‫ﺪ‬‫ﺃﻫ‬
‫ﻴﻖ‬‫ﻘ‬
‫ﺪﺗﺤ‬ ‫ﻌ‬
‫ﻬﻢﺑ‬‫ﺀﺣﺼﺼ‬ ‫ﻫﻻ‬
‫ﻊﺆ‬‫ﻴ‬‫ﺒ‬‫ﺛﻢﻳ‬

‫‪St‬‬
‫‪r‬‬‫‪uct‬‬
‫‪ur‬‬‫‪edPr‬‬
‫‪oduct‬‬
‫‪s‬‬
‫‪St‬‬
‫‪r‬‬‫‪uct‬‬
‫‪ur‬‬‫‪edPr‬‬
‫‪oduct‬‬
‫ﺔ‪s‬‬‫ﻴ‬
‫ﻠ‬‫ﻜ‬‫ﻴ‬
‫ﻬ‬‫ﻟ‬
‫ﺍ‬‫ﺎﺕ‬
‫ﺘﺠ‬‫ﻨ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫‪St‬‬
‫‪r‬‬‫‪uct‬‬
‫‪ur‬‬‫‪edpr‬‬
‫‪oduct‬‬
‫‪sar‬‬
‫‪edebt‬‬
‫‪i‬‬
‫‪nst‬‬‫‪r‬‬‫‪ument‬‬‫‪swher‬‬‫‪et‬‬ ‫‪her‬‬‫‪et‬‬‫‪ur‬‬
‫‪ni‬‬‫‪si‬‬‫‪nt‬‬‫‪hef‬‬‫‪or‬‬‫‪m ofanembeddedder‬‬‫‪i‬‬‫‪v‬‬‫‪at‬‬
‫‪i‬‬‫‪v‬‬‫‪epay‬‬
‫‪out‬‬‫‪.They‬‬
‫‪t‬‬‫‪endt‬‬‫‪ohav‬‬‫‪easpeci‬‬ ‫‪f‬‬‫‪i‬‬
‫‪edmat‬‬ ‫‪ur‬‬
‫‪i‬‬‫‪t‬‬
‫‪y‬‬‫‪,‬‬‫‪aut‬‬‫‪omat‬‬‫‪i‬‬
‫‪cal‬‬‫‪l‬‬
‫‪ygener‬‬‫‪at‬‬
‫‪er‬‬‫‪et‬‬
‫‪ur‬‬‫‪n,‬‬‫‪andar‬‬‫‪eusual‬‬
‫‪l‬‬‫‪ycash-‬‬
‫‪set‬‬‫‪t‬‬
‫‪l‬‬‫‪ed.At‬‬
‫‪y‬‬ ‫‪pi‬‬
‫‪cal‬‬‫‪st‬‬‫‪r‬‬
‫‪uct‬‬‫‪ur‬‬‫‪edpr‬‬‫‪oductwi‬‬‫‪l‬‬‫‪l‬‬
‫‪consi‬‬‫‪stofsomecombi‬‬‫‪nat‬‬‫‪i‬‬
‫‪onofpar‬‬‫‪t‬‬‫‪i‬‬
‫‪ci‬‬‫‪pat‬‬
‫‪i‬‬‫‪on,‬‬
‫‪downsi‬‬‫‪depr‬‬‫‪ot‬‬‫‪ect‬‬
‫‪i‬‬‫‪on,‬‬‫‪andcappedr‬‬ ‫‪et‬‬
‫‪ur‬‬‫‪n.‬‬
‫ﻴﻞ‬‫ﻤ‬
‫‪.‬ﺗ‬‫ﺔ‬
‫ﻨ‬‫ﻤ‬‫ﺔﻣﻀ‬‫ﻘ‬‫ﺘ‬‫ﺎﺕﻣﺸ‬‫ﻮﻋ‬‫ﻓ‬‫ﺪ‬
‫ﻜﻞﻣ‬‫ﻠﻰﺷ‬‫ﺪﻋ‬ ‫ﺋ‬
‫ﺎ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬‫ﻮﻥ‬‫ﻜ‬‫ﻴﺚﻳ‬‫ﻳﻦﺣ‬‫ﺍﺕﺩ‬‫ﻭ‬‫ﺩ‬
‫ﺃ‬‫ﺔﻫﻲ‬‫ﻠ‬‫ﻜ‬
‫ﻴ‬‫ﻬ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺎﺕ‬‫ﺘﺠ‬‫ﻨ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬
‫ﻟﻒ‬‫ﺄ‬
‫ﺘ‬‫ﻴ‬
‫‪.‬ﺳ‬‫ﺍ‬‫ً‬
‫ﺪ‬‫ﻘ‬
‫ﺎﻧ‬‫ﻬ‬
‫ﺘ‬‫ﻳ‬‫ﻮ‬
‫ﺘﻢﺗﺴ‬‫ﺎﻳ‬‫ﺓﻣ‬‫ﺩ‬‫ﺎ‬
‫‪،‬ﻭﻋ‬‫ﺎ‬
‫ً‬
‫ﻴ‬‫ﺋ‬
‫ﺎ‬‫ﻘ‬
‫ﻠ‬‫ﺍﺗ‬
‫ً‬
‫ﺪ‬‫ﺋ‬‫ﺎ‬
‫ﺪﻋ‬ ‫ﻟ‬
‫ﻮ‬‫ﺗ‬
‫‪،‬ﻭ‬‫ﺩ‬‫ﺪ‬‫ﺎﻕﻣﺤ‬‫ﻘ‬‫ﺘﺤ‬
‫ﺍﺳ‬‫ﻳﺦ‬‫ﺭ‬
‫ﺎ‬‫ﺎﺗ‬
‫ﻬ‬‫ﻟ‬‫ﻮﻥ‬‫ﻜ‬‫ﺃﻥﻳ‬
‫ﻟﻰ‬‫ﺇ‬
‫‪.‬‬‫ﺩ‬‫ﺪ‬‫ﻤﺤ‬
‫ﻟ‬‫ﺍ‬‫ﺪ‬‫ﺋ‬
‫ﺎ‬‫ﻌ‬
‫ﻟ‬‫ﺍ‬
‫ﺒﻲﻭ‬‫ﻠ‬‫ﻟﺴ‬
‫ﺍ‬‫ﻧﺐ‬‫ﺎ‬
‫ﻟﺠ‬‫ﺍ‬‫ﺔ‬
‫ﻳ‬‫ﺎ‬‫ﻤ‬
‫ﺔﻭﺣ‬ ‫ﻛ‬‫ﺭ‬
‫ﺎ‬‫ﻤﺸ‬‫ﻟ‬
‫ﺍ‬‫ﻳﺞﻣﻦ‬
‫ﺰ‬ ‫ﺫﺟﻲﻣﻦﻣ‬‫ﻮ‬
‫ﻤ‬‫ﻨ‬‫ﻟ‬
‫ﺍ‬‫ﻨﻈﻢ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﺘﺞ‬‫ﻨ‬
‫ﻤ‬‫ﻟ‬
‫ﺍ‬
Forinvestor
s,st
ruct
uredproduct
sofferthebenefi
tsofcust
omizati
onand
diversi
fi
cati
on,t
houghliqui
dit
ymaybel i
mited.Ther
eisalsocr
editr
iskontheissuerof
theinstr
ument,aswellaspotent
ial
credi
triskasregar
dscomponent sr
efer
encedinthe
i
nst r
ument .

‫ﺃﻥ‬‫ﺮﻏﻢﻣﻦ‬
‫ﻟ‬‫ﺍ‬‫ﻠﻰ‬
‫ﻋ‬،‫ﻊ‬‫ﻳ‬
‫ﻮ‬‫ﻨ‬‫ﺘ‬
‫ﻟ‬‫ﺍ‬
‫ﻴ ﺺﻭ‬
‫ﺘﺨﺼ‬ ‫ﻟ‬
‫ﺍ‬‫ﺎ‬
‫ﻳ‬‫ﺍ‬
‫ﺰ‬‫ﺔﻣ‬‫ﻠ‬‫ﻜ‬‫ﻴ‬‫ﻬ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬
‫ﺎﺕ‬‫ﺘﺠ‬‫ﻨ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬‫ﻡ‬
‫ﺪ‬‫ﻘ‬‫ﺗ‬،‫ﻳﻦ‬‫ﺮ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﻤﺴ‬‫ﻠ‬‫ﻟ‬
‫ﺔ‬‫ﺒ‬‫ﻨﺴ‬‫ﻟ‬
‫ﺎ‬‫ﺑ‬
‫ﺮ‬
‫ﺎﻃ‬‫ﻟﻰﻣﺨ‬‫ﺔﺇ‬‫ﻓ‬
‫ﺎ‬‫ﺎﻹﺿ‬
‫ﺑ‬،‫ﻷﺓ‬
‫ﺍ‬‫ﺍﺩ‬‫ﺭ‬‫ﺪ‬‫ﻣﺼ‬
ُ‫ﻠﻰ‬‫ﺔﻋ‬‫ﻴ‬
‫ﻧ‬‫ﺎ‬
‫ﻤ‬‫ﺘ‬‫ﺋ‬
‫ﺍ‬‫ﺮ‬‫ﺎﻃ‬‫ﺎﻣﺨ‬ً‫ﻳ‬
‫ﻀ‬ ‫ﺃ‬‫ﺎﻙ‬
‫ﻨ‬‫ﻫ‬.‫ﺓ‬
‫ﺩ‬‫ﻭ‬‫ﺪ‬‫ﻮﻥﻣﺤ‬‫ﻜ‬‫ﺪﺗ‬‫ﺔﻗ‬‫ﻟ‬
‫ﻮ‬‫ﻴ‬‫ﻟﺴ‬‫ﺍ‬
‫ﻷﺓ‬
‫ﺍ‬
‫ﺍﺩ‬ ‫ﺎﻓﻲ‬‫ﻬ‬
‫ﻴ‬‫ﻟ‬
‫ﺭﺇ‬‫ﺎ‬‫ﻤﺸ‬‫ﻟ‬
‫ﺍ‬‫ﺎﺕ‬‫ﻧ‬‫ﻮ‬
‫ﻜ‬‫ﻤ‬‫ﻟ‬
‫ﺎ‬‫ﻠﻖﺑ‬
‫ﻌ‬‫ﺘ‬‫ﺎﻳ‬
‫ﻤ‬‫ﻴ‬‫ﺔﻓ‬‫ﻠ‬
‫ﻤ‬‫ﺘ‬‫ﺔﻣﺤ‬‫ﻴ‬‫ﻧ‬
‫ﺎ‬‫ﻤ‬
‫ﺘ‬‫ﺋ‬‫ﺍ‬

Ar
t&Ot
herCol
l
ect
ibl
es
Ar
t&Ot
herCol
l
ect
ibl
es‫ﺮﻱ‬
‫ﺍﻻﺧ‬
‫ﺎﺕ‬‫ﻴ‬
‫ﻨ‬‫ﺘ‬‫ﻘ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬
‫ﻔﻦﻭ‬
‫ﻟ‬‫ﺍ‬Col
l
ect
ingwor
ksofar
t,f
ine
wines,j
ewelr
y,andsoon,hashist
oricall
ybeenseenast hepreser
veoftheconnoisseur
,
butincr
easi
nglyiti
sbei
ngusedasani nvest
ment.Col
lecti
blesareseenasastoreof
val
ueduet othei
rpermanence,
portabil
it
y,andr
arit
yvalue.
‫ﻠﻰ‬‫ﺮﻋ‬‫ﻜ‬
‫ﻪﺣ‬ ‫ﻧ‬‫ﺃ‬‫ﻠﻰ‬
‫ﻟﻚﻋ‬‫ﻟﻰﺫ‬‫ﺎﺇ‬
‫ﻣ‬‫ﺍﺕﻭ‬‫ﺮ‬‫ﻮﻫ‬
‫ﻤﺠ‬ ‫ﻟ‬
‫ﺍ‬
‫ﺮﻭ‬‫ﺎﺧ‬‫ﻔ‬
‫ﻟ‬‫ﺍ‬‫ﺬ‬‫ﻴ‬
‫ﺒ‬‫ﻨ‬
‫ﻟ‬‫ﺍ‬
‫ﺔﻭ‬‫ﻴ‬‫ﻨ‬‫ﻔ‬
‫ﻟ‬‫ﺍ‬‫ﺎﻝ‬
‫ﻷﻤ‬
‫ﺍﻋ‬ ‫ﻊ‬
‫ﻤ‬‫ﻟﻰﺟ‬‫ﺮﺇ‬‫ﻨﻈ‬
ُ‫ﺎﻥ‬
‫ﻳ‬ ‫ﻛ‬
‫ﺰﻥ‬‫ﺎﻣﺨ‬‫ﻬ‬
‫ﻧ‬‫ﺃ‬‫ﻠﻰ‬‫ﺎﺕﻋ‬
‫ﻴ‬‫ﻨ‬‫ﺘ‬
‫ﻘ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬‫ﻟﻰ‬‫ﺮﺇ‬
‫ﻨﻈ‬ُ.
‫ﻳ‬‫ﺭ‬‫ﺎ‬‫ﻤ‬
‫ﺜ‬‫ﺘ‬‫ﺎﺳ‬
‫ﺪﻛ‬‫ﻳ‬‫ﺍ‬
‫ﺰ‬‫ﺘ‬
‫ﻜﻞﻣ‬ ‫ﻪﺑﺸ‬‫ﻣ‬‫ﺍ‬
‫ﺪ‬‫ﺘﺨ‬‫ﺍﺳ‬‫ﺘﻢ‬
‫ﻜﻦﻳ‬‫ﻟ‬‫ﻭ‬،‫ﻭﻕ‬
‫ﺬ‬‫ﺘ‬‫ﻤ‬‫ﻟ‬
‫ﺍ‬
.‫ﺎ‬
‫ﻬ‬‫ﺗ‬
‫ﺭ‬‫ﺪ‬‫ﻧ‬
‫ﻘﻞﻭ‬ ‫ﻨ‬
‫ﻠ‬‫ﻟ‬
‫ﺎ‬‫ﻬ‬‫ﺘ‬‫ﻴ‬
‫ﻠ‬‫ﺑ‬
‫ﺎ‬‫ﻗ‬
‫ﺎﻭ‬‫ﻬ‬
‫ﺘ‬‫ﻤ‬‫ﻴ‬
‫ﻘ‬‫ﻟ‬‫ﺍ‬
ً
‫ﺮ‬‫ﺔﻧﻈ‬‫ﻤ‬
‫ﻴ‬‫ﻘ‬‫ﻠ‬
‫ﻟ‬

Costsandr i
sksofinvest
ingi
nartandot
hercoll
ect
ibl
esincl
udemar
keti
l
li
qui
dit
y,l
ackof
pr
icetransparency
,andhighstor
ageandinsur
ancecost
s.

‫ﺔ‬
‫ﻴ‬‫ﻓ‬‫ﺎ‬
‫ﻔ‬‫ﻘ ﺺﺷ‬
‫ﻧ‬‫ﻭ‬،
‫ﻮﻕ‬‫ﻟﺴ‬
‫ﺍ‬‫ﺔ‬‫ﻟ‬
‫ﻮ‬‫ﻴ‬‫ﻡﺳ‬
‫ﺪ‬‫ﺮﻯﻋ‬
‫ﺍﻷﺧ‬
‫ﺎﺕ‬‫ﻴ‬
‫ﻨ‬‫ﺘ‬‫ﻘ‬
‫ﻤ‬‫ﻟ‬‫ﺍ‬
‫ﻔﻦﻭ‬‫ﻟ‬‫ﺍ‬
‫ﺭﻓﻲ‬‫ﺎ‬
‫ﻤ‬‫ﺜ‬‫ﺘ‬
‫ﺍﻻﺳ‬‫ﺮ‬
‫ﺎﻃ‬‫ﻣﺨ‬‫ﻴﻒﻭ‬‫ﻟ‬‫ﺎ‬
‫ﻜ‬‫ﻤﻞﺗ‬‫ﺗﺸ‬
.‫ﻴﻦ‬
‫ﻣ‬‫ﺄ‬‫ﺘ‬
‫ﻟ‬‫ﺍ‬
‫ﻳﻦﻭ‬
‫ﺰ‬‫ﺘﺨ‬‫ﻟ‬
‫ﺍ‬‫ﻴﻒ‬‫ﻟ‬
‫ﺎ‬
‫ﻜ‬‫ﺎﻉﺗ‬‫ﻔ‬
‫ﺗ‬‫ﺭ‬‫ﺍ‬
‫ﻭ‬،‫ﺭ‬‫ﺎ‬
‫ﻌ‬‫ﺍﻷﺳ‬