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98
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99
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3:~bll ~4

(Pl - PO) + D + De
R= PO

.. i ..
'u ~
.J~'JI ~ .JjWI :R

ijli1\ ~I~ ~ J-~\ ~ :Po


ijli11 ~~ ~ J.,..a\tl ~ :Pl

~, ~ ~l.o (,,)'lhl' c4;~' :(PcPo)

.228,227 :(.)41 (.)41 ,l)Sl ~ ~....)oA 'ûl.,lc. Ù;!U l''"'"'\! 1

.382 :(.)41 'vS~ ~ é?'.>'1 ,~ ~i,~l..J1.j JIJ.wYt ~\.ll ''i.l.if.ll rA!>:J ~ 2


••394d93 :(.)41 (.)41 ,~ c.:;;..... é?'.>'1 ,~\ ~~I ~.JJf ~ Jl..4L'i1 ~t;...l.,.,1 ,~ Jlâi.ll .:l.F- 3

100
(
~.lh'll C'u.;'il ÜA J.,..:.'il ~ :D

4..i.b...J1 ~Le. vaLlI c'u.;'i\ ÜA J.,..:.'il ~ :Dc

1.S~'i ~ ~i.....:J~ ~~in Wl u4fo w~~ ~bt va~ <.} ~\ y;""Y\ ~.;JJ
li 0~
IS'. .......;.,r 'J .)ll.!.l
.~~ll ~1 • ~ . .J ~~ 1 .. 20 0~.... . .J <.:Jjts ,Le.
.~~t\ ~I.l.I ;.,r Âj'J .l ;.,r
. .J ~WI .)~'il L).:!
~.lU-

0,40 ~t..:.....LlI clv'ilJ ,..;1~.l 0,50 ù ts ~.lh'l' C'u.;'il ÜA .AlJll ~\ ~ ù~ .)~21

~.}.! Lc.$ w~\ uhL.o.t.....:l1 uk .:ljWI y b ~ t~II-IJ '.)~

(21 - 20) + 0,50 + 0,40


R = 20
* 100
R = 9.5%

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103
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:tJtJl
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(J'I ~ ~

COV(RP * RN)
Il = 6m.

:wÎ~
t J~YI .),jk, .ho...ji :Rp

~ ~I .),jk, .ho...jl. : Rm

.~\ .),jW '-iJ~1 ù~YI :8m


:~

~ 4.,u.)"J ~j.J J~Y\ ~~u....a ()A 0#.J~ t..aWI uu~1 ~ t4

~\!i.l\ d.,.llwJ\ .),jk, J..l:It.A J.J"J\ d.,.llwJ\ .),jk, J..l:It.A ~I,

10% %8 1
%9 13% 2
11% %15 3
14% %12 4

(..;h:iJ\ ~WI .),jWI J~) %6 t;J~ ~I ~ ~ ~fi::J1 ulJl.Jl.),jW\ J~ wÎ i.JoG~


.)c. 0. 19.J 0.484 "t:.îi4l\ ):.t.:.....Jl à t \..Je. Œ§.J.llw:Jl ÙA JS} A 4l;;;An .;bt.:.....J\ 13 à t -U..JIL"UJ
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: Jl\all .b.wji..r- 1

Ri = 8 + 13 +4 15 + 12 = 12%

104
[
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Abstract

The goal ofthis research is to definite the role ofinvestment funds in the increase ofthe
investment activities in the market of financial effects by a collection of saving and depositionsof
funds ofbothparticular and establishment.

Investment fùnds are one oÎthe new dispositives that constitute one oÎthe major concerns oÎ
saversand investors. They substitute the third in the process of saving collection in differentbase
of financial effects. AIl those in the frame of a special technical administration which tend to
realize equal mutual profits to saver and investor, This process encourage small savors who
hasn't an enough and important capital as well as new investors who has no large experience and
audacity to accede in the financial effect market.

This new process encourages investors to invest in this funds take in consideration diversity
which characterize sorne institutions and respond to orientation and volition of all investors.

Through this research we treated financial effect market in the kingdom of Saudi Arabia because
she constitute one orthe most developed financial market in all sides especially that is related to
investment funds. Nevertheless, we can perceive the impact of these fundsin Saudi fmancial
market is so limited because it doesn't reached the doorstep of discountbalance for it doesn't
play expectedrole in the animation of financial market effects. To precise moreover that
investment funds in this country are embryonic, experts expect that they will have in the future
an important roie in the frame of technical exercise amelioration in a legal context.
,~"iaô;;1 .l§ ('2008 ('te. ~ ~"llWl ~ ~4'il ~I wi ~ I~ ~ .J~ 2557.71

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133

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