SPECIALIZED SUBJECT-ABM

BUSINESS FINANCE
_____ Semester, SY _____________
QUARTER 2, MODULE 3
REAL ESTATE, MUTUAL FUNDS, HARD
Business Finance
Self-Learning Modules
__Sem,Quarter 2– Module 3: Real Estate, Mutual Funds, Hard Assets, Bonds and Stocks
First Edition, 2021

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 REAL ESTATE, MUTUAL FUNDS,
LESSON HARD ASSETS, BONDS AND
STOCKS

Hello Senior High! In this lesson you will learn to:

1. compare and contrast the different types of Investments-Real Estate and Hard Assets.
2. compare and contrast the different types of Investments-Mutual funds, Stocks and
Bonds.

Before we proceed, do you know that it is advantageous to invest while you are young
because it will guarantee you for your future life? Many people do not know where and when
the right time to invest is, but in this lesson, you may be able to know the different types of
investment. It is up to you where will you put your money for your future sake.
Try to remember your previous lesson about the risk return trade-off which will help you
in comparing and contrasting the different types of investment such as Real Estate, Mutual
funds, Hard assets, Bonds and Stocks.

“An investment in knowledge pays the best interest” by Benjamin Franklin

This module will help you to compare and contrast the different types of investments.
If you have any questions in using this SLM or any difficulties in answering this
module, do not hesitate to consult your teacher or facilitator.

Let us first discuss Real Estate and Hard Assets.

What Is Real Estate?

One of the real estate investors is Manuel Villar. He is the

chairman of Vista Mall (formerly Starmalls), one of Philippines' largest
mall operators. He also chairs Vista Land & Landscapes, Philippines'
largest homebuilder. In December 2017, his company acquired Bria
Homes, a developer of mass housing projects and condos, and
changed its name to Golden Bria
 Real estate is the land along with any
permanent improvements attached to the land,
whether natural or man-made—including water,
trees, minerals, buildings, homes, fences, and
bridges.

Real estate is a form of real property. It

differs from personal property, which are things

not permanently attached to the land, such as vehicles, boats, jewelry, furniture, and farm
equipment.

Broadly speaking, real estate includes the physical surface of the land, what lies above
and below it, what is permanently attached to it, plus all the rights of ownership—including the
right to possess, sell, lease, and enjoy the land.

Real property should not be confused with personal property, which encompasses all
property that does not fit the definition of real property. The primary characteristic of personal
property is that it is movable. Example includes vehicles, boats, furniture, clothing, and
smartphones.

Types of Real Estate

1. Residential real estate includes both new construction

and resale homes. The most common category is single-
family homes. There are also condominiums, co-ops,
townhouses, duplexes, triple-deckers, quadplexes, high-
value homes, multi-generational and vacation homes.

2. Commercial real estate includes shopping centers and

strip malls, medical and educational buildings, hotels
and offices. Apartment buildings are often considered
commercial, even though they are used for residences.
That is because they are owned to produce income.

3. Industrial real estate Includes manufacturing buildings and

property, as well as warehouses. The buildings can be used
for research, production, storage, and distribution of goods.
Some buildings that distribute goods are considered
commercial real estate. The classification is important
because the zoning, construction, and sales are handled
differently.

How the Real Estate Industry Works

• Construction of new buildings. It includes both residential, commercial, and

industrial buildings.
• New home building is a critical category. It includes the construction of single-family
homes, townhouses, and condominiums
• Real estate agents assist homeowners, businesses and investors buy and sell all four
types of properties.
 • Sellers' agents help find buyers through either the Multiple Listing Service or their
professional contacts. They price your property, using comparative listings of recently
sold properties known as "comps."
• Buyers' agents provide similar services for the home purchaser. They know the local
market. That means they can find a property that meets your most important criteria.
They also compare prices, called "doing comps." It allows them to guide you to areas
that are affordable. Buyers' agents negotiate for you, pointing out reasons why the
seller should accept a lower price. They help with the legalities of the process,
including title search, inspection and financing.

Real Estate Investing

Everyone who buys or sells a home engages

in real estate investing. That means you must
consider several factors. Will the house rise in value
while you live in it? If you get a mortgage, how will
your future interest rates and taxes affect you?

Many people do well with investing in their

homes they want to buy and sell homes as a
business. There are many ways to do that. First, you
can flip a house. That is where you buy a house to
improve then sell it. Many people own several
homes and rent them out. Others use Airbnb1 as a
convenient way to rent out all or part of their homes.
You can rent vacation homes using VRBO or Home Away2.

Footnote:
1Airbnb - Airbnb insurance comes in two forms of coverage that protect its hosts from damages:

Host Protection insurance and the Host Guarantee. Host Protection insurance acts like a liability
policy by covering the costs of injury or property damage claims made against you by third parties,
while the Host Guarantee can cover damages that guests inflict on your own property.
2VRBO/Home Away - VRBO Insurance protects your property rental fees against Trip Cancellation,

Interruption, and several other perils.

Before you invest in real estate, make sure you know where we are in the current
business cycle. You do not want to start potentially risky investing if the real estate market is
going to crash.

Advantages Real estate Disadvantages Real Estate

1. Real Estate can be easier to 1. Real Estate has higher
understand - Real estate, on the transaction costs
other hand, involves the purchase of When purchasing shares of a
physical property and most people are stock, the transaction cost for the trade
familiar with real estate to some is very low, often just a few
degree. dollars. But when purchasing real
estate, the transaction costs are
considerably higher.
2. Real Estate is improvable - 2. Real Estate has low liquidity
After you buy a stock, you hold real estate investments are
it for a period of time and hopefully comparably illiquid, because
sell it for a profit. properties ca not be quickly
and easily sold without a substantial loss
in value.
 3. Real Estate is a hedge against 3. Real Estate requires management and
inflation - Real estate is one of the maintenance
few assets that reacts proportionately to Once an investor purchases a
inflation. As inflation goes up, property, it must be rehabbed,
housing values and rents rise up. maintained, and managed.
4. Real Estate properties exist in an Real Estate markets have
inefficient market significant inefficiencies
Unlike the stock market, the real The most aggressive investors
estate market is full of inefficiencies. purchase real estate based on
There is a lack of transparency minimal information, and do not know
relating to individual property values and whether they’ve made a good deal
also the strength of different until paying for the property and then
markets, which means that real estate inspecting the property. Likewise,
investments have the potential for investors with rental property deal with
higher profits. fluctuating demographics and
volatile economies, which can either
add or take away from their bottom- line
profits.
5. Real Estate can be financed and 5. Real Estate creates liabilities
leveraged Real estate investing involves taking on a
Real estate, on the other hand, is a great deal of financial and legal liability.
market where products are All the disadvantages
usually bought with debt. mentioned above add to the liability a real
Real estate investments estate investor takes on when
purchased with hard money or a purchasing, financing, rehabbing,
mortgage can be structured in ways leasing, managing, and maintaining a
that are rather safe and affordable, so that property.
large purchases can be made
with a relatively small initial
investment.

What Is a Hard Asset?

The island of Sibuyan is rich in minerals such as gold, nickel and coal, that is why mining
companies want to invest money to operate in our place. These minerals are examples are
hard assets.

Hard assets are physical or tangible assets that hold value

and are normally held for long term. In addition to tangibility, they
are also visible and are considered an investable asset because of
their intrinsic value. Companies and individuals can purchase and
own hard assets for revenue growth and increase production.

Hard assets are non-perishable and possess intrinsic value.

It also acts as hedge against inflation, as their value changes inversely to changes in the value
of soft assets and non-physical assets. However, such an inverse relationship does not
always hold true. As an investment alternative, hard assets provide security in times of
uncertainty, market instability, and volatility. They retain value regardless of how far market
prices may drop.

Example of Hard assets

• Real estate
• Gold, Silver, Platinum and other precious metals
 • Oil, Natural gas and other resources
• Equipment and machinery
• Vehicles/Classic cars
• Commodities
• Paintings
• Collectibles

Hard asset investing is one method of adding to your portfolio. As an investor, your goal is to
minimize risk through diversification. As a result, some may wish to consider this opportunity
for reducing risk and increasing returns.

Example of Annual Rate of Hard Assets

Figure 1
Average Annual New Metal Supply

Why put your money into hard assets?

It is important for you to know that hard assets can be a compliment to the other assets
in your portfolio. For example, many people know that they can take risks on the stock market
and see the value of their portfolio rise. Yet, at the same time, the stock market can crash,
causing you to lose money fast. With hard assets, there is generally more stability present
even in falling economic conditions. In fact, many people move their investments into hard
assets like precious metals when they are worried about electronic conditions, such as due to
the potential of war or inflation.

However, you also need to realize that the value of hard assets tends to rise over the
long term. They do not typically increase in value quickly, which means they may not be
something you can retire off of any time soon. However, they can help to hold value in your
portfolio to reduce some of your risk.

Hard Assets Advantages Disadvantages

Currencies • Largest market in the world in • Volatile and trades 24-
“Generally accepted terms of trading volume, with hours a day (must be
form of money, much liquidity closely monitored)
including coins and • Unlike stocks, commodities, • Generally, uses margin
paper notes, which is etc., currency asset itself is a trading which allows clients
issued by a medium of exchange which to bet more than their
government and people can use to transact. capital (may also be an
circulated within an advantage)
 economy” (i.e. USD,
EUR, JPY)

Commodities “A • Natural hedge against • Same as currencies

basic good used in inflation • Impractical to invest
commerce that is • Negatively correlated with directly considering
interchangeable with equities and bonds (may be storage, transportation and
other commodities of used for diversification) insurance costs involved
the same type” (i.e. • Hedge against geopolitical
gold, nickel, oil) risks

Mutual Funds, Stocks and Bonds

If you do not know where to invest your money just go to a mutual fund and your money
will be pooled by a professional manager.

What is a mutual fund?

A mutual fund is a type of financial vehicle made up of a pool of money collected from
many investors to invest in securities like stocks, bonds, money market instruments, and other
assets. Mutual funds are operated by professional money managers, who allocate the fund's
assets and attempt to produce capital gains or income for the fund's investors. A mutual fund's
portfolio is structured and maintained to match the investment objectives stated in its
prospectus.

How Mutual Funds Work?

Source: Uling Cyril

Figure 2
From the illustrations above you can see the flow of mutual fund. You as an investor put
your money on the mutual fund, and then your money will be handled by professional
managers who are expert in analyzing where your money will be pooled out. You do not worry
because there are trustees who would monitor your investment.
How your money will grow?

Let us see the table below

Table 1 shows the mutual fund cash flow. The goal is Php1,000,000.00 for 5 years, meaning
to say you must invest Php350.00 pesos daily, or Php10,500.00 monthly. After one year,
your investment will be Php126,000.00. So, for 5 years you have an investment of
Php886,651.51. If you will look at the table you will notice that after the maturity year (5 years),
your contribution still earns a 22.73% a year. So, this is the average percent for the mutual
fund investment. So, in 10 years it is expected that your money will increase up to
Php2,469,320.15, if you will not withdraw your investment. In the above example, the investor
started investing at the age of 33 and on the 10-year period he earned a Php.2,000,000.00.
This is only an example you can change your goal if you want too.

Investors typically earn a return from a mutual fund in three ways:

Income is earned from dividends on stocks and interest on bonds held in the fund's
portfolio.

1. If the fund sells securities that have increased in price, the fund has a capital gain.
2. If fund holdings increase in price but are not sold by the fund manager, the fund's
shares increase in price. You can then sell your mutual fund shares for a profit in the
market.

Types of Mutual Funds

• money market funds

• sector funds
• alternative funds
• smart-beta funds
• target-date funds
• even funds of funds, or mutual funds that buy shares of other mutual funds.
 Advantages of Mutual Funds Disadvantages of Mutual Funds

Diversification - Diversification, or the Fluctuating Returns - depreciates

mixing of investments and assets within a
portfolio to reduce risk.
Easy Access - Trading on the major stock High Costs - Mutual funds provide
exchanges, mutual funds can be bought and investors with professional management,
sold with relative ease, making them highly but it comes at a cost.
liquid investments.
Economies of Scale - Buying one spares Diworsification" and Dilution is an
the investor of the numerous commission investment or portfolio strategy that implies
charges needed to create a diversified too much complexity leads to worse results.
portfolio.
Professional Management - Cash Drag - To maintain the capacity
professional investment manager take care to accommodate withdrawals, funds typically
of all of this using careful research and have to keep a large portion of their
skillful trading. portfolios in cash.
Variety and Freedom of Choice -
Investors have the freedom to research and
select from managers with a variety of styles
and management goals.
Transparency - Mutual funds are Lack of Liquidity - A mutual fund
subject to industry regulation that ensures allows you to request that your shares be
accountability and fairness to investors. converted into cash at any time, however,
unlike stock that trades throughout the day,
many mutual fund redemptions take place
only at the end of each trading day.

Other Disadvantages of Mutual Funds

• Pay management fees
• Values can also fluctuate just like the stock market

What Is Stock?

One of the best stocks to buy in the Philippines is SM Investment Corporation for long
term investment. Investing in SM guarantees income return.

A stock (also known as equity) is a security that represents the share of the ownership in
the corporation.

Classification of stocks

1. Common stocks:

Investor earn from an equity investment through dividends and capital gains. Dividends
issued by corporation may vary from year to year since the earning of the company also
fluctuate from period to period. Companies are not required to declare annual dividends.
Since owners of common shares only have a residual interest in the earnings of the business,
dividends are only declared if there are enough available funds after the payment of
commitments to creditors. Thus, equity investors are exposed to greater variability of returns.
Being exposed to greater variability means that if the fixed obligations have been settled, then
the excess earnings would all go to the common stockholder.
 Only corporation issue common shares. The credit standing of these corporations
influences the protection of capital of their shareholders. If corporation default on their debt
obligations, more so that they cannot provide sufficient returns or even repay the capital of
shareholders since creditors have seniority over claims to the assets of the corporation.

If the equity investment represents ownership in a listed company, then the instrument
is considered liquid since the stocks exchange would facilitate the availability of known bid
and ask prices for the shares and access to a wide base of buyers and sellers as well.
Investors would only need to look for a stockbroker in order for the individual to purchase and
sell shares in the stock market.

Common shares do not have a term of maturity. The shareholder may hold the stock
indefinitely

Common stockholders have voting rights. Because of residual interest, the potential
upside of equity return is essentially limitless. Yet, the risk lies in the variability of the returns
with a maximum loss equal to the initial investment of stock holder. Equity investment have
higher required rates of return compared to fixed income instruments because of this
variability.

2. Preferred stocks

Preferred stock is different from common stocks in terms of the preference as to

dividend, seniority, over claims to assets, and the absence of voting rights. Corporations are
not required to pay dividends annually to preferred stockholders but when they do, they
declare dividends; preferred shareholders are paid first before common shareholders. In case
of liquidation, preferred shareholders also have preference over claims to the assets relative
to common shareholders but not over creditors. Preferred shareholders not have voting rights
in stockholders’ meeting.

Dividends paid to preferred shareholders are computed as a percentage of the par value
of the shares and thus may be considered as affixed income instrument because of the
similarity in the cash flow.

• Common stock usually entitles the owner to vote at shareholders' meetings and to
receive any dividends paid out by the corporation.
• Preferred stockholders generally do not have voting rights, though they have a higher
claim on assets and earnings than the common stockholders.

Understanding Stocks

Corporation issue (sell) stock to raise funds to operate their businesses. The holder of
stock (a shareholder) has now bought a piece of the corporation and, depending on the type
of shares held, may have a claim to a part of its assets and earnings. In other words, a
shareholder is now an owner of the issuing company. Ownership is determined by the number
of shares a person owns relative to the number of outstanding shares. For example, if a
company has 1,000 shares of stock outstanding and one person owns 100 shares, that person
would own and have claim to 10% of the company's assets and earnings.2

Stock holders do not own corporations; they own shares issued by corporations. But
corporations are a special type of organization because the law treats them as legal persons.
In other words, corporations file taxes, can borrow, can own property, can be sued, etc. The
idea that a corporation is a “person” means that the corporation owns its own assets. A
corporate office full of chairs and tables belongs to the corporation, and not to the
shareholders.

Advantages of stocks Disadvantages of stock

1. Return on investment - Placing your 1. Subject to higher risk - When investing in the
personal finances in the stock market stock market, the higher the return the greater the risk
gives you the opportunity to grow your of losing money. Stock market prices are linked to the
finances over the long-term. Many well- issuing company’s earnings. When a company is
established companies also pay experiencing financial difficulties, the price of the stock
dividends to investors, which increases can decline rapidly. Stock market volatility can lead to
your overall return on investment. a substantial loss of investment. If the majority of the
market is experiencing loss and leaving the market
because of economic factors, you may find it difficult
to sell your shares to someone else.
2. Ownership stake in the company - 2. Time consuming investment - Investing in the
Investing in the stock market is one of the stock market is not like playing the lottery. You need
easiest ways to become a minority owner to perform research and investment analysis to find
within a company. When you buy shares potentially profitable stock. For many individuals,
of a company’s stock, you take an investing in the stock market is a time-consuming,
ownership stake in the business. complex task. Even after you find a stock to buy, you
must monitor the movement of the stock’s price.
Although many investors implement a long-term buy
and hold strategy, it is important to know when to exit
a stock position if it turns out to be a bad investment
choice.
3. Unlimited upside 3. No guarantee return
4. High potential return of money (High 4. Riskiest of all assets
Risk)

What is Bond?

Do you know where to invest without money?

A bond is debt security. It is fixed income instrument that represents a loan made by
an investor to a borrower (typically corporate or governmental). A bond could be thought of as
an I.O.U. between the lender and borrower that includes the details of the loan and its
payments.

Bondholders are creditors to the corporation, and are entitled to interest as well as
repayment of principal. Creditors are given legal priority over other stakeholders in the event
of a bankruptcy and will be made whole first if a company is forced to sell assets in order to
repay them. Shareholders, on the other hand, are last in line and often receive nothing, or
mere pennies on the dollar, in the event of bankruptcy. This implies that stocks are inherently
riskier investments than bonds.

The Issuers of Bonds

Governments (at all levels) and corporations commonly use bonds in order to borrow
money. Governments need to fund roads, schools, dams or other infrastructure. The sudden
expense of war may also demand the need to raise funds.

Similarly, corporations will often borrow to grow their business, to buy property and
equipment, to undertake profitable projects, for research and development or to hire
employees. The problem that large organizations run into is that they typically need far more
money than the average bank can provide. Bonds provide a solution by allowing many
individual investors to assume the role of the lender. Indeed, public debt markets let thousands
of investors each lend a portion of the capital needed. Moreover, markets allow lenders to sell
their bonds to other investors or to buy bonds from other individuals—long after the original
issuing organization raised capital.

How Bonds Work?

Many corporate and government bonds are publicly traded; others are traded only over-
the-counter (OTC) or privately between the borrower and lender.

When companies or other entities need to raise money to finance new projects, maintain
ongoing operations, or refinance existing debts, they may issue bonds directly to investors.
The borrower (issuer) issues a bond that includes the terms of the loan, interest payments that
will be made, and the time at which the loaned funds (bond principal) must be paid back
(maturity date). The interest payment (the coupon) is part of the return that bondholders earn
for loaning their funds to the issuer. The interest rate that determines the payment is called
the coupon rate.

The initial price of most bonds is typically set at par, usually Php5,000.00 or
Php50,000.00 face value per individual bond. The actual market price of a bond depends on
a number of factors: the credit quality of the issuer, the length of time until expiration, and the
coupon rate compared to the general interest rate environment at the time. The face value of
the bond is what will be paid back to the borrower once the bond matures.

For an example, investor earn money from interest on bonds they buy. They can also
earn money by buying bonds at a discount, called discount from par. In other word if you were
buying a bond with par value of Php1,000.00, you may be able to pay only Php960.00 for it.
When the bond mature, you will redeem the bond at par, or Php1,000.00. He will thus have
earned Php40.00 on his investment, in addition to interest payments from the bond issuer.

Most bonds can be sold by the initial bondholder to other investors after they have been
issued. In other words, a bond investor does not have to hold a bond all the way through to its
maturity date. It is also common for bonds to be repurchased by the borrower if interest rates
decline, or if the borrower’s credit has improved, and it can reissue new bonds at a lower cost.

Two features of a bond—credit quality and time to maturity—are the principal

determinants of a bond's coupon rate. If the issuer has a poor credit rating, the risk of default is
greater, and these bonds pay more interest. Bonds that have a very long maturity date also
usually pay a higher interest rate. This higher compensation is because the bondholder is
more exposed to interest rate and inflation risks for an extended period.

Bonds and bond portfolios will rise or fall in value as interest rates change. The
sensitivity to changes in the interest rate environment is called “duration.” The use of the term
duration in this context can be confusing to new bond investors because it does not refer to
the length of time the bond has before maturity. Instead, duration describes how much a
bond’s price will rise or fall with a change in interest rates.
The rate of change of a bond’s or bond portfolio’s sensitivity to interest rates (duration)
is called “convexity”. These factors are difficult to calculate, and the analysis required is
usually done by professionals.

Advantages of bonds Disadvantages of bonds

• Receive income through interest • Bonds pay out lower returns of

payment money than stocks.
 • Hold the bonds to maturity and get all • Companies can default on your
your principal back bonds.

• Profit if you resell the bond at higher • Bonds yield can fall.
price.

1. Write the similarities and differences of real estate and Hard Assets when it comes to risk
and return of investment.
Mutual Funds Hard Assets
Similarities

1.

2.

Differences Differences
1
2

2. Differentiate Mutual Funds, Bonds, and Stocks when it comes to risk and return of
investment.
Mutual Funds Bonds Stocks
1. 1. 1.

2. 2. 2.

Thank you for answering the practice exercises. If you answered the practice exercises
correctly, you are now ready to proceed to do the written works. If not, please try until you
arrived on the correct answer.

Directions: Please write your learning from the above discussion. Write your learning in
your notebook/answer sheet.
Upon reading the lesson above, I learned that …

and realized that …

.
 Rubrics for written output and performance task
Category Exemplary Accomplished Developing Beginning Score
5 4 3 2 obtained
Content The output The output is The output is The output
exceeds the complete. somewhat is
expectations. complete. incomplete.
Correctness The output is The output The output The output
free from contains minimal has several contained
errors. error. errors. many errors.

Business Finance
Quarter 4 Module 3

Name: Date:
Grade: Score:

Direction: Answer the following questions (see attach rubrics)

1. Based on your understanding of our lesson discussed, you are going to accomplish the
given Venn-diagram to show the similarities and differences between Real Estate and Hard
assets in terms of the risk and return

Assets Real Estate Hard

 2. Compare and contrast mutual funds, bonds and stocks in terms of advantages.

Stocks

Bonds
Mutual Funds

Business Finance
Quarter 4 Week 3

Name: Date:
Grade: Score:

Directions: Among the different types of investment, on what type are you going to invest?
Why? Consider the risk-return trade-off of your choice. (10 points) (See attach rubrics.
Book
Cayanan A.S & Borja DV. (2017): Business Finance first edition. Rex Book Store: 856
Nicanor Reyes Sr. St./1977 C.M. Recto Avenue, Manila Philippines.

Website
Retrieved at https://www.investopedia.com/terms/r/realestate.asp on March 2021

Retrieved at https://corporatefinanceinstitute.com/resources/knowledge/trading-
investing/alternative-investment-market-aim/ on March 2021

Retrieved at https://realestate4investing.com/articles/real-estate-investments/10-
advantages-disadvantages-real-estate-investments on March 2021

Retrieved at https://corporatefinanceinstitute.com/resources/knowledge/trading-
investing/hard-assets/ on March 2021

Retrieved at https://www.investopedia.com/terms/m/mutualfund.asp on March 2021

Retrieved at https://www.investopedia.com/terms/s/stock.asp on March 2021

Retrieved at https://www.investopedia.com/terms/m/mutualfund.asp on March 2021

Retrieved at https://sterlinggroupunited.com/hard-asset-investing/ on March 2021

1. Answer may vary

2. Answer may vary