Inhoudsopgave
H5: start to invest ................................................................................................................................................. 6
1. Financiële basiskennis ..................................................................................................................................... 6
2. Liquide buffer: een must .................................................................................................................................. 6
3. Fiscaal sparen ................................................................................................................................................. 6
4. Beleggen ......................................................................................................................................................... 6
5. Bepalen beleggersprofiel ................................................................................................................................. 6
5.1 algemeen ............................................................................................................................................... 6
5.2 MIFID-richtlijnen ..................................................................................................................................... 6
5.3 Green deal .............................................................................................................................................. 7
6. Vergelijk de productfiches ................................................................................................................................ 7
6.1 beleggingshorizon en looptijd ................................................................................................................... 7
6.2 Liquiditeit ............................................................................................................................................... 7
6.3 Opbrengst en rendement ......................................................................................................................... 7
6.4 Risico ..................................................................................................................................................... 7
6.4.1 debiteurenrisico ................................................................................................................................. 7
6.4.2 Renterisico ......................................................................................................................................... 7
6.4.3 Koopkrachtrisico ................................................................................................................................. 8
6.4.4 Valutarisico ........................................................................................................................................ 8
6.4.5 Beursrisco .......................................................................................................................................... 8
6.4.6 Kapitaalrisico...................................................................................................................................... 8
6.5 Kosten .................................................................................................................................................... 8
6.6 Belastingen en taksen ............................................................................................................................. 8
6.6.1 Roerende voorheffing (RV) ................................................................................................................... 8
6.6.2 Taks op beursverrichtingen (TOB) ......................................................................................................... 8
6.6.3 Meerwaardetaks (Reynders-taks) ......................................................................................................... 8
6.6.4 Verzekerings- of premietaks ................................................................................................................. 8
6.6.5 Taks op langetermijnsparen (LTS) ......................................................................................................... 8
6.6.6 Effectentaks 2.0 .................................................................................................................................. 8
6.6.7 Doorkijktaks of kaaimantaks ................................................................................................................ 9
6.7 Minimuminlage ....................................................................................................................................... 9
6.8 Periodiciteit interestuitkering ................................................................................................................... 9
6.9 Uitgifteprijs ............................................................................................................................................. 9
6.10 Successie en erfbelasting ........................................................................................................................ 9
6.11 Opvolging ............................................................................................................................................... 9
6.12 Duurzaam label....................................................................................................................................... 9
H6: risicoloze spaarproducten .............................................................................................................................. 9
1. Gereglementeerde spaarrekening ..................................................................................................................... 9
1.1 Omschrijving .......................................................................................................................................... 9
1.2 beperkte fiscale vrijstelling ...................................................................................................................... 9
1.3 Andere wettelijke bepalingen ................................................................................................................. 10
1.4 Soorten ................................................................................................................................................ 10
1.5 Beleggersprofiel .................................................................................................................................... 11
1.6 rentevoeten vs. Tegoeden ...................................................................................................................... 11
1.7 Productfiche ......................................................................................................................................... 12
2. Niet-gereglementeerde spaarrekening ............................................................................................................ 12
2.1 omschrijving ......................................................................................................................................... 12
1
, 2.2 Vergelijking ........................................................................................................................................... 12
3. Tak-21 spaarverzekering ................................................................................................................................. 12
3.1 Situering ............................................................................................................................................... 12
3.2 Omschrijving ........................................................................................................................................ 12
3.3 Soorten ................................................................................................................................................ 13
3.4 Rendementen ....................................................................................................................................... 13
3.5 Productfiche ......................................................................................................................................... 13
4. Termijndeposito............................................................................................................................................. 13
4.1 Omschrijving ........................................................................................................................................ 13
4.2 Beleggersprofiel .................................................................................................................................... 13
4.3 Productfiche ......................................................................................................................................... 13
4.4 comeback ............................................................................................................................................ 14
5. E-DEPO......................................................................................................................................................... 14
5.1 Omschrijving ........................................................................................................................................ 14
5.2 Rentevoet ............................................................................................................................................. 14
5.3 Renteberekening ................................................................................................................................... 14
6. Kasbon ......................................................................................................................................................... 14
6.1 omschrijving ......................................................................................................................................... 14
6.2 Vervroegde terugbetaling ....................................................................................................................... 14
6.3 Soorten ................................................................................................................................................ 15
6.3.1 Gewone kasbon ................................................................................................................................ 15
6.3.2 Kapitalisatiebon ................................................................................................................................ 15
6.3.3 facultatieve kapitalisatiebon .............................................................................................................. 15
6.3.4 Kasbon met progressieve rente .......................................................................................................... 15
6.4 Productfiche ......................................................................................................................................... 15
6.5 Belegegrsprofiel .................................................................................................................................... 15
6.6 Comeback ............................................................................................................................................ 15
6.7 Concurrenten ....................................................................................................................................... 15
6.7.1 Termijnrekening ................................................................................................................................ 15
6.7.2 Garantiefonds ................................................................................................................................... 16
6.7.3 Staatsbons ....................................................................................................................................... 16
6.7.4 Achtergestelde certificaten ................................................................................................................ 16
H7: aandelen ..................................................................................................................................................... 16
Inleiding ................................................................................................................................................................ 16
1. Omschrijving ................................................................................................................................................. 16
1.1 Soorten aandelen .................................................................................................................................. 16
2. Rendement ................................................................................................................................................... 17
2.1 Dividend ............................................................................................................................................... 17
2.1.1 Soorten dividenden ........................................................................................................................... 17
2.2 Meerwaarde of koerswinst ..................................................................................................................... 17
2.3 Return .................................................................................................................................................. 18
3. Hoe kopen? ................................................................................................................................................... 18
3.1 Primaire markt ...................................................................................................................................... 18
3.2 Secundaire markt .................................................................................................................................. 18
4. Beursorder .................................................................................................................................................... 18
4.1 Inhoud .................................................................................................................................................. 18
4.2 Soorten ................................................................................................................................................ 18
4.3 Geldigheidsduur ................................................................................................................................... 18
2
, 5. Beurskosten .................................................................................................................................................. 19
5.1 Makelaarsloon ...................................................................................................................................... 19
5.2 Taks op beursverrichtingen (TOB) ........................................................................................................... 19
5.3 Bewaarloon .......................................................................................................................................... 19
5.4 Effectentaks ......................................................................................................................................... 19
6. Verrichtingen op aandelen ............................................................................................................................. 19
6.1 Stock split............................................................................................................................................. 19
6.2 Reverse stock split ................................................................................................................................ 19
6.3 Naamsverandering ................................................................................................................................ 19
6.4 Schorsing ............................................................................................................................................. 19
6.5 Kapitaalvermindering ............................................................................................................................ 19
6.6 Kapitaalverhoging ................................................................................................................................. 19
6.7 Openbaar overnamebod ........................................................................................................................ 20
6.8 Beursexit .............................................................................................................................................. 20
7. Aandelen selecteren ...................................................................................................................................... 20
7.1 Random-walk theorie ............................................................................................................................ 20
7.2 Fundamentele analyse .......................................................................................................................... 20
7.3 Technische analyse ............................................................................................................................... 21
8. Tips voor beginnende aandelenbeleggers ........................................................................................................ 21
9. Beursindexen ................................................................................................................................................ 21
H8: Obligaties .................................................................................................................................................... 21
1. Omschrijving ................................................................................................................................................. 21
2. Hoe kopen: obligatiemarkten ......................................................................................................................... 22
2.1 Primaire markt ...................................................................................................................................... 22
2.2 Secundaire markt .................................................................................................................................. 22
3. Kosten .......................................................................................................................................................... 22
3.1 Beurstaks ............................................................................................................................................. 22
3.2 Makelaarsloon ...................................................................................................................................... 22
3.3 Marge ................................................................................................................................................... 22
3.4 Bewaarloon .......................................................................................................................................... 22
3.5 Inningskosten ....................................................................................................................................... 23
3.6 Wisselkosten ........................................................................................................................................ 23
3.7 Effectentaks ......................................................................................................................................... 23
4. Risico’s ......................................................................................................................................................... 23
4.1 Debiteurenrisico ................................................................................................................................... 23
4.2 Wisselrisico .......................................................................................................................................... 23
4.3 Liquiditeitsrisico ................................................................................................................................... 23
4.4 Renterisico ........................................................................................................................................... 23
5. Opbrengst ..................................................................................................................................................... 23
5.1 Coupon ................................................................................................................................................ 23
5.2 Meer- (of min)waarde ............................................................................................................................ 23
6. Rendement ................................................................................................................................................... 24
6.1 Omschrijving ........................................................................................................................................ 24
6.2 Couponrendement ................................................................................................................................ 24
6.3 Actuarieel rendement ............................................................................................................................ 24
7. Pro en contra ................................................................................................................................................. 24
8. Beleggersprofiel ............................................................................................................................................ 24
3
, 9. Obliagties vs. Aandelen .................................................................................................................................. 24
9.1 Voor de emittent ................................................................................................................................... 24
9.2 Voor de belegger ................................................................................................................................... 25
10. Soorten..................................................................................................................................................... 25
10.1 Indeling naargelang nationaliteit ............................................................................................................ 25
10.2 Indeling naargelang nationaliteit ............................................................................................................ 25
10.3 Indeling naargeland waarborgen ............................................................................................................ 25
10.4 Indeling naargelang de opbrengst ........................................................................................................... 25
10.5 Indeling naargelanf de terugbetalingswijze .............................................................................................. 25
10.6 Equity linked bonds ............................................................................................................................... 25
10.7 Andere ................................................................................................................................................. 26
11. Staatsobligaties......................................................................................................................................... 26
11.1 Lineaire obligaties (OLO’s) ..................................................................................................................... 26
11.2 Staatsbons ........................................................................................................................................... 26
H9: Beleggingsfondsen & co................................................................................................................................ 26
Inleiding ................................................................................................................................................................ 26
1. Omschrijving ................................................................................................................................................. 26
1.1 Wat is een beleggingsfonds (Instelling voor Collectieve Belegging of ICB)? ................................................ 26
1.2 Door wie wordt zo’n fonds beheerd? ....................................................................................................... 26
1.3 Wat ontvangt de belegger als bewijs van mede-eigendom van de portefeuille? .......................................... 27
2. Schematische voorstelling ............................................................................................................................. 27
3. Indeling o.b.v. juridische structuur .................................................................................................................. 27
3.1 Gemeenschappelijk beleggingsfonds = GBF ........................................................................................... 27
3.2 Beleggingsvennootschap met veranderlijk kapitaal = BEVEK .................................................................... 27
3.3 Beleggingsvennootschap met vast kapitaal = BEVAK ............................................................................... 27
3.4 Gereglementeerde vastgoedvennootschap = GVV ................................................................................... 27
3.5 Gespecialiseerd vastgoedbeleggingsfonds = GVBF .................................................................................. 27
3.6 Private equity Bevak = Privak .................................................................................................................. 27
4. Indeling o.b.v. beleggingsstrategie ................................................................................................................... 27
4.1 Aandelenfondsen .................................................................................................................................. 27
4.2 Obligatiefondsen................................................................................................................................... 27
4.3 Geldmarktfondsen ................................................................................................................................ 27
4.4 Gemengde fondsen ............................................................................................................................... 27
4.4.1 Klassiek gemengde fondsen .............................................................................................................. 28
4.4.2 Flexibele gemengde fondsen ............................................................................................................. 28
4.5 Fondsen met kapitaalbescherming ........................................................................................................ 28
4.5.1 Nadelen: .......................................................................................................................................... 28
4.6 Vastgoedfondsen .................................................................................................................................. 28
4.6.1 Vastgoedcertificaat ........................................................................................................................... 28
4.6.2 Gereglementeerde vastgoedvennootschap – GVV ............................................................................... 28
4.6.3 Vastgoedbevek ................................................................................................................................. 28
5. Kenmerken.................................................................................................................................................... 29
5.1 Beheervennootschap ............................................................................................................................ 29
5.2 Prospectus ........................................................................................................................................... 29
5.3 Netto-inventariswaarde ......................................................................................................................... 29
5.3.1 Open fonds....................................................................................................................................... 29
5.3.2 Gesloten fonds ................................................................................................................................. 29
5.4 Kosten .................................................................................................................................................. 29
5.4.1 Instapkosten ..................................................................................................................................... 29
4
H5: start to invest ................................................................................................................................................. 6
1. Financiële basiskennis ..................................................................................................................................... 6
2. Liquide buffer: een must .................................................................................................................................. 6
3. Fiscaal sparen ................................................................................................................................................. 6
4. Beleggen ......................................................................................................................................................... 6
5. Bepalen beleggersprofiel ................................................................................................................................. 6
5.1 algemeen ............................................................................................................................................... 6
5.2 MIFID-richtlijnen ..................................................................................................................................... 6
5.3 Green deal .............................................................................................................................................. 7
6. Vergelijk de productfiches ................................................................................................................................ 7
6.1 beleggingshorizon en looptijd ................................................................................................................... 7
6.2 Liquiditeit ............................................................................................................................................... 7
6.3 Opbrengst en rendement ......................................................................................................................... 7
6.4 Risico ..................................................................................................................................................... 7
6.4.1 debiteurenrisico ................................................................................................................................. 7
6.4.2 Renterisico ......................................................................................................................................... 7
6.4.3 Koopkrachtrisico ................................................................................................................................. 8
6.4.4 Valutarisico ........................................................................................................................................ 8
6.4.5 Beursrisco .......................................................................................................................................... 8
6.4.6 Kapitaalrisico...................................................................................................................................... 8
6.5 Kosten .................................................................................................................................................... 8
6.6 Belastingen en taksen ............................................................................................................................. 8
6.6.1 Roerende voorheffing (RV) ................................................................................................................... 8
6.6.2 Taks op beursverrichtingen (TOB) ......................................................................................................... 8
6.6.3 Meerwaardetaks (Reynders-taks) ......................................................................................................... 8
6.6.4 Verzekerings- of premietaks ................................................................................................................. 8
6.6.5 Taks op langetermijnsparen (LTS) ......................................................................................................... 8
6.6.6 Effectentaks 2.0 .................................................................................................................................. 8
6.6.7 Doorkijktaks of kaaimantaks ................................................................................................................ 9
6.7 Minimuminlage ....................................................................................................................................... 9
6.8 Periodiciteit interestuitkering ................................................................................................................... 9
6.9 Uitgifteprijs ............................................................................................................................................. 9
6.10 Successie en erfbelasting ........................................................................................................................ 9
6.11 Opvolging ............................................................................................................................................... 9
6.12 Duurzaam label....................................................................................................................................... 9
H6: risicoloze spaarproducten .............................................................................................................................. 9
1. Gereglementeerde spaarrekening ..................................................................................................................... 9
1.1 Omschrijving .......................................................................................................................................... 9
1.2 beperkte fiscale vrijstelling ...................................................................................................................... 9
1.3 Andere wettelijke bepalingen ................................................................................................................. 10
1.4 Soorten ................................................................................................................................................ 10
1.5 Beleggersprofiel .................................................................................................................................... 11
1.6 rentevoeten vs. Tegoeden ...................................................................................................................... 11
1.7 Productfiche ......................................................................................................................................... 12
2. Niet-gereglementeerde spaarrekening ............................................................................................................ 12
2.1 omschrijving ......................................................................................................................................... 12
1
, 2.2 Vergelijking ........................................................................................................................................... 12
3. Tak-21 spaarverzekering ................................................................................................................................. 12
3.1 Situering ............................................................................................................................................... 12
3.2 Omschrijving ........................................................................................................................................ 12
3.3 Soorten ................................................................................................................................................ 13
3.4 Rendementen ....................................................................................................................................... 13
3.5 Productfiche ......................................................................................................................................... 13
4. Termijndeposito............................................................................................................................................. 13
4.1 Omschrijving ........................................................................................................................................ 13
4.2 Beleggersprofiel .................................................................................................................................... 13
4.3 Productfiche ......................................................................................................................................... 13
4.4 comeback ............................................................................................................................................ 14
5. E-DEPO......................................................................................................................................................... 14
5.1 Omschrijving ........................................................................................................................................ 14
5.2 Rentevoet ............................................................................................................................................. 14
5.3 Renteberekening ................................................................................................................................... 14
6. Kasbon ......................................................................................................................................................... 14
6.1 omschrijving ......................................................................................................................................... 14
6.2 Vervroegde terugbetaling ....................................................................................................................... 14
6.3 Soorten ................................................................................................................................................ 15
6.3.1 Gewone kasbon ................................................................................................................................ 15
6.3.2 Kapitalisatiebon ................................................................................................................................ 15
6.3.3 facultatieve kapitalisatiebon .............................................................................................................. 15
6.3.4 Kasbon met progressieve rente .......................................................................................................... 15
6.4 Productfiche ......................................................................................................................................... 15
6.5 Belegegrsprofiel .................................................................................................................................... 15
6.6 Comeback ............................................................................................................................................ 15
6.7 Concurrenten ....................................................................................................................................... 15
6.7.1 Termijnrekening ................................................................................................................................ 15
6.7.2 Garantiefonds ................................................................................................................................... 16
6.7.3 Staatsbons ....................................................................................................................................... 16
6.7.4 Achtergestelde certificaten ................................................................................................................ 16
H7: aandelen ..................................................................................................................................................... 16
Inleiding ................................................................................................................................................................ 16
1. Omschrijving ................................................................................................................................................. 16
1.1 Soorten aandelen .................................................................................................................................. 16
2. Rendement ................................................................................................................................................... 17
2.1 Dividend ............................................................................................................................................... 17
2.1.1 Soorten dividenden ........................................................................................................................... 17
2.2 Meerwaarde of koerswinst ..................................................................................................................... 17
2.3 Return .................................................................................................................................................. 18
3. Hoe kopen? ................................................................................................................................................... 18
3.1 Primaire markt ...................................................................................................................................... 18
3.2 Secundaire markt .................................................................................................................................. 18
4. Beursorder .................................................................................................................................................... 18
4.1 Inhoud .................................................................................................................................................. 18
4.2 Soorten ................................................................................................................................................ 18
4.3 Geldigheidsduur ................................................................................................................................... 18
2
, 5. Beurskosten .................................................................................................................................................. 19
5.1 Makelaarsloon ...................................................................................................................................... 19
5.2 Taks op beursverrichtingen (TOB) ........................................................................................................... 19
5.3 Bewaarloon .......................................................................................................................................... 19
5.4 Effectentaks ......................................................................................................................................... 19
6. Verrichtingen op aandelen ............................................................................................................................. 19
6.1 Stock split............................................................................................................................................. 19
6.2 Reverse stock split ................................................................................................................................ 19
6.3 Naamsverandering ................................................................................................................................ 19
6.4 Schorsing ............................................................................................................................................. 19
6.5 Kapitaalvermindering ............................................................................................................................ 19
6.6 Kapitaalverhoging ................................................................................................................................. 19
6.7 Openbaar overnamebod ........................................................................................................................ 20
6.8 Beursexit .............................................................................................................................................. 20
7. Aandelen selecteren ...................................................................................................................................... 20
7.1 Random-walk theorie ............................................................................................................................ 20
7.2 Fundamentele analyse .......................................................................................................................... 20
7.3 Technische analyse ............................................................................................................................... 21
8. Tips voor beginnende aandelenbeleggers ........................................................................................................ 21
9. Beursindexen ................................................................................................................................................ 21
H8: Obligaties .................................................................................................................................................... 21
1. Omschrijving ................................................................................................................................................. 21
2. Hoe kopen: obligatiemarkten ......................................................................................................................... 22
2.1 Primaire markt ...................................................................................................................................... 22
2.2 Secundaire markt .................................................................................................................................. 22
3. Kosten .......................................................................................................................................................... 22
3.1 Beurstaks ............................................................................................................................................. 22
3.2 Makelaarsloon ...................................................................................................................................... 22
3.3 Marge ................................................................................................................................................... 22
3.4 Bewaarloon .......................................................................................................................................... 22
3.5 Inningskosten ....................................................................................................................................... 23
3.6 Wisselkosten ........................................................................................................................................ 23
3.7 Effectentaks ......................................................................................................................................... 23
4. Risico’s ......................................................................................................................................................... 23
4.1 Debiteurenrisico ................................................................................................................................... 23
4.2 Wisselrisico .......................................................................................................................................... 23
4.3 Liquiditeitsrisico ................................................................................................................................... 23
4.4 Renterisico ........................................................................................................................................... 23
5. Opbrengst ..................................................................................................................................................... 23
5.1 Coupon ................................................................................................................................................ 23
5.2 Meer- (of min)waarde ............................................................................................................................ 23
6. Rendement ................................................................................................................................................... 24
6.1 Omschrijving ........................................................................................................................................ 24
6.2 Couponrendement ................................................................................................................................ 24
6.3 Actuarieel rendement ............................................................................................................................ 24
7. Pro en contra ................................................................................................................................................. 24
8. Beleggersprofiel ............................................................................................................................................ 24
3
, 9. Obliagties vs. Aandelen .................................................................................................................................. 24
9.1 Voor de emittent ................................................................................................................................... 24
9.2 Voor de belegger ................................................................................................................................... 25
10. Soorten..................................................................................................................................................... 25
10.1 Indeling naargelang nationaliteit ............................................................................................................ 25
10.2 Indeling naargelang nationaliteit ............................................................................................................ 25
10.3 Indeling naargeland waarborgen ............................................................................................................ 25
10.4 Indeling naargelang de opbrengst ........................................................................................................... 25
10.5 Indeling naargelanf de terugbetalingswijze .............................................................................................. 25
10.6 Equity linked bonds ............................................................................................................................... 25
10.7 Andere ................................................................................................................................................. 26
11. Staatsobligaties......................................................................................................................................... 26
11.1 Lineaire obligaties (OLO’s) ..................................................................................................................... 26
11.2 Staatsbons ........................................................................................................................................... 26
H9: Beleggingsfondsen & co................................................................................................................................ 26
Inleiding ................................................................................................................................................................ 26
1. Omschrijving ................................................................................................................................................. 26
1.1 Wat is een beleggingsfonds (Instelling voor Collectieve Belegging of ICB)? ................................................ 26
1.2 Door wie wordt zo’n fonds beheerd? ....................................................................................................... 26
1.3 Wat ontvangt de belegger als bewijs van mede-eigendom van de portefeuille? .......................................... 27
2. Schematische voorstelling ............................................................................................................................. 27
3. Indeling o.b.v. juridische structuur .................................................................................................................. 27
3.1 Gemeenschappelijk beleggingsfonds = GBF ........................................................................................... 27
3.2 Beleggingsvennootschap met veranderlijk kapitaal = BEVEK .................................................................... 27
3.3 Beleggingsvennootschap met vast kapitaal = BEVAK ............................................................................... 27
3.4 Gereglementeerde vastgoedvennootschap = GVV ................................................................................... 27
3.5 Gespecialiseerd vastgoedbeleggingsfonds = GVBF .................................................................................. 27
3.6 Private equity Bevak = Privak .................................................................................................................. 27
4. Indeling o.b.v. beleggingsstrategie ................................................................................................................... 27
4.1 Aandelenfondsen .................................................................................................................................. 27
4.2 Obligatiefondsen................................................................................................................................... 27
4.3 Geldmarktfondsen ................................................................................................................................ 27
4.4 Gemengde fondsen ............................................................................................................................... 27
4.4.1 Klassiek gemengde fondsen .............................................................................................................. 28
4.4.2 Flexibele gemengde fondsen ............................................................................................................. 28
4.5 Fondsen met kapitaalbescherming ........................................................................................................ 28
4.5.1 Nadelen: .......................................................................................................................................... 28
4.6 Vastgoedfondsen .................................................................................................................................. 28
4.6.1 Vastgoedcertificaat ........................................................................................................................... 28
4.6.2 Gereglementeerde vastgoedvennootschap – GVV ............................................................................... 28
4.6.3 Vastgoedbevek ................................................................................................................................. 28
5. Kenmerken.................................................................................................................................................... 29
5.1 Beheervennootschap ............................................................................................................................ 29
5.2 Prospectus ........................................................................................................................................... 29
5.3 Netto-inventariswaarde ......................................................................................................................... 29
5.3.1 Open fonds....................................................................................................................................... 29
5.3.2 Gesloten fonds ................................................................................................................................. 29
5.4 Kosten .................................................................................................................................................. 29
5.4.1 Instapkosten ..................................................................................................................................... 29
4
