(I) Definition of fund
The fund we usually talk about refers to the securities investment fund, which is a kind of fund. The securities investment fund refers to a collective investment method in which many investors' funds are pooled by selling fund shares to form independent assets, which are managed by fund custodians and fund managers, and the benefits and risks of securities investment are shared by portfolio method.
(II) Classification of funds
1. Funds are generally divided into Public Offering of Fund and private equity funds. The most important difference is that their fundraising methods are different. Public offerings are publicly raised from unspecified objects, while private placements are not publicly raised from specific objects.
2. It is divided into open-end funds and closed-end funds
The difference is (1) the variability of fund scale is different. Closed-end funds have a clear duration (in China, the duration is not less than 5 years), during which the issued fund units cannot be redeemed. Although this kind of fund can be raised under special circumstances, it should meet strict legal conditions. Therefore, under normal circumstances, the size of the fund is fixed. However, the fund units issued by open-end funds are redeemable, and investors can also purchase fund units at will during the duration of the fund, which leads to the constant change of the total funds of the fund every day. In other words, it is always in an "open" state. This is the fundamental difference between closed-end funds and open-end funds. (2) Fund units are bought and sold in different ways. When a closed-end fund is initiated, investors can subscribe to the fund management company or sales organization; When closed-end funds are listed and traded, investors can entrust brokers to buy and sell at market prices on the stock exchange. When investors invest in open-end funds, they can purchase or redeem from fund management companies or sales organizations at any time. (3) The buying and selling prices of fund units are formed in different ways. Because closed-end funds are listed on the exchange, their buying and selling prices are greatly influenced by the relationship between market supply and demand. When the market supply is less than the demand, the buying and selling price of the fund unit may be higher than the net asset value of each fund unit, and then the fund assets owned by investors will increase; When the market supply exceeds demand, the fund price may be lower than the net asset value of each fund unit. The trading price of open-end funds is calculated on the basis of the net asset value of the fund unit, which can directly reflect the level of the net asset value of the fund unit. In terms of fund trading expenses, investors have to pay a certain percentage of securities transaction tax and handling fee in addition to the price when buying and selling closed-end funds, just like buying and selling listed stocks; The related expenses (such as initial subscription fee and redemption fee) that investors of open-end funds need to pay are included in the fund price. Generally speaking, the cost of buying and selling closed-end funds is higher than that of open-end funds. (4) The investment strategies of funds are different. Because closed-end funds cannot be redeemed at any time, all the funds raised can be used for investment, so that fund management companies can formulate long-term investment strategies and achieve long-term business performance. Open-end funds, on the other hand, must keep some cash so that investors can redeem it at any time, but not all of it for long-term investment, and generally invest in assets with strong liquidity.
III. Definition of Securities
Securities are a general term for various economic rights and interests certificates, which are used to prove that the holder of the securities has the right to obtain written certificates of due rights and interests according to the contents on the face of the securities. According to their different nature, securities can be divided into evidence securities, voucher securities and marketable securities. Iv. classification of securities
what people usually call securities is marketable securities. Securities can be classified according to different standards.
according to the issuer, it can be divided into government securities, financial securities and corporate securities.
according to whether it is listed or not, it can be divided into listed securities and unlisted securities; Stocks, bonds and funds are all securities.