The funds we are talking about now usually refer to securities investment funds.
securities investment funds
Securities investment fund is an indirect way of securities investment. Fund management companies concentrate investors' funds by issuing fund units, which are managed by fund custodians (that is, qualified banks) and managed and used by fund managers to invest in financial instruments such as stocks and bonds, and then share investment risks and benefits. According to different standards, securities investment funds can be divided into different types:
According to whether fund units can be increased or redeemed, they can be divided into open-end funds and closed-end funds. Open-end funds are not listed and traded, but are generally purchased and redeemed by banks, and the fund scale is not fixed; Closed-end funds have a fixed duration, and the fund size is fixed during the duration. Generally listed on the stock exchange, investors buy and sell fund shares through the secondary market.
Securities investment funds are called "mutual funds" in the United States, "unit trust funds" in Britain and China SAR, and "securities investment trust funds" in Japan and Taiwan Province Province.
open-ended fund
It is a fund with variable issuance, and the total number of fund shares (units) can be increased or decreased at any time. Investors can purchase or redeem it at the business place designated by the fund manager according to the quotation of the fund. Compared with closed-end funds, open-end funds have the characteristics of unlimited issuance, transaction price based on net asset value, over-the-counter transaction and relatively low risk, which is especially suitable for small and medium-sized investors to invest.
The development history of world funds is the history from closed-end funds to open-end funds. Take the United States, the most mature fund market, as an example. 1 in September 1990, there were 3,000 open-end funds in the United States, with total assets of1trillion dollars. There are only 250 closed-end funds with total assets of $60 billion. By 1996, the assets of American open-end funds were $3,539.2 billion, while the assets of closed-end funds were only128.5 billion, accounting for 27.54 ∶ 1. In 1940, the ratio of the two is only 0.73: 1. In Japan, before 1990, closed-end funds accounted for the vast majority, and open-end funds were in a subordinate position; However, after the 1990s, the situation has changed fundamentally, and the asset size of open-end funds has reached about twice that of closed-end funds.
In Hongkong, Thailand, Taiwan Province, Singapore, the Philippines and other countries and regions where Asian investment funds were developed earlier, closed-end funds were mainly developed at the initial stage, and gradually the two types of funds coexisted. From a global perspective, the net assets balance of open-end investment funds in the world in 1990 was US$ 2,355.4 billion, and by 1995 it had jumped to US$ 5,340.7 billion.
Open-end funds have gradually become the mainstream of investment funds in the world.
Most investment funds in the world are closed at the beginning. This is because in the early stage of the development of investment funds, the handling fee for buying and selling closed-end funds is far lower than that for redeeming open-end fund shares. From the perspective of fund management, because there is no pressure to redeem beneficiary certificates, investors' funds can be fully utilized to implement their investment strategies, so as to maximize returns.
close-ended fund
Belonging to the trust fund, it refers to the investment fund whose scale has been determined before issuance, fixed within a specified period after issuance and traded in the securities market.
Because closed-end funds are traded by bidding in securities trading, the transaction price is affected by the relationship between market supply and demand, which does not necessarily reflect the fund's net asset value, that is, the transaction price of closed-end funds has a premium and discount phenomenon relative to its net asset value. The practice of foreign closed-end funds shows that the transaction price often has the price fluctuation law of first premium and then discount. Judging from the operation of closed-end funds in China, no matter how the fundamental situation changes, the transaction price trend of closed-end funds in China has never deviated from the price fluctuation law of first premium and then discount.
According to different organizational forms, it can be divided into corporate funds and contractual funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; The establishment of fund managers, fund custodians and investors through fund contracts is usually called contractual funds. At present, China's securities investment funds are all contractual funds.
Company fund
Also known as mutual fund, it means that the fund itself is a joint stock limited company, and the company raises funds by issuing stocks or beneficiary certificates. When an investor buys a company's shares, he becomes a shareholder of the company, receives dividends or bonuses with the shares, and shares the income from the investment.
trait
1. Mutual funds exist in the form of joint-stock companies, which are different from ordinary joint-stock companies and focus on securities investment trusts.
2. The fund of a mutual fund is the capital of a company as a legal person, that is, shares.
3. The structure of mutual funds is the same as that of ordinary joint-stock companies, with a board of directors and a general meeting of shareholders. Fund assets are owned by the company, and investors are the shareholders of the company and the ultimate holders of its assets. Shareholders exercise their rights at the shareholders' meeting according to the size of their shares.
4. According to the articles of association, the board of directors is responsible for the safe proliferation of fund assets. For the convenience of management, mutual funds often have fund managers and custodians. The fund manager is responsible for the investment management of fund assets, and the custodian is responsible for supervising the investment activities of the fund manager. The custodian may (not necessarily) open an account in the bank and register the fund assets in his own name. In order to clarify the rights and obligations of both parties, there is a contractual relationship between the mutual fund company and the custodian, and the responsibilities of the custodian are listed in the Custody Agreement he signed with the mutual fund company. If there is a problem with the mutual fund, investors have the right to directly request the mutual fund company.
Unit trust fund
Also known as unit trust fund, it refers to a fund management company jointly funded by specialized investment institutions (banks and enterprises). As the principal, the fund management company issues the beneficiary certificate-"fund share holding certificate" by signing the "trust deed" with the trustee, so as to raise social idle funds.
trait
Unit Trust is a management company established by a document named trust deed. In terms of organizational structure, it has no board of directors. The fund manager company establishes the fund as the entrusting company, and employs the manager to manage the operation and operation of the fund by himself or again. Usually, securities companies or underwriting companies are responsible for the issuance, trading, transfer, trading, profit distribution, repayment and payment of benefits and principal and interest.
The trustee accepts the entrustment of the fund manager company to register and open an account for the fund in the name of the trustee or trust company. The fund account is completely independent of the account of the fund custody company. Even if the fund custody company goes bankrupt due to poor management, its creditors cannot use the assets of the fund. Its duties are to manage, keep and dispose of the trust property, supervise the investment work of the fund manager, and ensure that the fund manager abides by the investment regulations listed in the prospectus, so as to make its investment portfolio meet the requirements of trust deed. When the unit trust fund has problems, the trustee has the responsibility to claim compensation from investors.
According to the difference of investment risk and income, it can be divided into growth fund, income fund and balanced fund.
According to different investment objects, it can be divided into stock funds, bond funds, money market funds and futures funds.
Stock fund
It is an investment fund with stocks as the investment object, and it is the main type of investment fund. The main function of stock funds is to concentrate the small investments of mass investors into large funds. Investing in different stock portfolios is the main institutional investor in the stock market.
classify
Stock funds can be divided into preferred stock funds and common stock funds according to their investment objects, and preferred stock funds can obtain stable income. The risk is smaller. Income distribution is mainly dividends; Common stock fund is the largest fund at present, which aims at pursuing capital gains and long-term capital appreciation, and the risk is greater than that of preferred stock fund. According to the degree of diversification of fund investment, equity funds can be divided into general common stock funds and specialized funds. The former refers to the diversification of fund assets into various common stocks, while the latter refers to the investment of fund assets in some special industry stocks, which is risky but may have better potential returns. According to the purpose of fund investment, equity funds can also be divided into capital appreciation funds, growth funds funds and income-earning funds. The main purpose of capital appreciation fund investment is to pursue rapid capital growth, thus bringing capital appreciation. This kind of fund is risky and has high returns. It is risky for growth funds to invest in common stock with growth potential and income. Stock income funds invest in stocks issued by companies with stable development prospects, and pursue stable dividends and capital gains. This kind of fund has low risk and low income.
trait
1. Compared with other funds, equity funds have diversified investment targets and purposes.
2. Compared with investors' direct investment in the stock market, the risks of equity funds are scattered. Low cost and the like. For ordinary investors, individual capital is limited after all, and it is difficult to reduce investment risks by diversifying investment types. However, if you invest in stock funds, investors can not only share the benefits of all kinds of stocks, but also spread the risks among all kinds of stocks by investing in stock funds, which greatly reduces the investment risks. In addition, investors who invest in stock funds can also enjoy the relative advantages of large-scale investment in funds, reduce investment costs, improve investment returns, and obtain benefits of scale.
3. From the perspective of asset liquidity, equity funds have the characteristics of strong liquidity and high liquidity. Equity funds invest in stocks with excellent liquidity, with high asset quality and easy realization.
4. For investors, equity funds operate stably and earn considerable profits. Generally speaking, the risk of stock funds is lower than that of stock investment. So the income is relatively stable. Not only that, after the closed-end stock fund goes public, investors can also get the bid-ask difference by trading on the exchange. After the fund expires, investors have the right to distribute the remaining assets.
5. Equity funds also have the function and characteristics of financing in the international market. As far as the stock market is concerned, the degree of internationalization of its capital is lower than that of foreign exchange market and bond market. Generally speaking, the stocks of all countries are basically traded in their own markets, and stock investors can only invest in stocks listed in their own countries or stocks listed in a few foreign companies. In foreign countries, stock funds have broken through this restriction, and investors can invest in the stock markets of other countries or regions by purchasing stock funds, which has played a positive role in promoting the internationalization of the securities market. Judging from the current situation of overseas stock markets, a large part of the investment objects of equity funds are foreign company stocks.
Fund index
Fund index refers to the index reflecting the overall change of closed-end fund prices listed on Shanghai Stock Exchange and Shenzhen Stock Exchange.
According to different investment objects, securities investment funds can be divided into: stock funds, bond funds, money market funds, hybrid funds and so on. If more than 60% of the fund's assets are invested in stocks, it is a stock fund; If more than 80% of the fund assets are invested in bonds, it is a bond fund; Money market funds that only invest in money market instruments; If it invests in stocks, bonds and money market instruments, and the ratio of stock investment to bond investment does not meet the requirements of bonds and stock funds, it is a mixed fund. From the perspective of investment risks, the risks brought by several funds to investors are different. Among them, equity funds have the highest risk, money market funds have the lowest risk and bond funds have the middle risk. Due to different investment styles and strategies, the risks of the same type of investment funds will be different. For example, stock funds can be divided into: balanced, stable, exponential, growth and growth according to the degree of risk. Of course, the greater the risk, the higher the rate of return; The risk is small, and the income is correspondingly lower.
Introduction to open-end fund transactions:
◆ Preparation process
Before purchasing a fund, investors need to carefully read the prospectus, fund contract, account opening procedures, trading rules and other fund-related documents, and all fund sales outlets should have the above documents for investors to consult at any time.
Individual investors are required to carry the debit card of the agent bank and valid identification documents (ID card, military officer's card or armed police card), and institutional investors are required to carry the original business license, organization code certificate or registration certificate, as well as the official seal copy of the above documents, power of attorney, agent's ID card and copy.
With the preparation materials, the customer goes to the bank counter to fill in the application form for fund business, and then receives the business receipt. Individual investors also receive fund trading cards, and they can go to the counter to receive business confirmation two days after handling fund business. Units or individuals can engage in fund subscription and redemption after receiving business confirmation.
◆ How to buy?
After completing the preparation for opening an account, citizens can choose their own time to buy funds. Individual investors can bring the debit card and fund trading card of the correspondent bank to the counter of the agency outlet to fill in the Application Form for Fund Trading (institutional investors need to affix the reserved seal), and must submit the application before the day of subscription 15: 00, and the counter will accept and receive the receipt of fund business. Two days after handling the fund business, investors can print the business confirmation at the counter.
◆ How to redeem?
When investors intend to redeem their funds, they can bring the debit card and fund trading card of the opening bank, and also fill in and submit the transaction application form before 3: 00 pm. After being accepted at the counter, investors can inquire and redeem the fund after five days.
◆ How to quit?
If trading investors need to cancel trading, they can bring their fund trading card and bank debit card to the counter before the trading day 15, fill in the trading application form and indicate the cancellation of trading. If it is after 15, some banks can make an appointment for trading according to the quotation of the day and trade the next working day.
Online trading fund
At present, almost all banks and fund management companies support trading funds on the Internet.
Recently, many netizens often ask what the fund is about, as if the fund is a very complicated thing, and they all say that they can't understand the fund knowledge articles recommended for reading. So I often think about how to make these friends understand what a fund is and show it to you in the shortest time, so I have an idea to explain what a fund is in popular language as much as possible, hoping to help these friends understand the fund as soon as possible.
Suppose you have a sum of money to invest in bonds, stocks and other securities to increase the value, but you have no energy or professional knowledge, and the money is not too much, so you want to invest in partnership with other 10 people and hire an investment expert (theoretically higher than me) to operate the assets invested by everyone to increase the value. But there, if investors above 10 negotiate with investment experts at any time, it won't be chaotic, so they recommend someone who knows the most about it to take the lead. Give him a certain percentage of everyone's assets on a regular basis, and he will pay the master service fee on his behalf. Of course, he will take the lead in making arrangements for big and small things, including running errands from door to door, reminding the master of risks at any time, and regularly announcing the investment profits and losses to everyone. , so I didn't come for nothing, and the money in the commission also has his service fee. These things are called partnership investment.
Enlarge this partnership investment model by 100 times and 1000 times, which is the fund.
This kind of private partnership investment activity belongs to private equity fund if a complete contract is established between investors (which has not been recognized by the relevant laws and regulations of the national financial industry supervision in China).
If this partnership investment activity is approved by the national securities regulatory authority (China Securities Regulatory Commission), and the lead operator of this activity is allowed to make a public offering to attract investors to join the partnership investment, this is the issuance of publicly offered funds, which is a common fund now.
What is the role of fund management companies? The fund management company is the lead operator of this kind of partnership investment, but it is a corporate legal person, and its qualification must be approved by the China Securities Regulatory Commission. Fund companies, like other fund investors, are also partners. On the other hand, due to its leading operation, it is necessary to extract service fees (called fund management fees) from the assets jointly produced by everyone every year, manage investment experts (fund managers) who are responsible for transactions on behalf of investors, and help experts collect information and engage in research, and regularly announce the assets and income of the fund. Of course, these activities of fund companies are approved by the CSRC.
In order to ensure the safety of the assets produced by all of us, the lead operator of the fund company will not steal or misappropriate them. China Securities Regulatory Commission stipulates that the assets of a fund cannot be placed in the hands of fund companies, and fund companies and fund managers only care about trading operations and cannot touch money. Find someone who is good at this matter and has high bookkeeping credit. Of course, this role belongs to the bank. So these contributions (that is, fund assets) are placed in the bank, and a special account is built, which is kept by the bank and called fund custody. Of course, the service fee of the bank (called fund custody fee) must be paid from the assets of the partnership every year. Therefore, relatively speaking, fund assets only have the risk of loss caused by poor operation of experts, and there is basically no risk of theft. From a legal point of view, even if the fund management company goes bankrupt or even the custodian bank has an accident, the person who collects debts from it has no right to touch the assets in everyone's fund account, so the security of fund assets is very guaranteed.
If this kind of Public Offering of Fund is announced to be established after raising investors within the prescribed time limit (the state stipulates that it must have at least 1 000 investors and the scale can reach 200 million yuan before it can be established), it will stop attracting other investors and stipulate that no one can withdraw from the fund halfway. However, until some month in the future, all of us will have to settle accounts and share the burden. If you want to cash in halfway, you have to find someone else to sell it yourself. This is a closed-end fund.
This kind of Public Offering of Fund, if declared, still welcomes other investors to invest at any time, and at the same time allows everyone to withdraw their own funds and due income at any time. This is an open-end fund.
Whether it is a closed-end fund or an open-end fund, if it is convenient for everyone to buy and sell, we will find an exchange (securities market) to list the fund and trade it freely among investors at the market price. This is a listed fund.
securities investment funds
Securities investment fund is a kind of collective investment and financial management method with shared interests and risks, that is, by issuing fund shares, investors' funds are concentrated, managed by fund custodians (usually reputable banks), managed and used by fund managers (fund management companies), and invested in financial instruments such as stocks and bonds. While enjoying the income from securities investment, fund investors should also bear the risks brought by investment losses. The funds in China are all contract funds for the time being, which is a trust investment method.
The characteristics of securities investment funds:
1. Expert financial management is an important feature of fund investment. Investment experts equipped by fund management companies generally have a profound theoretical foundation and rich practical experience in investment analysis, scientifically study financial products such as stocks and bonds, make portfolio investments and avoid risks. Accordingly, the fund management company will withdraw management fees from the fund assets every year to pay the company's operating costs. On the other hand, the fund custodian will also withdraw the custody fee from the fund assets. In addition, open-end fund holders need to pay the subscription fee, redemption fee and conversion fee directly. Holders of listed closed-end funds and listed open-end funds need to pay trading commissions when buying and selling fund shares.
2. Securities investment and risk diversification. By pooling the funds of many small and medium-sized investors, the securities investment fund has formed a strong strength, which can diversify the investment in multiple stocks at the same time, thus dispersing the risk of concentrated investment in individual stocks.
3. Convenient investment and strong liquidity. The minimum investment requirements of securities investment funds are generally low, which can meet the needs of small and medium-sized investors for securities investment. Investors can decide the investment quota of the fund according to their own financial resources. Most securities investment funds have strong liquidity, which makes it very convenient for investors to recover their investment. China also gives tax exemption to people's fund investment income.
Attachment: Some issues related to securities funds.
What are the subscription fees and subscription fees of the fund?
It's the fee you have to pay for investing in a partnership, because it costs a lot of money for fund companies to publicize activities to attract investors, and these expenses naturally cannot be paid by others. In addition, by increasing the cost of your participation, you will reduce your desire to leave soon after joining the partnership.
How much is the redemption fee of the fund?
In other words, you have to pay the price for recovering your investment and income for similar reasons. Another is that some people withdraw their capital, and the fund may have to sell some bond stocks in order to pay back your cash. This is an act that is not good for the assets of the fund, and it also has a bad influence on the interests of other partners who do not withdraw their shares, so let you leave some expenses as compensation.
How much is the conversion fee of the fund?
That is, the same fund company operates multiple funds. If you hold one of the funds and want to exchange it for another fund operated by the fund company according to the same amount of assets, you have to pay the conversion fee to the fund company. The reason is the same as the above two, mainly to increase the cost of your replacement and prevent you from changing frequently.
What is the fund transaction commission?
It is the service fee charged by the business department of the securities company that provides trading services for you when the listed fund is transferred in the exchange market.
Why are there so many types of securities investment funds?
This is because different funds have different main investment directions and investment targets.
Equity funds are funds that invest most of their funds in the stock market;
Bond funds are funds that invest most of their funds in the bond market;
Hybrid funds are funds that invest part of their funds in stocks and the other part in bonds according to the situation (of course, this investment ratio can be changed and adjusted), and even part of their funds can be invested in other varieties according to prior regulations;
Money market funds are all kinds of short-term securities whose assets are only invested in the money market (low risk and low return).
The order of investment risks of these funds from high to low is roughly: stock funds, hybrid funds, bond funds and money market funds.
Because of the different risks, investors should choose the fund suitable for the risk level according to their own risk tolerance, and they can also spread risks and balance the income level by investing in some low-risk, medium-risk and high-risk funds. This behavior is called portfolio.
What are the names of different funds such as growth, value, industry, blue chip, small cap, cycle and consumer goods? ? They put the main investment strategy on the name, so that investors can see at a glance. Of course, it does not rule out that some funds just wanted to find a good name for the CSRC at that time, so that it was easy to approve the establishment.
Real estate fund
There are also real estate funds that invest in real estate, futures option funds that invest in futures options, gold funds that invest in the gold market, and industrial funds that invest in industry. For us fund investment novices, there are few investment opportunities in these funds. Let's start with the most common securities funds.
Fund is an indirect way of securities investment. Fund management companies concentrate investors' funds by issuing fund units, which are managed by fund custodians (that is, qualified banks) and managed and used by fund managers to invest in financial instruments such as stocks and bonds, and then share investment risks and benefits. According to different standards, securities investment funds can be divided into different types:
According to whether fund units can be increased or redeemed, they can be divided into open-end funds and closed-end funds. Open-end funds are not listed and traded, but are generally purchased and redeemed by banks, and the fund scale is not fixed; Closed-end funds have a fixed duration, and the fund size is fixed during the duration. Generally listed on the stock exchange, investors buy and sell fund shares through the secondary market.
According to different organizational forms, it can be divided into corporate funds and contractual funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; The establishment of fund managers, fund custodians and investors through fund contracts is usually called contractual funds. At present, China's securities investment funds are all contractual funds.
According to the different investment risks and returns, it can be divided into growth funds, income funds and balanced funds.
According to different investors, it can be divided into stock funds, bond funds, money market funds and futures funds.
Ways and classification of fund purchase
Buying a fund is very simple. You can trade it in the securities hall, that is, the secondary market, just like ordinary stock investment. It can also be purchased through a bank that cooperates with the fund. Many banks have fund sales, Industrial and Commercial Bank of China and China Construction Bank. If you want to buy it, you can ask about the relevant expenses and interest ratio in detail; Then study the internal situation and past performance of fund management companies.
Growth funds, is to pursue long-term basic income as the main goal. Investment targets are mainly concentrated in stocks with good performance and profit prospects and active market performance. This kind of fund pursues interests, fluctuates with market changes, and the turnover rate of portfolio is relatively high. The "benefit distribution" of this fund is not high every year, and it pays attention to the pursuit of the maximum appreciation of long-term capital. We can use the growth fund to accumulate future pensions, children's education funds, and buy real estate funds for us, which are suitable for younger or more tolerant people.
Income-oriented funds emphasize the pursuit of fixed and stable income. This kind of fund mainly chooses securities whose investment objectives can bring fixed income, such as bonds, bills and blue chips. This kind of fund has a lower risk of missing the principal, and its return on investment is slightly better than that of regular savings by banks. This kind of fund is very suitable for some retirees or people who want to get a fixed income after investing.
Balanced funds, between growth funds and income-oriented funds, spread their funds to stocks and bonds, hoping to find a balance between capital growth and fixed income. It can meet the requirements of people who are unwilling to take risks and are relatively conservative, but still want to effectively accumulate a long-term fund.
According to the investment objects of funds, there are: stock funds, bond funds, money funds, gold funds, futures funds, option funds, stock index funds, exchange funds and so on.
According to the investment region, there are single national funds, regional funds and global funds (also known as international funds).
Calculation formula of fund fixed investment income:
M = a (1+x) [-1+(1+x) n]/x, where m is the expected return, a is the amount of fixed investment in each period, x is the rate of return in the first period, and n is the number of fixed investment periods (in the formula, it is n power).
For example, if you decide to invest in 500 yuan every month, the annual income will be 12%, and the income in 20 years, 25 years and 26 years will be: M20 ≈ 480,000, M25 ≈ 890,000 and M26≈ 1.0 1.000 respectively.
References:
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