Fund is an indirect way of securities investment. By issuing fund shares, fund management companies concentrate investors' funds, 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 * * * bear the investment risks and share the 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 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.

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.

There are three sources of income from the operation of open-end funds: 1. Capital gain: refers to the spread income obtained from buying and selling stocks or bonds. 2. Interest income: refers to the interest expenses generated from investment in national debt, financial debt, corporate debt or bank deposits. 3. Other income: refers to the income included in the cost or expense saved by using the fund assets.

How to distribute fund income?

Fund income should generally be distributed as follows:

(1) Determine the content of income distribution. Specifically, the object of fund allocation is net income, that is, the balance of fund income after deducting expenses that should be deducted according to relevant regulations. The expenses mentioned here generally include: management fees paid to fund management companies, custody fees paid to custodians, fees paid to certified public accountants and lawyers, and start-up expenses incurred when the fund is established. Generally speaking, the net income of the fund in the current year can only be distributed if it makes up for the losses of the previous year, while the net loss of the fund investment in the current year should not be distributed. In particular, the above revenue and expenditure data must be audited and confirmed by accounting firms and certified public accountants qualified to engage in securities-related business before distribution can be implemented.

(2) Determine the proportion and time of income distribution. Generally speaking, the distribution ratio and time of each fund are different. Under the premise of not violating the relevant national laws and regulations, it is usually stated in advance in the fund contract or the articles of association of the fund company. In terms of distribution ratio, relevant laws in the United States stipulate that funds must distribute 95% of their net income to investors. China's Interim Measures for the Management of Securities Investment Funds stipulates that the proportion of fund income distribution shall not be less than 90% of the fund's net income. In the allocation of time, the fund should allocate income at least once a year.

(3) Determine the object of income distribution. Whether it is a closed-end fund or an open-end fund, the object of income distribution is the investors who hold fund shares on a specific day. Fund management companies usually need to specify the last registration date for obtaining income distribution rights. All investors who are listed in the list of fund holders after the day's trading have the right to enjoy the income distribution.

(4) Determine the distribution mode. There are generally two ways: ① cash distribution. This is the most common form of fund income distribution. ② Allocate fund units. That is, the net income to be distributed is converted into new fund units with equal amount and given to investors. This distribution form is similar to "rights issue", which actually increases the total capital and scale of the fund. ③ No distribution. Instead of sending fund shares or distributing cash, the net income is included in the principal for reinvestment, which is reflected in the increase in the net asset value of fund shares. China's "Interim Measures for the Management of Securities Investment Funds" only allows the first form, while Taiwan Province Province of China adopts the combination of the first and third distribution methods, while the most commonly used methods in the United States are the first and second.

(5) Determine the income point ......

What is the significance of the fund?

A fund refers to a certain amount of funds set up for a certain purpose. It mainly includes trust and investment funds, provident funds, insurance funds, retirement funds and funds of various foundations. People usually refer to funds mainly as securities investment funds.

What does the fund mean?

1. Expert financial management is an indispensable part of people's contemporary life. In order to resist inflation and realize the preservation and appreciation of financial assets, investment and financial management should and must be carried out. However, as an ordinary retail investor, they lack sufficient financial knowledge and have little time and energy to take care of it. An investment fund is a tool for you to invest in the financial market, such as stocks and bonds, with little money.

Fund companies have a group of experts with high academic qualifications and rich investment experience. They have keen observation, analysis and judgment ability, can grasp a large amount of information in time, can make a more correct prediction of the price change trend of various varieties in the financial market, avoid investment decision-making mistakes to the maximum extent, and improve the investment success rate. For those small and medium-sized investors who have no time or are unfamiliar with the market and can't make special investment decisions, investment funds can actually gain expert advantages in market information, investment experience, financial knowledge and operation technology, so as to avoid losses caused by blind investment as much as possible. Cheng Siwei, the former deputy director of the National People's Congress Standing Committee (NPCSC) and a famous economist, once said, "As an institutional investor of expert financial management, the fund has relatively rational behavior and strong ability to prevent risks, which is conducive to the stable development of the market; On the other hand, funds can attract more people to enter the capital market. Retail investors buy funds and give the money to the fund manager to operate for him. The fund gives full play to the advantages of expert financial management, which can not only reduce the cost of retail investors, but also avoid greater risks. " Therefore, experts of fund companies can make less money when the stock market falls and make more money when the stock market rises.

2.* * * There are so-called "makers" who invest in the stock market, that is, those institutions or large households that hold huge amounts of money have the ability to directly or indirectly manipulate the market. Bankers make profits through various means, causing losses to some small and medium-sized investors. Individuals have limited funds for investment and financial management, and the amount is small. Compared with well-funded institutional investors and wealthy families, they are in a weak position and often vulnerable. The entry threshold for fund investment is low, and you can buy it as long as 1 0,000 yuan. However, if a large number of small and medium-sized investors are concentrated, fund companies will be in a strong position in investment activities.

3. Enjoy the benefits and take risks.

The more customers a fund company has, the greater the amount of money it can manage on behalf of customers, and the greater the income, the better the economic benefits. Therefore, under normal circumstances, fund companies are bound to make profits for their customers, thus improving their reputation and popularity, increasing customers and expanding total assets. In the case of fund profit, the company and customers have the best of both worlds and are happy. In the case of fund losses, it is necessary to bear risks.

A fund is a combination of stocks and bonds.

The investment scope of the Fund can be summarized as: stocks, bonds and other investment instruments permitted by laws and regulations, including money market interest-bearing instruments such as large deposits and central bank bills, but mainly a combination of stocks and bonds. "You can't put all your eggs in one basket" is the motto of securities investment. But to realize the diversification of investment assets, it needs certain financial strength. For small investors, due to limited funds, they can only invest in a few stocks. When the stock market falls or the financial situation of listed companies deteriorates, the principal will suffer great losses, and the fund can help small and medium investors solve this difficulty. The Fund is well-funded. Within the investment scope stipulated by law, it invests the funds in different types of securities with different maturities in different proportions, so as to minimize the risk, which is much smaller than a single investment in a stock.

Looking at the current investment channels in the market, there are stocks, bonds, funds, precious metals (gold and silver), commodity futures, stock index futures and foreign countries.

Remittance, collection and warrants, etc. In addition to funds, you need to have deep knowledge and rich operational experience, and the starting threshold is relatively high and general.

It is difficult for amateur small and medium investors to get involved. From the above contents and the introduction of other chapters in this manual, it can be clearly seen that the fund is a tool suitable for public investment.

What is the concept of fund? How to understand?

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 each person's assets regularly, and he will pay the service fee to the master on his behalf. Of course, he will take the lead in making arrangements for all kinds of things, including running errands from house to house, reminding the master of risks at any time, and regularly announcing investment profits and losses to everyone. It 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.

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.

Now look at the following fund concept, don't be too dizzy.

Securities investment fund is a * * * investment financing method for investing in securities with * * * returns 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 (namely 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 of investment analysis and rich practical experience, scientifically study financial products such as stocks and bonds, make portfolio investments, and avoid risks. Accordingly, fund management companies will ......

What does the fund mean?

One closed-end fund 10.

What does the fund unit mean?

Fund share refers to the certificate issued by the fund sponsors to unspecified investors, indicating that the holder enjoys the asset ownership, income distribution right and other related rights and assumes corresponding obligations to the fund. Fund units are also called fund shares.

What is the significance and analytical function of the fund?

Limited fund

Funds have broad and narrow definitions. Fund in a broad sense is the general name of institutional investors, including trust and investment funds, unit trust funds, provident funds, insurance funds, retirement funds and funds of various foundations. Funds in the existing securities market, including closed-end funds and open-end funds, have the characteristics of income function and value-added potential. From the accounting point of view, capital is a narrow concept, which refers to funds with specific purposes and uses. Because * * * and institutional investors do not require investment returns and investment recovery, but require funds to be used for designated purposes in accordance with legal provisions or investors' wishes, funds are formed.

The fund we are talking about now usually refers to the role of the securities investment fund fund market. Promote the horizontal financing of funds and the horizontal connection of economy, and improve the overall efficiency of resource allocation.

2. Establish and improve the self-restraint and self-development management mechanism of fund institutions.

3. Generally speaking, opening up investment channels for fund investors, expanding the scope of investment choices and adapting to the diversity of investors' investment motives, trading motives and interests can provide investors with the possibility of obtaining higher returns. Securities investment fund refers to the sales fund share, which gathers the funds of many investors to form independent assets, which are managed by fund custodians and fund managers. It is a kind of income and risk of securities investment by combination method.

Securities investment fund is an indirect way of securities investment. By issuing fund shares, fund management companies concentrate investors' funds, 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 * * * bear the investment risks and share the 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.

Securities investment fund is a * * * investment financing method for investing in securities with * * * returns 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 (namely 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.

investment fund

General funds mainly invest in large-cap blue-chip stocks, and when calculating the Shanghai Composite Index, large-cap blue-chip stocks also account for a great weight, so the decline and rise of funds are generally related to the decline and rise of the Shanghai Composite Index.

However, it is different for different funds. Some funds are closely related to the Shanghai Composite Index, while others are less related to the Shanghai Composite Index. Some funds can even rise when the market falls, depending on what stocks the fund holds.

Investment funds originated in Britain, but prevailed in the United States. After the First World War, the United States replaced Britain as the new hegemon of the world economy, and jumped from a capital importing country to a capital exporting country. With the rapid growth of American economy, the increasingly complex economic activities make it more and more difficult for some investors to judge the economic trend. In order to effectively promote foreign trade and foreign investment, the United States began to introduce the investment trust fund system. 1926 The Massachusetts Financial Services Company in Boston established the Massachusetts Investment Trust Company, which became the first modern mutual fund in the United States. In the following years, the fund experienced its first glorious period in the United States. By the end of the 1920s, the total assets of all closed-end funds had reached $2.8 billion, while the total assets of open-end funds were only $6,543.8+$400 million, but the growth rate of the latter was higher than that of closed-end funds. In the 1920s, the total asset value increased by more than 20% every year, and the growth rate of 1927 exceeded 100%.

However, in the United States, investors are immersed in the optimism of "eternal prosperity" ......

What does the fund mean? Why is it called a fund?

A person who cheats money under the banner of being risky but earning money is called a fund.

What does the fund share mean?

The share of a fund is actually like the number of shares in a stock.

Fund share refers to the certificate issued by the fund sponsors to the public, indicating that the holder has the right to distribute the proceeds of fund property according to his share, to obtain the remaining property after liquidation, and to assume corresponding obligations.

To calculate the purchase and redemption price of fund shares, we must first calculate the net value of fund shares. The net fund share is equal to the net fund asset value divided by the total fund share. The net asset value of a fund refers to the value of the total asset value of the fund minus the fund liabilities that can be deducted from the fund assets according to laws, administrative regulations, provisions of the the State Council securities regulatory authority and the Fund Contract. The total assets of the Fund include all kinds of securities owned by the Fund, principal and interest of bank deposits, subscription funds receivable and other investments. In order to objectively and accurately reflect the value of fund assets, it is necessary to evaluate the fund assets according to the relevant provisions of the state and the provisions of the fund contract. Open-end funds should usually value their assets every working day. The valuation objects are assets held by the fund, such as stocks, bonds, dividends, bond interest, principal and interest of bank deposits, etc.