Suppose you have a sum of money and want to invest in bonds, stocks and other securities to increase the value, but you have no energy, professional knowledge and little money, so you want to invest in partnership with several other people and hire an investment expert to operate the assets invested by everyone to increase the value. But in this case, if several investors consult with investment experts at any time, it will not be chaotic, so they will recommend a leader who knows best to take the lead in this matter. Give him a certain proportion of the assets of the partnership on a regular basis, and he will pay the service fee to the master. Of course, he will take the lead in making arrangements for big and small things, including running errands from house to house, reminding the master of risks at any time, and regularly announcing the investment profits and losses to everyone. He can't be busy in vain, 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-private partnership investment activity belongs to private equity fund if a complete contract is established between investors (in China, it has not been officially recognized by the relevant laws and regulations of the national financial industry supervision).

If this partnership investment activity is approved by the national securities industry management department, 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.

2. At present, there are three main channels for fund sales, namely, direct sales centers of fund companies, agency outlets of banks and agency outlets of securities companies. Advantages and disadvantages of subscribing for funds through various channels:

1, fund company direct sales center: the advantage is that you can go through the procedures of account opening, subscription and redemption through online transactions, and enjoy preferential transaction fees, regardless of time and place; The disadvantage is that when customers need to buy products from multiple fund companies, they need to go through relevant procedures in multiple fund companies, and investment management is more complicated. In addition, investors are required to have corresponding equipment and Internet access conditions, and have strong network knowledge and application ability.

2, bank outlets to sell: the advantage is that there are many bank outlets and it is convenient to deposit and withdraw money; The disadvantage is that the products of fund companies sold by various bank outlets are limited, and generally new funds are the mainstay; Investors need to go to and from outlets to go through the formalities.

3. Securities companies sell on a commission basis: The advantage is that securities companies generally sell the products of most fund companies on a commission basis, with a wide range of choices. The account managers of securities companies have professional investment ability and can provide good analysis and suggestions. All kinds of trading procedures of the fund can be realized through online trading and telephone entrustment with securities companies; The deposit and withdrawal of funds are carried out through bank-securities transfer, and securities, funds and other products can be combined and managed in one account; The disadvantage is that there are fewer outlets of securities companies than banks, so you need to go to the outlets of securities companies for the first time.

How to choose the right channel to buy funds?

For investors with strong professional ability (being able to analyze fund products and handle business online), it is a better choice to choose direct sales of fund companies.

For older middle-aged and elderly fund investors, it is more suitable to go to nearby bank outlets and securities company outlets, make use of the convenience of many bank outlets to complete fund investment, or rely on the advice of account managers of securities companies to select suitable funds through counters.

For working-class or young white-collar workers, it is more suitable to realize one-stop management through securities company outlets.

The process of opening an account or purchasing a fund in a fund company, a bank outlet or a securities company outlet is basically the same:

1. Fill in the application form for the open-end fund account at the counter of the outlet → Submit the completed form and valid certificate to the counter business personnel → The customer sets the transaction password and inquiry password by himself → The counter staff replies to the receipt of account opening acceptance → The customer can inquire the application confirmation result by phone, online or at the agent outlet on T+2.

2. Information required for opening an account at the counter: ① Original valid ID card (including resident ID card, police officer's card, military officer's card, soldier's card, passport, etc.). ); ② I use my current bank card or passbook for bank-securities transfer.

3, through telephone entrustment, online transactions or in person at the counter for fund recognition (application) purchase and redemption procedures.

3. Fixed fund investment refers to the time, amount and method of deduction agreed by the investor in the relevant sales organization, and the sales organization automatically completes the deduction and fund subscription from the bank account designated by the investor on the agreed deduction date. Because the amount of investment in this way is generally small, investors can make money run automatically for a long time through an agreement, so it is also called "lazy investment law".

For example, investors decide to invest 10000 yuan in a fund. According to the regular quota plan, investors can invest 1000 yuan per month, totaling 10 months. You can also invest in 200 yuan every month for 50 consecutive months.

Different from single investment, fixed-term investment funds have a low starting point and do not increase the economic burden; Automatic monthly deduction has the effect of compulsory savings and accumulates funds for investors; If you persist for a long time, you can still get compound interest income.

Regular fixed investment can effectively spread investment risks. When the net value of the fund rises, the fund shares bought are less; When the net value falls, you buy more stocks. In this way, "buy less when going up and buy more when going down" can effectively reduce the investment cost in the long run, and investors don't have to go to great lengths to choose the right investment opportunity.

How to invest and manage money has always been a difficult problem for the public. Citizens generally lack professional investment knowledge and experience, and also lack the time and energy for stock trading or foreign exchange trading, so the business of "fixed investment" came into being.

Similar to the "lump sum deposit and withdrawal" method used by depositors, the fixed investment of funds is as convenient as "lump sum deposit and withdrawal", but obviously the income is higher and more flexible. With the fixed investment of the fund, investors can plan their own and family members' financial goals such as education, pension and housing. Take ICBC's current fund investment as an example. If investors use 1 1,000 yuan in lump sum every month, the principal and interest will be 64,392 yuan after five years according to the current bank interest rate. In the same time, if they invest the same money in a fund, the annual income is 17 1 yuan. It can be seen that as long as it is accumulated for a certain period of time, the fund's fixed investment will bring the compound interest effect to the extreme, so that investors can get considerable benefits. In the current period of stock market adjustment, the fixed investment of the fund is a good choice. At present, the minimum investment quota of ICBC's fourth fund is still 200 yuan, and the threshold is very low.

Adhere to the fixed investment of the fund, and the proceeds can be used as the down payment for buying a house and a car in the future, and can also be used as a reserve for marriage. In the long run, investors can even use it to prepare for their children's education funds and their own pensions.

What are the advantages of fixed investment funds?

First, invest regularly, every little makes a mickle. According to your income level and financial planning, the amount of a fixed investment ranges from several thousand yuan to several hundred yuan. However, in the long run, purchasing funds through the fixed investment plan and increasing the investment value can "accumulate sand into a tower" and accumulate a lot of wealth unconsciously.

Second, automatic deduction, simple procedures. Go to a fund agency, such as a bank, and go through a one-time procedure. In the future, the subscription will be automatically deducted.

Third, the average cost and spread risk. Regular fixed investment because the monthly investment amount is fixed, when the net value of the fund rises, the fund share bought is less; When the fund's net value falls, it will buy more funds, naturally forming an investment strategy of "lightening positions on rallies and increasing positions on dips", obtaining average costs, avoiding the trouble of choosing investment opportunities and diversifying investment risks.

We should also pay attention to the following two points through regular fixed investment funds:

First, it needs long-term persistence. Especially in the case of market fluctuation or even decline, this is to provide you with a time to inhale more chips on dips.

Second, we should do what we can. The money used for regular investment every month must not affect your normal life. Don't set an unbearable investment quota, which will burden your daily life.

4. You can choose Guangfa Jufeng, Yiji 50, Huaan A-share, Nuoan Equity Fund and Rongtong 100. You can go to Morningstar, Jimmy, Ku Fund and Tian Tian Fund to see the performance, ranking and fund managers of each fund. It is suggested to choose high-risk funds for fixed investment. It's still an index fund. Statistics show that 80% of the funds underperform the Shanghai Composite Index, so don't expect to choose 20% excellent funds, even if they outperform the index, it's only temporary. In the United States, a fund manager who can outperform the index by 5 percentage points for five consecutive years among more than 2,000 funds is introduced as a legend. In addition, because the index fund tracks the index and passively invests, there is no scale control problem, so it will not stop investors' fixed investment because of the suspension of subscription, as some active stock funds do. Index funds perform better in the long run. An important starting point for choosing a fixed investment fund is to stabilize risks and reduce the average cost, without worrying about the ups and downs of the market at that time. Choosing more flexible stock funds is more suitable for fixed investment. As far as equity funds are concerned, index funds with passive investment are more suitable for fixed investment. Warren Buffett wrote in Berkshire's annual report in 2004: "Low-cost index funds may be the most profitable tool for investors in the past 35 years, but most investors have experienced a psychological journey from the peak to the bottom, just because they have not chosen index funds that are both labor-saving and money-saving, and their investment performance is either very ordinary or very bad." The founder of Pioneer Group, the second largest fund company in the United States, has done statistics. In the 35 years to 1997, more than three-quarters of active funds underperformed the S&P 500. In the long run, index funds can achieve better performance than 70% active equity funds, which is a good choice for long-term fixed investment. The quality of index funds is more trustworthy. Domestic fund managers change frequently. WIND statistics show that as of May this year, the average tenure of successive fund managers of stock-based open-end funds is only 14.59 months, which means that if you make a fixed investment in 15, you should be psychologically prepared to switch to 10 fund managers. However, because index funds are passive investments that follow the index, personal influence, that is, the fund manager, can be ignored. His style is persistent and faithful, and investors can hold it with peace of mind. The bull market needs to buy index funds. The long-term bull market pattern of China stock market has been determined. Bull market should buy index funds: because it is difficult for active investment funds to grasp market hotspots, and passive funds with indexes as investment targets have more advantages. According to the statistics of Galaxy Securities Fund Research Center, the overall performance of index funds was the best in 2006, with an average net growth rate of 125.87%. In 2007, index funds continued to be bullish. As of August 3rd, the net growth rate of index funds this year is 1 10.66%. In the same period, the net growth rate of active stock funds was 97.33%, the average net growth rate of partial stock funds was 92.93%, and the average net growth rate of balanced funds was 84.26%.

Choose the fund whose net value fluctuates greatly, because the fund with large fluctuation has more opportunities to accumulate more low-cost fund shares in the stage of net value decline, and can make a quick profit when the market rebounds. Among all kinds of funds, equity funds are more suitable for fixed investment business, such as Guangfa Jufeng, Guangfa Small Cap and Guangfa Jufu Fund. Because this method makes use of the time compound interest effect to make long-term investment profits, it does not need to choose the timing of entering the market, and it also disperses the short-term risks of long and short stock market and fund net value fluctuation.

With regard to the fixed investment of the fund, we can't see any effect in less than three years, and as far as the current China stock market is concerned, it is extremely uneconomical to redeem it after five years, because the China stock market may be in a downward channel after five years, so I suggest that everyone stick to the fixed investment 10 years or so, so the income is very amazing. Regarding the choice of fixed investment funds, I suggest choosing funds of large companies. For those fund companies that can exist for more than 10 years, it doesn't matter which fund it is, because the investment style of the fund is constantly changing with the continuous rotation of fund managers.

Regular fixed investment of funds refers to the time, amount and method of deduction agreed by investors in relevant sales organizations, and the sales organizations will automatically complete the deduction and fund subscription from the bank account designated by investors on the agreed deduction date. Because the amount of investment in this way is generally small, investors can make money run automatically for a long time through an agreement, so it is also called "lazy investment law". Similar to the bank's zero deposit and withdrawal method.

For example, investors decide to invest 10000 yuan in a fund. According to the regular quota plan, investors can invest 1000 yuan per month, totaling 10 months. You can also invest in 200 yuan every month for 50 consecutive months.

Different from single investment, fixed-term investment funds have a low starting point and do not increase the economic burden; Automatic monthly deduction has the effect of compulsory savings and accumulates funds for investors; If you persist for a long time, you can still get compound interest income.

Regular fixed investment can effectively spread investment risks. When the net value of the fund rises, the fund shares bought are less; When the net value falls, you buy more stocks. In this way, "buy less when going up and buy more when going down" can effectively reduce the investment cost in the long run, and investors don't have to go to great lengths to choose the right investment opportunity.

Generally speaking, the fund's fixed investment is more suitable for working-class people with low risk tolerance, young people who have just started working, and middle-aged people with specific financial goals (such as children's education funds and pension plans). Experts suggest that investors can plan their fixed investment according to the actual situation and goals. For example, if you buy a car or a house, you can choose to invest in ICBC for three to five years. If you prepare education funds and provide for your children, you can choose a longer fixed investment period.

5. Redemption refers to the act of fund investors selling fund shares to fund managers.

The subscription and redemption of funds include written application at the sales counter and other application methods such as telephone and website.

Investors who purchase or redeem funds in writing must fill in the application form for purchase and redemption at the fund sales outlets, pay the purchase price and provide relevant supporting documents. If an application is made by telephone, website or other trading methods, it must be made in a sales organization with corresponding conditions for telephone and website trading. Investors must input their own fund account card number, fund account card number and password according to telephone voice or network interface prompts.

For applications submitted before the specified time on the same day (T day), investors can generally go to the outlets to subscribe on T+2 and print the confirmation form. Investors who purchase through telephone, website and other trading methods can also make inquiries and print confirmation forms through corresponding methods.

For applications submitted before the specified time on the same day (T day), investors can generally go to the redemption outlets on T+2 and print the redemption confirmation form. Investors who apply for redemption through telephone, website and other trading methods can also make inquiries and print confirmation forms through corresponding methods. Sales organizations usually transfer the funds redeemed by investors to investors' fund accounts before T+7.

Apply for the amount at the time of subscription and apply for the share at the time of redemption. In the case of restricted subscription, the subscription fee is calculated by multiplying the rate corresponding to the single subscription application amount by the single confirmed subscription amount; The application for subscription and redemption on the same day can be cancelled before 15:00 on the same day.

The reason why the principle of amount subscription and share redemption is implemented is that when investors subscribe and redeem fund shares on the same day, the reference net asset value of fund shares is the data of the last open day of the fund, and the change of net asset value of fund shares on the open day can only be calculated after the closing of the exchange on that day, so investors can't know what price it is when they subscribe and redeem. In other words, investors can't know how many fund shares they can convert into at the time of subscription, and they can't know how many fund shares they hold at the time of redemption, so open-end funds should implement the principle of amount subscription and share redemption.