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 the investors of government agencies and institutions do not require investment returns and investment recovery, but require funds to be used for designated purposes in accordance with the law or the wishes of the investors, funds are formed.
Directory [hidden]
Popular explanation
Fund types: open-end funds and closed-end funds.
Hedge fund
QDII fund
Indexed securities investment fund
Exchange traded fund
guarantee fund
Company fund
Unit trust fund
Balanced fund
Insurance fund
trust fund
investment fund
securities investment funds
Stock fund
bond funds
money market fund
Other species
Net value of related proper terms fund
Automatic investment plan
Characteristics of the fund
The role of fund market
Guide to fund trading
Brief introduction of fund content
Brief introduction of the author
catalogue
Popular explanation
Fund types: open-end funds and closed-end funds.
Hedge fund
QDII fund
Indexed securities investment fund
Exchange traded fund
guarantee fund
Company fund
Unit trust fund
Balanced fund
Insurance fund
trust fund
investment fund
securities investment funds
Stock fund
bond funds
money market fund
Other species
Net value of related proper terms fund
Automatic investment plan
Characteristics of the fund
The role of fund market
Guide to fund trading
Brief introduction of fund content
Brief introduction of the author
catalogue
[Edit this paragraph] Popular explanation
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, but you don't have much money, so you want to invest in partnership with other 10 people and hire an investment expert 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. 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. 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 definitely 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. The number of times each fund needs to pay dividends each year is stipulated when raising funds, and there is no fixed dividend or split provision. Dividend is that the fund company must sell some shares to the fund holders for dividends, which may sell the stocks that have just risen in their hands and affect the operation of the fund. Split is to change the original high net value into the net value of 1 yuan, so that for fund companies, it is not necessary to sell shares to get cash, and for holders, it is equivalent to dividing the original 1 share into many shares. Some people will like a fund that pays dividends regularly, because it is safe to fall into the bag, but it is more difficult for fund companies to operate and their profitability is affected. The longest closure period of the new fund is 3 months, but it can be advanced.
[Edit this paragraph] Fund type
According to different standards, securities investment funds can be divided into different types: (1) According to whether the fund share can be increased or redeemed, it 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. (2) 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. (3) According to the different investment risks and returns, it can be divided into growth funds, income funds and balanced funds. (4) According to different investment objects, it can be divided into stock funds, bond funds, money market funds and futures funds.
Open-end funds and closed-end funds
(1) Open-end fund Open-end fund (LOF) is called "Listened Open-end Fund" in English, "Listed Open-end Fund" in Chinese and * * * mutual fund abroad. In other words, after the issuance of listed open-end funds, investors can purchase and redeem fund shares at designated outlets, or buy and sell funds on exchanges. However, if investors want to sell the fund shares purchased at designated outlets, they must go through certain transfer custody procedures; Similarly, if you want to redeem the fund shares you bought online on the exchange and redeem them at designated outlets, you must also go through certain transfer custody procedures. 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 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 $3,539.2 billion, while the assets of closed-end funds were only128.5 billion, accounting for 27.54 ∶ 1. In 1940, the ratio of the two is only 0.73: 1. In Japan, before 1990, closed-end funds accounted for the vast majority, and open-end funds were in a subordinate position; However, after the 1990s, the situation has changed fundamentally, and the asset size of open-end funds has reached about twice that of closed-end funds. In countries and regions such as Hongkong, Thailand, Taiwan Province, Singapore, and the Philippines, where Asian investment funds were developed earlier, closed-end funds were also the mainstay at the beginning of development, and gradually transitioned to the stage where the two types of funds coexist. From a global perspective, the net assets balance of open-end investment funds in the world in 1990 was US$ 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. (2) Closed-end funds belong to trust funds, which refer to investment funds 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. (3) the relationship between open-end funds and closed-end funds * * * isomorphic open-end funds and closed-end funds have become two basic modes of fund operation. Open-end fund refers to an investment fund whose scale is not fixed, but which can issue new shares or be redeemed by investors at any time according to market supply and demand. Closed-end fund is relative to open-end fund, which refers to the investment fund whose fund size has been determined before issuance and remains unchanged within the specified period after issuance. Open-end funds are not listed on the exchange, and are generally purchased and redeemed through consignment agencies such as banks or direct selling centers. The scale of the fund is not fixed, and the fund unit can sell it to investors at any time or buy it back at the request of investors. Without duration, it can theoretically exist forever; The price is determined by the net asset value. Closed-end funds have a fixed duration, and the fund scale is fixed during the duration. Generally, they are listed and traded on the stock exchange, and investors buy and sell fund shares through the secondary market. You are not allowed to accept new shares and offer shares for a period of time before the new round of opening up. When opening up, you can decide how much you offer or how much you reinvest, and newcomers can also buy shares at this time; Generally, the opening time is 1 week and the closing time is 1 year; The price is determined by the relationship between supply and demand, and the net value of the fund will affect the fund price, but the two are not unified. Usually, closed-end funds trade at a discount. Open-end fund is one of the basic forms of fund operation in the world. Fund management companies can sell new fund shares to investors at any time, and also need to buy back their fund shares at any time at the request of investors. At present, the open-end fund has become the mainstream of the international fund market. More than 90% of the fund markets in the United States, Britain, Hongkong and Taiwan Province Province are open-end funds. (4) The difference between open-end funds and closed-end funds (1) The variability of fund scale is different. Closed-end funds have a definite duration (in China: not less than 5 years), during which the issued fund shares cannot be redeemed. Although this kind of fund can be raised under special circumstances, it must meet strict legal conditions. So in general, the size of the fund is fixed. However, the fund shares issued by open-end funds can be redeemed, and investors can also buy fund shares at will during the duration of the fund, which leads to the constant change of the total amount of funds 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) There are different ways to buy and sell fund shares. 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 them from fund management companies or sales organizations at any time. (3) The buying and selling prices of fund shares 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 transaction price of open-end funds is calculated based on 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 transaction costs, 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, redemption fee, etc.) that investors of open-end funds need to pay are included in the fund price. Generally speaking, the transaction cost of closed-end funds is higher than that of open-end funds. (4) The investment strategies of funds are different. Since 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 for investors to redeem at any time, but not all of them are used for long-term investment, and generally invest in assets with strong liquidity.
Hedge fund
Hedge Fund, which means "hedge fund" in English, originated in the United States in the early 1950s. At that time, its operation purpose was to use financial derivatives such as futures and options, as well as the skills of buying and selling related stocks and hedging risks to avoid and resolve investment risks to a certain extent. 1949 The first Jones hedge fund with limited cooperation in the world was born. Although hedge funds appeared in the 1950s, they did not attract much attention in the next 30 years. Until 1980s, with the development of financial liberalization, hedge funds had broader investment opportunities and entered the stage of rapid development. In 1990s, the threat of global inflation gradually decreased, financial instruments became more mature and diversified, and hedge funds entered a stage of vigorous development. According to the British Economist, from 1990 to 2000, more than 3,000 new hedge funds appeared in the United States and Britain. After 2002, the yield of hedge funds has declined, but the scale of hedge funds is still not small. According to the Financial Times on June 22nd, 2005, the total assets of global hedge funds have reached $65,438 +0. 1 trillion.
QDII fund
QDII is the abbreviation of qualified domestic institutional investor. It is a securities investment fund established in a country and approved by the relevant departments of that country to engage in securities business such as stocks and bonds in overseas securities markets. Like QFII (Qualified Foreign Institutional Investor), it is also a transitional institutional arrangement that allows domestic investors to invest in overseas securities markets to a limited extent when the currency is not fully convertible and the capital account is not yet open.
Indexed securities investment fund
Index fund is a kind of fund that constructs a portfolio for securities investment according to the principle of compiling securities price index. Theoretically speaking, the operation method of index fund is very simple, as long as you buy the corresponding proportion of securities according to the proportion of each securities in the index and hold it for a long time. For purely passively managed index funds, the capital turnover rate and transaction cost are relatively low, and the management fee is often minimal. Such funds will not invest too much money in certain securities or industries. Generally, full investment will be maintained, and there is no market speculation. Of course, not all index funds strictly meet these characteristics, and different index funds adopt different investment strategies. At present, there are three index funds, Xinghe, Pufeng and Tianyuan, which are "optimized index funds" with the characteristics of index funds.
Exchange traded fund
ETF is the abbreviation of exchange traded fund, which is translated into "transactional open index fund" in Chinese, also known as exchange traded fund. ETF is an open-end securities investment fund product listed and traded on the exchange, and the trading procedure is exactly the same as that of stocks. The assets managed by ETF are stock portfolios. The types of stocks in this portfolio are the same as those in a specific index, such as the SSE 50 Index, and the number of each stock is consistent with the proportion of the constituent stocks of this index. The transaction price of ETF depends on the value of its stock portfolio, that is, the "net asset value of unit fund". ETF's portfolio usually completely replicates the underlying index, and its net performance is highly consistent with the specific index pegged. For example, the net performance of SSE 50ETF is highly consistent with the rise and fall of SSE 50 index. SSE 50ETF(5 10050) invests in the top 50 stocks of SSE. The Shanghai Stock Exchange dividend ETF(5 10880) invests in the 50 stocks with the most dividends on the Shanghai Stock Exchange. SSE 180 ETF (510180) invests in the most representative180 stocks of Shanghai Stock Exchange. If you want to keep pace with the stock market, it is recommended to buy SSE 180ETF. SZSE 100 ETF (15901) invests in100 stocks with good liquidity in Shenzhen Stock Exchange. Shenzhen SME ETF( 159902) invests in the SME board of Shenzhen Stock Exchange.
guarantee fund
Warrant fund: This kind of fund mainly invests in warrants. Because warrants have the characteristics of high leverage and high risk, the fluctuation range of such funds is greater than that of equity 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 shares or beneficiary certificates. When an investor buys a company's stock, he becomes a shareholder of the company, receives dividends or bonuses with the stock, and shares the income from the investment. Features 1. * * * Both are joint-stock companies, but different from ordinary joint-stock companies, their business is mainly securities investment trusts. 2.*** The capital of the same fund is the capital of the company as a legal person, that is, shares. 3.*** The structure of the same fund is the same as that of a general joint-stock company, 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 appreciation 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, * * * has a contractual relationship with the fund company and the custodian, and the responsibilities of the custodian are clearly stipulated in the Custody Agreement signed by him and * * * with the fund company. If the fund of * * * has problems, investors have the right to directly ask the fund company of * * *.
Unit trust fund
Also known as unit trust fund, it refers to a fund management company established by specialized investment institutions (banks and enterprises). As a client, the fund management company issues a beneficiary certificate-"certificate of fund unit holding" by signing a "trust deed" with the trustee to raise idle funds in society. Characteristic unit trust is a management company established with trust deed as the document. Organizationally, it has no board of directors. The fund manager company sets up the fund itself 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, income and debt service of beneficiary certificates-fund unit certificates. 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.
Balanced fund
Balanced fund refers to a fund whose investment goal is not only to obtain the current income, but also to pursue the long-term appreciation of the fund assets, and to disperse the funds into stocks and bonds to ensure the safety and profitability of the funds. A mutual fund that invests in stocks and bonds in a diversified way. Usually, when fund managers are bearish on the market outlook, they will increase the proportion of bond investment with strong resilience; When fund managers are optimistic about the market outlook, they will increase the proportion of stock investment with more capital gains and profit opportunities. Balanced fund is a fund that pursues both long-term capital appreciation and current income. These funds mainly invest in bonds, preferred stocks and some common stocks. The portfolio proportion of these securities is relatively stable. Generally, 25%-50% of the total assets are used for preferred stocks and bonds, and the rest are used for common stock investment. Its risk and return are between growth funds and income fund. Types of balanced funds: Balanced funds can be roughly divided into two types: one is a balanced fund of stocks and bonds, that is, the fund manager will adjust the allocation ratio of stocks and bonds in time according to market changes. When the fund manager is optimistic about the stock market, he will increase the position of the stock, and when he thinks that the stock market may be adjusted, he will increase the allocation of bonds accordingly. Another kind of balanced fund, while balancing stocks and debts, emphasizes dividends and pays more attention to the safety of bags, which is also one of the ways to avoid risks. Take Morgan's double interest balance fund as an example. According to the fund contract, when the realized income exceeds the bank's one-year fixed deposit interest rate (before tax) by 65,438+0.5 times, dividends must be paid. Investors who prefer dividends can consider such funds. Advantages of balanced funds: In the three relatively volatile years of 2003, 2004 and 2005, the data of Tianxiang Information show that the average rate of return of balanced funds in the A-share market is not lower than that of equity funds, even higher than that of equity funds. In addition, several market adjustments in the A-share market this year show that the fluctuation of balanced funds is less than that of equity funds. Judging from the long-term overseas market performance, Morningstar statistics show that among all kinds of Asian mutual funds, the total return of balanced funds in the past 10 years far exceeded other types of funds, including equity funds, which proves the stable investment ability of balanced funds in volatile markets. Therefore, for investors with low risk tolerance, balanced funds can be regarded as the key fund varieties in the volatile market. How to choose a balanced fund? To choose a good balanced fund, we must first choose a trustworthy fund company. We can make a comprehensive judgment by comparing the performance level of funds under various fund companies, the stability of fund managers, the strength of investment and research teams and the rating results provided by authoritative organizations. Star fund companies and five-star fund products evaluated by well-known evaluation agencies are good references.
Insurance fund
Refers to the special fund set up to compensate the economic losses caused by accidents, or the economic needs caused by personal injury or loss of work ability. In modern society, there are generally four forms of insurance funds: (1) centralized national financial reserve fund. Fund is a kind of monetary fund set up in the national budget, which is specially used to meet unexpected expenses and special needs in the national economic plan, such as the relief of catastrophic natural disasters, foreign invasion, mistakes in the national economic plan, etc. (2) Insurance funds of professional insurance organizations, that is, insurance companies and other insurance organizations collect insurance funds by collecting insurance premiums to compensate insurance units and individuals for losses caused by disasters or pay insurance benefits when due. (3) Social security fund. As a national social policy, social security aims to provide a series of basic living guarantees for citizens. Citizens have the right to get material help from the state and society in case of old age, illness, unemployment, disaster and loss of working ability. Social security generally includes social insurance, social welfare and social relief. (4) Self-insurance fund, that is, economic units raise insurance funds by themselves to compensate for the losses caused by disasters and accidents. There are professional self-insurance companies abroad to raise funds to compensate the losses of parent companies and subsidiaries; Our country has a "safety production guarantee fund", through the establishment of this fund, the industry can protect itself, such as the "safety production guarantee fund" set up in sinopec group.