Characteristics of securities investment funds
(1) Securities investment fund is a collective investment system.
Securities investment fund is a kind of overall portfolio investment, which collects huge funds from investors and establishes investment management companies for professional management and operation. Under this system, the operation of funds is subject to multiple supervision.
(2) Securities investment fund is a kind of trust investment.
Like the general financial trust relationship, it mainly includes three parties: the principal, the trustee and the beneficiary, among which there is a trust deed between the trustee and the principal. However, as a form of financial trust business, securities funds have their own characteristics. For example, there is an indispensable custodian in the main body engaged in securities investment, which cannot be held by the same institution as the trustee (fund management company), and the fund custodian is generally a legal person; Fund managers don't use each investor's funds separately, but gather them together to form a huge sum and then operate.
(3) Securities investment fund is a kind of financial intermediary.
It exists between investors and investment objects, and through specialized institutions, it plays the role of transforming investors' funds into financial assets and reinvesting them in financial markets, thus increasing the value of monetary assets. Managers of securities investment funds have the responsibility to manage the funds invested by investors, and must determine the investment of funds according to the requirements of contracts (or contracts) to ensure the safety of investors' funds and maximize the benefits.
(4) Securities investment fund is a securities investment tool.
The certificates issued by it, that is, fund certificates (or beneficiary certificates, fund shares and fund shares), together with stocks and bonds, constitute three kinds of securities. Investors complete their investment behavior by purchasing fund bonds, share the investment income of securities investment funds and bear the investment risks of securities investment funds.
The difference between securities investment funds and stocks and bonds.
1, reflecting different economic relations.
Stocks reflect the ownership relationship, bonds reflect the creditor-debtor relationship, and funds reflect the trust relationship, except enterprise funds.
2. The investment of the raised funds is different.
Stocks and bonds are direct investment tools, and the funds raised are mainly invested in industries, while funds are indirect investment tools, and the funds raised are mainly invested in financial instruments such as securities.
3. Different risk levels
The direct income of stocks depends on the operating efficiency of the issuing company, and investing in stocks is uncertain and risky. The direct income of bonds depends on the bond interest rate, which is generally determined in advance, and the investment risk is small. The fund mainly invests in securities, and the investment options are flexible and diverse, so that the income of the fund may be higher than that of bonds, and the investment risk may be lower than that of stocks. Therefore, the fund can meet the needs of individuals or institutions that cannot or should not directly participate in stock and bond investment.