The main contents of this chapter: an overview of investment funds, including the concept, nature and characteristics of investment funds; Types of investment funds; Analysis of fund investment value.

Section 1 Overview of Investment Funds

First, the concept and nature of investment funds

1. The concept of investment fund

Investment fund is a kind of beneficiary securities, which is an investment tool to raise public investors' funds by issuing unit fund securities, and then invest in various securities in a diversified way, and the proceeds are distributed to public investors according to the unit fund share.

With the development of economy, people's income level is constantly improving, and many people have more surplus funds. However, due to the lack of professional investment knowledge and experience, a large amount of funds were entrusted to professional investment operation institutions for investment, so funds were produced. Professional investment operation institutions have become fund management companies, namely fund managers. With their professional knowledge and experience, fund managers mainly invest their funds in securities such as stocks and bonds. Therefore, the investment fund contains two meanings: first, the investment fund is an investment system, which gathers huge funds from ordinary investors and establishes investment management companies for professional management and operation. Second, fund securities issued by investment funds are investment tools for social investors. Investors can achieve the purpose of investment by purchasing fund securities, share the investment income of the fund with the fund securities they hold, and bear the investment risks at the same time.

2. The nature of investment funds

(1) Investment funds are the media of financial markets.

Managers of investment funds convert investors' funds into financial assets such as stocks and bonds, and are responsible for managing these financial assets. Moreover, investment funds must determine the investment direction of funds according to the requirements of the fund contract to ensure the safety of investors' funds and the maximization of investment income. In addition, investors give funds to fund managers for use. The quality of fund operation and investment income depend on the performance of fund managers. Fund managers draw fees according to their operating performance, and investors must bear investment risks. Savings, on the other hand, is an investment method in which depositors deposit monetary funds in banks and can recover the principal and interest after a certain period of time (unless the deposit bank goes bankrupt). The income of depositors is relatively fixed and the risk is very low. Banks should effectively manage and use the absorbed funds and be responsible for the profits and losses of the funds used.

(2) Investment fund is a form of financial trust.

Investment funds have three main bodies: fund managers (fund management companies), fund custodians (usually banks) and fund holders (investors). According to the articles of association of various funds (including the basic situation of funds, investment operation objectives, investment scope, investment portfolio, investment strategy, investment restrictions, etc.), investors choose the funds suitable for their investment. Fund managers pool investors' funds to form huge funds for investment. Fund managers can make investment portfolio according to the pre-determined investment principles, which can greatly reduce investment risks and obtain higher returns. There is a trust deed between the fund manager and the fund custodian: the fund manager is mainly responsible for using the fund assets to invest and manage the assets according to the agreement of the fund contract, and at the same time paying the fund income to the fund holders in full and on time; The fund custodian is mainly responsible for keeping all the assets of the fund safely, executing the investment instructions of the fund manager and handling fund transactions under the name of the fund, supervising the investment operation of the fund manager, and checking the fund net asset value and fund price calculated by the fund manager.

(3) Investment funds themselves belong to the category of securities.

The beneficiary certificates (fund securities) issued when an investment fund is established constitute three kinds of securities together with stocks and bonds. Investors all hope to get a greater return on investment by buying these securities. There is no substantial difference between them at this point. However, the relationship between investment funds and stocks and bonds is different, and the resulting benefits and risks are also different.

3. The difference between investment funds and stocks and bonds

(1) Different issuers have different rights relations.

Stock is issued by a joint-stock company, and the holder is a shareholder of the joint-stock company and has the right to participate in the operation and management of the company, which is a kind of equity relationship. Bonds are issued by the government, banks and enterprises respectively, reflecting the relationship between creditor's rights and debts. Investment fund securities are funds issued by fund sponsors in the form of contracts, and there is a contractual relationship between securities holders and sponsors. A fund initiated and established in the form of a company usually constitutes a fund company, and the board of directors composed of promoters (major shareholders) decides the initiation, establishment, suspension and the selection of managers and custodians of the fund. Securities holders become a member of the company's shareholders, but they do not participate in the operation of the fund. Securities among promoters, managers and custodians are a kind of trust deed relationship.

(2) Different operating mechanisms make investors have different management rights.

All the funds raised through stocks are used for joint-stock companies, and shareholders have the right to participate in the management of the company. The funds raised through bonds are entirely determined by creditors. The operating mechanism of investment funds is different. No matter what type of investment fund, investors and sponsors are not directly engaged in the use of funds, but entrust managers to operate. At the same time, investment fund trust is different from individual trust. Personal trust is that a single investor entrusts a securities company to engage in trading business, which fully reflects the investor's personal wishes, that is, buying and selling according to the investor's instructions. Investment fund trust is a kind of centralized trust. In the spirit of "entrusted by others, managing money on behalf of others, serving faithfully and using scientifically", the trustee independently uses the fund according to the investment restrictions stipulated in the fund's articles of association, so as to ensure that investors have rich returns. Investors only share the profits and dividends of the fund and do not interfere in the management and operation of the fund.

(3) the degree of risk is different

In general, the risk of stocks is greater than that of funds. For small and medium-sized investors, due to the limitation of the total amount of disposable assets, they can only directly invest in a few stocks, which violates the investment taboo of "putting all the eggs in one basket". When the stock it invests in falls due to the stock market or the financial situation of the enterprise deteriorates, the funds may be wiped out; The basic principle of the fund is to combine investment and diversify risks, and invest the fund in different securities with different maturities and types in different proportions to minimize risks; Under normal circumstances, the principal of the bond is guaranteed, the income is relatively fixed, and the risk is much smaller than that of the fund.

(4) the income situation is different

The returns of funds and stocks are uncertain, while the returns of bonds are certain. Generally speaking, the income of funds is higher than that of bonds. Take American investment funds as an example. During the five years from 1976 to 198 1, the average growth rate of investment income of 25 kinds of funds, such as international investor funds, was 30 1.6%, among which the highest growth rate of investor funds in the 20th century was 465% and the lowest was 243%. However, the interest rates of two kinds of five-year government bonds issued in China 1996 are only 13.06% and 8.8% respectively.

(5) Different ways of investment recovery.

Bond investment has a certain term, and the principal will be recovered after the maturity. Stock investment is uncertain. Unless the company goes bankrupt and liquidates, investors shall not recover their investment from the company. If they want to take it back, they can only realize it at the market price in the stock exchange market. Investment funds are different according to the forms of funds held: closed-end funds have a certain term, after which investors can obtain the corresponding remaining assets according to their shares, or they can be realized in the trading market during the closed period; Open-end funds generally have no term, but investors can ask the fund manager for redemption at any time.

(6) The duration is different

Each kind of investment fund has a certain duration, which will be terminated when it expires. This is similar to bond investment. Unlike bond investment, investment funds can terminate or expire the follow-up insurance in advance by the resolution of the holders' meeting or the board of directors of the fund company. During the existence of closed-end funds, fund bonds shall not be increased or decreased at will, and holders can only buy and sell securities through stock exchanges. This is similar to stock investment. The difference is that open-end funds can increase or decrease at any time, and holders can purchase or redeem their units or shares according to the requirements of the fund's net asset value.

4. Contact between investment funds and stocks and bonds

Funds, stocks and bonds are all securities, and investments in them are all securities investments. The division of fund shares is similar to that of stocks: stocks are divided into "shares" and their total assets are calculated; Fund assets are divided into several "fund units", and investors share the growth income of the fund according to the share of holding fund units. Contractual closed-end funds are similar to bonds, and the investment will be recovered once the contract expires. In addition, stocks and bonds are the investment targets of securities investment funds, and there are stock funds and bond funds specializing in stocks and bonds abroad. For those who have a little spare money around, but have no time or lack of investment knowledge, investment funds can be said to be the best investment tool at present. The management of funds by investment experts can make the best use of funds and make investors get considerable returns. This is because investment funds have obvious advantages and functions:

(1) collective investment

Because of limited funds, investors, especially small and medium-sized investors, can't buy a variety of financial assets at the same time, and diversify their investments and risks, and investment funds provide them with a good investment method. First of all, many small and medium-sized investors use their limited funds to buy investment fund beneficiary certificates, which add up to form a huge investment fund, and then invest in stocks, stocks and other securities of various enterprises in a diversified way, so as to obtain more investment income. Secondly, huge investment funds are invested in different kinds of securities, and even if the prices of a few securities fall, they can still enjoy large investment returns on the whole. At the same time, the huge amount of funds has sufficient conditions and ability to choose the best period, the best enterprise and the best securities for long-term investment.

(2) Spreading risks

The management of investment experts can make full use of funds. It is often difficult for small investors to have the professional knowledge to correctly analyze market conditions and market trends, and it is also difficult to judge the companies that issue securities. These problems can be solved by investment fund organizations headed by investment experts. First of all, investment fund management companies can accurately grasp how to invest, when to invest and how to get the maximum benefit by setting up independent investment analysis departments and hiring investment analysis experts; Secondly, fund management companies can establish cooperative relations with investment consultants and consulting companies to pursue the best investment interests for all investors; Finally, the fund management company is well-informed, well-equipped and advanced in management means.

(3) Can enjoy expert services at the lowest cost.

When investing, investors usually ask investment consulting institutions or investment experts to manage or seek investment consulting services on their behalf, but these services are expensive and unbearable for small investors who invest alone. If it is hired by an investment fund, the service fee will be shared by all fund investors, and the burden is extremely limited. Investors will enjoy the services of experts at a small cost.

(4) The income vouchers of investment funds are highly liquid.

Investment fund income vouchers can be circulated, with strong liquidity, and can obtain differential income. First of all, the beneficiary certificates issued by investment fund management companies can be listed and transferred after a certain period of time, especially open-end funds, and investors can request the company to buy back at any time. However, investors rarely sell beneficiary certificates when investment funds are generally running well and the value of beneficiary certificates is rising. Secondly, at the end of each business day, investment fund management companies mostly publish the net asset value of each authorized unit through the news media. When the net asset value has increased to a certain extent and the beneficiaries need money, they can sell it in the market or investment companies and get considerable income.

Second, the characteristics of investment funds

As a financial investment tool specially designed for small and medium-sized investors, investment funds have irreplaceable unique advantages compared with other investment methods.

1. Securities investment, risk diversification

The basic principles of investment funds are portfolio investment and risk diversification. Investment funds invest certain funds in securities of different industries, different kinds or different countries in different proportions, so that the losses of some securities in a certain period can be made up by the investment income of other securities or other securities markets, even if the temporary economic downturn in a certain area will not have much impact on the overall income of the fund. On the one hand, the investment risk of securities investment funds is shared by all fund holders, on the other hand, it is shared by different kinds of securities and different securities markets, which not only broadens the investment channels, but also avoids the risk of centralized investment. 1997 promulgated and implemented the Interim Measures for the Management of Securities Investment Funds, which made some provisions on the diversification of investment funds: First, 1 The proportion of funds investing in stocks and bonds shall not be less than 80% of the total assets of the fund; 2. 1 fund holdings 1 shares of listed companies shall not exceed10% of the net asset value of the fund; Third, all funds managed by the same fund manager hold securities issued by 65,438+0 companies, which shall not exceed 65,438+00% of the securities; IV. The proportion of 65,438+0 funds investing in government bonds shall not be less than 20% of the fund's net asset value.

2. Small investment and low cost

Investment fund is an investment tool specially designed for small and medium investors. The denomination of each fund unit is 1 yuan, and each 1 000 is the starting point of the transaction. Since each fund has a scale of several hundred million, the transaction price of the fund is mostly 1 yuan. Therefore, small and medium investors can buy and hold 1 000 fund securities as long as they spend more than 1 000 yuan, participate in securities investment and obtain investment income. At the same time, due to the large amount of investment funds and the large amount of securities transactions, general brokers will give preferential commissions, thus reducing investment costs and correspondingly improving fund returns. Moreover, in order to support the development of the fund, the securities authorities have implemented many preferential tax policies for the fund. The transaction cost of the fund is lower than that of other securities, and investors can get more income from investing in the fund. In addition, most investment funds employ securities investment experts to act as investment agents, which is much cheaper than the cost of consulting services for each investor.

3. Professional management and expert management

The operation mode of investment funds is the separation of capital operation and custody. The fund manager is responsible for the investment portfolio and investment decisions of all funds. Fund managers hire securities investment experts to conduct investment operations. These investment experts study securities investment methods and analyze changes in the securities market as their profession. They can use all kinds of securities professional knowledge, experience, information and modern research methods to comprehensively and systematically analyze and study the domestic and international economic situation, financial trends, market changes and the basic situation of various industries and companies, and make a reasonable and flexible diversified investment portfolio, thus avoiding the blindness caused by the lack of professional knowledge and information and limited time and energy for individual investors. The custody of the fund shall be the responsibility of the designated fund custodian. The fund custodian must be a reputable big bank or a non-bank financial institution. The fund custodian separates the assets of the fund from its own assets and accounts independently, and also has the function of restraining and supervising the fund manager, thus ensuring the safe operation of the fund assets.

4. High liquidity and strong liquidity

The number of units issued by investment funds is generally large. In recent years, the issuance scale of new funds in China is generally at the level of 2-3 billion yuan, and these beneficiary certificates can be circulated, realized or redeemed. In practice, open-end investment funds are quoted and traded regularly according to their net assets, while closed-end investment funds are listed and traded through the stock exchange. Therefore, after buying an investment fund, investors can realize their investment funds at any time if they are in urgent need of funds for various reasons, and will not suffer great losses. Therefore, investment funds are highly liquid and investors can buy and sell funds at any time.

5. Variety and flexible investment.

With the development of interest rate marketization, financial globalization and capital flow liberalization, the types and investment scope of investment funds have also developed rapidly, which is conducive to meeting the needs of investors without investment preferences. At present, the number of investment funds in the global securities market has exceeded 1 1,000, covering all financial fields, and most of them have invested internationally. Any industry or financial product that is valued by the market can be developed and utilized through the establishment and purchase of funds. Investment funds provide investors with a broad choice space. Often, a fund manager can manage several or dozens of investment funds, and ordinary investors can invest in several investment funds according to different levels and types of needs.

Third, the emergence and development of investment funds.

Investment funds originated in Britain. 1868, Britain established the world's first fund institution-Overseas and Colonial Government Trust. It was the successful period of the British industrial revolution. Industry and commerce are highly developed, and colonies and foreign trade are spread all over the world. Due to the excessive accumulation of domestic funds, the market is relatively small, and the funds turn overseas. This investment fund institution, the first of its kind, mainly invests in colonial corporate bonds, and has invested in North and South America, the Middle East, Southeast Asia, Italy, Spain and other countries.

Although investment funds first appeared in Britain, they flourished in the United States. 1924 the first American mutual fund "Massachusetts investment trust" was established in Boston. When the fund was established, it had only $50,000 in assets and was funded by 200 professors from Harvard University. After 1 year, assets increased by about $394,000. Today, this fund still exists, with assets exceeding $654.38 billion and 85,000 people investing in it.

Nowadays, investment funds have become the most common investment method in the United States, and their total investment has exceeded the total bank savings in the same period, and the fund investment has reached more than 50% of the market value of US stocks. The total assets of various investment funds have reached $ 654.38+0.8 trillion, and the number of fund investment accounts has exceeded 60 million. The number of fund investors accounts for more than a quarter of the American population, and the number of investment funds is as high as more than 4,000.

Among the countries with more developed finance, Japan is a rising star. Although its fund industry started late, it has been developing rapidly and smoothly since its establishment. Japanese investment funds sprouted in 1930. This year, in order to prevent the Japanese stock market from falling due to the new york stock market crash, * * * jointly established Life Securities Investment Company, which is a company with legal person nature. 1937, Fujimoto, the broker, founded a securities investment institution called "Fujimoto ticket brokers", which raised funds from ordinary investors at the cost of 65,438+10,000 yuan per household in 500 yuan, and distributed the proceeds to investors. "Fujimoto ticket brokers" has the nature of a securities investment trust, and is generally considered as the first formal legal person organization of Japanese investment funds.

Due to the development of financial market and the diversification of investors' needs, Japanese investment funds have been developing continuously since 1970s. 1980 launched the medium-term treasury bond fund, an epoch-making investment commodity, combining long-term investment with medium-term investment. Bond investment trust funds have also continuously introduced new varieties suitable for the diversified needs of natural persons and legal persons, such as 1975 stock investment trust's directional high-yield fund; 1983 introduced supplementary funds, corporate non-fee funds and accumulated funds subscribed by withholding wages, which were generally welcomed by investors. From 65438 to 0988, Japan, which came from behind, surpassed the United States and became the most developed country in the global fund investment industry.

Investment funds have a history of 100 years in western developed countries, and have formed a set of mature and perfect operating mechanisms. In China, investment fund is a kind of financial system innovation. Its appearance not only provides a low-risk and high-yield investment tool for China investors, but also provides a new development impetus and stability mechanism for China stock market and even the whole socialist market economy.

With the improvement of income level and the enhancement of risk awareness, people need more investment varieties and opportunities, and are no longer satisfied with bank savings, national debt and other investments that can earn fixed interest. However, because a single scattered fund cannot form a scale investment, and the stock investment with a low starting point is difficult to control due to the limitation of time, energy and professional knowledge, and the risk is high, investment funds, as scattered funds for gathering investors, are a popular collective investment system operated by specialized investment institutions.

With the deepening of China's economic system reform and the development of the securities market, the Interim Measures for the Management of Securities Investment Funds has been promulgated and implemented. As a financial tool with different characteristics and strengths from financial products such as savings, stocks and national debt, investment funds will surely become the mainstay of China's securities market and an ideal investment tool for ordinary investors.

Types of investment funds

Investment funds are rich in content and various. In foreign countries, investors with different investment purposes can almost find the investment funds they need. Investment funds can be divided into different categories according to different standards.

I. Corporate Funds and Contract Funds

According to the different forms of fund organization, investment funds can be divided into corporate funds and contract funds, which is the most basic division method of investment funds.

1. company fund

A company fund is a fund established in accordance with the company law, which aims at making profits and invests accumulated funds in securities by issuing fund shares. Corporate investment funds are similar to joint-stock companies in organizational form. The assets of the investment fund are owned by all investors (shareholders), and the board of directors is elected by the shareholders' meeting. The board of directors selects a fund management company to manage the investment business of the fund. The establishment of a company's fund shall be registered with the administrative department for industry and commerce and the Securities and Exchange Commission, and registered at the place where stocks are issued and traded.

The United States is the most developed country in corporate funds, and most of the investment funds in the United States are corporate funds. According to the American Investment Company Law 1940, investment companies aiming at securities investment can be divided into three categories: one is a denomination certificate company; The second is the unit investment trust company; Third, manage investment companies. At present, most investment companies are management investment companies. Management investment companies can be divided into the following two types:

(1) closed-end investment company

The number of shares issued by closed-end investment companies is fixed. After the expiration of the issuance period, the fund is closed and will no longer increase its share, so it is also called a fixed investment company. Shares issued by investment companies can be listed and traded on stock exchanges. Shareholders (investors) of an investment company may not withdraw their shares, that is, they may not ask the investment company to buy back their shares.

(2) Open investment company

Open-end investment companies only issue one kind of stock in principle, and the number of shares issued is not fixed. Shareholders can decide whether to withdraw their shares according to the market price and their own investment decisions, that is, ask the investment company to buy back the issued shares. Therefore, the total number of investment fund stocks of investment companies can be increased or decreased, so open-end investment companies are also called uncertain or additional investment companies.

2. Contract funds

Contract fund, also known as trust and investment fund, refers to an investment fund established according to beneficiary certificates issued by trust deed. Generally, such funds are composed of fund management companies, fund custodians and investors. The fund management company uses the trust assets to invest according to the contract, the fund custodian is responsible for keeping the trust assets, and the investors enjoy the investment income and bear the investment risks. Contract investment funds usually raise funds by issuing beneficiary certificates. Beneficiary certificate is a kind of valuable securities, indicating the investor's beneficial right to the trust assets. Japanese, Korean and Taiwan Province investment funds are basically contractual funds. Contractual investment funds can also be divided into two types.

(1) cash fund

When such funds were first established, investors bought beneficiary certificates in cash. After all beneficiary certificates are issued, all the funds of the fund will be collected, and then the fund management company will hand over the fund assets to the fund custodian for securities investment operation. This kind of capital often takes some time. Trust deed will be terminated at the expiration of the time limit. Before the expiration of the term, the fund holder may not terminate the contract or return the principal, but may sell the beneficiary certificate to other investors at the current transaction price in the trading market.

(2) Prepaid funds

There is no fixed limit on the size and duration of the fund. When the fund is issued, the total funds advanced by the fund management company are used to purchase various securities, which are kept by the fund custodian, and then the funds are raised by issuing beneficiary certificates and returned to the sponsors. The fund management company announces the buying price and selling price of the beneficiary securities according to the net value of each fund, and investors can sell the fund securities to the fund management company at the buying price to cancel the trust deed and withdraw the funds; You can also buy from the fund management company at the selling price and invest.

3. The difference between corporate funds and contractual funds

(1) Corporate funds have legal personality, but contractual funds do not.

② As far as the types of securities issued are concerned, the company type is stock and the contract type is beneficiary certificate.

③ In the position of investors, the company type is the shareholder and the contract type is the beneficiary.

④ In the application of trust property, the company type is based on the articles of association, and the contract type is based on trust deed.

Second, open-end funds and closed-end funds.

Investment funds are divided into open-end funds and closed-end funds according to different trading methods, that is, whether investors can enter and leave cash at any time.

1. Open-end fund

Open-end fund refers to an investment fund whose total capital or share can be changed at any time, that is, new fund shares or redemption shares can be issued according to market supply and demand. The transaction price of an open-end fund can be determined according to the net asset value of the fund plus a certain handling fee. Because the total amount of investment funds is not closed and can be added, it is also called additional investment funds.

There are two kinds of open-end funds: fee-based funds and non-fee-based funds. Fee-based funds need to hire securities companies to sell fund securities to investors, so the issue price of funds consists of net asset value plus a certain proportion of sales expenses. Free funds are sold directly to investors at net asset value. Although free funds do not charge sales fees, they also charge a small amount of redemption fees, which is beneficial for investors to hold fund assets for a long time.

2. Closed-end funds

Closed-end fund refers to an investment fund whose total capital and the number of shares issued have actually decreased before the fund is issued, but the total capital and the number of shares issued remain unchanged after the fund is issued and within the specified period. Because the beneficiary certificate of the fund cannot be subscribed or redeemed, investors can only trade in the securities market through securities companies, so it is also called closed-end fund as a publicly traded investment fund. Fund income is paid to investors in the form of dividends and bonuses. Although the transaction price of the fund is based on the net asset value of the fund, it more reflects the relationship between supply and demand in the securities market. Usually, the transaction price of the fund is higher or lower than the net asset value of the fund.

3. The difference between open-end funds and closed-end funds

① When an open-end fund is repurchased, its redemption price mainly depends on the net asset value of the fund, while the transaction price of a closed-end fund depends on market supply and demand and does not necessarily reflect the net asset value of the fund.

② The redemption cost of open-end funds is high, which is suitable for long-term investment; The transaction price of closed-end funds is greatly influenced by market supply and demand, with large price fluctuations, low transaction costs and relatively strong speculative transactions.

(3) Open-end funds have great investment flexibility, which can easily meet the demand for funds in the securities market, but they must have a certain proportion of cash assets for investors to redeem beneficiary certificates, so the investment efficiency is restricted, and therefore higher requirements are put forward for fund management companies; Because there is no pressure to redeem beneficiary certificates, fund management companies of closed-end funds can make full use of their own funds, better implement investment strategies and pursue higher investment returns.

4. Securities investment funds

In practice, the four most common types of funds in the fund market are produced by different combinations of corporate funds and contract funds, open-end funds and closed-end funds: the combination of closed-end funds and contract funds is closed-end contract funds; The combination of closed type and corporate type is to close a corporate fund, also called closed investment company; The combination of openness and contract is the unit trust fund; The combination of openness and corporate style means * * * the same fund.

In the real securities market, pure investment funds do not exist, and what we often see is portfolio investment funds. For example, the most common investment funds in the United States are mutual funds and unit trust funds in Britain.

Third, growth funds and income-based funds.

According to the different investment objectives of funds, investment funds can be divided into growth funds and income-oriented funds.

Growth funds means that the purpose of this kind of investment fund is to pursue the long-term growth of the fund, while the income-oriented fund focuses on the highest income in the current period. Because of the different investment objectives, the investment directions and strategies of these two funds are naturally different, which will inevitably affect the stability of investors' income and principal. Around these two different investment objectives, various other types of funds can be derived.

1. growth fund

Growth funds mainly invests in growth stocks. Growth stock is a kind of common stock, which means that the stock market price is expected to rise faster than ordinary companies or faster than the stock market price composite index. Since listed companies of these stocks usually reinvest their earnings to realize capital appreciation, growth funds will benefit. Growth funds can be divided into stable growth funds and active growth funds. Growth funds generally does not engage in speculative activities. "Fund Yulong" highlights the concept of growth funds, and wants to realize the investment income of the fund by investing in growth-oriented listed companies with long-term sustainable growth performance and long-term undervalued market value.

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