Corporate funds Each fund is an independent company, and investors are shareholders of the company. Contractual nature is initiated by a specific fund manager, which stipulates the various elements of the fund in the form of a contract, and the investor is a party to the contract under this contract.
Corporate funds generally exist in the American market, while contract funds generally exist in the European market. At present, all domestic funds are contractual.
2. According to the operation mode of funds, they are divided into closed-end funds and open-end funds.
Closed-end funds agree on a certain amount when they are established, and then enter the closed period. During this period, fund companies do not accept applications for subscription and redemption, and investors can only buy and sell funds through stock exchanges. When the open-end fund is established, the amount is not specified. Generally, there is a closure period of no more than three months after their establishment. When the closure period ends and enters normal operation, investors can apply to the fund company for subscription and redemption business every day.
The advantage of closed type is that the scale is fixed and it is convenient for managers to operate. The disadvantage is that the incentive mechanism is not in place and the management is opaque, which can not effectively motivate fund managers to actively manage. Therefore, China's closed-end funds have been in a long-term discount state in recent years. The advantage of open-end fund is that it is more convenient to purchase and redeem, and the investment performance is more clear and transparent. It is also more conducive to amateur investors to buy through banks and other channels. On the other hand, managers will try their best to improve the performance of the fund for fear of shrinking the management scale. The disadvantage is that the scale is not fixed, which may help the rise and fall due to the irrational behavior of investors and affect the operation of fund managers.
Space is limited. If you are interested, you can discuss why closed-end funds have long-term discounts. In fact, the fundamental reason for the discount is that the incentive system is not in place and the interests of management companies and investors are not completely unified. After 0 1 year, open-end funds dominated, but in 2007, they began to show the characteristics of helping the ups and downs. The market began to rethink and issued a series of innovative closed-end funds, hoping to solve the previous closed-end ills, and the effect remains to be seen.
3. According to the products invested, they are divided into stock type, bond type and currency type.
As the name implies, I won't say much. One thing to note is that the Fund Law stipulates that the minimum proportion of stock investment is above 60% to become a stock fund, which is different from the current market classification.
More than 80% of the assets of bond funds should be invested in bonds, and the main factors affecting their returns are interest rates and liquidity, and the duration is very critical.
Money funds mainly invest in the money market, which can be simply understood as no loss and higher income than current savings. They are good cash management tools.