Fund is a narrow concept, which refers to funds with specific purposes and uses. The fund we are talking about mainly refers to the securities investment fund. Bian Xiao sorted out what is the structure of fund holders here for your reference. I hope everyone will gain something in the reading process!
What is the structure of fund holders?
Generally, it includes three categories, namely individual investors, internal holders and institutional investors.
1. Individual investors
Individual investors understand it very simply. Most of our ordinary investors actually belong to the category of individual investors.
2. Internal holders
Internal holders refer to employees who hold fund shares within a fund management company. Generally speaking, if a fund has many internal holders, it also shows the recognition of the product within the fund company to a certain extent.
3. Group investors
Finally, let's pay attention to the types of institutional investors. As the name implies, institutional investors refer to legal institutions engaged in securities investment in the financial market, including insurance companies, pension funds, banks, enterprises and institutions.
Public Offering of Fund's 20 19 semi-annual report released by china galaxy Securities Fund Research Center shows that in the first half of 20 19, individual investors * * * held about 6.7 trillion yuan in Public Offering of Fund, accounting for 50.64%, and institutions held 6.5 trillion yuan, accounting for 49.36%, which can be said to be evenly divided (Note: this ratio analysis is based on the total caliber of funds. But if we exclude the money fund and look at the proportion of individuals and institutions, the result will be very different.
The data shows that after excluding the money fund, individuals hold about 2 trillion yuan, accounting for only 35.98%; On the contrary, institutions hold more than 3.8 trillion yuan, accounting for 64.02%, which means that institutions hold nearly two-thirds of non-goods funds. Related charts can be viewed directly in the text version.
Does the fund have institutional holders?
First of all, it is actually a good thing that the fund has institutional investors, which shows that the fund has been recognized by institutional investors to a certain extent.
But if the proportion of institutional holders is too high, this may not be a good thing. Especially when the proportion of individual holders of a fund exceeds 90%, we must be highly vigilant at this time. There are two main reasons:
First, once institutional investors redeem a large number of such fund shares with a single holder ratio of more than 90%, it is likely to trigger a large amount of redemption, which will lead to delayed payment or even suspension of redemption of the fund, which in turn will lead to liquidity risk and fund net value fluctuation;
Second: once a high proportion of institutional investors redeem the fund, if the fund size is less than 50 million, it will lead to the risk of fund liquidation.
In the past two years, the returns of funds purchased by many investors are generally unsatisfactory. What caused the large losses of most funds? Mars, an analyst at Shanghai Securities Fund Evaluation Center, pointed out that, first of all, the essence of fund products is the combination of securities, and the performance of fund income is closely related to the performance of the underlying market. In the continuous decline of the stock market, it is difficult for equity funds and hybrid funds, which mainly invest in stocks, to achieve positive returns. In the case of rising stock market, most partial stock funds can often achieve positive returns. Therefore, it is impossible for funds to create myths and create high positive returns in the continuous decline of the market in recent years.
From the long-term performance, in most cases, the overall performance of funds is better than that of individual investors, especially in bull markets and volatile markets. For example, in 2006 and 2007, more than 80% of equity funds achieved a return of more than 100%, while the proportion of individual investors was less than 20 12 years. Nearly 50% of equity funds have achieved a return of 5% to 30%. According to the survey, more than 50% of individual investors have lost between 5% and 50%. Therefore, the fund is still a good investment tool for individual investors to participate in the capital market.
All kinds of problems, whether China's stock market construction, economic development or asset management industry, can't be eliminated in a short time, and all need the rationality of the market as a whole to promote it. However, as investors themselves, we must measure our risk tolerance clearly and not blindly listen to the propaganda of sales staff. If your risk tolerance is weak, or the funds you want to use in the short term, you can't invest too much in a single stock fund to avoid being greatly affected by the risk of stock market fluctuations. Therefore, for individual investors, it is more meaningful to have a long-term investment mentality, choose appropriate fund products according to their own risk tolerance and renewal, avoid excessive pursuit of popular funds with outstanding short-term returns, pay more attention to funds with relatively stable long-term performance, and spread risks through fixed investment and portfolio allocation to obtain long-term stable returns.
Precautions:
First, we should pay attention to arranging the proportion of fund varieties according to our own risk tolerance and investment purpose. Choose the fund that suits you best, and set an investment ceiling when buying partial stock funds.
Second, be careful not to buy the wrong "fund". The popularity of funds has led to some fake and shoddy products "fishing in troubled waters", so we should pay attention to identification.
Third, pay attention to the post-maintenance of your account. Although the fund is worry-free, it should not be left unattended. Always pay attention to the new announcements on the fund website, so as to have a more comprehensive and timely understanding of the funds you hold.
Fourth, pay attention to buying funds, and don't care too much about the net value of funds. In fact, the fund's income is only related to the net growth rate. As long as the fund's net growth rate stays ahead, the income will naturally be high.
Fifth, we should be careful not to "love the new and hate the old" or blindly pursue new funds. Although the new fund has inherent advantages such as preferential prices, the old fund has long-term operating experience and reasonable positions, which is more worthy of attention and investment.
Sixth, we should be careful not to buy dividend funds unilaterally. Fund dividend is the return of investors' previous income, so it is more reasonable to change the dividend method to "dividend reinvestment" as far as possible.
Seventh, we should pay attention not to talk about heroes in the short term. It is obviously unscientific to judge the pros and cons of the fund by short-term ups and downs, and it is necessary to make a comprehensive evaluation of the fund in many aspects and conduct a long-term investigation.
Eighth, we should pay attention to the flexible choice of investment strategies such as steady and worry-free fixed investment and affordable and simple dividend transfer.
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