Closed-end fund refers to a fund in which the total number of approved fund shares is fixed within the term of the fund contract, and the fund shares can be traded on the legally established stock exchange, but the fund share holders are not allowed to apply for redemption;
Open-end fund (open-end fund) refers to a fund whose total share is not fixed and can be purchased or redeemed at the time and place agreed in the fund contract.
The difference between closed-end funds and open-end funds;
(1) The variability of fund size and duration is different.
Closed-end funds have a fixed scale and a clear duration; The fund shares issued by open-end funds are redeemable, and investors can buy the fund shares at any time, so the scale and duration of the fund are changing.
(2) The main factors affecting the fund price are different.
The price of closed-end fund shares will be more affected by the relationship between market supply and demand, and the price fluctuates greatly; The buying and selling price of fund units of open-end funds is based on the net asset value corresponding to the fund units, and there will be no discount.
(3) The benefits and risks are different.
Because the income of closed-end funds mainly comes from the bid-ask spread and year-end dividends in the secondary market, its risks also come from the risks of the secondary market and fund managers. The income of open-end fund mainly comes from the difference between redemption price and subscription price, and its risk is only the risk of fund manager's ability.
(4) The requirements for managers and investment strategies are different.
Under the condition of closed-end fund, the manager has no pressure to demand redemption at any time, and the fund manager can implement long-term investment strategy; Because open-end funds can be purchased at any time, it is necessary to reserve some funds to deal with investors' redemption at any time, and long-term investment will be restricted. In addition, the requirements of information disclosure such as the investment portfolio of open-end funds are also relatively high.
1. Securities investment fund
Securities investment fund refers to a collective securities investment model with * * * risk * * *, that is, by issuing fund shares, investors' funds are concentrated, managed by fund custodians, managed and used by fund managers, and invested in financial instruments such as stocks and bonds. International experience shows that funds can greatly promote the transformation of savings funds into investment, stabilize and activate the securities market, increase the proportion of direct financing, improve the social security system and improve the financial structure. The development of China Securities Investment Fund also shows that the development of the fund has promoted the healthy and stable development of the securities market and the perfection of the financial system, and played an increasingly important role in the national economic and social development.
There are many kinds of securities investment funds, which can be classified in different ways. According to whether the beneficiary unit can subscribe or redeem at any time and the different transfer methods, it can be divided into open-end funds and closed-end funds; According to the different organizational forms of investment funds, they can be divided into corporate funds and contractual funds; According to different investment objects, investment funds can be divided into money funds, bond funds, stock funds and so on.
China Securities Investment Fund started in March, 1998. In a short time, it has successfully achieved several historic leaps from closed-end funds to open-end funds, from capital markets to money markets, from domestic fund management companies to joint venture fund management companies, and from domestic investment to overseas financial management. They have gone through decades and hundreds of years in developed countries and made remarkable achievements. At present, securities investment funds have reached a considerable scale and become the most important institutional investment force and one of the most important investment tools for investors in China securities market.
By the end of 1999, the assets of China fund industry were only 57.7 billion yuan, and by the end of 2006, the assets of funds had reached 622 billion shares and 856.4 billion yuan. As of June 65438+February 3, 2006, including 53 closed-end funds, there are 32/kloc-0 funds owned by 53 fund management companies in China for investors to choose from. Open-end funds have developed rapidly since they were launched in 200 1. By the end of 2006, the proportion of open-end funds in the net assets of all funds has exceeded 80%. From the perspective of fund types, China has launched stock funds, bond funds and money market funds, and has also rapidly developed ETF, LOF and other varieties, and has also taken great steps in trying QFII and QDII.
With the rapid development of China's fund industry, the status and influence of securities investment funds in China's capital market are constantly improving, and its positive role in the development of China's capital market is gradually emerging.
2. Open fund
Open-end fund refers to a fund in which the total amount of fund issuance is not fixed, and the total amount of fund shares increases or decreases at any time, and investors can purchase or redeem the fund shares in the business premises stipulated by the state according to the fund quotation.
3. Closed-end funds
Closed-end fund refers to a fund whose total amount of issuance is determined in advance and the total number of fund shares remains unchanged during the closed period. After the fund is listed, investors can transfer and buy and sell the fund shares through the securities market.
4. Contract funds
Contractual fund, also known as unit trust fund, refers to the fund established by investors, managers and custodians as fund parties and issuing beneficiary certificates in the form of signing fund contracts. It is a kind of agency investment behavior organized on the basis of contract principle. There is no fund charter or company board of directors, but the behavior of the three parties is regulated through fund enterprises. The fund manager is responsible for the management and operation of the fund. As the nominal holder of the fund assets, the fund custodian is responsible for the custody and disposal of the fund assets and supervises the operation of the fund manager.
5. Corporate funds
Corporate funds are also called * * * mutual funds, which means that the fund itself is a company limited by shares. The company raises funds by issuing stocks or beneficiary certificates, and then invests in the investment consulting company entrusted by the company.
6. Growth Fund
Growth funds: Yes, this is the most common type of fund. Long-term appreciation of such fund assets. In order to achieve this goal, fund managers usually invest their fund assets in the stocks of companies with high credibility, good long-term growth prospects or long-term surplus.
7. Income-based funds
Income-oriented funds mainly invest in securities that can bring cash income, with the aim of obtaining the maximum income in the current period. Income funds have little potential for asset growth and relatively low risk of principal loss, which can generally be divided into fixed income funds and equity income funds.
8. Balance funds
Balanced fund is a fund that aims at obtaining current income and pursuing long-term value-added. Funds are usually dispersed in stocks and bonds to ensure the safety and profitability of funds.
9. Public offering funds
Public Offering of Fund refers to the securities investment fund which is supervised by the competent government department and publicly issues beneficiary certificates to unspecified investors. For example, at present, the closed-end funds in the domestic securities market belong to Public Offering of Fund.
10. Private equity funds
Private equity fund refers to a collective investment that is not open to the public and raises funds privately from specific investors.
1 1. Equity funds
Equity funds refer to funds that mainly invest in the stock market. This is a relative concept. It does not require all funds to buy stocks, but a small amount of funds can also be invested in bonds or other securities. According to China's relevant laws and regulations, no less than 20% of fund assets must be invested in government bonds. Whether a fund is a stock fund is often judged according to the investment objectives and investment scope agreed in the fund contract. Domestic listed closed-end funds and most open-end funds are stock funds.
12. Bond funds
Bond fund refers to all or most of the funds invested in the bond market. If all of them are invested in bonds, they can be called pure bond funds, such as Huaxia bond fund; If most of the fund assets are invested in bonds and a few can be invested in stocks, they can be called bond funds, such as Southern Baoyuan Bond Fund, which stipulates that bond investment accounts for 45%-95% of the fund assets and stock investment accounts for 0-35% of the fund assets. When the stock market is bad, you don't have to hold stocks.
13. Index funds
Index funds are funds invested in an indexed way. Simply put, it is to choose a market index to track and passively invest in the market, so that the income of the fund is consistent with the income of this market index.
14. Capital preservation fund
Capital preservation fund is a semi-closed fund. Within a certain investment period (e.g. 3 years or 5 years), the Fund not only maintains the potential to provide investors with additional returns by investing in other high-yield financial instruments (stocks, derivative securities, etc.), but also provides investors with a certain fixed proportion of principal return (e.g. 100%, 102% or higher). ). Investors can get the guarantee of principal return as long as they hold the due fund. In the case of large market fluctuation or overall market downturn, the capital preservation fund provides a low-risk investment tool with appreciation potential for investors who have low risk tolerance and expect to get higher interest returns than bank deposits and aim at medium and long-term investment.
15, exchange traded funds (ETFs) and listed open-end funds (LOF)
Exchange-traded funds (ETFs) refer to funds that can be traded on exchanges. Exchange-traded funds are still open-end funds in legal structure, but they are mainly traded in the secondary market by bidding; Moreover, cash subscription and redemption are usually not allowed, but a basket of stocks is used to create and redeem fund units. For ordinary investors, ETFs are mainly traded in the secondary market.
LOF(Listened Open Fund) refers to the open-end securities investment fund listed and traded on the exchange, also known as "listed open-end fund". LOF investors can purchase and redeem funds with the net value of funds through fund managers or their entrusted sales organizations, or they can buy and sell funds through the exchange market at the transaction price set by the trading system.
16. Money market funds
Money market fund is a kind of fund that invests in short-term investment instruments with low risk and high liquidity, such as bank time deposits, commercial promissory notes and acceptance bills, so it has the characteristics of good liquidity, low risk and low income.
17. Integrated Umbrella Fund
Umbrella fund, also known as umbrella sub-fund or umbrella sub-structure fund, is an organizational form of fund. Under this organizational structure, according to a general fund prospectus, fund sponsors set up a number of funds that can only be converted according to the prescribed procedures and rates. These funds are called "sub-funds" or "component funds"; The fund system composed of these sub-funds is called "umbrella fund".
18. Special fund
Special fund refers to stock fund products that invest funds in specific industries. Compared with general stock funds, special funds effectively narrow the scope of investment and are more targeted in choosing investment targets; Fund managers can concentrate their main R&D energy on established industries, which not only improves the specialization of investment management, but also reduces management costs to some extent. Take the American fund industry as an example. The common investment fields of specialized funds are high-tech, mass media, health care, finance, public utilities, natural resources and real estate.
19. sinking fund
The sinking fund is also called "debt reduction fund". A special fund set up by the state or the issuing company to repay outstanding public bonds or corporate bonds; Many developed countries have established sinking fund systems. Japan's sinking fund system was determined according to the special accounting law of the national debt consolidation fund in Meiji 39. Sinking funds are generally set up in the form of installment repayment of bonds. Generally speaking, debt repayment funds are drawn from the surplus of the issuing company in a certain proportion every year, or from a fixed amount or the proportion of bonds issued every year.
20. Government bond funds
Government bond funds refer to funds that invest exclusively in securities directly or indirectly guaranteed by the government. The objects of technical capital include treasury bills, treasury bills, government bonds and bonds issued by government agencies. The biggest advantage of investing in this fund is its high security. Because of the government guarantee, the income is relatively stable and the liquidity is large.
Two. The international monetary fund (IMF)
1. fund contract
2. Fund managers
3. Fund custodian
4. Fund holders' meeting
5. Fund custody agreement
1. fund contract
The fund contract is a "entrusted financial management agreement". It is a written legal document made by fund managers, fund custodians and fund investors to clarify the rights and obligations of all parties to the fund. The fund contract stipulates the status and responsibilities of all parties to the fund. The fund manager has the right to manage the fund property; The fund custodian has the right to keep the fund property; Investors have the right to obtain the income from fund operation and bear the investment risks. The main contents of the fund contract include: the rights and obligations of the fund holder, manager and custodian; Issuance, purchase, redemption and transfer of funds; Investment objectives, scope, policies and restrictions of the fund; Valuation method of fund assets; Information disclosure of funds; The expenses of the fund; Income distribution and taxation; Fund termination and liquidation. Once the investor subscribes for the fund, it means that you acquiesce in the fund contract and are willing to entrust the fund manager to "manage your finances on your behalf".
2. Fund managers
Fund manager refers to an institution with professional investment knowledge and experience, which manages fund assets according to laws and regulations, fund articles of association or fund contracts, aims at maximizing the income of fund holders, and seeks the continuous appreciation of fund assets. In China, according to the Interim Measures, fund managers are fund management companies. Fund management companies are usually established by securities companies and trust and investment companies and have independent legal person status. , refers to the use of professional investment knowledge and experience, according to laws and regulations and the provisions of the fund's articles of association or fund contract, the operation and management of fund assets, and seek the continuous appreciation of fund assets, so as to maximize the income of fund holders. In China, according to the Interim Measures, fund managers are fund management companies. Fund management companies are usually established by securities companies and trust and investment companies and have independent legal person status.
3. Fund custodian
The fund custodian is the representative of investors' rights and interests, and is the nominal holder or management institution of fund assets. In order to ensure the safety of fund assets, the Fund operates according to the principle of separating asset management from asset custody, and the Fund has a special fund custodian to keep fund assets.
4. Fund holders' meeting
The general meeting of fund holders shall be attended by all fund share holders or entrusted representatives. It mainly discusses the major issues concerning the interests of fund holders, such as amending the fund contract, terminating the fund, changing the fund custodian, changing the fund manager, extending the fund term, changing the fund type, and other matters that the convener thinks should be submitted to the fund holders' meeting for discussion.
5. Fund custody agreement
A fund custody agreement is an agreement reached between a fund manager and a fund custodian (usually a commercial bank) on the custody of fund assets. The agreement defines the responsibilities, rights and obligations of the principal and the custodian in the form of a contract.
Three. Fund transaction
1. Date of fund establishment
2. Fund raising period
3. Term of the Fund
4. Fund unit
5. Fund Open Day
6. Fund subscription
7. Fund subscription
8. Transfer funds to the depository.
9. Fund conversion
10. Non-transaction transfer
1. Date of fund establishment
The fund establishment date refers to the date when the fund manager announces the establishment of the fund after the fund meets the establishment conditions.
2. Fund raising period
The fund raising period refers to the period from the announcement of the prospectus to the establishment date of the fund.
3. Term of the Fund
The duration of the fund refers to the duration after the successful issuance of the fund and a closed period.
4. Fund unit
Fund share refers to the certificate issued by the fund sponsors to unspecified investors, indicating that the holder enjoys the asset ownership, income distribution right and other related rights and assumes corresponding obligations to the fund.
5. Fund Open Day
The fund open day is a working day when you can go through a series of procedures such as opening an account, purchasing, redeeming, closing an account, reporting the loss and transferring money. For open-end funds, trading is not allowed on any working day. Therefore, it is stipulated that transactions should be conducted on certain working days every week, which are called open days.
6. Fund subscription
Fund subscription refers to the process of investors buying fund shares during the period of raising open-end funds and before the establishment of funds. Usually, the subscription price is the face value of the fund unit (1 yuan) plus certain sales expenses. Investors who subscribe for this fund shall fill in the subscription application form and pay the subscription fee at the fund sales point.
7. Fund subscription
Fund subscription means that investors open a fund account in a fund management company or a selected fund consignment agency and apply for purchasing fund shares according to the prescribed procedures. The number of subscribed fund shares is calculated on the basis of the net asset value of the fund shares on the subscription day, and the specific calculation method must meet the requirements of the relevant regulations of the regulatory authorities and be specified in the fund sales documents.
8. Transfer funds to the depository.
Transfer of funds to custody refers to the operation of the custodian institution that changes the fund share held by investors between different custody points (different sellers and cities or branches where the same seller cannot deposit or withdraw funds).
9. Fund conversion
Fund conversion means that after an investor holds any open-end fund issued by the company, he can directly and freely switch to other open-end funds managed by the company without redeeming the fund shares he has held before purchasing the target fund. For example, among the two open-end funds that have been issued by the company, investors can convert their share of Southern Baoyuan Bond Fund into that of Southern Steady Growth Fund, or they can convert their share of Southern Steady Growth Fund into that of Southern Baoyuan Bond Fund.
10. Non-transaction transfer
Non-transaction transfer refers to the change of fund share holders due to inheritance, gift or judicial execution. Non-transaction fund transfer includes inheritance, donation and judicial execution.
Four. Fund expenses
1. Capital transaction cost
2. Fund operating expenses
1. Capital transaction cost
Fund transaction costs refer to the expenses incurred in fund transactions, mainly including subscription fees, subscription fees, redemption fees, fund transfer custody fees and fund conversion fees.
2. Fund operating expenses
Fund operating expenses refer to the expenses incurred in the process of fund operation, which are usually deducted from the fund assets, thus reducing the net value of the fund. The main operating expenses of the Fund include: fund management fee, fund custody fee, continuous sales method, securities transaction fee, fund information disclosure fee, accountant fee and attorney fee related to the Fund, and expenses for holding holders' meeting, etc., which can be included in accordance with relevant state regulations.
Verb (abbreviation of verb) fund information disclosure
1. Open-end fund information disclosure
2. prospectus
3. Public norms
4. Annual report of the Fund
5. Interim report of the Fund
6. Total assets of the fund
7. Net asset value of the fund
8. Net asset value of fund unit
9. Accumulated net value of the fund
1. Open-end fund information disclosure
Open-end fund information disclosure includes three categories: prospectus (prospectus), periodic report and interim report. The periodic report consists of four parts: daily unit net worth announcement, quarterly portfolio announcement, interim report and annual report. The statutory disclosure information is compiled by the fund manager, reviewed by the fund custodian, and published in the information disclosure newspapers and websites designated by the China Securities Regulatory Commission within the prescribed time limit.
2. prospectus
Prospectus (also known as prospectus after initial issuance) aims to fully disclose all information that may have a significant impact on investors' investment judgment. Including managers, custodians, fund sales channels, purchase and redemption methods and prices, types and proportions of expenses, investment objectives of funds, accounting principles of funds, income distribution methods, etc.
3. Public norms
The prospectus refers to the general situation of the fund, the announcement of the fund portfolio, the performance of the fund operation, important changes and other matters that should be disclosed according to law.
4. Annual report of the Fund
The annual report of the fund is a report reflecting the operation and performance of the fund throughout the year. In addition to the contents that should be disclosed in the interim report, the annual report must also disclose the custodian report, audit report and other contents. The report shall be published within 90 days after the end of the fiscal year.
5. Interim report of the Fund
The interim report of the Fund reflects the operation and performance of the Fund in the first half of the year. The main contents include: manager's report, disclosure of important matters in financial report, etc. Among them, the financial report includes accounting statements such as balance sheet, income and distribution statement, statement of changes in net assets and its notes, and explanations of related matters. The report shall be published within 60 days after the end of the first six months of the fiscal year.
6. Total assets of the fund
The total assets of the fund include the value of various securities purchased by the fund, the principal and interest of bank deposits and other investments.
7. Net asset value of the fund
The net asset value of the fund refers to the value of the total asset value of the fund after deducting the expenses that can be deducted from the fund assets according to the relevant provisions of the state.
8. Net asset value of fund unit
The net asset value of a fund unit refers to the value of the net asset value of the fund on the calculation date divided by the total number of fund units on the calculation date.
9. Accumulated net value of the fund
The accumulated net value of the fund is the sum of the net asset value of the fund unit and the accumulated dividends since the establishment of the fund.
Income distribution of intransitive verb fund
1. Fund income
2. Net income of the fund
3. Date of registration of rights and interests
4. Ex-dividend date
5. Dividend reinvestment
1. Fund income
Fund income refers to the part of fund assets that exceeds their own value in the process of operation. Specifically, fund income includes dividends, bonuses, bond interest, price difference between buying and selling securities, deposit interest and other income.
2. Net income of the fund
The net income of the fund refers to the balance of the fund income after deducting the expenses that can be deducted from the fund income according to the relevant provisions of the state.
3. Date of registration of rights and interests
Equity registration date is a day that fund managers need to set when distributing dividends, and it is clear which fund holders can participate in dividends. The set date is the recorded date. In other words, investors who still hold or buy the Southern Steady Growth Fund in date of record and are confirmed can enjoy this bonus.
4. Ex-dividend date
The ex-dividend date is the first working day after the registration date (T date), that is, T+ 1 day.
5. Dividend reinvestment
Dividend reinvestment refers to reinvesting the investor's income share in the fund and converting it into a corresponding number of fund shares. In fact, it is to convert the income to be distributed into an equal number of new fund shares for investors to use.