1. What is a fund?
According to different standards, securities investment funds can be divided into different types:
(1) According to whether the fund share can be increased or redeemed, it can be divided into open-end funds and closed-end funds. Open-end funds are not traded on the market (as the case may be), and the fund scale is not fixed through subscription and redemption by banks, securities companies and fund companies; Closed-end funds have a fixed duration and are generally listed and traded on stock exchanges. Investors buy and sell fund shares through the secondary market.
(2) According to different organizational forms, it can be divided into corporate funds and contractual funds. Fund is an investment fund company established by issuing fund shares, usually called corporate fund; Usually called contractual fund, it is established by fund managers, fund custodians and investors through fund contracts. China's securities investment funds belong to contractual funds.
(3) According to the different investment risks and returns, it can be divided into growth funds, income-based funds and balanced funds.
(4) According to different investment objects, it can be divided into stock funds, bond funds, money market funds and futures funds.
: first, the form of the fund
During the+0.1920s bull market in the United States in the 1960s, there were countless such investment tools for the rich. One of the most famous funds is the Graham Newman Cooperative Fund founded by Benjamin Graham and Jerry Newman.
2. In 2006, Warren Buffett claimed in a letter to the American Museum of Finance that Graham Newman Partnership Fund in the1920s was the earliest known hedge fund, but other funds may have appeared earlier.
3. In the economic recession from 1969 to 1970 and the stock market crash from 1973 to 1974, many early funds suffered heavy losses and closed down one after another. In the 1970 s, hedge funds usually focused on one strategy, and most fund managers adopted a long/short stock model. During the economic recession of 1970, hedge funds were once ignored. It was not until the late 1980s that several successful funds were reported by the media before they returned to people's field of vision.
The bull market in the 1990s created a batch of new wealth, and hedge funds blossomed everywhere. Traders and investors pay more attention to hedge funds because they emphasize the income distribution mode with consistent interests and the investment mode of "outperforming the market". In the next decade, hedge fund investment strategies will emerge one after another, including credit arbitrage, junk bonds, fixed-income securities, quantitative investment and multi-strategy investment.
5.265438+In the first decade of the 20th century, hedge funds swept the world again. In 2008, the total assets held by global hedge funds reached $65,438 +0.93 trillion. However, the credit crisis in 2008 hit hedge funds hard, causing their value to shrink and blocking the liquidity of some markets. Many hedge funds began to restrict investors' redemption.