There is no pressure to redeem closed-end funds, and managers can make long-term investment layout. Trading in the securities market, the cost is very low, only three thousandths. The disadvantage is that managers lack incentive mechanism and their business performance may not be outstanding.
Open-end funds are under great pressure to redeem, so it is necessary to reserve some funds at all times to deal with redemption, and the utilization rate of investment funds is poor. The advantage is that managers take this as the driving force and grasp the market more attentively, and their business performance is usually very good. In bank transactions, the handling fee is as high as 1.2%. ?
Generally speaking, the advantages and disadvantages are obvious, and the future trend will be linked to the government and related policies.
ETF is a transactional open index fund.
Transactional open-end index fund, also known as exchange-traded fund (ETF), is an open-end fund listed and traded on the exchange, with variable fund share.
Index fund, as its name implies, is a fund that invests in index stocks, that is, by buying some or all of the stocks contained in an index, the investment portfolio of index fund is constructed, with the purpose of making the change trend of this investment portfolio consistent with the index, so as to obtain roughly the same rate of return as the index.
Graded funds, also known as "structured funds", refer to the types of funds that show two-level (or multi-level) risk-return performance with a certain differentiated fund share by decomposing the fund income or net assets under a portfolio. Its main feature is to divide the fund products into two or more types of shares and give different income distribution respectively.
The sum of the product of the net value and proportion of each sub-fund of the graded fund is equal to the net value of the parent fund. For example, the net value of the parent fund split into two types of shares = the net value of class A sub-base X A share%+the net value of class B sub-base X B share%. If the parent fund is not split, it is a general fund.
What are the requirements for the establishment of a fund manager? ? At this point, I think the conditions and rules are dead and people are alive! What is suitable for the development of your own company and enterprise will do. There are many words, but applying the rules of the world's top 500 companies, your company may not do well! Find a solution by yourself and listen to employees' demands. Another point is to directly hire senior managers to make suggestions!
At present, 90% of basic sales companies mainly use telephones. If it were me, after the product positioning, I would directly find high-end personnel and sell my products to high-end people. How to find it? How much is it? This is a mode of thinking, how to do it specifically. Think about it!
The purpose of fund asset valuation is to objectively and accurately reflect the fair value of fund-related financial assets and financial liabilities, and provide a basis for fund share valuation. ?
There are some problems in the initial stage of investment fund industry in China, including:
First of all, there is a lack of clear and effective supervision institutions and rules in the establishment, management and custody of funds. For example, the establishment of most funds is examined and approved by the local branch of the People's Bank of China or the local government in accordance with the Interim Provisions on the Administration of Investment Trust Funds in Shenzhen and other local laws and regulations. There is no uniform standard, and even there are great differences in names. After the fund was approved to be established, the examination and approval authorities failed to fulfill their regulatory obligations, and lacked corresponding supervision and restriction mechanisms in fund asset operation and investment direction.
Second, the operation and management of some investment funds are not standardized, and the rights and interests of investors have not been fully protected. For example, some fund managers, custodians and sponsors are trinity, and the fund is only a source of funds for the fund manager, and the fund assets are mixed with the fund manager's assets, which leads to confusion in accounting treatment. Another example is that the fund custodian did not play a supervisory role, and the behavior of the fund manager was not effectively monitored.
Third, the liquidity of assets is low, and the book asset value is higher than the actual asset value. A large number of assets of investment funds are invested in real estate, projects, legal person shares and other assets with low liquidity, and at the same time there is the problem of overvaluation of assets. For example, in the mid-1990s, when the real estate bubble was gradually eliminated in some areas, the assets stored in real estate were still priced at cost, not adjusted according to the market price, so that the book value of individual fund assets was higher than the actual asset value.
? At present, the main features of China Securities Investment Fund are as follows:
1. The continuous improvement of laws and regulations and the strengthening of supervision have created a good external environment for the operation of the fund industry and promoted its rapid development. A number of fund laws and regulations have been promulgated one after another. The Fund Supervision Department of China Securities Regulatory Commission, as the main implementation department of fund supervision, effectively supervises the establishment, operation and custody of fund management companies and funds. Once the Investment Fund Law is officially promulgated and implemented, it will also become the core legal basis for the development of China's fund industry.
Second, the scale of the fund is expanding day by day, and its influence on the market is increasing, and it has gradually become an important institutional investor that cannot be ignored in the securities market. It includes not only newly issued closed-end and open-end funds, but also standardized securities investment funds formed after the original investment funds are cleaned up, reorganized and raised. At present, the total market value of securities investment funds supervised by China Securities Regulatory Commission is close to 80 billion yuan, which is equivalent to about 7% of the circulating market value of Shanghai and Shenzhen stock markets.
Third, the variety of funds is increasingly diversified, and the investment style is gradually prominent. Since the development of the first batch of balanced funds from 65438 to 0998, there have been different styles of funds such as growth, value and compound, especially with the gradual introduction of open-end funds, the style of funds has become more distinct, providing investors with various investment choices.
4. Facing the competition pattern after China's entry into WTO, fund management companies have extensively cooperated with foreign countries, learned advanced management and technical experience, and promoted the innovation of fund products and operations, thus laying a foundation for China to join the international financial market competition.
9. Service productization. Talk about my understanding. In a big company, hundreds of products are the same. If you were a customer, which one would you buy? ? In a big company, hundreds of sellers sell unique services. If you tell your customer that you can enjoy many unique services when you buy my products, this is service productization, and he will decide to buy your products according to your services.
10. I shouldn't worry about the last one.