1. Securities investment funds: what people usually call funds, the most common funds. 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. According to the objects and forms of securities investment funds, they can be divided into various funds. 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 the different investment objects, investment funds can be divided into money funds, bond funds and stock funds.
2. Open-end funds: funds separated from securities investment funds, but not equal to securities investment funds. 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 fund: a kind of fund as opposed to open-end fund. Different from the open-end fund, the closed-end fund is 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. Contractual funds: Contractual funds, also known as unit trust funds, refer to funds that are established and issued beneficiary certificates in the form of fund contracts by investors, managers and custodians as fund parties. 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 fund: Corporate fund is a kind of fund different from contract fund. Because of the different organizational forms, it has obvious differences. 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.
Growth fund: Growth fund is the most common 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-oriented 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. Balanced funds: Balanced funds aim at obtaining current income and pursue long-term value-added. Funds are usually dispersed in stocks and bonds to ensure the safety and profitability of funds.
9. Public offering fund: A public offering fund refers to a securities investment fund that is supervised by the competent department of our government and publicly issues beneficiary certificates to unspecified investors. For example, the closed-end fund in the domestic securities market belongs to Public Offering of Fund.
10. Private equity fund: Private equity fund refers to a collective investment that raises funds privately from specific investors without public publicity.
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, at least 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 fund: A bond fund refers to a fund that invests wholly or mostly 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 manner. Simply put, it is to choose a market index to track and passively invest in the market, so that the expected annualized expected return of the fund is consistent with the expected annualized expected return of this market index.
14. Capital preservation fund: It has been renamed as hedge strategy 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 of providing investors with additional income by investing in other financial instruments (stocks, derivative securities, etc.), but also provides investors with a certain fixed proportion of principal income (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): 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 fund: Money market fund is a fund that invests in low-risk and high-liquidity short-term investment tools such as bank time deposits, commercial promissory notes and acceptance bills, so it has the characteristics of good liquidity, low risk and low expected annualized expected return.
17. Umbrella fund: Umbrella fund, also known as umbrella sub-fund or umbrella sub-structure fund, is an organizational form of the 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. Specialized funds: Specialized funds refer 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: 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 expected annualized expected income is relatively stable and highly mobile.
Knowing the types of funds, I believe that everyone has gained something more or less, so we will continue to take you to understand the funds in the next class, and we will be there.