1. A fund in a broad sense is a collection of funds established for a certain purpose, and this collection is a fund;

2. A fund in a narrow sense refers to a fund with a purpose or a special purpose, which is called a fund.

The above is the meaning of the fund. In fact, the fund mentioned by the public includes both, and the fund mentioned by investors and the public is more of an investment product in the financial market. This kind of investment product is generally an artificial product introduced by fund companies to invest in various financial products and financial derivatives in the financial market.

Different types of funds:

1. Funds can be divided into open-end funds and closed-end funds according to their forms and redemption. Open-end funds are also the funds that investors buy the most. Funds are traded on consignment and direct selling platforms and are open to everyone. Closed-end funds trade in the basic market, and closed-end funds often turn into open-end funds after J is closed;

2. According to the different issuers and fund forms, funds can be divided into corporate funds and contractual funds. Corporate fund refers to the fund launched by fund companies, which is the most common fund. Contractual funds are funds established by fund companies, fund custodians and investors through contracts;

3. According to income and risk, funds can be divided into growth funds, income-based funds and balance-of-payments funds;

4. According to different investment objects, funds can be divided into four categories: funds that invest in currency, funds that invest in bonds, funds that invest in stocks and funds that invest in mixed investments.

It is still uncertain which is the earliest hedge fund. During the great bull market in the United States in the 1920s, there were countless such investment tools specifically for the rich. The most famous is the Graham-NewmanPartnership Fund founded by BenjaminGraham and JerryNewman.

In 2006, WarrenBuffett declared in a letter to MuseumofAmericanFinance that the funds in the 1920s were the earliest known hedge funds, but other funds may appear earlier.

In the economic recession of 1969- 1970 and the stock market crash of 1973- 1974, many early funds suffered heavy losses and closed down one after another. In 1970s, hedge funds usually focused on one strategy, and most fund managers adopted the long-short stock model. During the economic recession in 1970s, hedge funds were once ignored. It was not until the late 1980s that several successful funds were reported in the media before they returned to people's sight.