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Fund project introduction template
investment fund

Generally speaking, an investment fund is an investment tool that collects the funds of many scattered investors, entrusts investment experts (such as fund managers) to invest, and the investment management experts conduct unified investment management according to their investment strategies, so as to benefit many investors. Investment funds pool public funds, share investment income and share investment risks, which is a collective investment method with * * * income and * * risk.

Securities investment funds raise funds from publicly offered fund shares and use the funds for securities investment. Fund share holders enjoy the rights of asset ownership, income distribution, surplus property disposal and other related rights, and assume corresponding obligations.

Schematic diagram of investment fund operation process

Investment fund operation process:

1. Investors' funds are pooled into a fund;

2. The fund entrusts an investment expert-the fund manager to carry out investment operation;

Among them,

(1) Investors, fund managers and fund custodians establish trust agreements through fund contracts to determine the investors' contribution (share).

Trust between income and risk), entrust the fund manager to manage money, and the fund custodian is responsible for keeping the funds.

Relationship.

(2) Fund managers and fund custodians (mainly banks) establish their respective responsibilities and rights through custody agreements.

3. Fund managers distribute investment income to investors through professional financial management.

In China, the fund custodian must be a qualified commercial bank and the fund manager must be a professional fund manager. basis

Gold investors enjoy the income of securities investment funds and bear the risk of losses.

Contract funds and corporate funds

Contract funds are relative to corporate funds. According to the different organizational forms and legal status of funds, securities investment funds are basically divided into contractual and corporate types.

Contract fund:

Contract fund, also known as trust and investment fund, is an investment fund established by issuing beneficiary certificates in the form of trust deed. This kind of fund is generally concluded by the fund manager, fund custodian and investors in trust deed. The fund manager can act as the initiator of the fund and raise funds by issuing beneficiary certificates to form trust property. According to trust deed, the fund custodian is responsible for keeping the trust property, specifically handling securities, cash management and related agency business. Investors are also holders of beneficiary certificates and enjoy the investment income by purchasing beneficiary certificates and participating in fund investment. The beneficiary certificates issued by this fund show the rights and interests enjoyed by investors in investment funds.

Corporate fund:

Corporate funds are established in accordance with the Company Law, and concentrated funds are invested in various securities by issuing fund shares. Corporate investment funds are similar to joint-stock companies in organizational form. The assets of a fund company are owned by investors (shareholders). Shareholders elect the board of directors, and the board of directors first hires the fund manager, who is responsible for managing the fund business.

The establishment of a company's fund shall be registered with the administrative department for industry and commerce and the Securities and Exchange Commission, and shall also be registered at the place where the shares are issued. The organizational structure of corporate funds mainly includes the following parties: fund shareholders, fund companies, investment consultants or fund managers, fund custodians, fund conversion agents and fund lead underwriters.

At present, the establishment of China's securities investment funds is mainly contractual funds.

close-ended fund

Closed-end fund refers to the total amount of funds issued in advance when the fund sponsors set up the fund. When the raised amount exceeds 80% of the total amount, the fund is announced to be established and closed, and no new investment will be accepted during the closed period.

For example, funds listed on Shenzhen Stock Exchange were established in Kaiyuan (4688) and 1998, and issued 2 billion fund shares, with a duration (closed period) of 15 years. In other words, the operating period of the fund from 1998 is 20 years, and the operating quota is 2 billion. During this period, investors can't ask for the return of funds, and the fund can't add new shares.

Although investors are not allowed to ask for the return of funds during the closed period, funds can circulate in the market. Investors can cash out through market transactions.

The circulation mode of closed-end fund shares in China is listed on the stock exchange, and investors must bid for and buy fund shares in the secondary market through securities companies.

(Note: The duration of a fund refers to the time from establishment to termination. )

open-ended fund

Open-end fund refers to a fund whose total amount of funds issued is not fixed, and the total amount of fund shares increases or decreases at any time. Investors can purchase or redeem fund shares at the business place determined by the fund manager according to the fund quotation.

Open-end funds can be issued according to the needs of investors or redeemed according to the requirements of investors. For investors, the issuer can be required to redeem the fund after deducting the handling fee according to the current net asset value of the fund, or it can buy the fund again to increase the unit share of the fund.

For example, Huaan Innovation, the first open-end fund in China, issued 5 billion fund shares for the first time. Founded in 200 1 year, it has no duration. However, the fund units that issue 5 billion yuan for the first time will change at any time after the opening of the gate. For example, they may decrease due to redemption by investors, or they may increase due to investors' subscription or choice of "dividend reinvestment".

In China, the trading of open-end fund shares is carried out through subscription and redemption at the direct selling outlets or consignment outlets (mainly bank outlets) of fund management companies, and the subscription and redemption of investors are carried out through the counters, telephones or websites of these outlets.

The difference between closed-end fund and open-end fund

The main differences between closed-end funds and open-end funds can be seen from the following table:

close-ended fund

open-ended fund

trading place

Shenzhen and Shanghai stock exchanges

The outlets of fund management companies or consignment agencies (mainly banks and other outlets)

Fund term

Have a fixed term

There is no fixed term.

Fund size

Quota, generally can't increase the issue.

There is no size limit (but there is a minimum size limit)

Redemption restriction

If the fund cannot be redeemed directly within the time limit, it needs to be cashed out through listing transactions.

You can apply for purchase or redemption at any time.

Trading means

Listing transaction

The outlets of fund management companies or consignment agencies (mainly banks and other outlets)

Price determining factor

The transaction price is mainly determined by the relationship between market supply and demand.

The price is based on the fund's net asset value.

Dividend method

cash dividends

Cash dividends and reinvested dividends

expense

Transaction costs:

2.5% of the transaction amount

Subscription fee: no more than 5% of the subscription amount.

Redemption fee: no more than 3% of the redemption amount.

investment strategy

Closed-end funds are not redeemable, and there is no need to withdraw reserves. They can make full use of funds, make long-term investments and achieve long-term business performance.

Some cash or liquid assets must be reserved for investors to redeem at any time, and long-term investment will be restricted. Faced with redemption pressure at any time, it is necessary to pay more attention to risk management such as liquidity and require fund managers to have a higher level of investment management.

information disclosure

The net asset value of a fund unit is published at least once a week.

Announce the net asset value of the unit every open day.

The characteristics of securities investment funds are:

Securities investment funds are funds operated, managed and invested by securities market experts. Fund assets are managed by professional fund managers. Fund managers are equipped with a large number of investment experts, who have not only mastered extensive knowledge of investment analysis and portfolio theory, but also accumulated quite rich experience in the investment field.

Securities investment fund is an indirect way of securities investment.

Investors indirectly invest in the securities market by purchasing funds. Compared with buying stocks directly, investors have no direct relationship with listed companies, do not participate in the company's decision-making and management, and only enjoy the right to distribute the company's profits.

Securities investment funds have the advantages of small investment and low cost.

In China, the face value of each fund share is RMB 1 yuan. The minimum investment of securities investment funds is generally low, and investors can buy more or less fund shares according to their own financial resources, which solves the problem that small and medium-sized investors have less funds and are difficult to enter the market. The cost of funds is usually very low.

Securities investment funds have the advantages of portfolio investment and risk diversification.

According to the experience of investment experts, it is usually necessary to hold stocks around 10 in order to at least spread risks in investment. There is a saying in investment science: "Don't put your eggs in the same basket". However, small and medium investors usually can't do this. If investors invest all their money in a company's stock, once the company goes bankrupt, investors may lose everything. Securities investment funds can form a strong financial strength by pooling the small funds of many small and medium-sized investors, and can also spread the investors' funds to various stocks at the same time, so that the losses caused by the decline of some stock prices can be made up by the profits of other stocks, which disperses the investment risks.

Strong liquidity.

The procedure for buying and selling funds is simple. For closed-end funds, investors can cash out directly in the secondary market, and the trading procedure is similar to that of stocks; For open-end funds, investors can purchase or redeem funds directly from fund managers, or through sales agencies such as securities companies, or entrust investment consulting agencies to buy and sell on their behalf.

Mode of fund issuance

In China, there are two main ways to issue securities investment funds: online issuance and offline issuance.

(a) Internet distribution methods

Refers to the issuance of fund shares through securities business departments connected to the trading system of stock exchanges all over the country.

The issuance method of Public Offering of Fund units. Mainly closed-end fund issuance.

(2) Offline distribution method

It refers to the sale of issued funds to the public through banks or securities outlets distributed in a certain area.

The distribution method of. Mainly the way of issuing open-end funds.

Respondent: chaos 2007- QIAN Zong 4 1- 15 14:44.

Go directly to the bank and buy less first. After you have a fund, you will pay attention to it because of the interest relationship. Finally, you will be familiar with this investment method.

I recommend Shangtou, Jingshun and Guo Fu.

Bank of Communications, E Fund, Harvest, Dacheng.

Finally, don't be afraid of net worth when buying funds. All the same. Mainly depends on the company and the market.

The fund is risky and needs a little caution.