Different charging methods adapt to different investment periods. Class a carries out front-end charging. The sales service fee is accrued on a daily basis for Class C. Usually, Class A represents the front-end fee, that is, the subscription fee/subscription fee is charged only once during subscription/subscription; Class C means that no fees are charged at the time of subscription/subscription, and the sales service fee is only accrued daily during the fund holding period. Then with the increase of holding time, the more sales service fees will be charged.
In terms of redemption fees, the redemption fees of Class A and Class C Public Offering of Fund are gradually reduced with the increase of holding time. There is no difference between the two types of funds in other management fees and custody fees. Then we can see from the law of the two types of fund rates: if you hold it for a long time, you will buy Class A; If short-term investment, buy class C; When buying and selling funds, investors must pay attention to whether the subscription (or subscription) fee for OTC funds is discounted. Generally, banks rarely offer discounts or 50% discount on activities, and the charging standard is much higher than that of some brokers.
The Huatai securities platform I know has a 10% discount on off-exchange funds, as well as the function of auxiliary fund screening, which can greatly help investors to take fewer detours. Friends who don't have a securities account can open an account to buy and sell stocks, funds and manage money.
Fund form:
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. One of the most famous is the Graham Newman Partnership Fund founded by Benjamin Graham and Jerry Newman.
In 2006, Warren Buffett declared in a letter to the magazine of American Financial Museum that Graham Newman Partnership Fund in the 1920s was the earliest known hedge fund, but other funds may have appeared 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.
The big bull market in the 1990s created a batch of new wealth, and hedge funds blossomed everywhere. Because hedge funds emphasize the income distribution mode with consistent interests and the investment mode of "outperforming the market", traders and investors pay more attention to hedge funds In the next decade, the investment strategies of hedge funds will emerge one after another, including credit arbitrage, junk bonds, fixed-income securities, quantitative investment, multi-strategy investment and so on.
In the first decade of 2 1 century, hedge funds swept the world again. In 2008, the total assets held by global hedge funds reached 1.93 trillion US dollars. However, the credit crisis in 2008 hit hedge funds hard, and their value shrank. In addition, the liquidity of some markets has been blocked, and many hedge funds have begun to restrict investors' redemption. [2]
1, open-end fund
Open-endfunds (LOF) are called "Listened Open-end Fund" or "open-end funds" in English, "listed open-end funds" in Chinese and * * * mutual funds abroad. In other words, after the issuance of listed open-end funds, investors can purchase and redeem fund shares at designated outlets, or buy and sell funds on exchanges. However, if investors want to sell the fund shares purchased at designated outlets, they must go through certain transfer custody procedures; Similarly, if you want to redeem the fund shares you bought online on the exchange and redeem them at designated outlets, you must also go through certain transfer custody procedures. It is a fund with variable issuance, and the total number of fund shares (or units) can be increased or decreased at any time. Investors can purchase or redeem it at the business place designated by the fund manager according to the quotation of the fund. Compared with closed-end funds, open-end funds have the characteristics of unlimited issuance, transaction price based on net asset value, over-the-counter transaction and relatively low risk, which is especially suitable for small and medium-sized investors to invest.
2. Closed-end funds
Belonging to the trust fund, it refers to the investment fund whose scale has been determined before issuance, fixed within a specified period after issuance and traded in the securities market.
Because closed-end funds are traded by bidding in securities trading, the transaction price is affected by the relationship between market supply and demand, which does not necessarily reflect the fund's net asset value, that is, the transaction price of closed-end funds has a premium and discount phenomenon relative to its net asset value. The practice of foreign closed-end funds shows that the transaction price often has the price fluctuation law of first premium and then discount. Judging from the operation of closed-end funds in China, no matter how the fundamental situation changes, the transaction price trend of closed-end funds in China has never deviated from the price fluctuation law of first premium and then discount. [3]