The funds we are talking about now usually refer to securities investment funds.
Securities investment fund is an indirect way of securities investment. By issuing fund shares, fund management companies concentrate investors' funds, which are managed by fund custodians (that is, qualified banks) and managed and used by fund managers to invest in financial instruments such as stocks and bonds, and then * * * bear the investment risks and share the benefits. According to different standards, securities investment funds can be divided into different types:
According to whether fund units can be increased or redeemed, they can be divided into open-end funds and closed-end funds. Open-end funds are not listed and traded, but are generally purchased and redeemed by banks, and the fund scale is not fixed; Closed-end funds have a fixed duration, and the fund size is fixed during the duration. Generally listed on the stock exchange, investors buy and sell fund shares through the secondary market.
According to different organizational forms, it can be divided into corporate funds and contractual funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; The establishment of fund managers, fund custodians and investors through fund contracts is usually called contractual funds. At present, China's securities investment funds are all contractual funds.
According to the difference of investment risk and income, it can be divided into growth fund, income fund and balanced fund.
According to different investment objects, it can be divided into stock funds, bond funds, money market funds and futures funds.
The difference between closed-end funds and open-end funds;
(1) The variability of fund size and duration is different. Closed-end funds have a fixed scale and a clear duration; The fund shares issued by open-end funds are redeemable, and investors can buy the fund shares at any time, so the scale and duration of the fund are changing; (2) The main factors affecting the fund price are different. The price of closed-end fund shares will be more affected by the relationship between market supply and demand, and the price fluctuates greatly; The buying and selling price of the fund unit of the open-end fund is based on the net asset value corresponding to the fund unit, and there will be no discount.
(3) The benefits and risks are different. Because the income of closed-end funds mainly comes from the bid-ask spread and year-end dividends in the secondary market, its risks also come from the risks of the secondary market and fund managers. The income of open-end fund mainly comes from the difference between redemption price and subscription price, and its risk is only the risk of fund manager's ability.
(4) The requirements for managers and investment strategies are different. Under the condition of closed-end fund, the manager has no pressure to demand redemption at any time, and the fund manager can implement long-term investment strategy; Because open-end funds can be purchased at any time, it is necessary to reserve some funds to deal with investors' redemption at any time, and long-term investment will be restricted. In addition, the requirements of information disclosure such as the investment portfolio of open-end funds are also relatively high.
Classify funds according to investment objectives. In fact, this method is also the most commonly used method on the market.
According to the investment objectives, funds can be divided into:
1, equity fund. The investment target is the shares of listed companies. The main income is the capital gain of stock rising. The net value of the fund changes with the market price of the stocks invested. The risk is higher than that of bond funds and money market funds, and the relative expected return is also higher. According to the target industry, stock funds can be divided into various industrial funds, which are commonly classified as high-tech stocks, biotechnology stocks, industrial stocks, real estate stocks, public stocks, communication stocks and so on.
2. Bond funds. The investment target is bonds. Interest income is the main source of income for bond funds. The fluctuation of exchange rate and bond market price also affect the overall return of fund investment. Usually, when the interest rate in the market is expected to fall, the bond market price will rise; When interest rates rise, bond prices fall. Therefore, bond funds are not necessarily profitable, but there are still risks.
3. Money market funds. The investment targets are money market commodities with excellent liquidity, such as deposits, national debt and repurchase within 365 days. And earn higher income equivalent to large financial transactions.
In addition to the above-mentioned classification methods, there are some special types of funds, the more common ones are:
1. Convertible corporate bond fund. Invest in convertible corporate bonds. When the stock market is depressed, you can enjoy the fixed interest income of bonds. When the stock market has a good prospect, it can be converted into stocks according to the conversion conditions agreed at the beginning, which has the characteristics of "attacking in advance and defending in retreat".
2. Index funds. The composition and proportion of individual stocks in the fund portfolio are determined according to the sample constituent stocks and proportion of the market index as the investment target. The goal is that the fund's net value is close to the index performance, regardless of investment strategy. As long as the index stocks change, the fund manager will follow suit and change the shareholding ratio. Because of its simplicity and high investor acceptance, indexed investment is also the most commonly used investment method in the American fund system.
3. Funds in funds. As the name implies, the investment target of such funds is funds, so it is also called portfolio funds. After the fund company collects the clients' funds, it reinvests them in its own or other fund companies' funds with the most value-added potential to form a portfolio. There is no such variety in China at present.
4. Umbrella fund. Umbrella fund consists of a group of sub-funds that invest in different targets, and each sub-fund is managed independently. As long as you invest in any sub-fund, you can switch to another sub-fund at will without extra cost.
5. Hedge funds. This kind of fund gives the fund manager full authorization and freedom in the use of funds. The performance of the fund depends on the trading skills of the fund manager and the foresight of the topics with profit potential. As long as the fund manager thinks that "profitable" investment strategies can be used, such as taking the spread of long-term and short-term interest rates; Use options and futures index to arbitrage in foreign exchange market, bond market and stock market. In short, any investment strategy can be used. This kind of fund has the highest risk. In foreign countries, it is issued specifically for people or institutions with high income and high risk tolerance, and generally does not accept retail investment. (Shangtou Morgan Fleming Fund Management Co., Ltd.)
Fund subscription rate
Refers to the proportion of expenses that investors need to pay to purchase fund shares. Investors buy different funds, and the subscription rate may be different due to the size of the subscription amount. Here, calculate the maximum rate.
The subscription amount of open-end funds actually includes two parts: subscription fee and net subscription amount. The subscription fee can be calculated according to a certain proportion of the subscription amount or the net subscription amount. The domestic practice is generally to multiply the total purchase price (including fees) by the applicable rate to calculate the purchase fee, and deduct it from the purchase amount. In this way, the calculation method of the fund share that can actually be bought by a subscription amount is as follows:
Subscription fee = subscription amount × applicable subscription rate
Net subscription amount = subscription amount-subscription fee
Subscription quantity = net subscription amount/net fund share value on the subscription day.
This calculation method is very common in overseas markets such as the United States. The advantage of this method is that the calculation is relatively simple when using the "unknown price method"; In addition, because the decreasing rate is generally used according to the increase of subscription amount, it can avoid the unfair phenomenon that investors who buy less may actually pay more than investors who buy more according to the net subscription amount.
Using this calculation method will make the applicable rate according to the net purchase amount slightly higher than the published rate. If investors want to know the applicable rate based on the net subscription amount, they only need to make a small conversion:
Rate applicable to the net subscription amount = Rate applicable to the subscription amount ÷( 1- Rate applicable to the subscription amount)
For example, if the applicable rate is 2% of the subscription amount, then:
The applicable rate calculated according to the net subscription amount = 2%⊙( 1-2%)= 2.04%.
Redemption rate
Refers to the proportion of expenses paid by investors when selling fund shares. When investors buy different funds, the redemption rate may be different because of the different redemption amount. Here, calculate the maximum rate.
After the investor sells the fund, the actual amount obtained is the total redemption amount MINUS the redemption fee. The calculation formula is:
Total redemption amount = redemption quantity × net value of fund unit on the redemption day.
Redemption fee = total redemption amount × redemption rate
Redemption amount = total redemption amount-redemption fee
Investors should pay attention to the fact that the redemption fee income stipulated by each fund may be different. Some regulations only deduct a small part of the handling fee, most of which will be owned by the fund; Some regulations treat all or most of them as handling fees, but not only a small part of them as fund assets, so that if you partially redeem them, the former will be more beneficial to you, and under the same circumstances, the net value of the fund units you hold will be higher than the latter.
Cumulative net growth rate:
Cumulative net growth rate refers to the percentage increase or decrease of fund net value (including dividends) over a period of time.
Annual conversion rate in the past seven days
Refers to the annualized rate of return converted from income in the last seven days (including holidays)
Daily income per 10,000 fund units
Net income per 10,000 funds = net income of the fund on that day/total fund shares on that day × 10000.
Cumulative net value of fund
Cumulative net share = net fund share+accumulated dividends after the establishment of the fund.
Net value of fund unit
Net asset value (NAV) is the net value of each fund unit, which is equal to the balance of the total assets minus the total liabilities of the fund divided by the total shares of the fund unit.
Net asset value of fund units = (total assets-total liabilities)/total number of fund units
Fund dividend
Fund dividend means that the fund distributes part of the income to fund investors in cash, which is originally a part of the net value of the fund unit. Therefore, investors actually get the assets on their books, which is why the net value of fund shares fell on the day of dividends (ex-dividend date).
How does the fund pay dividends?
According to the Interim Measures for the Administration of Securities Investment Funds, fund managers must distribute at least 90% of the net income of funds in cash at least once a year. The net income of the fund refers to the balance of the fund income after deducting the expenses that can be deducted from the fund income according to the relevant regulations, including dividends, bonuses, bond interest, price difference between buying and selling securities, bank deposit interest and other income. In addition, the cost or expense savings arising from the use of fund assets should also be included in the fund income.
Because closed-end funds generally do not issue new fund shares during the duration, income distribution can only be carried out in the form of cash, and most open-end funds can choose to receive cash or dividends for reinvestment. The dividend reinvestment method is to buy back the fund shares directly with the due cash income, which is equivalent to the listed company distributing the income in the form of stock dividend. However, in fact, the actual dividends of these two dividend methods are exactly the same.
Is the fund dividend as much as possible?
Dividends are not as much as possible. Investors should choose a dividend distribution method that suits their own needs. Fund dividend is not the biggest standard to measure fund performance. The biggest criterion to measure the fund's performance is the growth of the fund's net value, and dividends are just the cash for the growth of the fund's net value.
fund of funds
For open-end funds, if investors want to realize income, they can also redeem part of the fund shares to achieve the effect of cash dividends; Therefore, whether the fund pays dividends and the number of dividends will not have a significant impact on investors' investment income. For closed-end funds, it is sometimes not feasible to realize fund income by selling fund shares because the unit price of the fund is often different from the net value of the fund. In this case, fund dividends become the only reliable way to realize fund income. Investors should pay more attention to dividend factors when choosing closed-end funds.
Refers to funds that invest in securities investment funds, and their investment portfolio consists of various funds. According to the relevant provisions of Article 59 of the People's Republic of China (PRC) Securities Investment Fund Law, which will be implemented on June 1 2004, the fund property shall not be used to buy or sell other fund shares, unless otherwise stipulated by the State Council. Generally speaking, China currently prohibits securities investment funds from investing in other securities investment funds.
There are usually two ways to buy funds. In addition to ordinary single purchase, there is another method that is quite suitable for lazy people, and that is regular quota. This method is widely popular abroad. Investors can go to the bank or through online banking and agree to invest a certain amount of money every month to subscribe for the fund. As long as the customer signs an agreement with the bank, the bank will automatically transfer the agreed funds from the account specified in the agreement to the fund account on a fixed day of each month, which is simple and convenient to operate.
At present, almost all fund companies have started this business, and the initial amount of monthly investment is generally around 300 yuan, with a low threshold. There are usually two ways to handle regular quota services. One is to go to the bank counter to sign the fund subscription agreement. At the same time, a regular quota is required, and the agreement is to transfer money from the account to buy funds on a certain day of each month. On which day, each bank has different regulations. For example, China Merchants Bank deducts money on the 8th of each month.
The other way is through the bank card link of online banking bank or bank-based link. The opening procedure is very simple, just choose the fund and fill in the monthly subscription amount. The advantage of online banking is that you can often change the monthly order amount. Under normal circumstances, if the account balance is insufficient for two consecutive months, the fixed-term quota will automatically stop.
For investors who like to buy funds from various fund companies, it is worth recommending the online banking of ICBC and China Merchants Bank. Investors can open a fund account directly in online banking, which can simplify many procedures. The method is also very simple. Investors only need to have a bank account at one time and open the online banking function, so they can easily invest their funds through the network and set the regular quota function.
Regular quotas are tricky. Fixed monthly investment fund can not only simplify long-term investment, but more importantly, it can greatly reduce the risk caused by investment mistakes, and it has little technical content and is suitable for most lazy people. The principle is actually very simple. If you buy a fund of 1 1,000 yuan every month, then when the market shows an upward trend, the net value of the fund is higher, and the number of fund shares you buy at this time is relatively small; When the market shows a downward trend, the net value of the fund is relatively low, and the number of fund units bought is relatively large. In this way, the total investment is actually composed of a large number of low-priced units and a small number of high-priced units, which makes the average net worth of each unit lower than that of a single investment, effectively reducing the risk of loss.
Investors should be reminded that not every fund product is suitable for regular fixed investment. Only by choosing a more suitable investment target can we bring investors an ideal return and reduce risks. From the perspective of fund types, the most suitable funds for regular fixed investment are stock funds or allocation funds. From the perspective of income, among the partial stock funds, the fund with large performance fluctuation can better reflect the advantage of regular quota.
The time compound interest effect of regular quota can often disperse the short-term risk of short-term stock market and fund net value fluctuation. As long as investors can adhere to the principle of long-term deduction, they can improve their returns by choosing funds with large fluctuations, and the long-term returns of funds with higher risks should be better than those with lower risks. Therefore, if you have a long-term financial management goal, such as three to five years or longer, you may wish to choose a fund with large fluctuations, while if it is a goal within five years, it is appropriate to choose a fund with stable performance.
In addition, it is also skillful to choose when to leave the bag safely. After research and analysis, Guolian 'an Fund specially put forward the "smile fixed investment method". They believe that if the fund starts to invest regularly when the stock market falls and redeems when the stock market rises to the "point of income satisfaction", the income result will not only be better than the index performance, but also higher than the income obtained when the stock market rises. "Smile" means that if you use a curve to connect the investment points you buy every month with the final selling points, you will find that the shape of the curve is like a human smile.
Open a fund account
The fund account is a symbol for the fund management company to identify investors, and it is an account opened by the registration center for investors to record the investor's fund ownership and its change information.
Before participating in the subscription, subscription and redemption of open-end funds, investors must apply to the sales organization of fund management companies, that is, open fund accounts at direct sales outlets or consignment outlets around the country.
For a fund management company, each investor can only apply for opening one fund account. The fund account is confirmed and distributed by the registrant in a centralized way. The sales organization accepts the investor's fund account opening application on T day, and the registration center provides the investor's fund account number on T+ 1 day. Investors can check whether the fund account opening is successful in the sales organization on T+2.
Investors can obtain trading account cards issued by sales organizations at the same time when opening fund accounts. On the day the fund opens an account, investors can submit an application for subscription/subscription, and the confirmation of subscription/subscription is subject to the success of the fund opening an account.
When accepting an application for opening a fund account by an investor, each sales organization will require the investor to submit an account opening application form and the following materials to the sales organization:
Individual investor
(1) Original and photocopy of my valid ID card (ID card, officer's card, soldier's card, passport, etc.). );
(2) reserved signature card
(3) Fill in a complete business application form;
(4) Certification documents and photocopies of the designated bank account;
(5) The original and photocopy of the valid identity certificate of the agent and my power of attorney (if not handled by me).
Cancel the fund account
Investors applying for cancellation of fund accounts must provide relevant information required by the registration center.
Individual investors are required to provide the following materials:
(1) A completed business application form with reserved seal;
(2) The original and photocopy of my valid ID card;
(3) The original and photocopy of the valid identity certificate of the agent and my power of attorney (if not handled by me).
(4) Original fund account card or trading account card.
Closed-end funds and open-end funds
According to the definition of "People's Republic of China (PRC) Securities Investment Fund Law", a closed-end fund (closed-end fund) refers to a fund whose total approved fund share is fixed within the term of the fund contract, and the fund share can be traded on a legally established stock exchange, but the fund share holder may not apply for redemption; Open-end fund (open-end fund) refers to a fund whose total share is not fixed and can be purchased or redeemed at the time and place agreed in the fund contract.