After the initial subscription of the fund, it will enter a closed period, at which time the fund manager will open the position. If the stock market has risen for a period of time, or even started to pull back, the fund has been established at this time, and the fund manager must open the fund assets in a certain proportion according to the contract, so there is a high probability of loss in this situation, but there is also an excellent fund management level, and the closed period will also be profitable.
There is also an old fund that has been listed and has a fixed closing period, which may be opened once a week or once a month, so it will be closed if it is not open. During the closed period, whether the fund loses depends on the target selected by the fund manager and the fund manager's ability to exchange positions and shares.
1. Closed-end funds belong to trust funds, which refer to investment funds whose fund 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.
2. 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.