Tencent Fund mainly makes money through investment targets. For example, equity funds mainly invest in a basket of stocks. When the invested stock goes up, the fund goes up (gains), and when the invested stock goes down, the fund goes down (generates losses).

Investors invest in funds mainly to earn bid-ask spreads, buy at low prices and sell at high prices to make money. Fund income = (current net value-net value at the time of purchase) * fund share handling fee.