Hybrid fund is a kind of fund that aggregates investors' funds in the form of partnership law. For example, banks or insurance companies organize funds and charge them fees. Typical partners include trusts or retirement accounts, whose asset portfolios are much larger than those of individual investors, but they are still too small if managed independently.

According to the proportion of assets investment and its investment strategy, hybrid funds can be divided into partial stock funds (the proportion of stocks is 50%-70%, and the proportion of bonds is 20%-40%), partial debt funds (just the opposite of partial stock funds), balanced funds (the proportion of stocks and bonds is relatively average, about 40%-60%) and allocation funds (the proportion of stocks and bonds is adjusted according to market conditions).