Redemption before trading day 15:00 (T day), the fund company will calculate the market value of the fund according to the net value of the fund on that day (T+ 1 confirmation), and redemption will be made after 15:00, and the fund company will calculate the market value of the fund according to the net value of the fund on the next trading day. Redemption of the fund is generally after the fund company confirms it1~.
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The main features of securities investment funds are:
(1) Integrated financial management and professional financial management. The fund collects the funds of many investors and entrusts the fund manager to invest, which is conducive to giving full play to the scale advantage of the fund and reducing the investment cost. It is a collective financial management behavior. Fund managers generally have a large number of professional investment and research personnel and a sound investment decision-making mechanism. Investors can enjoy professional investment management services by handing over funds to fund managers for management.
(2) Portfolio investment spreads risks. "Portfolio investment and risk diversification" is a major feature of securities investment funds. In order to control the investment risk, the fund laws and regulations of various countries generally limit the maximum proportion of a single stock invested by a fund to achieve the purpose of portfolio investment.
(3) Enjoy the benefits and take risks. After deducting the expenses that the fund should bear from the investment income of the securities investment fund, all the rest belongs to the fund investors. Fund investors enjoy the benefits of securities investment funds according to the number of fund shares they hold, and at the same time bear the risk of losses. Fund managers and custodians can only collect certain management fees and custody fees according to regulations, and shall not participate in the distribution of fund income.
(4) Independent custody and asset security. Asset custody is the basic system of fund operation. The fund manager is responsible for the investment operation of the fund, but does not keep the fund property. The fund property is kept by a custodian completely independent of the manager to ensure the safety of the fund assets.
(5) It is convenient to buy and sell and easy to realize. Fund trading procedures are simple, and investors are easy to invest and realize. Generally speaking, for open-end funds, investors can purchase or redeem funds directly from fund managers, or through sales organizations such as commercial banks and securities companies. Most foreign funds are open-end funds. Generally, the net value of the fund will be announced every day, and investors can purchase and redeem it at any time. Closed-end funds are generally listed and traded on stock exchanges, and the trading procedures are similar to those of stocks. Investors can buy and sell closed-end funds through exchanges.
(6) Strict supervision and transparent information. In order to protect the interests of investors, securities regulatory agencies in various countries have strictly supervised the fund industry, forcing funds to disclose more information so that investors can understand the information and make investment decisions.