Securities investment fund is a kind of collective securities investment model with * * * returns and * * risks, that is, investors' funds are pooled by issuing fund shares, managed by fund custodians, managed and used by fund managers, and invested in financial instruments such as stocks, bonds, foreign exchange and currencies to obtain investment returns and capital appreciation. The names of investment funds are different in different countries or regions. In the United States, they are called "mutual funds", in Britain and Hongkong, they are called "unit trust funds", and in Japan and Taiwan Province Province, they are called "securities investment trust funds".
Classification of securities investment funds
1. According to whether the fund can be increased or redeemed, it can be divided into open-end funds and closed-end funds.
Open-end fund refers to an investment fund with a fixed scale. After the fund is established, investors can purchase or redeem the fund shares at any time.
Closed-end fund refers to an investment fund whose fund scale has been determined before issuance and fixed within a specified period after issuance.
2. According to different organizational forms, it can be divided into corporate investment funds and contractual investment funds.
Company type ~ is a profit-making joint-stock investment company composed of investors with the same investment objectives, and invests their assets in investment funds with specific targets;
Contractual investment ~ also known as trust investment fund, is an investment fund established by fund sponsors to issue fund shares according to the fund contracts concluded with fund managers and fund custodians.
3. According to the different investment risks and returns, it can be divided into growth investment funds, income investment funds and balanced investment funds.
Growth-oriented investment funds refer to investment funds whose investment purpose is to pursue long-term capital growth;
Income fund refers to an investment fund whose purpose is to bring high-level current income to investors;
Balanced investment fund refers to the investment fund whose purpose is to pay the current income and pursue the long-term growth of capital.
4, according to the different investment objects, divided into
Stock funds, bond funds, money market funds, futures funds, option funds, index funds, warrants funds, etc.
Stock fund refers to an investment fund with stocks as the investment object;
Bond funds refer to investment funds that invest in bonds;
Money market funds refer to investment funds that invest in short-term money market securities such as treasury bills, negotiable certificates of deposit of large banks, commercial bills and corporate bonds;
Futures funds refer to investment funds with various futures varieties as the main investment targets;
Option fund refers to an investment fund that invests in stock options that can distribute dividends;
Index fund refers to an investment fund that takes the price index of a securities market as the investment object;
Warrant fund refers to an investment fund with warrants as its investment object.
5. According to the types of investment currencies, it can be divided into dollar funds, yen funds and euro funds.
Dollar funds refer to investment funds that invest in the dollar market;
Japanese yen fund refers to an investment fund that invests in the Japanese yen market;
Euro fund refers to an investment fund that invests in the euro market.
6. According to the different sources and regions of funds, it can be divided into international funds, overseas funds, domestic funds, national funds and regional funds.
International funds refer to investment funds whose capital comes from domestic sources and invests in foreign markets;
Overseas funds are also called offshore funds. Refers to investment funds whose capital comes from abroad and invests in foreign markets;
Tongnei Fund refers to an investment fund whose capital comes from China and invests in the domestic market;
State funds refer to investment funds whose capital comes from abroad and invests in specific countries;
Regional funds refer to investment funds that invest in specific fields.
Investment styles of various funds
Equity fund: a fund that mainly invests in stocks, in which the proportion of stock investment in the net asset value is ≥ 60%, with high risk and high return, mainly in medium and long-term investment.
Bond fund: a fund that mainly invests in bonds. Bond investment accounts for ≥ 80% of the net asset value, with low risk. The income depends on the medium and long-term interest rate in the market, with medium and long-term investment as the main investment.
Allocated funds: funds that invest in stocks, bonds and money market instruments and do not meet the classification standards of stock funds and bond funds. The income depends on the proportion of the fund's investment in stocks. Can enter and attack, can retreat and defend, moderate risk, suitable for medium and long-term investment.
Money market funds: funds that mainly invest in money market instruments, including short-term bonds, central bank bills, repurchase, interbank deposits (certificates of deposit, commercial paper), etc. The liquidity is high, the income depends on the short-term interest rate of the market, and the risk is low, which is suitable for short-term investment.
Capital preservation fund: the prospectus of the fund clearly stipulates the relevant guarantee clauses, that is, after meeting a certain holding period, it provides investors with the guarantee of principal or income. Only long-term holding can guarantee the capital preservation, and it is bound by capital preservation and the income is average.
The role of securities investment funds
1. The fund broadens the investment channels of small and medium investors.
For small and medium investors, it is safer to save or buy bonds, but the yield is low; Investing in stocks may have a higher return, but it is risky. As a new investment tool, securities investment fund brings together the small amount of funds of many investors for portfolio investment, which is managed and operated by experts. The operation is stable and the income is considerable. It can be said that it is an indirect investment tool specially designed for small and medium investors, which greatly broadens the investment channels of small and medium investors. It can be said that the fund has entered the homes of ordinary people and become a popular investment tool.
This fund has effectively promoted industrial development and economic growth by converting savings into investment.
The fund absorbs social idle funds, creates a good financing environment for enterprises to raise funds in the securities market, and actually plays a role in transforming savings funds into production funds. This mechanism of transforming savings into investment provides an important source of funds for industrial development and economic growth, and with the development of the fund, this role is becoming more and more important.
3. Conducive to the stability and development of the securities market.
First of all, the development of the fund is conducive to the stability of the securities market. The stability of the securities market is closely related to the investor structure of the market. The emergence and development of funds can effectively improve the investor structure of the securities market and become the backbone of stabilizing the market. The Fund is managed by professional investors, with rich investment experience, complete information, advanced analysis methods and relatively rational investment behavior, which can objectively stabilize the market. At the same time, funds generally pay attention to the long-term growth of funds, adopt long-term investment behavior, and enter and leave the securities market less frequently, which can reduce the fluctuation of the securities market. Second, as a financial instrument that mainly invests in securities, the emergence and development of funds have increased the investment varieties of the securities market, expanded the trading scale of the securities market, and played a role in enriching and activating the securities market. With the development of the fund, it has become an important driving force to promote the development of the securities market.
4. Conducive to the internationalization of the securities market.
Many developing countries are cautious about opening their own securities markets. In this case, it is a wise choice to cooperate with foreign countries to set up funds and gradually and orderly introduce foreign capital to invest in the domestic securities market. Compared with opening the securities market directly to investors, this way enables the regulatory authorities to control the scale of utilizing foreign capital and the degree of market opening.
Money market fund (cash fund)
Money market funds refer to funds that invest in short-term securities in the money market. The assets of the Fund are mainly invested in short-term monetary instruments, such as treasury bills, commercial paper, bank time deposit certificates, government short-term bonds, corporate bonds and other short-term securities.
Money market funds were first established in the United States of 1972. By the end of 1986, there were more than 400 money market funds in the United States with total assets exceeding $290 billion.
Money market funds can be divided into three categories according to risks:
1. Treasury money market funds mainly invest in government bonds and government-guaranteed securities. The maturity of these securities is generally less than 1 year, and the average maturity is 120 days.
2. Diversified money market funds, commonly known as money market funds, usually invest in commercial bills, treasury bills, securities issued by US government agencies, negotiable certificates of deposit, bank acceptance bills and other securities, and the maturity time is similar to the above funds.
3. Tax-free money funds are high-quality municipal securities mainly used for short-term financing, including municipal medium-term bonds and municipal long-term bonds. The advantage of tax-free money funds is that they can reduce or exempt taxes, but the rate of return is usually lower than that of ordinary money market funds (about 30% ~ 40% lower). It is not cost-effective for investors to choose this fund when the tax rate is not high.
Compared with traditional funds, money market funds have the following characteristics:
1. The main difference between money market funds and other funds that invest in stocks is that the net asset value of each fund unit is fixed, usually 1 yuan per fund unit. After investors invest in this fund, they can reinvest with the proceeds, and the investment income will accumulate continuously to increase the fund share owned by investors. For example, an investor who invests in a money market fund of 100 yuan can own 100 fund shares. After 1 year, if the return on investment is 8%, the investor will have 8 more fund shares, totaling 108, with a value of 108 yuan.
2. The standard to measure the performance of money market funds is the rate of return, which is different from other funds that gain income through the appreciation of net assets.
3. Good liquidity and high capital security. These characteristics are mainly due to the fact that the money market is a low-risk and high-liquidity market. At the same time, investors can transfer the fund shares at any time as needed, regardless of the maturity date.
4. Low risk. The term of money market instruments is usually very short, and the average term of money market fund portfolio is usually 4 ~ 6 months, so the risk is low, and its price is usually only affected by market interest rate.
5. The investment cost is low. Money market funds usually do not charge redemption fees and have low management fees. The annual management fee of money market funds is about 0.25% ~ 1% of the fund's net asset value, which is lower than the traditional annual management fee 1% ~ 2.5%.
6. Money market funds are all open-end funds. Money market funds are usually regarded as risk-free or low-risk investment tools, which are suitable for short-term capital investment to earn interest in case of emergency, especially in the case of high interest rate, high inflation rate, reduced liquidity of securities and reduced credibility, which can prevent the loss of principal.
Open-end fund operation process
Step 1: Read relevant legal documents.
Before buying a fund, investors need to carefully read the prospectus, fund contract, account opening procedures, trading rules and other documents, carefully understand the investment direction, investment strategy, investment objectives, fund manager's performance, account opening conditions, specific trading rules and other important information of the fund, have an overall assessment of the risk and income level of the fund to be purchased, and make investment decisions accordingly. According to the regulations, all fund sales outlets should have the above documents for investors to consult at any time.
Step 2: Open a fund account.
Investors must open a fund account before buying and selling open-end funds. According to the regulations, the conditions and specific procedures for opening a fund account need to be specified in the relevant sales documents. The above documents will be placed in the fund sales outlets for investors to consult when opening fund accounts.
Step 3: Buy a fund.
The process of investors buying fund shares during the raising period of open-end funds and before the establishment of funds is called subscription. Usually, the subscription price is the face value of the fund unit (1 yuan) plus certain sales expenses. To subscribe for a fund, an investor shall fill in the subscription application form at the fund sales point, pay the subscription fee, go through the relevant formalities at the registration authority and confirm the subscription.
After the establishment of the fund, the process of investors applying to the fund management company to purchase fund shares through the sales organization is called subscription.
When investors buy funds, they usually fill in the application form and pay the subscription money. Once the amount is paid, the subscription application is valid. The specific subscription procedures will be detailed in the relevant fund sales documents. The number of fund shares to be subscribed is calculated according to the net asset value of the fund shares on the subscription date. The specific calculation method must meet the requirements of the relevant regulations of the regulatory authorities and be specified in the fund sales documents.
Step 4: Sell the fund.
Contrary to buying funds, investors sell funds by selling their fund units to fund managers at a certain price and recovering cash. This process is called redemption. The redemption amount is calculated on the basis of the net asset value of the fund unit on that day.
Investors should generally fill in the redemption application form at the fund sales point when redeeming funds. According to the provisions of the Pilot Measures for Open-ended Securities Investment Funds, the fund manager shall confirm the validity of the transaction within 3 working days from the date of receiving the redemption application from the fund investor, and pay the redemption money within 7 working days from the date of accepting the effective redemption application from the fund investor.
In addition, for open-end funds, investors can not only buy and sell fund shares, but also apply for fund conversion, non-transaction transfer and dividend reinvestment.
Step 5: Apply for fund conversion.
Fund conversion means that when a fund management company manages multiple open-end funds at the same time, fund investors can convert one fund they hold into another. That is, when an investor sells a fund, he buys another fund managed by a fund management company. Usually, the fund conversion fee is very low, or even not charged.
Step 6: Non-transaction transfer
Non-transactional capital transfer refers to the transfer of ownership of fund shares under non-transactional reasons such as inheritance, donation and bankruptcy liquidation. Non-transaction transfer also needs to be handled by the fund's sales organization.
Step 7: Dividend reinvestment
Dividend reinvestment means that when the fund pays the dividend in cash, the fund holder directly purchases the fund with the cash obtained from the dividend and turns the dividend into the holding fund unit. For fund managers, there is no cash outflow from dividend reinvestment, so dividend reinvestment usually does not charge subscription fees.
Investment model of regular quota subscription fund
Subscription of fixed-term funds refers to a long-term investment method in which investors agree on the time and amount of monthly deduction, and sales organizations (including banks and brokers) automatically complete the deduction and fund subscription application from the fund account designated by investors on the agreed day of each month.
This kind of fund investment has many advantages.
First of all, when there is no time to manage money, you can purchase funds through "regular quota", which is similar to "lump sum deposit and withdrawal", as long as you handle it once.
Secondly, if we don't know enough about the securities market, we can average the cost and spread the risk by investing in regular fixed funds.
Finally, due to many expenditure items, the monthly savings are small and unstable, and the threshold of fixed deposit plan is low. The starting point is generally 65,438+000 yuan -300 yuan, which can be deducted on a monthly, bimonthly or quarterly basis, which will hardly bring them extra pressure, and can also turn small money into big money to meet the large capital demand in the future. And you can develop good financial habits.
Keith.
Because regular investment is to invest in the fund with a fixed amount at a fixed time interval. Generally, I don't care about the entry time.
For example, if you invest in an open-end fund of 100 yuan every two months, the total amount of investment in 1 year is 600 yuan, and the subscription price of each investment is 1 yuan, 0.95 yuan, 0.90 yuan, 0.92 yuan, 1.05 yuan and 65438 yuan respectively. Then the number of fund shares that can be purchased each time is 100, 105.3, 1 1, 108.7, 95.2 and 90.9 respectively (excluding subscription fees), and the cumulative number of shares. Then the average cost is 600÷6 1 1.2=0.982 yuan, and the return on investment is (1× 61.2-600) ÷ 600× 65438+.
If you invest in 600 yuan at the subscription price of 1 yuan from the beginning, when the net fund value reaches 1. 1 yuan, the return on investment is only 10%. Of course, if a one-time investment is made when the net fund value is 0.90 yuan, when the net fund value reaches 1. 1 yuan, the rate of return is 22.2%. The problem is that it is not easy to catch such a low point. Regular fixed purchase of funds is not only suitable for young people, but also suitable for investors with low income in other age groups. However, it takes a long time for this investment method to be effective, and it is best to continue investing for more than three years.
A statistic of weighted stock index simulation in Taiwan Province Province shows that the loss probability of regular investment is close to zero as long as the investment is 10 years or more. Moreover, this "monthly deduction to buy funds" method allows young people who spend money like water to save a fixed sum of money every month without knowing it, compared with investing in stocks or buying funds as a whole. Let you find that you still have a lot of savings after three to five years.
Generally speaking, an investment fund is an investment tool that collects the funds of many scattered investors, entrusts investment experts (such as fund managers) to invest, and the investment management experts conduct unified investment management according to their investment strategies, so as to benefit many investors. Investment funds pool public funds, share investment income and share investment risks, which is a collective investment method with * * * income and * * risk.
Securities investment funds raise funds from publicly offered fund shares and use the funds for securities investment. Fund share holders enjoy the rights of asset ownership, income distribution, surplus property disposal and other related rights, and assume corresponding obligations.
Investment fund operation process:
1. Investors' funds are pooled into a fund;
2. The fund entrusts an investment expert-the fund manager to carry out investment operation;
Among them,
(1) Investors, fund managers and fund custodians establish trust agreements through fund contracts to determine the investors' contribution (share).
Trust between income and risk), entrust the fund manager to manage money, and the fund custodian is responsible for keeping the funds.
Relationship.
(2) Fund managers and fund custodians (mainly banks) establish their respective responsibilities and rights through custody agreements.
3. Fund managers distribute investment income to investors through professional financial management.
In China, the fund custodian must be a qualified commercial bank and the fund manager must be a professional fund manager. fund
Investors enjoy the income of securities investment funds and bear the risk of losses. Flowchart of investment operation. The file extension of encoded image stored in jpeg file exchange format.
Contract funds and corporate funds
Contract fund:
Contract fund, also known as trust and investment fund, is an investment fund established by issuing beneficiary certificates in the form of trust deed. This kind of fund is generally concluded by the fund manager, fund custodian and investors in trust deed. The fund manager can act as the initiator of the fund and raise funds by issuing beneficiary certificates to form trust property. According to trust deed, the fund custodian is responsible for keeping the trust property, specifically handling securities, cash management and related agency business. Investors are also holders of beneficiary certificates and enjoy the investment income by purchasing beneficiary certificates and participating in fund investment. The beneficiary certificates issued by this fund show the rights and interests enjoyed by investors in investment funds.
Corporate fund:
Corporate funds are established in accordance with the Company Law, and concentrated funds are invested in various securities by issuing fund shares. Corporate investment funds are similar to joint-stock companies in organizational form. The assets of a fund company are owned by investors (shareholders). Shareholders elect the board of directors, and the board of directors first hires the fund manager, who is responsible for managing the fund business.
The establishment of a company's fund shall be registered with the administrative department for industry and commerce and the Securities and Exchange Commission, and shall also be registered at the place where the shares are issued. The organizational structure of corporate funds mainly includes the following parties: fund shareholders, fund companies, investment consultants or fund managers, fund custodians, fund conversion agents and fund lead underwriters.
At present, the establishment of China's securities investment funds is mainly contractual funds.
close-ended fund
Closed-end fund refers to the total amount of funds issued in advance when the fund sponsors set up the fund. When the raised amount exceeds 80% of the total amount, the fund is announced to be established and closed, and no new investment will be accepted during the closed period.
For example, funds listed on Shenzhen Stock Exchange were established in Kaiyuan (4688) and 1998, and issued 2 billion fund shares, with a duration (closed period) of 15 years. In other words, the operating period of the fund from 1998 is 20 years, and the operating quota is 2 billion. During this period, investors can't ask for the return of funds, and the fund can't add new shares.
Although investors are not allowed to ask for the return of funds during the closed period, funds can circulate in the market. Investors can cash out through market transactions.
The circulation mode of closed-end fund shares in China is listed on the stock exchange, and investors must bid for and buy fund shares in the secondary market through securities companies.
(Note: The duration of a fund refers to the time from establishment to termination. )
open-ended fund
Open-end fund refers to a fund whose total amount of funds issued is not fixed, and the total amount of fund shares increases or decreases at any time. Investors can purchase or redeem fund shares at the business place determined by the fund manager according to the fund quotation.
Open-end funds can be issued according to the needs of investors or redeemed according to the requirements of investors. For investors, the issuer can be required to redeem the fund after deducting the handling fee according to the current net asset value of the fund, or it can buy the fund again to increase the unit share of the fund.
For example, Huaan Innovation, the first open-end fund in China, issued 5 billion fund shares for the first time. Founded in 200 1 year, it has no duration. However, the fund units that issue 5 billion yuan for the first time will change at any time after the opening of the gate. For example, they may decrease due to redemption by investors, or they may increase due to investors' subscription or choice of "dividend reinvestment".
In China, the trading of open-end fund shares is carried out through subscription and redemption at the direct selling outlets or consignment outlets (mainly bank outlets) of fund management companies, and the subscription and redemption of investors are carried out through the counters, telephones or websites of these outlets.
The difference between closed-end fund and open-end fund
The difference between closed-end fund and open-end fund. Exchangeable image format
The characteristics of securities investment funds mainly include:
1. The securities investment fund is a fund that is operated and managed by experts and specializes in investing in the securities market. Fund assets are managed by professional fund managers. Fund managers are equipped with a large number of investment experts, who have not only mastered extensive knowledge of investment analysis and portfolio theory, but also accumulated quite rich experience in the investment field.
2. Securities investment fund is an indirect way of securities investment.
Investors indirectly invest in the securities market by purchasing funds. Compared with buying stocks directly, investors have no direct relationship with listed companies, do not participate in the company's decision-making and management, and only enjoy the right to distribute the company's profits.
3. Securities investment funds have the advantages of small investment and low cost.
In China, the face value of each fund share is RMB 1 yuan. The minimum investment of securities investment funds is generally low, and investors can buy more or less fund shares according to their own financial resources, which solves the problem that small and medium-sized investors have less funds and are difficult to enter the market. The cost of funds is usually very low.
4. Securities investment funds have the advantages of portfolio investment and risk diversification.
According to the experience of investment experts, it is usually necessary to hold stocks around 10 in order to at least spread risks in investment. There is a saying in investment science: "Don't put your eggs in the same basket". However, small and medium investors usually can't do this. If investors invest all their money in a company's stock, once the company goes bankrupt, investors may lose everything. Securities investment funds can form a strong financial strength by pooling the small funds of many small and medium-sized investors, and can also spread the investors' funds to various stocks at the same time, so that the losses caused by the decline of some stock prices can be made up by the profits of other stocks, which disperses the investment risks.
5. Strong liquidity.
The procedure for buying and selling funds is simple. For closed-end funds, investors can cash out directly in the secondary market, and the trading procedure is similar to that of stocks; For open-end funds, investors can purchase or redeem funds directly from fund managers, or through sales agencies such as securities companies, or entrust investment consulting agencies to buy and sell on their behalf.
Mode of fund issuance
In China, there are two main ways to issue securities investment funds: online issuance and offline issuance.
(a) Internet distribution methods
Refers to the issuance of fund shares through securities business departments connected to the trading system of stock exchanges all over the country.
The issuance method of Public Offering of Fund units. Mainly closed-end fund issuance.
(2) Offline distribution method
It refers to the sale of issued funds to the public through banks or securities outlets distributed in a certain area.
The distribution method of. Mainly the way of issuing open-end funds.
Open-end fund subscription
Fund subscription
On the first day of the official issuance of open-end funds, investors participate in the subscription in three steps:
The specific steps are as follows:
Step 1: Open an account.
(a) individual investors account opening procedures
When applying for opening a fund account, an individual investor shall generally provide the following materials:
1. my identity document;
2. My bank current deposit account or corresponding bank card in the city where the agency outlet is located;
3. A complete account opening application form.
(2) Opening an account by an institutional investor
Institutional investors can choose to go to the direct sales center of the fund management company limited or the agency outlets designated by the fund management company to handle the account opening procedures:
When applying for opening a fund account, an institutional investor shall provide the following materials:
1. Fill in a complete application for opening a fund account;
2. The original and photocopy of the business license of the enterprise as a legal person, and the enterprise as a legal person, social organization or other organization shall provide the certificate of the civil affairs department or the competent department.
The original and photocopy of the registration certificate issued by the door;
3. The original and photocopy of the bank account opening license or bank account opening declaration form of the designated bank account;
4. Power of attorney of legal person;
5. Stamp the reserved seal on the reserved seal card;
6. The original identity certificate of the agent who came to apply for opening an account.
Matters needing attention in opening an account
Different open-end funds have different contents when releasing prospectus. Therefore, the specific precautions for opening an account shall be subject to the announcement of the corresponding fund.
Step 2: Subscribe
(A) the subscription process of individual investors
Individual investors to subscribe for funds must provide the following materials
1. my identity document;
2. Fund account card (issued by the agency on the spot when the investor opens an account);
3. My bank debit card in the city where the agency outlet is located (there must be enough subscription funds in the card);
4. Completed application form for bank consignment fund subscription (individual).
(B) institutional investors subscription process
Direct sales center subscription process:
Institutional investors to subscribe for funds must provide the following materials:
1. Completed subscription application;
2. Fund account card;
3. Copy of credit voucher receipt or copy of wire transfer voucher receipt for subscription fund transfer;
4. The original identity certificate of the agent who came to apply for subscription.
pay
When applying for subscription of open-end funds, institutional investors should first go to the bank where the designated bank account is located, and take the initiative to transfer the full subscription funds from the designated bank account to the "special account for subscription of fund managers" by means of "credit voucher" or "wire transfer", and ensure that the funds are received within the specified time.
Subscription process of consignment outlets:
Institutional investors to subscribe for funds must provide the following materials:
1. Completed application form for subscription of bank consignment fund;
2. Fund account card;
3. Deposit the full subscription funds into the deposit account of the consignment bank;
4. Original ID card of the agent.
Step 3: Confirm
Investors can consult the subscription results from the fund sales organization after the fund is established, or print the transaction confirmation form at the fund sales outlets; In addition, the fund manager will mail the customer information confirmation letter and transaction confirmation letter to the investors according to the reserved address after the fund is established.
Subscription program. jpg(
Purchase and redemption
Open-end fund trading is different from listed fund trading. Open-end funds complete a transaction process through subscription (that is, buying) and redemption (that is, selling). The following flow chart can reflect the difference between open-end funds and listed funds:
: Flow chart of open-end fund transaction. jpg(
Closed-end fund (listed fund) transaction flow chart. jpg(
Principles of subscription and redemption
1. "Unknown price" principle, that is, the purchase and redemption prices are calculated based on the net asset value of the fund unit on the application day;
2. The principle of "amount subscription and share redemption", that is, the subscription is applied according to the amount and the redemption is applied according to the share;
3. During the duration of the Fund, the highest proportion of fund shares held by a single fund account shall not exceed 65,438+00% of the total fund shares. Due to subscription during collection
When the single holding ratio exceeds 10% of the total fund share due to shortage, redemption or reinvestment of other investors' dividends during the duration,
There is no compulsory redemption, but there are restrictions on additional investment.
4. During the duration of the fund, the fund share subscribed by a single investor plus the fund share held on the previous open day shall not exceed the previous open day.
10% of the total fund share, and the excess will not be confirmed.
Daily subscription and redemption procedures
1. Apply for purchase or redemption
Investors must go to the fund sales outlets for purchase or redemption within the trading hours of working days in accordance with the procedures stipulated by the fund sales outlets.
Go back to the application.
2. Confirmation of daily subscription and redemption application
The fund manager shall take the day when the application for subscription and redemption is received as the application date for subscription or redemption (T day), and before T+2 working days (inclusive).
Including the date, to confirm the validity of the transaction. Investors can sell to the Fund on the working day after T+2 working days (including the current day).
Sales outlets for transaction inquiry.
3. Payment of daily subscription and redemption applications
Subscription: When an investor applies for subscription, the full subscription amount is transferred through the designated account. Subscription is full, if the fund does not
If the full amount is received, the subscription is unsuccessful and the fund manager will return the unsuccessful or invalid subscription.
Redemption: After the investor's redemption application is completed, the money successfully redeemed will be allocated to the fund holder (redeemer) within t+7 working days.
: Daily subscription and redemption procedures. The file extension of encoded image stored in jpeg file exchange format.
Basic rules of daily subscription and redemption
Take the rules of Huaan Innovation Fund and Southern Steady Growth Fund that have been issued at present as an example:
Investor scope: domestic individual investors and institutional investors.
Subscription and redemption location:
Through the fund manager's direct sales outlets and the fund sales agent's consignment outlets (see the fund issuance announcement for details).
Subscription and redemption time:
After the establishment of the fund, the daily redemption exceeds 3.