Second, the nature is different. Bonds are securities that repay the principal and interest within a certain period of time; Fund refers to the way that investors entrust funds to fund managers for management, and fund managers use funds to invest in financial instruments such as stocks and bonds. It is a kind of collective securities investment with * * * returns and * * * risks.
Third, the risks are different. Generally speaking, bonds are less risky than funds, and bonds are guaranteed by the issuer's credit, so the risk is relatively small; There is nothing to guarantee the fund, so the risk is relatively high, but there are also funds with low risk, such as money funds and bond funds.
Fourth, the income is different. The expected income of bonds is lower than that of funds, and the income of bonds mainly includes the interest income of bonds and the spread income of bond transactions, and the income is relatively stable; Fund income is mainly determined by the investment target.
5. Different trading places. Bonds are mainly traded in banks, and stock exchanges can trade convertible bonds and reverse repurchase of government bonds; Funds are mainly traded in fund companies, consignment agencies and stock exchanges.
Fund classification:
1. According to whether the fund unit can be increased or redeemed, it can be divided into open-end funds and closed-end funds. Open-end funds are not traded on the market (as the case may be), but are purchased and redeemed by banks, brokers and fund companies, and the fund scale is not fixed; Closed-end funds have a fixed duration and are generally listed and traded on the stock exchange. Investors buy and sell fund shares through the secondary market.
2. According to different organizational forms, it can be divided into corporate funds and contractual funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; The establishment of fund managers, fund custodians and investors through fund contracts is usually called contractual funds. China's securities investment funds are all contractual funds.
3. According to the difference of investment risk and income, it can be divided into growth fund, income fund and balanced fund.
4. According to different investors, it can be divided into four categories: bond fund, stock fund, money fund and hybrid fund.