Belonging to the trust fund, it refers to the investment fund whose scale has been determined before issuance, fixed within a specified period after issuance and traded in the securities market.
Because closed-end funds are traded by bidding in securities trading, the transaction price is affected by the relationship between market supply and demand, which does not necessarily reflect the fund's net asset value, that is, the transaction price of closed-end funds has a premium and discount phenomenon relative to its net asset value. The practice of foreign closed-end funds shows that the transaction price often has the price fluctuation law of first premium and then discount. Judging from the operation of closed-end funds in China, no matter how the fundamental situation changes, the transaction price trend of closed-end funds in China has never deviated from the price fluctuation law of first premium and then discount.
2. Hedge funds
HedgeFund (English name Hedge Fund), which means "risk hedge fund", originated in the United States in the early 1950s. At that time, its operation purpose was to use financial derivatives such as futures and options to buy and sell related stocks, and the risk hedging operation skills could avoid and resolve investment risks to a certain extent. 1949 The first Jones hedge fund with limited cooperation in the world was born. Although hedge funds appeared in the 1950s, they did not attract much attention in the next 30 years.
Until 1980s, with the development of financial liberalization, hedge funds had broader investment opportunities and entered the stage of rapid development. In 1990s, the threat of global inflation gradually decreased, financial instruments became more mature and diversified, and hedge funds entered a stage of vigorous development.
According to the British Economist, from 1990 to 2000, more than 3,000 new hedge funds appeared in the United States and Britain. After 2002, the return rate of hedge funds declined, but the scale of hedge funds is still not small. According to the Financial Times 20 15 10.22, as of 20 12, the total assets of the global Hui Kai wealth hedge fund have reached 1. 1 trillion dollars.
3.QDII fund
QDII is the abbreviation of qualified domestic institutional investor. It is a securities investment fund established in China and approved by relevant state departments to engage in securities business such as stocks and bonds in overseas securities markets. Like QFII (Qualified Foreign Institutional Investor), it is also a transitional institutional arrangement, which allows foreign investors to invest in the domestic securities market to a limited extent when the currency is not fully convertible and the capital account is not yet open.
4.ETF funds
ETF is the abbreviation of exchange traded fund, which is translated into "transactional open index fund" in Chinese, also known as exchange traded fund. ETF is an open-end securities investment fund product listed and traded on the exchange, and the trading procedure is exactly the same as that of stocks. The assets managed by ETF are stock portfolios. The types of stocks in this portfolio are the same as those in a specific index, such as the SSE 50 Index, and the number of each stock is consistent with the proportion of the constituent stocks of this index. The transaction price of ETF depends on the value of its stock portfolio, that is, the "net asset value of unit fund".
ETF's portfolio usually completely replicates the underlying index, and its net performance is highly consistent with the specific index pegged. For example, the net performance of SSE 50ETF is highly consistent with the rise and fall of SSE 50 index. SSE 50ETF(5 10050) mainly invests in the constituent stocks and alternative constituent stocks of SSE 50 Index. A small number of constituent stocks invested in new shares, bonds and other financial instruments permitted by China Securities Regulatory Commission.
5. Guarantee fund
Warrant fund: This kind of fund mainly invests in warrants. Because warrants have the characteristics of high leverage and high risk, the fluctuation range of such funds is greater than that of equity funds.
6. Corporate funds
Also known as * * * mutual fund, it means that the fund itself is a joint stock limited company, and the company raises funds by issuing shares or beneficiary certificates. When an investor buys a company's stock, he becomes a shareholder of the company, receives dividends or bonuses with the stock, and shares the income from the investment.
7. Trust funds
Trust fund, also known as investment fund, is a collective investment model of "income * * * risk * * *": it refers to the way of collecting unequal funds of most investors who are uncertain in society through contracts or company issuing fund coupons (such as income coupons, fund shares, fund shares, etc.), forming a certain scale of trust assets, and handing them over to specialized investment institutions for diversified investment according to the principle of asset portfolio.
References:
Baidu encyclopedia-fund