As the name implies, this fund mainly invests in securities and other financial derivatives, and hedge funds such as Quantum Fund, Tiger Fund and Jaguar Fund are typical representatives. Basically, managers design their own investment strategies and initiate the establishment of open-end private equity funds, which can adjust the investment portfolio and change the investment concept in time according to the requirements of investors and the development trend of the market, and investors can redeem them according to the net value of the funds.

Its advantages are that it can be tailored according to the requirements of investors, the funds are relatively concentrated, the investment management process is simple, a large number of financial levers and various forms of investment can be used, and the yield is relatively high.