Securities investment fund refers to a collective securities investment model with * * * risk * * *, that is, by issuing fund shares, investors' funds are concentrated, managed by fund custodians, managed and used by fund managers, and invested in financial instruments such as stocks and bonds. Here are some types of securities investment funds for your reference.

Introduction to the types of securities investment funds

securities investment funds

Securities investment fund refers to a collective securities investment model with * * * risk * * *, that is, by issuing fund shares, investors' funds are concentrated, managed by fund custodians, managed and used by fund managers, and invested in financial instruments such as stocks and bonds. International experience shows that funds can greatly promote the transformation of savings funds into investment, stabilize and activate the securities market, increase the proportion of direct financing, improve the social security system and improve the financial structure. The development of China Securities Investment Fund also shows that the development of the fund has promoted the healthy and stable development of the securities market and the perfection of the financial system, and played an increasingly important role in the national economic and social development.

There are many kinds of securities investment funds, which can be classified in different ways. According to whether the beneficiary unit can subscribe or redeem at any time and the different transfer methods, it can be divided into open-end funds and closed-end funds; According to the different organizational forms of investment funds, they can be divided into corporate funds and contractual funds; According to the different investment objects, investment funds can be divided into money funds, bond funds and stock funds.

China Securities Investment Fund started in March, 1998. In a short time, it has successfully achieved several historic leaps from closed-end funds to open-end funds, from capital markets to money markets, from domestic fund management companies to joint venture fund management companies, and from domestic investment to overseas financial management. They have gone through decades and hundreds of years in developed countries and made remarkable achievements. At present, securities investment funds have reached a considerable scale and become the most important institutional investment force and one of the most important investment tools for investors in China securities market.

Stock fund

Equity funds refer to funds that mainly invest in the stock market. This is a relative concept. It does not require all funds to buy stocks, but a small amount of funds can also be invested in bonds or other securities. According to China's relevant laws and regulations, no less than 20% of fund assets must be invested in government bonds. Whether a fund is a stock fund is often judged according to the investment objectives and investment scope agreed in the fund contract. Domestic listed closed-end funds and most open-end funds are stock funds.

bond funds

Bond fund refers to all or most of the funds invested in the bond market. If all of them are invested in bonds, they can be called pure bond funds, such as Huaxia bond fund; If most of the fund assets are invested in bonds and a few can be invested in stocks, they can be called bond funds, such as Southern Baoyuan Bond Fund, which stipulates that bond investment accounts for 45%-95% of the fund assets and stock investment accounts for 0-35% of the fund assets. When the stock market is not good, you can not hold shares.

Indexed securities investment fund

Index funds are funds invested in an indexed way. Simply put, it is to choose a market index to track and passively invest in the market, so that the income of the fund is consistent with the income of this market index.

ETF and LOF

Exchange-traded funds (ETFs) refer to funds that can be traded on exchanges. Exchange-traded funds are still open-end funds in legal structure, but they are mainly traded in the secondary market by bidding; Moreover, cash subscription and redemption are usually not allowed, but a basket of stocks is used to create and redeem fund units. For ordinary investors, ETFs are mainly traded in the secondary market.

LOF(Listened Open Fund) refers to the open-end securities investment fund listed and traded on the exchange, also known as "listed open-end fund". LOF investors can purchase and redeem funds with the net value of funds through fund managers or their entrusted sales organizations, or they can buy and sell funds through the exchange market at the transaction price set by the trading system.

money market fund

Money market fund is a kind of fund that invests in short-term investment instruments with low risk and high liquidity, such as bank time deposits, commercial promissory notes and acceptance bills, so it has the characteristics of good liquidity, low risk and low income.

Grading fund

The so-called fund grading model is to divide closed-end fund products into priority shares and ordinary shares. The target investors with priority share are investors with low risk and return preference. Common stock is targeted at those investors who expect to increase their investment capital through financing, and then obtain excess returns, and have a higher risk-return preference.

Priority shares enjoy priority distribution rights, and graded funds can provide various income distribution and principal guarantee mechanisms for priority shares. However, the fund's income distribution meets the priority share, and most of the income distribution will be allocated to the ordinary share. The priority income distribution paid to preferred shares is equivalent to the borrowing cost of common shares.

Ordinary shares will be listed and traded on the exchange, while preferred shares can be arranged to enter or exit through other off-site means.

From the results, the cash flow of preferred stocks will be relatively stable and continuous, and its risk-return characteristics are similar to those of low-grade bonds. Common stock gains a higher proportion of excess income distribution right by transferring the priority distribution right of priority share benchmark income. According to experts' analysis, in the bull market environment, the discount of common stock after listing can be greatly suppressed, and it is very likely that there will be a premium transaction. This is because the common stock in the hierarchical structure includes call options. But if the market is bearish, the average share is also easy to discount.

open-ended fund

Open-end fund refers to a fund in which the total amount of fund issuance is not fixed, and the total amount of fund shares increases or decreases at any time, and investors can purchase or redeem the fund shares in the business premises stipulated by the state according to the fund quotation.

Capital risk

Any investment behavior will be risky. The characteristic of investment funds is that they are managed by professionals and make portfolio investments to spread risks. But this is not without risks. Generally speaking, small investments have to put eggs in one basket because of limited funds; If a basket is overturned, the eggs in it will be broken. Investment funds put eggs in many baskets; After all, all baskets are much less likely to be knocked over than a single basket.

Different types of funds have different degrees of risk. Once investors subscribe for investment funds, their investment risks can only be borne by the investors themselves. Fund management companies can only manage assets for investors, and do not bear any investment risks caused by investing according to the terms of fund contracts or investment agreements.

Securities investment fund investment

I. Investment scope of securities investment funds

Listed stocks, non-public offering stocks, government bonds, corporate bonds, financial bonds, corporate bonds, money market instruments, asset-backed securities, warrants, etc.

Second, the investment restrictions of securities investment funds.

1. Purpose of restricting fund investment:

(1) Guide the fund to diversify its investments and reduce risks.

② Avoid funds manipulating the market.

③ Give full play to the positive role of funds in guiding the market.

2. The investment scope is limited, and the fund assets shall not be used for the following investments:

① underwriting securities

② Providing loans or guarantees to others.

(3) "unlimited liability investment".

(4) buying and selling other fund shares, unless otherwise stipulated by the State Council.

⑤ Contribute to fund managers and custodians; Or buying and selling stocks and bonds issued by fund managers and custodians.

(6) buying and selling securities issued by shareholders who have control relations with managers and custodians or companies with significant interests or securities underwritten during the underwriting period.

7 Insider trading and market manipulation.

(8) Investing in securities with lock-up period but unclear lock-up period.

3, the proportion of investment restrictions, shall not have the following circumstances.

① 1 fund investment 1 stock, and its market value exceeds 10% of the fund's net asset value. Funds that invest in full proportion of the index are not subject to this restriction.

② All funds managed by the same fund manager have invested in 65,438+0 securities more than 65,438+00% of the securities, and funds with full investment in index components are not subject to this restriction.

③ Funds participate in stock issuance and subscription, and the subscription amount of a single fund exceeds the total assets of the fund, and the subscription amount exceeds the total amount of this issuance.