Editor's Note: The China Securities Industry Association recently issued the Education Manual for Fund Investors, aiming at popularizing fund knowledge and giving risk warnings. In order to better help investors understand the relevant contents, this newspaper will serialize the full text of the manual from now on.
Notes for fund investors
● Funds are effective tools for long-term financial management. Don't treat the fund as savings, but treat financial management as wealth. Buying a fund has the risk of losing the principal. It is difficult to repeat the gains from purchasing funds in 2006. Don't invest preventive savings in risky capital markets, let alone mortgage loans.
● There are many types of funds, and different funds have different risk-return characteristics. The greater the income, the greater the risk. The possible returns and risks of stock funds, hybrid funds, bond funds and money market funds are gradually decreasing.
● Funds should be held for a long time, not for short-term frequent speculation.
● Pay attention to diversification and don't put all your eggs in one basket.
● Analyze your risk tolerance and financial management objectives, and invest in products that match your risk tolerance.
● Buy the products of legal fund management companies in legal places. The list of regulated institutions and products can be found on the website of China Securities Regulatory Commission (www.sac.net.cn) or the website of China Securities Association (www.sac.net.cn).
● It does not mean that the cheaper the fund, the better. High prices are often proof of its good historical performance.
● Buying a new fund is not better than buying an old fund. Buying an old fund that performs well in the bull market may get better investment income.
Funds have the advantages and characteristics of collective financial management, professional management, portfolio investment and risk diversification. With the smooth progress of basic system construction, such as share-trading reform of listed companies, comprehensive management of securities companies, clearing up the capital occupation of major shareholders and illegal guarantees of listed companies, the deep-seated contradictions and structural problems in the securities market have been gradually solved, the market efficiency has been improved, and the fund industry has maintained a good momentum of rapid and healthy development. China Securities Regulatory Commission strengthens strict supervision while promoting the development of fund industry, and strives to lay a solid foundation for the development of the industry. By improving the legal system, strengthening daily supervision, actively promoting innovation and steadily opening up, the fund industry has initially formed a diversified competition pattern, the competitiveness of fund management companies has been continuously improved, and the fund scale has been continuously expanded, providing investors with a good way to enter the securities market and share China's economic growth. However, the high returns brought by the fund to investors also make some investors ignore the investment risks behind the fund, put preventive savings into the high-risk capital market, and some even use housing as a mortgage to buy funds, which brings great worries to the healthy and stable development of the fund market. Many new investors, while seeing the huge gains made by the fund in 2006, often ignore the investors who made gains in 2006. Many of them entered the market in 2004, 2005 or even earlier. They have long experienced the pain and suffering caused by investment losses. Therefore, new fund investors must establish a correct concept of financial management, know the fund, know themselves, know the market, know the history, know the fund management company and be a clear fund investor.
Education Manual for Fund Investors (2) 2007-3- 14
Funds have the advantages and characteristics of collective financial management, professional management, portfolio investment and risk diversification. With the smooth progress of basic system construction, such as share-trading reform of listed companies, comprehensive management of securities companies, clearing up the capital occupation of major shareholders and illegal guarantees of listed companies, the deep-seated contradictions and structural problems in the securities market have been gradually solved, the market efficiency has been improved, and the fund industry has maintained a good momentum of rapid and healthy development. China Securities Regulatory Commission strengthens strict supervision while promoting the development of fund industry, and strives to lay a solid foundation for the development of the industry. By improving the legal system, strengthening daily supervision, actively promoting innovation and steadily opening up, the fund industry has initially formed a diversified competition pattern, the competitiveness of fund management companies has been continuously improved, and the fund scale has been continuously expanded, providing investors with a good way to enter the securities market and share China's economic growth. However, the high returns brought by the fund to investors also make some investors ignore the investment risks behind the fund, put preventive savings into the high-risk capital market, and some even use housing as a mortgage to buy funds, which brings great worries to the healthy and stable development of the fund market. Many new investors, while seeing the huge gains made by the fund in 2006, often ignore the investors who made gains in 2006. Many of them entered the market in 2004, 2005 or even earlier. They have long experienced the pain and suffering caused by investment losses. Therefore, new fund investors must establish a correct concept of financial management, know the fund, know themselves, know the market, know the history, know the fund management company and be a clear fund investor.
About understanding the fund
(A) the definition of the fund
Securities investment fund (hereinafter referred to as fund) refers to a collective investment method that pools the funds of many investors to form independent property, which is managed by the fund custodian and the fund manager, and shares the benefits and bears risks in a combined way (see the figure below).
(2) Fund parties
Funds in China are established according to fund contracts, and fund investors, fund managers and fund custodians are the parties to the funds.
1, fund investor.
Fund investors, that is, fund share holders, are the funders, the owners of fund assets and the beneficiaries of fund investment income. According to the People's Republic of China (PRC) Securities Investment Fund Law (hereinafter referred to as the Securities Investment Fund Law), China fund investors have the following rights: share the proceeds of fund property, participate in the distribution of the remaining fund property after liquidation, transfer or apply for redemption of their fund shares according to law, convene a fund share holders' meeting according to regulations, exercise their voting rights on matters considered by the fund share holders' meeting, consult or copy the fund information disclosed in general, and report to the fund manager.
2. Fund manager.
The fund manager is the fundraiser of fund products and the fund manager. Its main responsibility is to be responsible for the investment operation of fund assets in accordance with the provisions of the fund contract, and strive for the maximum investment income for fund investors on the basis of controllable risks. Fund managers play a central role in fund operation. Most important functions such as the design of fund products, the sales and registration of fund shares and the management of fund assets must be undertaken by the fund manager or other service organizations selected by the fund manager. In China, fund managers can only be held by legally established fund management companies.
3. Fund custodian.
In order to ensure the safety of the fund assets, the Securities Investment Fund Law stipulates that the fund assets must be kept by the fund custodian independent of the fund manager, so that the fund custodian becomes one of the parties to the fund. The responsibilities of the fund custodian are mainly embodied in the custody of fund assets, fund settlement, accounting review and supervision of fund investment operation. In China, fund custodians can only be legally established commercial banks with fund custody qualifications.
(iii) Characteristics of the Fund
1, collective financial management, professional management.
The fund collects the funds of many investors and entrusts the fund managers to invest together, showing a feature of collective financial management. By pooling the funds of many investors, many a mickle makes a mickle, which is conducive to giving full play to the scale advantage of the fund and reducing the investment cost. The fund is managed and operated by the fund manager. Fund managers generally have a large number of professional investment and research personnel and a strong information network, which can better track and analyze the securities market comprehensively. Give funds to fund managers for management, so that small and medium investors can also enjoy professional investment management services.
2. Securities investment and risk diversification.
In order to reduce investment risks, China's Securities Investment Fund Law stipulates that funds must be invested and operated in the form of portfolio investment, thus making "portfolio investment and risk diversification" a major feature of funds. The scientific nature of "portfolio investment and risk diversification" has been proved by modern investment science. Due to the small amount of funds, small and medium-sized investors generally cannot diversify their investment risks by buying different stocks. Funds generally buy dozens or even hundreds of stocks. Investors buying funds are equivalent to buying a basket of stocks with very little money. The losses caused by the decline of some stocks can be made up by the rising profits of other stocks. Therefore, you can fully enjoy the benefits of portfolio investment and risk diversification.
3. Enjoy the benefits and take risks.
Fund investors are the owners of funds, and fund investors * * * take risks * * * and enjoy benefits. The surplus after deducting the expenses borne by the fund from the investment income of the fund belongs to all fund investors and is distributed according to the proportion of fund shares held by each investor. Fund custodians and fund managers who provide services for the fund can only collect certain custody fees and management fees according to regulations, and do not participate in the distribution of fund income.
4. Strict supervision and transparent information.
In order to effectively protect the interests of investors and enhance their confidence in fund investment, the China Securities Regulatory Commission has implemented strict supervision over the fund industry, severely cracked down on all kinds of behaviors that harm the interests of investors, and forced funds to make full information disclosure. In this case, strict supervision and information transparency have become the remarkable characteristics of the fund.
5, independent custody, to ensure safety.
The fund manager is responsible for the investment operation of the fund and does not handle the custody of the fund property. The custody of the fund property is the responsibility of the fund custodian independent of the fund manager. This kind of checks and balances mechanism of mutual restriction and mutual supervision provides an important guarantee for the interests of investors.
(D) the difference between funds and other financial instruments
1, the difference between funds and stocks and bonds.
2. The difference between funds and bank savings deposits.
(V) Classification of funds and risk-return characteristics
1. According to different operation modes, it can be divided into closed-end funds and open-end funds.
Closed-end fund refers to a fund operation mode in which the fund share is fixed within the term of the fund contract, and the fund share can be traded on a legally established stock exchange, but the fund share holder may not apply for redemption. Open-end fund refers to a fund operation mode that the fund share is not fixed and can be purchased or redeemed at the time and place agreed in the fund contract. The open-end funds referred to here refer to traditional open-end funds, excluding new open-end funds such as ETF and LOF. The main differences between closed-end funds and open-end funds are shown in Table 3:
2. According to different investment objects, it can be divided into stock funds, bond funds, money market funds and hybrid funds.
According to the classification standard of China Securities Regulatory Commission, more than 60% of fund assets are invested in stocks. More than 80% of the fund assets invested in bonds are bond funds; Money market funds only invest in money market instruments; Investing in stocks, bonds and money market instruments, but the ratio of stock investment to bond investment does not meet the requirements of stock funds and bond funds, is a hybrid fund.
Stock fund
Equity funds mainly face systemic risk, unsystematic risk and active operation risk. Systematic risk, that is, market risk, refers to the influence of overall political, economic, social and other environmental factors on securities prices. Systematic risks include policy risk, economic cyclical fluctuation risk, interest rate risk, purchasing power risk and exchange rate risk. This kind of risk cannot be eliminated by diversifying investment, so it is also called non-dispersive risk. Non-systematic risk refers to the unique risks of individual securities, including credit risk, operational risk and enterprise financial risk. Non-systematic risk can be avoided by diversifying investment, so it is also called distributable risk. Active operational risk refers to the risk brought by the fund manager's active operational behavior, such as the risk brought by the fund manager's improper concentrated investment in a certain industry or stock. Stock funds can reduce the unsystematic risk of individual stock investment by diversifying investment, but they cannot avoid the systematic investment risk. The operational risks of different funds vary greatly.
Bond funds and money market funds
Both bond funds and money market funds will face interest rate risk, credit risk, early redemption risk and inflation risk. Interest rate risk refers to the risk brought by interest rate changes to bond prices. The price of bonds is closely related to the change of market interest rate and changes in the opposite direction. When the market interest rate rises, the prices of most bonds will fall; When the market interest rate falls, the bond price usually rises. Credit risk refers to the risk that the bond issuer cannot pay interest and repay the principal on time at maturity. Because China's money market funds are not allowed to invest in bonds with a remaining maturity of more than 397 days, the average remaining maturity of the portfolio should not exceed 180 days. In fact, the risk of money market funds is relatively low.
Mixed funds
The risk of hybrid funds mainly depends on the allocation ratio of stocks and bonds. Generally speaking, the risk of partial stock funds is higher, but the expected rate of return is also higher; The risk of partial debt fund is low, and the expected rate of return is also low; Equity-debt balance fund has moderate risk and return.
The risk-return characteristics of stock funds, bond funds, money market funds and hybrid funds are shown in Figure 2.
3. According to different investment objectives, it can be divided into growth funds, value funds and balanced funds.
Growth funds refers to a fund that takes the pursuit of capital appreciation as its basic goal, rarely considers the current income, and mainly invests in stocks with good growth potential.
The value fund refers to a fund that mainly invests in large-cap blue-chip stocks, corporate bonds, government bonds and other stable income securities with the pursuit of stable recurring income as its basic goal.
Balanced fund is a fund that pays attention to both capital appreciation and current income. Generally speaking, growth funds has high risks and high returns; Income-oriented funds have low risks and low returns; The risks and benefits of balanced funds are between growth funds and income funds.
4. According to different investment concepts, it can be divided into active funds and passive (index-type) funds.
An active fund is a fund that tries to outperform the benchmark portfolio.
Passive funds do not actively seek to achieve the performance beyond the market, but try to copy the performance of the index, and generally choose a specific index as the tracking object, so they are often called index funds. Comparatively speaking, active funds are more risky than passive funds, but the income may also be greater.
5. Special types of funds
(1) series funds.
Series funds, also known as umbrella funds, refer to a fund structure in which multiple funds * * * use a fund contract, and the sub-funds operate independently, and the sub-funds can be converted to each other. At present, there are 9 series funds (including 24 sub-funds) in China.
(2) Capital preservation fund.
Capital preservation fund refers to the use of portfolio insurance technology to ensure that investors' investment goal is to lock down downside risks and strive to obtain potential high returns. At present, there are many capital preservation funds in China.
(3) Trading open-end index funds (ETFs) and listed open-end funds (LOF).
Transactional open-end index fund, commonly known as exchange-traded fund (ETF), is an open-end fund with variable fund share, which is listed and traded on the exchange. Listed open-end fund (LOF) refers to an open-end fund that can purchase and redeem fund shares in the OTC market and trade, purchase or redeem fund shares in the exchange (OTC market). It is a localized innovation of China Securities Investment Fund. (series 1)
Notes for fund investors
Fund is an effective tool for long-term financial management. Don't treat the fund as savings, but treat financial management as wealth. Buying a fund has the risk of losing the principal. It is difficult to repeat the income from purchasing funds in 2006. Don't invest preventive savings in risky capital markets, let alone mortgage loans.
There are many types of funds, and different funds have different risk-return characteristics. The greater the income, the greater the risk. The possible returns and risks of stock funds, hybrid funds, bond funds and money market funds are gradually decreasing.
Funds should be held for a long time, not for short-term frequent speculation.
Focus on diversification, don't put all your eggs in one basket.
You need to analyze your risk tolerance and financial management goals, and invest in products that match your risk tolerance.
Go to a legal place to buy the products of a legal fund management company. The list of regulated institutions and products can be found on the website of China Securities Regulatory Commission (www.sac.net.cn) or the website of China Securities Association (www.sac.net.cn).
It is not that the cheaper the fund, the better. High prices are often proof of its good historical performance.
Buying a new fund is not better than buying an old one. Buying an old fund that performs well in the bull market may get better investment income.
(six) the main factors that determine the performance of the fund
1. Capital allocation.
The higher the proportion of stock in fund allocation, the higher the risk it bears and the greater the possible gains or losses. As shown in Figure 3, in the rising market in 2006, the Shanghai and Shenzhen 300 Index rose by 1, 2 1.02%, the open-end stock funds rose by 1, 2 1.4%, and the open-end partial stock hybrid funds rose by 1, 654. From April 2004 to June 2005, during the market downturn, the Shanghai Composite Index fell by 42.69%, the open-end stock funds fell by 20.42%, the open-end partial stock hybrid funds fell by 17.74%, and the open-end bond funds only fell by 4.79%.
Figure 3: Income performance of different types of funds in the rising market in 2006 and the falling market from April 2004 to June 2005.
2. Performance of market trends.
The index to measure the rise and fall of the market is the change of the benchmark. The performance of most funds changes with the market. A fund that fits the benchmark well and maintains a stable style is a good fund.
3. The fund manager's stock selection and timing ability.
Fund managers can greatly improve the fund's income by choosing good stocks and seizing the right opportunity to enter the market. Only a reasonable victory over the benchmark is the contribution of the fund manager.
4. Control of transaction cost.
Every transaction has a transaction fee, which should be drawn from the fund assets. Good funds should reduce operations and protect the interests of investors with low turnover rate, while poor funds often operate through intraday trading. The higher the turnover rate, the higher the transaction cost.
About knowing yourself.
Investors must have a clear understanding of themselves and choose products that suit them according to their age and income, investment period, investment objectives, short-term and long-term risk tolerance, investment objectives and expected rate of return.
(1) Focus on diversification of investment.
The rational allocation of assets in banks, insurance and capital markets should generally follow the principle of "three-thirds system", and don't put all your eggs in one basket.
(2) Pay attention to the matching of product selection and risk tolerance with financial management objectives.
Figure 4: Risk rating fund products corresponding to investors' risk tolerance are shown in Figure 4. Investors should choose the corresponding risk rating fund products according to their own types. For young people, if their financial ability is acceptable, their family burden is light, their investment period is long, and they can bear greater risks, they can choose stock funds; For middle-aged people, income is relatively stable, but family responsibilities are relatively heavy. When investing, we should adhere to the principle of conservatism while considering the return on investment, diversify risks and try a variety of fund combinations; For the elderly, we should aim at stability, safety and preservation of value, and we can choose products with higher safety such as balanced funds with lower proportion of currency, capital preservation or stock allocation. At the same time, we should pay attention to the long-term goals corresponding to long-term tools, such as for the purpose of providing for the aged, and it is best to choose index funds.
(3) Attention should be paid to selecting the products of excellent fund management companies.
Not all big fund management companies are good companies, and some small companies also have excellent performance. We should choose the products of fund management companies with stable product style, low shareholding concentration and turnover rate, high information transparency and emphasis on investor education.
(4) Pay attention to the opportunity to enter the market.
Regular quota is a good investment strategy, which can reasonably control the buying cost. The decision to invest heavily in stock funds should avoid making decisions when the market is over-hyped.
About understanding the market
The value of a fund depends on the value of its investment target, so it is very important to know the value of the fund. Generally speaking, the value of a fund is determined by the fundamentals of its investment target. The relatively recognized and simple indicators to measure the fundamentals of listed companies are their P/E ratio and P/B ratio. P/E ratio refers to the ratio of price per share to earnings per share, which can be used to estimate the investment income and risk of a company's stock.
In the long run, the higher the P/E ratio, the lower the investment value of the company; On the contrary, the higher the investment value. Price-to-book ratio is the ratio of share price to net assets per share, which means that the share price is transferred by several times of net assets per share, and whether the share price is overvalued relative to net assets per share is evaluated. The smaller the price-to-book ratio, the higher the investment value of the stock, and the more secure the support of the stock price; On the contrary, the lower the investment value. Of course, to evaluate the fundamentals of listed companies, we should also consider many factors such as macroeconomic environment, industry development prospects, industry competitiveness of enterprises, discounted cash flow and future development strategies.
In the short term, the net value of the fund is greatly influenced by the change of market capital supply and demand. When a large amount of funds flood into the stock market, the target of fund investment-the stock price rises, and the net value of the fund also rises; When a large amount of funds are withdrawn from the stock market, the underlying stock price of the fund investment falls, and the net value of the fund also falls.
There are rules to follow in stock price fluctuation. From the perspective of economics and statistics, the price fluctuation of the stock market shows the following characteristics:
(A) biased characteristics
The partiality of stock price refers to the long-term historical trend of the overall sustained upward growth of stock price. This is an important theoretical basis for the fund's long-term investment and profit. The characteristics of bias are mainly reflected in: First, it is a general performance characteristic, not an individual performance characteristic. Second, bias is a long-term historical trend, not a short-term market phenomenon. "Long-term" here refers to the historical span of 30 years, 50 years, 100 years and 200 years. As can be seen from figs. 5 and 6.
Figure 5: Dow Jones Industrial Average: Biased Characteristics of Price Movement 1928-2007
Figure 6: Shanghai Stock Exchange Index: Biased Characteristics of Price Movement 199 1-2007
The biased characteristics of stock market price fluctuation are mainly influenced by the following two factors: first, the stock price fluctuation of the most active listed companies in the whole life cycle is the main driving force for the deviation. The second is the continuous alternative power formed by the "relay" in the above promotion process. These two points can be illustrated as follows with Figure 7:
Figure 7: The continuous driving force of companies in the rising stage of life cycle to the formation of stock market.
The deviation of stock price fluctuation is obtained at the expense of a large number of enterprises being eliminated in the fierce market competition. Without understanding this, investors can easily deduce simple long-term stock investment strategies directly from the biased characteristics of stock price fluctuations. If there is no corresponding fund management measures to diversify investment risks, the deviation of stock price fluctuation can not guarantee investors to obtain satisfactory return on investment. At the same time, a long-term strategic investor may have only a few opportunities to make investment choices in his limited life. If you choose the wrong samples these times, it will be difficult for investors to get a satisfactory return on investment.
Random feature
The stochastic feature of stock price refers to the feature that its statistical distribution obeys the stochastic distribution. It is difficult for ordinary investors to accurately grasp the rise and fall of stock prices. The randomness of stock price is the most important feature that investors should pay attention to. Its importance to stock investors cannot be overemphasized. The randomness of stock price is the strongest opponent to challenge the scientificity or authenticity of any investment strategy or investment method. Thousands of investment methods that have appeared in the history of human stock investment basically fail to pass the test of random characteristics of stock prices.
(3) Jumping characteristics
The jump of stock price refers to the feature that the stock price movement completes a large movement distance in a short trading time. Its most prominent market performance: first, the sudden characteristics of sports (including the beginning and end of sports); The second is the rapidity of movement. The rapidity of stock price jump makes the stock price jump faster than the reaction time of most investors in the market. When an investor takes the timing of entry and exit as the basic principle of investment, if he can't successfully capture the jumping process of price movement, his total investment income will almost inevitably end in loss. The suddenness and rapidity of the stock price jump make it difficult for investors to capture the stock price jump. At the same time, the jumping of stock price movement also has great lethality to investors who hold investment strategies for a long time. If the holding time of long-term strategic investors' stocks happens to be staggered by the jumping interval of stock price movement, then their long-term investment income will be greatly weakened and may even end in loss.
For example, from 199665438+1October19 to 65438+1May 9, 997, it is the whole movement cycle of the whole rising stage (bull market) of Shanghai stock market, including 65 trading weeks. This whole bull market price movement is mainly completed by three jumps (see Table 4), accounting for about 1/3 of the total trading time, that is, 23 trading weeks, that is, about 4 to 5 months. If investors miss these four to five months of investment opportunities, they miss the price movement of the whole bull market from 1996 to 1997.
Table 4: Shanghai stock market: the jump of stock price movement (trading week)
Periodic characteristics
The cyclical feature of stock price means that the frequency of stock price fluctuation is relatively stable and repetitive. The cyclical feature of stock market price fluctuation is the most remarkable among the basic features of stock price, and it is also the most widely studied feature in the investment field. Although it seems relatively easy to observe the cyclical phenomenon in the stock market, it is quite difficult to use it. Mainly lies in:
1, the variability of the period. The variability of period mainly refers to the deformation phenomenon of important parameters of period. In fact, the repetition of any periodic phenomenon will not be a complete repetition. When the period changes, the period parameters move to a great extent. Because this change is gradual, the periodic change is very deceptive. For example, the stock market crash in the United States 1929 and the stock market crash in the United States 1987 show a high degree of similarity in the preparation stage, transformation stage and psychological panic stage of the bear market. However, in the expansion stage after the psychological panic stage, the two stock market crashes showed diametrically opposite market forms. At that time, the strongest expectation of the stock market was that the stock market crash of 1987 would completely repeat all forms of the American stock market crash of 1929, and many investors paid a heavy price for this market forecast. This is the price paid by patterned thinking.
2. The market psychological basis of cyclical phenomena. When the stock market cycle is in a transitional period, it is also an extreme period of investors' psychology and emotions. At this time, the vast majority of market participants will be subject to this extreme psychological and emotional control and cannot extricate themselves. In this way, they can't move in the right direction. Therefore, for the cyclical phenomenon of stock market prices, although most investors in the market can foresee in advance and summarize afterwards, they can't take advantage of it.
(5) Psychological characteristics
The psychological characteristics of stock price refer to the characteristics that the fluctuation of stock market price is strongly influenced by market psychological factors. Due to the psychological characteristics of stock price, the fluctuation of stock price has the following unique fluctuation phenomena: first, the fluctuation of stock price has strong convergence; Second, stock price fluctuations have a strong tendency to oscillate. Convergence tendency means that stocks in the same stock market have a strong tendency to rise and fall together. By analyzing the convergence characteristics of stock price movement, we can get the following understanding of stock investment risk: market risk of stock investment >; Individual stock risk of stock investment. Therefore, the market risk of stock is an investment risk that stock investors should pay more attention to and take corresponding preventive measures. As shown in Table 5, during the ups and downs of the stock market, the stock groups showed a strong convergence trend.
In a word, these five characteristics are not parallel, but interactive and restrictive. These five basic statistical characteristics of stock price fluctuations have favorable and unfavorable effects on two major stock investment strategies, namely, long-term holding investment strategy and timing investment strategy.
China Securities Industry Association (chart omitted)
Understanding the basic statistical characteristics of stock market price fluctuation and two classic investment strategies can help investors to judge whether fund management companies have a set of mature investment concepts and repeatable investment strategies.
① Long-term holding investment strategy refers to the long-term holding of a stock after investors buy it, and generally it will not be easily adjusted.
(2) Timing investment strategy means that after investors buy some stocks, they will adjust their operations from time to time according to their own judgment on the future trajectory of the stocks in order to obtain excess returns.
About understanding history
(A) the development history of American funds
Securities investment fund is the inevitable product of the development of capital market. The American fund industry began to rise in the 1920s. After more than 80 years of development, American funds occupy a dominant position in global funds. The main manifestations are as follows: first, among the funds in the world, American funds account for 59.82% of the total assets, which has a decisive impact on the further development of global funds; Second, the fund operation in the United States is relatively standardized, especially the open-end fund is relatively mature, and it has become the object of study in other countries or regions since the 1980s, so it has a guiding role; Third, the endless financial innovations in the United States not only provide a growing market space for the operation of funds, but also provide a good market environment for the further improvement of funds. Funds have become a good public financial management tool in the United States. At the end of 2005, the proportion of American individuals holding open-end funds was as high as 87.55%. From 1980 to 2005, the number of households holding open-end funds in the United States increased from 4.6 million to 53.7 million, accounting for 5.7% to 47.5% of the total number of households. In other words, nearly half of American families hold funds.
(B) About the history of the development of China Fund.
The development of China's fund industry can be divided into three historical stages:
The first stage is 1992 to 1997, 165438+ 10 month, 14.