Open-end fund refers to an investment fund whose scale is not fixed, but which can issue new shares or be redeemed by investors at any time according to market supply and demand. Closed-end fund is relative to open-end fund, which refers to the investment fund whose fund size has been determined before issuance and remains unchanged within the specified period after issuance. Open-end fund is one of the basic forms of fund operation in the world. Fund management companies can sell new fund shares to investors at any time, and also need to buy back their fund shares at any time at the request of investors. Open-end funds have become the mainstream of the international fund market. More than 90% of the fund markets in the United States, Britain, Hongkong and Taiwan Province Province are open-end funds.
Closed-end funds belong to trust funds, which refer to investment funds 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.
Hedge fund, meaning "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.