2. The process from raising funds to investing in open-end funds has gone through three periods: raising period, closing period and normal subscription and redemption period. In these three periods, investors buy and sell fund shares in different ways.
The first is the feeding period. During this period, the fund management company sells funds to investors through the company's direct selling agencies or banks and other consignment agencies to raise funds. At this stage, investors can only buy fund shares and cannot sell them. The purchase price is the net value of shares (1 yuan), and the cost of purchasing fund shares is called subscription fee. Due to the hot sales of open-end funds since last year, in order to avoid the inconvenience caused by the excessive amount of funds raised, funds generally stipulate a certain share limit (such as 65.438+000 billion), and the excess will not be confirmed. Due to the recent boom in fund sales, the regulatory authorities recently issued a notice requesting that the new fund subscription application exceed the established limit and be placed in proportion.
At the end of the recruitment period, it will enter a closed period. At this point, the fund contract has come into effect. However, during the closed period, the Fund does not accept investors' requests to purchase or redeem fund shares, and investors can neither buy nor sell fund shares during this period. Judging from the reality, many funds are open for subscription in the later period of the closed period, that is to say, at this stage, investors can subscribe for funds according to the net asset value of the funds, but they cannot redeem their fund shares. According to the Securities Investment Fund Law, the closed period of the fund shall not exceed 3 months.
At the end of the closed period, the fund can accept subscription and redemption at the same time, and enter the normal subscription and redemption period. Investors can subscribe and redeem the fund according to the daily net share of the open-end fund.
1. funds are the collective name of institutional investors, including trust investment funds, unit trust funds, provident funds, insurance funds, retirement funds and funds of various foundations. Funds in the existing securities market, including closed-end funds and open-end funds, have the characteristics of income function and value-added potential. From the accounting point of view, capital is a narrow concept, which refers to funds with specific purposes and uses. Because the investors of government agencies and institutions do not require investment returns and investment recovery, but require funds to be used for designated purposes in accordance with the law or the wishes of the investors, funds are formed.
Second, the fund classification:
1, which can be divided into open-end funds and closed-end funds according to whether the fund units can be increased or redeemed. Open-end funds are not traded on the market (as the case may be), but are purchased and redeemed by banks, brokers and fund companies, and the fund scale is not fixed; Closed-end funds have a fixed duration and are generally listed and traded on the stock exchange. Investors buy and sell fund shares through the secondary market.
2. According to different organizational forms, it can be divided into corporate funds and contractual funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; The establishment of fund managers, fund custodians and investors through fund contracts is usually called contractual funds. China's securities investment funds are all contractual funds.
3. According to the difference of investment risk and income, it can be divided into growth fund, income fund and balanced fund.
4. According to different investors, it can be divided into four categories: money fund, bond fund, hybrid fund and stock fund.