according to the measures for the administration of information disclosure of securities investment funds and the prospectus, the quarterly report of the fund (including the portfolio) will be announced within 15 working days from the end of each quarter. At the same time, according to the Measures for the Administration of Information Disclosure of Securities Investment Funds and other relevant laws and regulations, if the fund contract takes effect less than two months, the fund manager may not prepare the current quarterly report, semi-annual report or annual report.

what is Public Offering of Fund?

Public Offering of Fund, a finance vocabulary, is opposite to "private fund". Refers to the fund that publicly issues beneficiary certificates to socially unspecified investors. In our country, it takes the form of contractual organization. Under the supervision of the competent government departments, there are restrictions on industry norms such as information disclosure, profit distribution and operation restrictions.

Public Offering of Fund () refers to a securities investment fund that raises funds from public investors in an open way and mainly invests in securities. Public Offering of Fund was recruited by mass media, and the promoters pooled public funds to set up investment funds for securities investment. Under the strict supervision of the law, these funds have industry norms such as information disclosure, profit distribution and operation restrictions.

The difference between Public Offering of Fund and private equity funds:

The objects raised are different. Public Offering of Fund's fund-raising target is the general public, that is, investors who are not specific to the society. Private equity funds are targeted at a few specific investors, including institutions and individuals.

there are different ways to raise funds. Public Offering of Fund raises funds through public offering, while private equity funds raise funds through non-public offering, which is the main difference between private equity funds and Public Offering of Fund.

information disclosure requirements are different. Public Offering of Fund has very strict requirements on information disclosure, and its investment objectives, portfolio and other information should be disclosed. Private equity funds, on the other hand, have low requirements for information disclosure and strong confidentiality.

investment restrictions are different. Public Offering of Fund has strict restrictions on the types of investment, the proportion of investment and the matching of investment and fund types, while the investment restrictions of private equity funds are completely stipulated in the agreement.

different performance rewards. Public Offering of Fund does not extract performance compensation, but only collects management fees. Private equity funds, on the other hand, charge performance compensation and generally do not charge management fees. For Public Offering of Fund, performance is only the honor when ranking, while for private equity funds, performance is the basis of remuneration.

apart from some basic institutional differences, private equity funds and Public Offering of Fund are quite different in investment concept, mechanism and risk taking.

first of all, the investment objectives are different. Public Offering of Fund's investment goal is to surpass the performance comparison benchmark and pursue the ranking of the same industry. The goal of private equity funds is to pursue absolute returns and excess returns. But at the same time, private investors have to bear higher risks.

Secondly, the performance incentive mechanisms of the two are different. The income of Public Offering of Fund Company is the daily fund management fee, which has nothing to do with the profit and loss of the fund. The income of private placement is mainly income sharing. Only when the net value of private placement products is positive can management fees be withdrawn. If the funds they manage are losing money, then they will not have any income. Generally, the performance reward extracted by private equity funds according to performance profit is 2%.