The unit of stock is 1 "share", and the unit of fund is "fund unit". When the Fund is first issued, its total fund amount is divided into several equal integer shares, each of which is a fund unit. For example, when the fund Jintai was issued, the total amount of the fund was 2 billion yuan, divided into 2 billion shares, each of which was a fund unit, representing the investment of investors 1 yuan.
Investment funds can be divided into open-end funds and closed-end funds.
Open-end fund refers to an investment fund with a fixed scale. After the fund is established, investors can buy and redeem the fund shares at any time.
Closed-end fund means that once a fund is established, the scale of the fund is fixed within the prescribed time limit, and the fund shares cannot be issued and redeemed. Investors can only trade funds in the securities market.
At present, funds listed on the Shanghai and Shenzhen stock exchanges or on the Internet are closed-end funds. In addition, according to different fund investments, funds can be divided into securities investment funds, money funds, foreign exchange funds, industrial funds and so on.
I. Securities investment funds
Securities investment fund is a fund that specializes in investing in the securities market.
1March 1998, China promulgated the Interim Measures for the Administration of Convertible Corporate Bonds, which made detailed provisions on the initiation, establishment, offering and listing of securities investment funds.
Second, index funds.
Index fund is a kind of fund that constructs a portfolio for securities investment according to the principle of compiling securities price index. Theoretically speaking, the operation method of index fund is very simple, as long as you buy the corresponding proportion of securities according to the proportion of each securities in the index and hold it for a long time.
For purely passively managed index funds, the capital turnover rate and transaction cost are relatively low. Management fees are often very small. Such funds will not invest too much money in certain securities or industries. Generally, full investment will be maintained, and there is no market speculation. Of course, not all index funds strictly meet these characteristics. Different index funds will also adopt different investment strategies.
At present, there are three index funds, Xinghe, Pufeng and Tianyuan, which are "optimized index funds" with the characteristics of index funds.
Fund refers to the centralized distribution of investors' scattered funds by issuing fund units (or fund vouchers), entrusting them to professional custodians and managers, managing and acting on the funds, and investing in the fields of stocks, bonds, foreign exchange, currency, industry, etc., so as to minimize risks and gain income, thereby increasing capital. The capital appreciation part, that is, the income from fund investment, belongs to the investors who hold the funds and is managed professionally.
The unit of stock is 1 "share", and the unit of fund is "fund unit". When the Fund is first issued, its total fund amount is divided into several equal integer shares, each of which is a fund unit. For example, when the fund Jintai was issued, the total amount of the fund was 2 billion yuan, divided into 2 billion shares, each of which was a fund unit, representing the investment of investors 1 yuan.
Investment funds can be divided into open-end funds and closed-end funds.
Open-end fund refers to an investment fund with a fixed scale. After the fund is established, investors can buy and redeem the fund shares at any time.
Closed-end fund means that once a fund is established, the scale of the fund is fixed within the prescribed time limit, and the fund shares cannot be issued and redeemed. Investors can only trade funds in the securities market.
At present, funds listed on the Shanghai and Shenzhen stock exchanges or on the Internet are closed-end funds. In addition, according to different fund investments, funds can be divided into securities investment funds, money funds, foreign exchange funds, industrial funds and so on.
I. Securities investment funds
Securities investment fund is a fund that specializes in investing in the securities market.
1March 1998, China promulgated the Interim Measures for the Administration of Convertible Corporate Bonds, which made detailed provisions on the initiation, establishment, offering and listing of securities investment funds.
Second, index funds.
Index fund is a kind of fund that constructs a portfolio for securities investment according to the principle of compiling securities price index. Theoretically speaking, the operation method of index fund is very simple, as long as you buy the corresponding proportion of securities according to the proportion of each securities in the index and hold it for a long time.
For purely passively managed index funds, the capital turnover rate and transaction cost are relatively low. Management fees are often very small. Such funds will not invest too much money in certain securities or industries. Generally, full investment will be maintained, and there is no market speculation. Of course, not all index funds strictly meet these characteristics. Different index funds will also adopt different investment strategies.
The definition of a fund is that a fund management company concentrates investors' funds by issuing fund shares, which are managed by a fund custodian (that is, a qualified bank) and managed and used by a fund manager, and then engages in the investment of financial instruments such as stocks and bonds, and then shares the profits, and of course bears the investment risks. To put it more popularly, you give your own funds to fund management companies, and their professionals adopt certain investment methods. After they get the income, they deduct the management fees and handling fees they deserve and return the income to you.
According to different standards, securities investment funds can be divided into different types:
-According to different investors, it can be divided into stock funds, bond funds, money market funds and futures funds.
-According to whether the fund units can be increased or redeemed, they can be divided into open-end funds and closed-end funds. Open-end funds are not listed and traded, and are generally purchased and redeemed by banks. The scale of the fund is not fixed, and the fund unit can sell it to investors at any time or buy it back at the request of investors. Closed-end funds have a fixed duration, and the fund size is fixed during the duration. Generally listed on the stock exchange, investors buy and sell fund shares through the secondary market.
-According to different organizational forms, it can be divided into corporate funds and contractual funds. Securities investment funds are established by issuing fund shares to establish investment fund companies, which are usually called corporate funds; The establishment of fund managers, fund custodians and investors through fund contracts is usually called contractual funds. At present, China's securities investment funds are all contractual funds.
-According to different investment risks and returns, it can be divided into growth funds, income-based funds and balanced funds.
If you want to invest in a fund, you must first determine the type of fund you want to choose. At present, most friends generally choose between monetary fund and securities fund.
Money funds mainly refer to money market funds, which refer to funds that invest in short-term securities in the money market. The Fund's assets are mainly invested in short-term monetary instruments, such as treasury bills, commercial paper, bank time deposit certificates, short-term government bonds, corporate bonds and other short-term securities. It is characterized by low risk, zero handling fee and subscription fee, and high liquidity, but the income is not very high. At present, the income of money funds invested in the market is similar to that of bank time deposits. However, due to its high liquidity, when money is needed, it can be traded at T+ 1 and redeemed today and tomorrow.
As the name implies, securities funds mainly invest in stocks or other securities. It is characterized by high returns and high risks. For example, for a newly issued equity fund, the subscription price is 1 yuan/share, and you bought a fund of 6,543.8+0,000 shares. However, after the closed period, due to poor management or normal market fluctuations, the fund fell to 0.9 yuan/share. Then your net worth becomes 9000 yuan. If the fund rises to 1. 1 yuan, then your net capital will become 1 1000 yuan, and you will get a profit.
After you understand the basic concept of fund, it is necessary to choose which fund. Every fund company has many fund products. How to choose a fund is a big problem, because you don't know which one is better.
When choosing a fund, choosing a trustworthy fund company is the first step to consider. In the long run, the integrity of the fund and the quality of the manager are even more important than the performance of the fund. The following are the prerequisites for a trustworthy fund company.
One is the integrity of the company. The most basic condition of a fund company is that it must aim at maximizing the interests of customers, have good internal control, and will not use public equipment for private use.
The second is the quality and stability of fund managers. It is difficult for constantly changing personnel to inherit high-quality corporate culture, which also has a negative impact on the stability of capital operation.
The third is the breadth of the product line. The more products, the better for customers. Because different markets have different ups and downs, companies with multiple products can provide customers with opportunities to switch to other low-risk products.
The fourth is the number of customers. The more customers there are, the less risk the fund company has. If customers are only concentrated in a few major institutional customers, the entry and exit of large customers will greatly affect the fund's operating strategy. At the same time, customers are too concentrated, and the fund operation is easily influenced by specific people. The more customers you have, the more you can spread this risk.
Fifth, the overall performance of its funds. The ultimate goal of the fund is to make money for investors, and performance is of course important. If a company's capital performance is neat and balanced, we can know its performance level.
The sixth is the quality of service. This is the basic right as a customer. A company with good service quality usually represents the company's cultural characteristics of paying attention to customer interests.
When choosing a fund, the performance of the fund must be evaluated. The operating performance of the fund is equal to the return on investment of buying this fund. There are two kinds of returns: cumulative return and average return. Cumulative rate of return refers to the cumulative increase in the net value of fund shares over a period of time. The average annual rate of return refers to the annual rate of return after the fund's accumulated rate of return over a period of time is converted into compound interest.
The average annual rate of return is important because the average annual rate of return of the fund in the past can be used as an important reference for the future rate of return of the fund. If the average annual return rate of a fund in the past 10 years is 15%, it can usually be expected that its future return rate should also be maintained at this level. With the expected rate of return, general financial calculation or planning can be carried out.
Domestic investors often use short-term returns to determine the quality of funds, but it is wrong to do so. Long-term cumulative rate of return is the most objective criterion for evaluating the quality of funds. If we only take the short-term performance of the fund as a reference, the foundation with good quality will be ignored because of its poor short-term performance.
It is not enough to see whether a fund is operating well, but also to compare it with its performance benchmark. Each fund has a performance benchmark, which is an important basis for measuring the performance of the fund. As a manager, the first job is to exceed the performance benchmark. For example, index funds, if the performance is lost to the copied index, then investors only need to buy stocks in proportion to the companies in the index. Why do they need a manager? Therefore, when evaluating the performance of a fund, we should first look at whether the performance of this fund is better than the performance standard; Secondly, compare whether this fund performs better or more stably than other similar funds.