The handling fee of the fund includes subscription fee, redemption fee, custody fee and management fee, and each fee is calculated in different ways.

1, subscription fee = subscription amount × subscription rate: subscription fee is a one-time fee charged when purchasing funds (for back-end funds, subscription fee is charged according to holding time). For example, if the subscription rate of a fund is 0. 15%, investors will deduct the subscription fee of 150 yuan when they buy a fund of 10000 yuan. Of course, this fee will not be charged separately, but will only be deducted from the share, so there are scattered shares in the investor's account.

2. Redemption fee = redemption amount × net fund value × redemption rate: redemption fee is generally charged according to the holding time, and the redemption fee held within 7 days is usually not less than 1.5%, that is, assuming a fund is held at 1 1,000 yuan, the redemption fee redeemed within 7 days is 1, 500 yuan. Redemption fees are generally divided into several levels. See the fund announcement for details.

3. Management fees and custody fees are accrued daily, and investors do not need to pay when selling funds.

1, which is the earliest hedge fund, this is still uncertain. During the great bull market in the United States in the 1920s, there were countless such investment tools specifically for the rich. One of the most famous is the Graham-Newman Partnership Fund founded by Benjamin Graham and Jerry Newman. In 2006, Warren Buffett declared in a letter to the American Museum of Finance that the Graham-Newman Partnership Fund in the 1920s was the earliest known hedge fund, but other funds may appear earlier.

2. In the economic recession of 1969- 1970 and the stock market crash of 1973- 1974, many early funds suffered heavy losses and closed down one after another. In 1970s, hedge funds usually focused on one strategy, and most fund managers adopted the long-short stock model. During the economic recession in 1970s, hedge funds were once ignored. It was not until the late 1980s that several successful funds were reported in the media before they returned to people's sight.

The big bull market in the 1990s created a batch of new wealth, and hedge funds blossomed everywhere. Traders and investors pay more attention to hedge funds because they emphasize the income distribution mode with consistent interests and the investment mode of "outperforming the market". In the next decade, the investment strategies of hedge funds will emerge one after another, including credit arbitrage, junk bonds, fixed-income securities, quantitative investment, multi-strategy investment and so on. In the first decade of 2 1 century, hedge funds swept the world again. In 2008, the total assets held by global hedge funds reached 1.93 trillion US dollars. However, the credit crisis in 2008 hit hedge funds hard, and their value shrank. In addition, the liquidity of some markets has been blocked, and many hedge funds have begun to restrict investors' redemption.