Between 8%- 15%, private placement can be called "all-weather" products, and through flexible position selection, systemic risks in the market are avoided. Public Offering of Fund has strict restrictions on the proportion of shares invested. For example, more than 80% of equity funds must be invested in the stock market, so when the market is bad, Public Offering of Fund can't avoid market risks at all. 2. Secondly, the investment ratio of equity funds to a single stock is limited.