* * The same fund is the American name for investment funds, and * * * is essentially different from funds and hedge funds. What are the differences between * * * and funds and hedge funds? This paper sorts out several major differences between them, hoping to help everyone.
1. Number of investors
Hedge funds have strict restrictions, with the number of investors being 5. Participants must have investment securities worth more than $5 million. Second, there is no requirement for the number of people in the same fund.
2. Operation mode
There is no restriction on the operation mode of hedge funds, and the main partners and managers can freely and flexibly use various investment technologies to obtain greater profits; 2 * * * The same fund is subject to restrictions such as investment brand, proportion and decision-making mode.
3. Regulation
For hedge funds, because the investment targets are a few wealthy individuals and they have strong self-protection ability, they can be exempted from regulation; And * * * with the fund because investors are the general public, many people lack understanding of the market, in order to avoid public risks, protect the weak and other considerations, * * * with the fund has strict monitoring.
4. Ways of raising funds
Hedge funds take the form of private placement and do not need to use any media to advertise. * * * The same fund attracts customers through public advertising.
5. Can you set up offshore
Hedge funds generally set up offshore funds to avoid the restrictions on the number of investors and tax avoidance under American law. * * * The same fund cannot be established offshore
6. The degree of information disclosure
Hedge funds: the information is not public, and it is not necessary to disclose financial and asset status.
*** The same fund: information disclosure.
7. Compensation of managers
Hedge fund: commission+commission, and get a fixed management fee of 1%-2% of the assets under management, plus a reward of 5%-25% of the annual profit. This form gives fund managers a strong incentive.
*** Same fund: Generally, the salary is fixed, and the incentive of fund managers is relatively poor.
8. Can managers participate in hedge funds
: Fund managers are generally fund promoters and hold a considerable share of funds. Compared with the same fund, fund managers of hedge funds are more concerned about the operation of funds.
*** The same fund: generally, it does not participate in shares.
9. Are there any regulations for investors to withdraw capital?
Hedge funds: There are restrictions. Most funds require shareholders to inform in advance if they withdraw capital: the time for advance notice varies from 3 days ago to 3 years ago.
*** Same fund: unlimited or limited.
1. Can you make a loan transaction
Hedge fund: you can make a mortgage loan transaction with your own assets.
*** Same fund: no loan transactions.
11. Scale
Hedge funds: Small in scale, with global assets of about 3 billion.
*** The same fund: large-scale global assets exceed 7 trillion.
12. Performance
Hedge funds: The average annual return rate was 17% from January 199 to August 1998, which was much higher than that of ordinary stock investment or investment in pension funds and mutual funds (the average annual growth rate of the 5 stocks of Wall Street Standard & Poor's was only 12% during the same period). According to reports, some well-run hedge funds have an annual return on investment as high as 3-5%.