Calculated by the closing net value of the next trading day. For funds purchased after t+ 1 confirmation, that is, after 15, the net value is confirmed as the net value at the close of the next trading day. The net value of the fund subscribed after 15 hours is the same as that subscribed before 15 hours the next day. From Monday to Friday, subscribe for the Fund before 15, and confirm the net value according to the closing price of the day. Saturday, Sunday and legal holidays are not trading days, and funds can also be purchased on weekends, but they can only be accepted on Mondays. The net value is calculated according to the net value after the market closes on Monday. "

fund

Fund, in English, refers to a certain amount of funds set up for a certain purpose. It mainly includes trust and investment funds, provident funds, insurance funds, retirement funds and funds of various foundations.

From the accounting point of view, capital is a narrow concept, which refers to funds with specific purposes and uses. The fund we are talking about mainly refers to the securities investment fund.

Fund form

It is still uncertain which is the earliest hedge fund. 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.

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. Because hedge funds emphasize the income distribution mode with consistent interests and the investment mode of "outperforming the market", traders and investors pay more attention to hedge funds 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.

close-ended fund

Belonging to the trust fund, it refers to the investment fund whose scale has been determined before issuance, fixed within a specified period after issuance and traded in the securities market.

Because closed-end funds are traded by bidding in securities trading, the transaction price is affected by the relationship between market supply and demand, which does not necessarily reflect the fund's net asset value, that is, the transaction price of closed-end funds has a premium and discount phenomenon relative to its net asset value. The practice of foreign closed-end funds shows that the transaction price often has the price fluctuation law of first premium and then discount. Judging from the operation of closed-end funds in China, no matter how the fundamental situation changes, the transaction price trend of closed-end funds in China has never deviated from the price fluctuation law of first premium and then discount.