(1) The principal is safe. The security of principal not only means maintaining the original investment funds, but also means that the purchasing power of principal will not decrease with the emergence of inflation, and the purchasing power of principal will be protected. Principal security should be the primary goal of investment fund portfolio management. Only when the principal is safe can we gain income and seek growth. There are two kinds of investment funds that often ignore the principal and take unnecessary risks. One is a relatively small investment fund. In order to obtain a higher rate of return, it has to carry out venture capital or speculation, which requires strong market forecasting and analysis capabilities. Once an error occurs, the principal may be lost. The other is a large-scale investment fund, which has a relatively slow response to the market. Sometimes, because of sufficient funds, not treating losses as losses may also cause a large amount of capital losses, thus losing the principal.
(2) the stability of income. Between the actual dividend and dividend income and the future dividend and dividend income commitment, investors always tend to the former; Between stable income and unstable or uncertain income, investors always tend to the former. Therefore, when determining the investment target, the stability of income should be the key factor to be considered. Because only a stable income can attract investors. Especially for income-based investment funds, stable income is more important.
(3) Capital growth. Capital growth is an important goal of portfolio management. This goal does not mean that every investment fund must invest in growth stocks, that is, the stocks of fast-growing companies. Because many growth stocks do not meet the needs of many investment funds. Capital growth can be achieved by buying growth stocks or reinvesting dividends and interest income. The former is risky. For growth or positive growth funds, capital growth must be emphasized, because the investment goal of such funds is to increase the total investment value with the progress of time.
(4) liquidity. Liquidity refers to whether a security can be bought and sold conveniently and quickly. There are many factors that affect liquidity, such as the price and market size of securities, and the market size of securities depends on the size of the company issuing the securities and the number of investors holding the securities. For example, high-priced securities are less liquid than low-priced securities. The stocks of small companies are slightly less liquid than those of large companies. Because large companies are relatively stable, the stock quality is often relatively high, and the number of shares issued to the outside world is relatively large. The increase in their trading volume is conducive to maintaining the continuous stock market and making the stocks of larger companies have strong liquidity.
At the same time, the place where securities are traded also has certain influence on the realization of securities. For example, stocks listed on new york Stock Exchange and American Stock Exchange are more liquid than those traded on local stock exchanges and OTC markets. The stocks listed on Shanghai Stock Exchange and Shenzhen Stock Exchange are more liquid than those traded in China local stock exchange center.
(5) liquidity. Liquidity means that investment assets should be able to be converted into cash in the shortest time without causing losses. An important problem faced by investment funds in decision-making is to choose between profitability and liquidity, because the profitability and liquidity of securities investment are both constrained and interdependent, and their mutual constraints are as follows: from the perspective of investment duration, the longer the duration, the higher the yield, but the lower the liquidity. Therefore, in order to pursue higher returns, investment funds must invest in long-term and high-risk securities at the expense of liquidity, while in order to pursue stronger liquidity, investment funds must invest in short-term and low-risk securities at the expense of securities investment income. As for what kind of way to take, it depends on what kind of investment target the investment fund determines. If the fund is growth or active growth, the former is generally adopted; If the fund is income-oriented, the latter is generally adopted. The interdependence between the two shows that only by maintaining strong liquidity can investment funds seize the sudden attractive profit opportunities and avoid excessive losses caused by unfavorable market environment. Therefore, funds usually need to maintain a certain liquidity. This is especially true for open-end investment funds, because investors who hold open-end funds often ask the funds to redeem the beneficiary certificates they hold. Although investment funds usually deposit part of their funds in banks for emergencies, when a large number of beneficiary certificate holders demand redemption, the funds deposited in banks may not be enough. Therefore, for open-end investment funds, it is necessary to maintain appropriate liquidity.
(6) diversification. Diversification or diversification is one of the main characteristics and advantages of investment funds, which can reduce capital risks and income losses, so diversification is also one of the main contents of investment target management of investment funds. There are many ways to diversify fund investment, mainly including: 1. Diversification of bonds and stocks; 2. Diversification of maturity dates; 3. Diversification of industries; 4. Diversification of the company; 5. Ethnic diversity; 6. Diversification of investment time; 7. Diversification of physical assets and financial assets. Generally speaking, each fund has its own diversified investment policy. If the main goal of the fund is the stability of income, then the fund adopts a large degree of diversification, while those funds that only invest in ordinary stocks of a department or have special requirements have a limited degree of diversification.
(7) taxation. Like other investors, investment funds, as the main investors of institutions, are also concerned about the amount of after-tax income. When making investment objectives and investment plans, funds must fully consider the tax issues of investment funds and strive for a favorable tax status. The tax on fund investment is stipulated in the tax laws and relevant laws of various countries. These laws and regulations generally stipulate that investment funds can be exempted from tax after meeting certain conditions. For example, the United States stipulates that formal investment companies (investment funds) must meet the following requirements to be tax-free:
65438+ More than 0.90% of the total income comes from dividends, interest and net capital gains, and less than 30% comes from short-term profits;
2. The dividends paid by it account for at least 90% of the net investment income;
3. It is not a holding company, and has not maintained a large number of diversified operations (this is stipulated by law).
Therefore, tax-free investment companies regularly pay enterprise income tax on this part of undistributed income, but not on this part of income distributed to shareholders. As a channel for shareholders to receive dividends, investment companies inform shareholders (that is, investors who invest in funds) to receive dividends. These shareholders pay personal income tax on interest, dividends and short-term capital gains, and pay capital gains tax on this part of the income from long-term capital gains.
According to the Japanese tax law, the income obtained by investment fund management companies from the use of trust property is not subject to income tax as long as they comply with relevant regulations. At the same time, investment fund management companies are not regarded as legal persons, so they do not have to pay corporate tax.
At present, most countries in the world stipulate that investment funds can be tax-free after meeting certain conditions. The theory that investment fund income can be tax-free is transmission theory. According to this theory, investment funds are unique. It is just an organized channel and an agency between investors and diversified securities. The property it manages has no ownership and the fund has no real name. Its obligation is to distribute the proportion of income to investors. Therefore, if taxation is imposed, it will inevitably lead to repeated taxation.
When considering its investment objectives, investment funds should understand the relevant provisions of the law in detail and strive for more favorable tax status and tax-free treatment.