Equity funds mainly face systemic risk, unsystematic risk and active operation risk. Systematic risk is market risk, which refers to the influence of overall political, economic, social and other environmental factors on securities prices. Systematic risks include policy risk, economic cyclical fluctuation risk, interest rate risk, purchasing power risk and exchange rate risk. This kind of risk cannot be eliminated by diversifying investment, so it is also called non-dispersive risk. Non-systematic risk refers to the unique risks of individual securities, including credit risk, operational risk and enterprise financial risk. Non-systematic risk can be avoided by diversifying investment, so it is also called distributable risk. Active operational risk refers to the risk brought by the fund manager's active operational behavior, such as the risk brought by the fund manager's improper concentrated investment in a certain industry or stock. Stock funds can reduce the unsystematic risk of individual stock investment by diversifying investment, but they cannot avoid the systematic investment risk. The operational risks of different funds vary greatly. In view of the current situation of the fund investment market, in short, the investment risks of stock funds are: 1, the fund scale is too large, the fund manager is difficult to operate, the pressure to prevent investors from redeeming is also great, and there are many cash positions, so sometimes it runs slower than hybrid funds; 2. The stock market fluctuates greatly, and the timing of intervention is not appropriate. If you buy equity funds on the day when the market rises sharply, and then encounter stock market adjustment, the risk will be exposed. 3, frequent operation, operating the fund as a stock, because the transaction cost of the fund is more than that of the stock, and there is the possibility of earning only the index and not making money; 4. The selected fund investment style is not the mainstream hot spot in the market. -