investment fund

Generally speaking, an investment fund is an investment tool that collects the funds of many scattered investors, entrusts investment experts (such as fund managers) to invest, and the investment management experts conduct unified investment management according to their investment strategies, so as to benefit many investors. Investment funds pool public funds, share investment income and share investment risks, which is a collective investment method with * * * income and * * risk.

Securities investment funds raise funds from publicly offered fund shares and use the funds for securities investment. Fund share holders enjoy the rights of asset ownership, income distribution, surplus property disposal and other related rights, and assume corresponding obligations.

Schematic diagram of investment fund operation process

Investment fund operation process:

1. Investors' funds are pooled into a fund;

2. The fund entrusts an investment expert-the fund manager to carry out investment operation;

Among them,

(1) Investors, fund managers and fund custodians establish trust agreements through fund contracts to determine the investors' contribution (share).

Trust between income and risk), entrust the fund manager to manage money, and the fund custodian is responsible for keeping the funds.

Relationship.

(2) Fund managers and fund custodians (mainly banks) establish their respective responsibilities and rights through custody agreements.

3. Fund managers distribute investment income to investors through professional financial management.

In China, the fund custodian must be a qualified commercial bank and the fund manager must be a professional fund manager. basis

Gold investors enjoy the income of securities investment funds and bear the risk of losses.

Contract funds and corporate funds

Contract funds are relative to corporate funds. According to the different organizational forms and legal status of funds, securities investment funds are basically divided into contractual and corporate types.

Contract fund:

Contract fund, also known as trust and investment fund, is an investment fund established by issuing beneficiary certificates in the form of trust deed. This kind of fund is generally concluded by the fund manager, fund custodian and investors in trust deed. The fund manager can act as the initiator of the fund and raise funds by issuing beneficiary certificates to form trust property. According to trust deed, the fund custodian is responsible for keeping the trust property, specifically handling securities, cash management and related agency business. Investors are also holders of beneficiary certificates and enjoy the investment income by purchasing beneficiary certificates and participating in fund investment. The beneficiary certificates issued by this fund show the rights and interests enjoyed by investors in investment funds.

Corporate fund:

Corporate funds are established in accordance with the Company Law, and concentrated funds are invested in various securities by issuing fund shares. Corporate investment funds are similar to joint-stock companies in organizational form. The assets of a fund company are owned by investors (shareholders). Shareholders elect the board of directors, and the board of directors first hires the fund manager, who is responsible for managing the fund business.

The establishment of a company's fund shall be registered with the administrative department for industry and commerce and the Securities and Exchange Commission, and shall also be registered at the place where the shares are issued. The organizational structure of corporate funds mainly includes the following parties: fund shareholders, fund companies, investment consultants or fund managers, fund custodians, fund conversion agents and fund lead underwriters.

At present, the establishment of China's securities investment funds is mainly contractual funds.

close-ended fund

Closed-end fund refers to the total amount of funds issued in advance when the fund sponsors set up the fund. When the raised amount exceeds 80% of the total amount, the fund is announced to be established and closed, and no new investment will be accepted during the closed period.

For example, funds listed on Shenzhen Stock Exchange were established in Kaiyuan (4688) and 1998, and issued 2 billion fund shares, with a duration (closed period) of 15 years. In other words, the operating period of the fund from 1998 is 20 years, and the operating quota is 2 billion. During this period, investors can't ask for the return of funds, and the fund can't add new shares.

Although investors are not allowed to ask for the return of funds during the closed period, funds can circulate in the market. Investors can cash out through market transactions.

The circulation mode of closed-end fund shares in China is listed on the stock exchange, and investors must bid for and buy fund shares in the secondary market through securities companies.

(Note: The duration of a fund refers to the time from establishment to termination. )

open-ended fund

Open-end fund refers to a fund whose total amount of fund issuance is not fixed, and the total amount of fund shares increases or decreases at any time. Investors can purchase or redeem fund shares at the business place determined by the fund manager according to the fund quotation.

Open-end funds can be issued according to the needs of investors or redeemed according to the requirements of investors. For investors, the issuer can be required to redeem the fund after deducting the handling fee according to the current net asset value of the fund, or it can buy the fund again to increase the unit share of the fund.

For example, Huaan Innovation, the first open-end fund in China, issued 5 billion fund shares for the first time. Founded in 200 1 year, it has no duration. However, the fund units that issue 5 billion yuan for the first time will change at any time after the opening of the gate. For example, they may decrease due to redemption by investors, or they may increase due to investors' subscription or choice of "dividend reinvestment".

In China, the trading of open-end fund shares is carried out through subscription and redemption at the direct selling outlets or consignment outlets (mainly bank outlets) of fund management companies, and the subscription and redemption of investors are carried out through the counters, telephones or websites of these outlets.

The difference between closed-end fund and open-end fund

The main differences between closed-end funds and open-end funds can be seen from the following table:

close-ended fund

open-ended fund

trading place

Shenzhen and Shanghai stock exchanges

The outlets of fund management companies or consignment agencies (mainly banks and other outlets)

Fund term

Have a fixed term

There is no fixed term.

Fund size

Quota, generally can't increase the issue.

There is no size limit (but there is a minimum size limit)

Redemption restriction

If the fund cannot be redeemed directly within the time limit, it needs to be cashed out through listing transactions.

You can apply for purchase or redemption at any time.

Trading means

Listing transaction

The outlets of fund management companies or consignment agencies (mainly banks and other outlets)

Price determining factor

The transaction price is mainly determined by the relationship between market supply and demand.

The price is based on the fund's net asset value.

Dividend method

cash dividends

Cash dividends and reinvested dividends

expense

Transaction costs:

2.5% of the transaction amount

Subscription fee: no more than 5% of the subscription amount.

Redemption fee: no more than 3% of the redemption amount.

investment strategy

Closed-end funds are not redeemable, and there is no need to withdraw reserves. They can make full use of funds, make long-term investments and achieve long-term business performance.

Some cash or liquid assets must be reserved for investors to redeem at any time, and long-term investment will be restricted. Faced with redemption pressure at any time, it is necessary to pay more attention to risk management such as liquidity and require fund managers to have a higher level of investment management.

information disclosure

The net asset value of a fund unit is published at least once a week.

Announce the net asset value of the unit every open day.

The characteristics of securities investment funds are:

Securities investment funds are funds operated, managed and invested by securities market experts. Fund assets are managed by professional fund managers. Fund managers are equipped with a large number of investment experts, who have not only mastered extensive knowledge of investment analysis and portfolio theory, but also accumulated quite rich experience in the investment field.

Securities investment fund is an indirect way of securities investment.

Investors indirectly invest in the securities market by purchasing funds. Compared with buying stocks directly, investors have no direct relationship with listed companies, do not participate in the company's decision-making and management, and only enjoy the right to distribute the company's profits.

Securities investment funds have the advantages of small investment and low cost.

In China, the face value of each fund share is RMB 1 yuan. The minimum investment of securities investment funds is generally low, and investors can buy more or less fund shares according to their own financial resources, which solves the problem that small and medium-sized investors have less funds and are difficult to enter the market. The cost of funds is usually very low.

Securities investment funds have the advantages of portfolio investment and risk diversification.

According to the experience of investment experts, it is usually necessary to hold stocks around 10 in order to at least spread risks in investment. There is a saying in investment science: "Don't put your eggs in the same basket". However, small and medium investors usually can't do this. If investors invest all their money in a company's stock, once the company goes bankrupt, investors may lose everything. Securities investment funds can form a strong financial strength by pooling the small funds of many small and medium-sized investors, and can also spread the investors' funds to various stocks at the same time, so that the losses caused by the decline of some stock prices can be made up by the profits of other stocks, which disperses the investment risks.

Strong liquidity.

The procedure for buying and selling funds is simple. For closed-end funds, investors can cash out directly in the secondary market, and the trading procedure is similar to that of stocks; For open-end funds, investors can purchase or redeem funds directly from fund managers, or through sales agencies such as securities companies, or entrust investment consulting agencies to buy and sell on their behalf.

Mode of fund issuance

In China, there are two main ways to issue securities investment funds: online issuance and offline issuance.

(a) Internet distribution methods

Refers to the issuance of fund shares through securities business departments connected to the trading system of stock exchanges all over the country.

The issuance method of Public Offering of Fund units. Mainly closed-end fund issuance.

(2) Offline distribution method

It refers to the sale of issued funds to the public through banks or securities outlets distributed in a certain area.

The distribution method of. Mainly the way of issuing open-end funds.

Investment Strategies of Top Ten Taurus Fund Managers in 2007

Print this manuscript, enter the forum, recommend friends and close the window, February 29, 2006 19:00.

Looking forward to 2007, the profit promotion of listed companies will become the most important factor to promote the market rise. According to our multi-angle analysis, the potential performance of listed companies will increase by more than 30% next year. At the same time, the basic economic conditions that support A shares to continue to surpass have not changed adversely, and A shares are facing historic development opportunities. In terms of capital supply, under the background of excess savings and excess liquidity, horizontal comparison, historical analysis and growth rate analysis also show that there is still room for improvement in the overall valuation of A shares. In terms of investment ideas, we suggest replacing strategy with strategy. This requires choosing appropriate strategic varieties and holding them for a long time. Looking forward to the future, our main concerns are: looking at China's domestic demand under the appreciation of RMB from the global strategy, looking at industrial policies and industrial integration from the tangible hand, looking at entrepreneurs and competitive strategies from the intangible hand, and creatively using market-oriented resource allocation means such as mergers and acquisitions. In terms of industry, we will mainly invest in four categories: consumption and service; Equipment manufacturing industry; Materials, metals and mining; Information technology, new materials, new energy. Comments: As a balanced fund, Guangfa's net value has steadily increased 14.94% this year (as of February 22), ranking third among similar funds and first overall in recent two years. 2007 is still the advantage of blue-chip investment in China. Looking forward to 2007, we believe that corporate profits will continue to grow steadily and the market will continue to develop upward. Weather-It is predicted that China's economy will maintain a high growth rate of more than 7% in the next few years, and the appreciation of RMB is expected to further promote the overall appreciation of China's assets. The situation of full circulation has opened a healthy and positive development pace for the market. Geographical location-the performance growth of listed companies exceeded expectations. Since the beginning of this year, the profit growth of industrial enterprises above designated size in China has continued to accelerate, with an increase of 29.6% in the first three quarters, which is much higher than market expectations, providing support for the overall rise of stock prices. Renhe-The daily average number of accounts opened by A shares has continuously set a new record. Recently, the daily average number of accounts opened has exceeded 30,000, and the amount of household savings has also shown a downward trend for the first time. A large amount of money was supplied to the stock market. Based on the performance in 2007, the growth of most outstanding blue-chip stocks still has advantages over mature markets. The better investment strategy will still be to hold listed companies with good industry prosperity, reasonable valuation level and excellent corporate governance. Comments: Since this year, Morgan China's advantages have been outstanding. As of February 22, 65438, its net growth rate this year is 153.5438+0%, ranking second among equity funds. Looking for investment opportunities in Huaan Baoliyuan North from four angles, the market in 2007 should maintain a general directional return, but after all, the stock market hit a record high and the static valuation is not cheap. The volatility of the stock market will be significantly higher than that in 2006, and the volatility of the bond market will basically maintain this year's situation, accompanied by inflation risks with food price uncertainty as the main theme. Judging from the allocation of each sub-market, the elasticity will be moderately improved in 2007, but the stock will still be the most important, and the risk-return level of the bond market is still not ideal. Focus on finding investment opportunities in industries and individual stocks from the following angles: First, industries that China has played an important role in the changes of world division of labor, especially those with strong development space in the early stage of China's export structure changes; Second, the investment opportunities brought by the rising income of China residents and the demand for consumption and service quality, especially the promotion space created by the brand awareness strengthened by the Olympic Games and other events for advantageous enterprises; Third, some opportunities brought by the reform of the medical system, of course, this reform will also bring negative pressure to some enterprises and need more screening; Fourth, the competitive advantage and development potential brought by tax reform and tax support policies to the whole market and key industries or enterprises. Comments: Huaan Bao Li ranked first among the balanced funds this year. Since the beginning of this year, its net value has increased by 1 15.62%, ranking third in the past two years. Only by sustained growth can we win rich countries for a long time. Under the influence of many factors, such as sustained macroeconomic growth, changes in national economic policies, improvement of the overall quality of listed companies, and the formation of a long-term appreciation trend of RMB, the bull market may continue in the next few years. The speculation of the whole A-share market will be greatly reduced, and this round of bull market is expected to become a value-driven bull market, showing obvious structural differentiation characteristics. In 2007, we expect that the market will remain active, investors will face many investment options, but investment traps will also follow. Only those enterprises that can continuously create shareholder value can win in this bull market for a long time and fully enjoy the valuation premium. In the face of the tide of full circulation, endless illusory themes and concepts are doomed to be short-lived. In the process of index rising, many stocks may re-enter the long bear market. We will still adhere to the investment philosophy of "pursuing value and focusing on growth", and under the guidance of top-down strategy, select individual stocks and make medium-and long-term investment layout. This paper focuses on the two major trends of economic restructuring and industrial upgrading in China. In terms of industry configuration, it focuses on consumer services, science and technology and innovation industries, equipment manufacturing, and some upstream industries with opportunities for industrial integration and mergers and acquisitions. Comments: According to the data of 65438+February 22nd, Guo Futianyi ranked third among equity funds this year, with a net increase of 153.79%, ranking first in recent two years and becoming a continuous winner. Investment keywords: leading and integration: After more than 20 years of rapid economic growth, all walks of life have experienced the baptism of market competition, and now most industries have formed a number of leading enterprises with competitive advantages. The mode of competition among leading enterprises is gradually escalating. From the initial simple price war to all-round competition, the fierce competition among leading enterprises has also accelerated the elimination of small and medium-sized enterprises in many industries. The successful implementation of the share-trading reform has promoted the construction of China's capital market system, and the equity incentive of listed companies is advancing in an all-round way. The full circulation of stock rights has greatly stimulated the enthusiasm of major shareholders of listed companies to realize asset securitization, and the regulatory authorities and governments at all levels have provided institutional support and convenience for the acquisition and merger of leading enterprises. Therefore, leading companies with industry integration ability and companies with high-quality assets injected with the support of major shareholders will develop rapidly, and their investment opportunities are worthy of attention. Comments: As of February 22nd, 65438, the net value of Kijinkehui has increased by 108.88% this year, ranking 10th among closed-end funds. In the past two years and three years, the overall performance ranked second and first respectively, with obvious continuous advantages. Focusing on Ranhua's RMB appreciation, asset revaluation and star enterprises is a very important thread in 2006, and these factors will still exist in the future and will continue to develop, so the market in 2007 can still be expected. First of all, the valuation of large-cap blue-chip companies is still low; Secondly, the era of full circulation will create more new opportunities, including mergers and acquisitions, private placement, asset restructuring and so on. Third, in the next 3-5 years, a considerable number of internationally competitive enterprises will continue to grow. However, it should be noted that in 2006, due to the improvement of valuation level, the increase of many companies far exceeded imagination; If the profit forecast is raised at the same time, the two favorable factors will be superimposed, and the increase will be even more amazing. However, if the profit level fails to meet expectations, its valuation level will also be reduced accordingly, and the two negative factors will be superimposed, and the decline of the stock price may be amazing. Therefore, in 2007, the performance of the market, especially individual stocks, may fluctuate greatly. Comments: As of February 22nd, 65438, Ji Jinkexiang won the championship in closed-end funds with a net increase of 1 19.98% this year, and its comprehensive performance in recent two or three years also ranked first and second respectively. Xiao Jian, who is optimistic about E Fund's manufacturing and financial strategies, believes that RMB appreciation and excess liquidity will remain important issues in economic operation in the next two years, and China's asset revaluation under this main line will continue. Under the background of RMB appreciation, a number of world-class leading enterprises will be born in China's manufacturing industry, which will change the world's impression of "low quality and low price" made in China and lead the world in strategy, technology and management. We believe that these enterprises will be born in the current A-share market. The system reform will release the stronger productivity of financial enterprises, and people's pursuit of financial products such as foreign exchange, gold, funds and trusts will bring more "cheese" to financial enterprises, make their income more diversified, and tax relief will also enhance their profitability. Comments: As of February 22, 65438, E Fund's strategic growth has increased by 133.20% this year, ranking tenth among equity funds and fourth in overall performance in recent two years. Sun Lin's harvest growth and RMB appreciation will remain the main theme of next year. Although the actual effective supply of stocks will increase, most of the factors that push the market up this year still exist, especially the excess liquidity caused by the appreciation of RMB may be aggravated. Judging from the current valuation level, the P/E ratio of the Shanghai and Shenzhen 300 Index is about 23 times, which is still within a reasonable range. The expected merger of the two taxes will actually further support the current valuation level, so abundant funds will still push the stock index to continue to rise. The appreciation of RMB is still the main theme of the whole year, and the level of financial and real estate valuation will be further improved; At the same time, the megatrends such as consumption upgrading and industrial transfer will gradually change the economic structure of China. Retail and other industries that share the benefits of consumption upgrading will continue to maintain steady growth, while industries facing industrial transfer opportunities such as machinery and electronics are expected to be world-class giants. Comments: Harvest's sustained growth performance is outstanding. In the past three years, the overall performance ranked eighth among equity funds, and the net value growth this year was 1 17.8 1%. The growth of TEDA ABN Amro in Hui Liang's technology stocks may become a bright spot in the market. Looking forward to 2007, the pattern of long-term rapid and stable macroeconomic growth in China has been established, the profitability of listed companies is expected to be further improved, excess liquidity has become another driving force of the market, and the A-share bull market will continue. The value of technology stocks will be highlighted in 2007. First of all, from a global perspective, the technology industry is still in an upward cycle. After the integration of 200 1 year, China science and technology enterprises will fully share the opportunities brought by industry growth; Secondly, important industry drivers such as digital TV and 3G, which are concerned by the market, will make breakthrough progress in 2007, from which leading enterprises will benefit. In addition, the prelude to the overall listing of military enterprises has been opened. By continuously integrating the assets of the Group, the performance of some leading enterprises is expected to continue to improve; As the fastest growing biomedical sector in the pharmaceutical industry and least affected by regulatory policies, it will continue to grow rapidly, among which leading enterprises are expected to become dominant enterprises with large scale and strong profitability. Comments: TEDA ABN Amro Growth is the latest consecutive winning Taurus fund. Its net value has increased steadily in the past three years, ranking sixth among stock funds. The bull market will wipe out all undervalued funds Jingyang Yang Jianhua. At present, China's capital market is indeed at its best in history. There are many factors that keep investors optimistic, such as global liquidity flooding, China's strong economic growth, rising corporate profits and the inevitable trend of RMB appreciation. These factors are irreversible in the next year or two. Our most promising industries in the future are still real estate, finance, consumer goods and equipment manufacturing. All undervalued varieties in the bull market will be revised, so the range of investors' choices will be gradually expanded and the investment themes of the market will be more diversified. What may surprise investors in 2007 is the continuous improvement of valuation space and the recovery of pricing power in the domestic market. With the realization of full circulation and the increasingly open market, some external factors will be more worthy of attention than in the past, such as the judgment of foreign investors on the unique value of China companies, the judgment of company value in the eyes of industrial investors, the judgment of company value in the eyes of investment bankers, the market optimism brought about by the money-making effect, the upcoming Olympic Games and so on. Comments: As of 65438+February 22nd, the net value of fund Jingyang has increased by 109.05438+0% this year, ranking ninth among closed-end funds and third in overall performance in recent two years.