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Definitions
Funds can be divided into broad and narrow sense. In a broad sense, funds are a general term for institutional investors, including trust and investment funds, unit trust funds, provident funds, insurance funds, retirement funds and funds of various foundations. Funds in the existing securities market, including closed-end funds and open-end funds, have the characteristics of income function and value-added potential. From the perspective of accounting, fund is a narrow concept, which means funds with specific purposes and uses. Because the investors of the government and institutions do not require investment returns and investment recovery, but require the funds to be used for designated purposes according to the law or the wishes of the investors, funds are formed.
The funds we are talking about now usually refer to securities investment funds.
securities investment fund
securities investment fund refers to a collective investment method in which many investors' funds are pooled by selling fund shares to form independent assets, which are managed by fund custodians and fund managers, and the benefits and risks of securities investment are shared by portfolio method.
securities investment fund is an indirect way of securities investment. By issuing fund units, fund management companies concentrate investors' funds, which are managed by fund custodians (that is, qualified banks), managed and used by fund managers to invest in financial instruments such as stocks and bonds, and then * * * bear the investment risks and share the benefits. According to different standards, securities investment funds can be divided into different types:
According to whether the fund unit can be increased or redeemed, it can be divided into open-end funds and closed-end funds. Open-end funds are not listed and traded, but are generally purchased and redeemed by banks, and the fund scale is not fixed; Closed-end funds have a fixed duration, during which the fund scale is fixed. Generally, they are listed and traded on the stock exchange, and investors buy and sell fund units through the secondary market.
Securities investment funds are called "* * * mutual funds" in the United States, "unit trust funds" in Britain and Hong Kong Special Administrative Region of China, and "securities investment trust funds" in Japan and Taiwan Province, China.
Open-end funds
are funds with variable issuance amount and the total number of fund shares (units) can be increased or decreased at any time, and investors can purchase or redeem them at the business place designated by the fund manager according to the fund quotation. Compared with closed-end funds, open-end funds have the characteristics of unlimited issuance, trading price based on net asset value, over-the-counter trading and relatively low risk, and are especially suitable for small and medium-sized investors to invest.
The development history of world funds is the history from closed-end funds to open-end funds. Take the United States, the most mature fund market, as an example. In September 199, there were 3, open-end funds in the United States, with total assets of $1 trillion; There are only 25 closed-end funds with total assets of $6 billion. By 1996, the assets of open-end funds in the United States were US$ 3,539.2 billion, while the assets of closed-end funds were only US$ 128.5 billion, the ratio of the two reached 2.754 ∶ 1; In 194, the ratio was only .73∶1. In Japan, closed-end funds accounted for the vast majority before 199, and open-end funds were in a subordinate position; However, after 199s, the situation changed fundamentally, and the assets of open-end funds reached about twice that of closed-end funds.
In countries and regions with earlier Asian development investment funds, such as Hong Kong, Thailand, Taiwan Province, Singapore and the Philippines, closed-end funds dominated at the beginning of development, and gradually transitioned to the stage where the two types of funds coexist. From a global perspective, the net assets balance of the world's open-end investment funds was US$ 2,355.4 billion in 199, and it has jumped to US$ 5,34.7 billion in 1995.
Open-end funds have gradually become the mainstream of investment funds in the world.
most investment funds in the world are closed at the beginning. This is because in the early stage of the development of investment funds, the handling fee for buying and selling closed-end funds is far lower than that for redeeming the shares of open-end funds. From the perspective of fund management, because there is no pressure to request redemption of beneficiary certificates, investors' funds can be fully utilized to implement their investment strategies in order to maximize their benefits.
Closed-end funds
belong to trust funds, which refer to investment funds whose fund scale has been determined before issuance, fixed within the specified period after issuance and traded in the securities market.
Because closed-end funds are traded in the stock exchange by bidding, the transaction price is affected by the relationship between market supply and demand and does not necessarily reflect the net asset value of the fund, that is, the transaction price of closed-end funds is at a premium or discount compared with its net asset value. The practice of foreign closed-end funds shows that the transaction price often has the price fluctuation law of premium first 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 been separated from the price fluctuation law of premium first and then discount.
According to different organizational forms, it can be divided into corporate funds and contractual funds. Funds are established by issuing fund shares to establish investment fund companies, which are usually called corporate funds; Fund managers, fund custodians and investors are established through fund contracts, which are usually called contractual funds. At present, China's securities investment funds are all contractual funds.
corporate fund
is also called * * * mutual fund, which means that the fund itself is a joint stock limited company, and the company raises funds by issuing shares or beneficiary certificates. When an investor buys the shares of the company, he becomes a shareholder of the company, receives dividends or dividends with the shares, and shares the income from the investment.
Features
1.*** The same fund is a joint-stock company, but it is different from ordinary joint-stock companies, and its business focuses on securities investment trusts.
2.*** The fund is the capital of the company as a legal person, that is, shares.
3.*** The structure of the fund is the same as that of a common joint-stock company, with a board of directors and a shareholders' meeting. Fund assets are owned by the company, and investors are the shareholders of this company and the ultimate holders of its assets. Shareholders exercise their rights at the shareholders' meeting according to the size of their shares.
4. according to the articles of association, the board of directors is responsible for the safe proliferation of fund assets. For the convenience of management, mutual funds often have fund managers and custodians. The fund manager is responsible for the investment management of the fund assets, and the custodian is responsible for the supervision of the fund manager's investment activities. The custodian may (not necessarily) open an account in the bank and register the fund assets in his own name. In order to clarify the rights and obligations of both parties, * * * has a contractual relationship with the fund company and the custodian, and the responsibilities of the custodian are specified in the "Custodian Agreement" signed by him and * * * with the fund company. If * * * has problems with the fund, investors have the right to directly ask * * * for it from the fund company.
Contractual fund
is also called unit trust fund, which refers to a fund management company established by a special investment institution (banks and enterprises). As a client, the fund management company issues a beneficiary certificate-"fund unit holding certificate" by signing a "trust deed" with the trustee to raise idle funds in the society.
Features
The unit trust is a manager company established by a document named trust deed. In organizational structure, it does not have a board of directors. The fund manager company itself acts as the entrusting company to set up the fund, and hires managers to manage the operation and operation of the fund on its own or again. Usually, a securities company or underwriting company is appointed to handle the issuance, trading, transfer, transaction, profit distribution and so on of the beneficiary certificates.
the trustee accepts the entrustment of the fund manager company and registers and opens an account for the fund in the name of the trustee or trust company. The fund account is completely independent of the account of the fund custodian company. Even if the fund custodian company goes bankrupt due to poor management, its creditors cannot use the assets of the fund. Its duties are to manage, keep and dispose of the trust property, supervise the investment work of fund managers, ensure that fund managers comply with the investment regulations listed in the prospectus, and make their investment portfolio meet the requirements of trust deed. When there is a problem with the unit trust fund, the trustee is responsible for claiming compensation from the investors.
According to the difference of investment risks and returns, it can be divided into growth funds, income funds and balanced funds.
according to different investment objects, it can be divided into stock funds, bond funds, money market funds and futures funds.
stock fund
is an investment fund with stocks as the investment object, and it is the main type of investment fund. The main function of stock funds is to concentrate the small investments of mass investors into large funds. Investing in different stock portfolios is the main institutional investor in the stock market.
classification
stock funds can be divided into preferred stock funds and common stock funds according to the investment objects, and preferred stock funds can obtain stable income. Less risk. Income distribution is mainly dividends; Common stock fund is the largest fund at present, which aims at pursuing capital gains and long-term capital appreciation, and the risk is greater than that of preferred stock fund. According to the degree of diversification of fund investment, stock funds can be divided into general common stock funds and specialized funds. The former refers to the diversification of fund assets into various common stocks, while the latter refers to the investment of fund assets in some special industry stocks, which is risky but may have better potential returns. According to the purpose of fund investment, stock funds can also be divided into capital appreciation funds, growth funds funds and income-based funds. The main purpose of capital appreciation fund investment is to pursue rapid capital growth, so as to bring capital appreciation. This kind of fund has high risks and high returns. It is risky for growth funds to invest in ordinary stocks that have growth potential and can bring income. Stock income funds invest in stocks issued by companies with stable development prospects, and pursue stable dividend distribution and capital gains. Such funds have little risk and low income.
characteristics
1. compared with other funds, the investment objects of stock funds are diversified, and the investment purposes are also diversified.
2. Compared with investors directly investing in the stock market, stock funds have diversified risks. Low cost and the like. For ordinary investors, individual capital is limited after all, and it is difficult to reduce investment risks by diversifying investment types. But if you invest in stock funds, investors can not only share the benefits of all kinds of stocks, but also spread the risks among all kinds of stocks by investing in stock funds, which greatly reduces the investment risks. In addition, investors who invest in stock funds can also enjoy the relative advantages of large-scale investment in the fund, reduce investment costs, improve investment benefits and obtain the benefits of scale benefits.
3. from the perspective of asset liquidity, stock funds have the characteristics of strong liquidity and high liquidity. Equity funds invest in stocks with excellent liquidity, and their assets are of high quality and easy to realize.
4. For investors, the stock fund has stable operation and considerable income. Generally speaking, the risk of stock fund is lower than that of stock investment. So the income is relatively stable. Not only that, after the closed-end stock fund goes public, investors can also get the bid-ask difference by trading on the exchange. After the expiration of the fund, investors have the right to distribute the remaining assets.
5. Stock funds also have the function and characteristics of financing in the international market. As far as the stock market is concerned, the degree of internationalization of its capital is lower than that of foreign exchange market and bond market. Generally speaking, the stocks of various countries are basically traded in their own markets, and stock investors can only invest in stocks listed in their own countries or stocks of a few foreign companies listed locally. In foreign countries, stock funds have broken through this restriction, and investors can invest in the stock markets of other countries or regions by purchasing stock funds, thus playing a positive role in promoting the internationalization of the securities market. Judging from the current situation of overseas stock markets, a large part of the investment objects of stock funds are foreign company stocks.
fund index
fund index refers to the index reflecting the overall price changes of closed-end funds listed on Shanghai Stock Exchange and Shenzhen Stock Exchange
According to different investment objects, securities investment funds can be divided into stock funds, bond funds, money market funds and hybrid funds. If more than 6% of the fund assets are invested in stocks, it is a stock fund; If more than 8% of the fund assets are invested in bonds, it is a bond fund; Money market funds that only invest in money market instruments; If it invests in stocks, bonds and money market instruments, and the ratio of stock investment to bond investment does not meet the provisions of bonds and stock funds, it is a mixed fund. From the perspective of investment risk, the risks brought by several funds to investors are different. Among them, equity funds have the highest risk, money market funds have the lowest risk, and bond funds have the middle risk. Due to different investment styles and strategies, the risks of the same kind of investment funds will be different. For example, stock funds can be divided into: balanced, steady, exponential, growth and growth according to the degree of risk. Of course, the greater the risk, the higher the rate of return; The risk is small, and the income is correspondingly lower.
Introduction to the trading of open-end funds:
◆ Preparation process
Before buying funds, investors need to carefully read the prospectus, fund contract, account opening procedures, trading rules and other documents related to the funds, and all fund sales outlets should have the above documents for investors to refer to at any time.
individual investors should bring the debit card of the correspondent bank and valid identification documents (ID card, military card or armed police card), while institutional investors should bring the original business license, organization code certificate or registration certificate, and the official seal copy of the above documents, power of attorney, ID card and copy of the handler.
with the preparation materials, the customer fills in the application form for fund business at the bank's counter outlets, and then receives the business receipt. Individual investors also receive the fund trading card, and they can get the business confirmation at the counter two days after the fund business is handled. After receiving the business confirmation, the unit or individual can engage in the purchase and redemption of the fund.
◆ How to buy
After completing the account opening preparation, citizens can choose their own time to buy the fund. Individual investors can bring the debit card and fund trading card of the agent bank to fill in the application form for fund trading at the counter of the agency outlet (institutional investors should affix the reserved seal), and must submit the application before 15: on the day of purchase, which will be accepted by the counter and receive the receipt of fund business. Two days after handling the fund business, investors can print the business confirmation at the counter.
◆ How to redeem
When an investor intends to redeem the fund in his opponent's hand, he can bring the debit card and fund trading card of the opening bank, and also fill in and submit the transaction application form before 3 pm. After being accepted at the counter, the investor can inquire after 5 days, and the redeemed funds will be received.
◆ How to withdraw the transaction
If investors need to cancel the transaction, they can bring their fund transaction card and bank debit card before 15 o'clock on the day of the transaction and fill out the transaction application form at the counter, indicating the withdrawal.