1.42402.59%, last March: 7.72%, last three years: 188.26%, cumulative net value: 5.9 130, last June: 13.47%, since its establishment: 69.
classify
According to different standards, funds can be divided into different types:
(1) 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 traded on the market (as the case may be), but are subscribed and redeemed through banks, brokers and fund companies, and the fund scale is not fixed; Closed-end funds have a fixed duration and are generally listed and traded on the stock exchange. Investors buy and sell fund units through the secondary market.
(2) 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. China's securities investment funds are all contractual funds.
(3) According to different investment risks and returns, it can be divided into growth funds, income funds and balanced funds.
(4) According to different investment objects, it can be divided into stock funds, bond funds, money market funds and futures funds.
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 means funds with specific purposes and uses. The fund we are talking about mainly refers to the securities investment fund.
The difference between open-end fund and closed-end fund
(1) The variability of fund size is different. Closed-end funds have a definite duration (in China: not less than 5 years), during which the issued fund shares cannot be redeemed. Although such funds can be raised under special circumstances, they should meet strict legal conditions. Therefore, under normal circumstances, the size of the fund is fixed. However, the fund shares issued by open-end funds are redeemable, and investors can also buy fund shares at will during the duration of the fund, which leads to the constant change of the total fund amount every day. In other words, it is always on. This is the fundamental difference between closed-end funds and open-end funds.
(2) Fund units have different ways of buying and selling. When a closed-end fund is initiated, investors can subscribe to the fund management company or sales organization; When closed-end funds are listed and traded, investors can entrust brokers to buy and sell at market prices on the stock exchange. When investors invest in open-end funds, they can purchase or redeem them from fund management companies or sales organizations at any time.
(3) The buying and selling prices of fund units are formed in different ways. Because closed-end funds are listed on the exchange, their buying and selling prices are greatly influenced by the relationship between market supply and demand. When the market supply is less than the demand, the buying and selling price of fund units may be higher than the net asset value of each fund unit, and then the fund assets owned by investors will increase; When the market is in short supply, the fund price may be lower than the net asset value of each fund unit. The transaction price of open-end funds is calculated based on the net asset value of the fund unit, which can directly reflect the level of the net asset value of the fund unit. In terms of fund transaction costs, investors have to pay a certain percentage of securities transaction tax and handling fee in addition to the price when buying and selling closed-end funds, just like buying and selling listed stocks; The related expenses (such as initial subscription fee and redemption fee) that investors of open-end funds need to pay are included in the fund price. Generally speaking, the transaction cost of closed-end funds is higher than that of open-end funds.
(4) The investment strategies of funds are different. Because closed-end funds cannot be redeemed at any time, all the raised funds can be used for investment, so that fund management companies can formulate long-term investment strategies and achieve long-term business performance. On the other hand, open-end funds must keep some cash so that investors can redeem it at any time, but they can't all be used for long-term investment, and generally invest in assets with strong liquidity.