Features of the Fund:
Like stocks, bonds, time deposits, foreign exchange and other investment tools, securities investment funds also provide investors with an investment channel. Then, what are the characteristics of securities investment funds compared with other investment tools?
(1) Integrated financial management and professional financial management.
The fund collects the funds of many investors and entrusts the fund managers to invest together, showing a feature of collective financial management. By pooling the funds of many investors, many a mickle makes a mickle, which is conducive to giving full play to the scale advantage of the fund and reducing the investment cost. The fund is managed and operated by the fund manager. Fund managers generally have a large number of professional investment and research personnel and a strong information network, which can better track and analyze the securities market comprehensively. Give funds to fund managers for management, so that small and medium investors can also enjoy professional investment management services.
(2) Portfolio investment spreads risks.
In order to reduce investment risks, China's Securities Investment Fund Law stipulates that funds must be invested and operated in the form of portfolio investment, thus making "portfolio investment and risk diversification" a major feature of funds. The scientific nature of "portfolio investment and risk diversification" has been proved by modern investment science. Because of the small amount of funds, small and medium-sized investors generally cannot diversify their investment risks by buying different stocks. Funds generally buy dozens or even hundreds of stocks. Investors buying funds are equivalent to buying a basket of stocks with very little money. The losses caused by the decline of some stocks can be made up by the rising profits of other stocks. Therefore, you can fully enjoy the benefits of portfolio investment and risk diversification.
(3) Enjoy the benefits and take risks.
Fund investors are the owners of funds. Fund investors * * * take risks * * and enjoy the benefits. The surplus after deducting the expenses borne by the fund from the investment income of the fund belongs to all fund investors and is distributed according to the proportion of fund shares held by each investor. Fund custodians and fund managers who provide services for the fund can only collect certain custody fees and management fees according to regulations, and do not participate in the distribution of fund income.
(4) Strict supervision and transparent information.
In order to effectively protect the interests of investors and enhance their confidence in fund investment, the China Securities Regulatory Commission has implemented strict supervision over the fund industry, severely cracked down on all kinds of behaviors that harm the interests of investors, and forced funds to make full information disclosure. In this case, strict supervision and information transparency have become the remarkable characteristics of the fund.
(5) Independent storage to ensure safety.
The fund manager is responsible for the investment operation of the fund and does not handle the custody of the fund property. The custody of the fund property is the responsibility of the fund custodian independent of the fund manager. This kind of checks and balances mechanism of mutual restriction and mutual supervision provides an important guarantee for the interests of investors.
The introduction of open-end fund transactions is based on
◆ Preparation process
Before purchasing a fund, investors need to carefully read the prospectus, fund contract, account opening procedures, trading rules and other fund-related documents, and all fund sales outlets should have the above documents for investors to consult at any time.
Individual investors are required to carry the debit card of the agent bank and valid identification documents (ID card, military officer's card or armed police card), and institutional investors are required to carry the original business license, organization code certificate or registration certificate, as well as the official seal copy of the above documents, power of attorney, agent's ID card and copy.
With the preparation materials, the customer goes to the bank counter to fill in the application form for fund business, and then receives the business receipt. Individual investors also receive fund trading cards, and they can go to the counter to receive business confirmation two days after handling fund business. Units or individuals can engage in fund subscription and redemption after receiving business confirmation.
◆ How to buy?
After completing the preparation for opening an account, citizens can choose their own time to buy funds. Individual investors can bring the debit card and fund trading card of the correspondent bank to the counter of the agency outlet to fill in the fund trading application form (institutional investors need to affix the reserved seal), and must submit the application before the day of subscription 15: 00, and the counter will accept 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 investors intend to redeem their funds, they 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: 00 pm. After being accepted at the counter, investors can inquire and redeem the fund after five days.
◆ How to quit?
If trading investors need to cancel trading, they can bring their fund trading card and bank debit card to the counter before the trading day 15, fill in the trading application form and indicate the cancellation of trading. If it is after 15, some banks can make an appointment for trading according to the quotation of the day and trade the next working day. At present, almost all banks and fund management companies support online trading funds.
◆ Fund dividend principle
According to the Fund Law, the dividend requirements of fund management companies for closed-end funds are in line with the dividend conditions, and more than 90% of the net income of funds must be distributed in cash at least once a year.
The dividend principle of open-end funds is: after the distribution of fund income, the net value of each fund share cannot be lower than the face value; The bank transfer or other formalities occurring in the process of income distribution shall be borne by the investors themselves; On the premise of meeting the dividend conditions of relevant funds, it is necessary to stipulate the maximum number of fund income distributions each year; The minimum proportion of annual fund income distribution; If there is a net loss in the current period of fund investment, no income distribution will be made; The current year's income of the fund should make up for the previous year's losses before the current year's income distribution can be carried out.
Brief introduction of closed-end fund transaction
1. Distribution principles and methods of closed-end funds
With the growth of fund income, the net asset value of the fund will rise, and the fund will distribute the income to investors.
In closed-end funds, investors can only choose cash dividends, because the scale of closed-end funds is fixed and cannot be increased or decreased. Dividends are directly transferred to investors' accounts by the registration institution of Shenzhen and Shanghai Stock Exchanges through securities companies.
2. How to deal with closed-end funds?
The fund shares of closed-end funds are listed and traded in the stock exchange market like the shares of ordinary listed companies. Therefore, just like buying and selling stocks, the first step in buying and selling closed-end funds is to open an account in the securities business department, including capital account and capital account (also known as margin account).
If you open an account as an individual, you must bring your ID card or military officer's card. To open an account as a company or enterprise, you must bring a copy of the company's business license, legal person certificate, legal person power of attorney and ID card of the agent.
Before buying and selling closed-end funds, you must deposit the cash in a bank that has been networked with the selected securities company, and then go to the securities business department to transfer the money in the passbook to your margin account. After that, you can entrust the securities business department to declare or entrust the trading of fund shares through intangible offer, telephone and other means.
It must be noted that if you already have a stock account, you don't need to open a fund account. The original stock account can be used to buy and sell closed-end funds. However, the fund account cannot be used to buy and sell stocks, but can only be used to buy and sell funds and government bonds.
The transaction flow of closed-end funds (listed funds) is shown in Figure 5-8. Figure 5-8 Transaction Process of Closed-end Fund (Listed Fund)
3. Pricing and discount rate of closed-end funds
After the establishment of a closed-end fund, the fund shares held by investors can be listed and traded on the stock exchange, but the scale of the fund will not change, so it is called a "closed-end" fund. In other words, the "share transaction" of open-end funds is a transaction between investors and the fund company that initiated the fund products, while the "share transaction" of closed-end funds is a transaction between investors.
The pricing of closed-end funds is based on the relationship between supply and demand of investors in the secondary market of stock exchanges. The net value of closed-end fund is calculated according to the investment situation of the fund, according to the total assets of the fund divided by the total share of the fund, that is, the actual amount of fund assets represented by each fund. The difference between price and net value is determined by the relationship between supply and demand.
At present, the price of closed-end funds is mostly lower than the net value, that is, it is mainly a discount transaction, and there have been premium transactions at the beginning of the establishment of closed-end funds. The purchase and redemption of open-end funds are calculated according to the net value, while closed-end funds are bought and sold between investors, so the price is affected by the relationship between supply and demand. When the transaction price of closed-end funds in the secondary market is lower than the actual net value, this situation is called "discount".
Discount rate = (unit net share-unit market price)/unit net share.
According to this formula, when the discount rate is greater than 0 (that is, the net value is greater than the market price), it is a discount, and when the discount rate is less than 0 (that is, the net value is less than the market price), it is a premium. In addition to investment objectives and management level, discount rate is an important factor in evaluating closed-end funds.
Due to the limitation of scale and the influence of liquidity, closed-end funds generally have a discount rate. High discount rate is an important factor to trigger investment at present.
For example, closed-end funds, net worth 2? 23 yuan, the closing price of the day is 1? 76 yuan, then, the discounted value of this fund is:
2? 23- 1? 76=0? 465 yuan
The discount rate is:
(2? 23- 1? 76)/2? 23=20? 85%
In the future, even if the fund does not go up or down, it can get close to 2 1% income.
4. Relevant provisions on closed-end fund investment transactions
The listing of closed-end funds has the following characteristics:
① The principle of "openness, fairness and justice" and the principle of "price first, time first" are adopted in the entrustment of fund shares.
(2) the standard hand of fund transaction entrustment.
(3) The transaction price of the fund share is based on the net asset value of the fund share and fluctuates due to market supply and demand.
④ In the business hall of the securities market, you can entrust the trading fund unit at any time.
Fund common sense
Recently, many netizens often ask what the fund is about, as if the fund is a very complicated thing, and they all say that they can't understand the fund knowledge articles recommended for reading. So I often think about how to make these friends understand what a fund is and show it to you in the shortest time, so I have an idea to explain what a fund is in popular language as much as possible, hoping to help these friends understand the fund as soon as possible.
Suppose you have a sum of money to invest in bonds, stocks and other securities to increase the value, but you have no energy or professional knowledge, and the money is not too much, so you want to invest in partnership with other 10 people and hire an investment expert (theoretically higher than me) to operate the assets invested by everyone to increase the value. But there, if investors above 10 negotiate with investment experts at any time, it won't be chaotic, so they recommend a person who knows the most to take the lead in this matter. Give him a certain percentage of everyone's assets on a regular basis, and he will pay the master service fee on his behalf. Of course, he will take the lead in making arrangements for big and small things, including running errands from door to door, reminding the master of risks at any time, and regularly announcing the investment profits and losses to everyone. , so I didn't come for nothing, and the money in the commission also has his service fee. These things are called partnership investment.
Enlarge this partnership investment model by 100 times and 1000 times, which is the fund.
This kind of private partnership investment activity belongs to private equity fund if a complete contract is established between investors (which has not been recognized by the relevant laws and regulations of the national financial industry supervision in China).
If this partnership investment activity is approved by the national securities regulatory authority (China Securities Regulatory Commission), and the lead operator of this activity is allowed to make a public offering to attract investors to join the partnership investment, this is the issuance of publicly offered funds, which is a common fund now.
What is the role of fund management companies? The fund management company is the lead operator of this kind of partnership investment, but it is a corporate legal person, and its qualification must be approved by the China Securities Regulatory Commission. Fund companies, like other fund investors, are also partners. On the other hand, due to its leading operation, it is necessary to extract service fees (called fund management fees) from the assets jointly produced by everyone every year, manage investment experts (fund managers) who are responsible for transactions on behalf of investors, and help experts collect information and engage in research, and regularly announce the assets and income of the fund. Of course, these activities of fund companies are approved by the CSRC.
In order to ensure the safety of the assets produced by all of us, the lead operator of the fund company will not steal or misappropriate them. China Securities Regulatory Commission stipulates that the assets of a fund cannot be placed in the hands of fund companies, and fund companies and fund managers only care about trading operations and cannot touch money. Find someone who is good at this matter and has high bookkeeping credit. Of course, this role definitely belongs to the bank. So these contributions (that is, fund assets) are placed in the bank, and a special account is built, which is kept by the bank and called fund custody. Of course, the service fee of the bank (called fund custody fee) must be paid from the assets of the partnership every year. Therefore, relatively speaking, fund assets only have the risk of loss caused by poor operation of experts, and there is basically no risk of theft. From a legal point of view, even if the fund management company goes bankrupt or even the custodian bank has an accident, the person who collects debts from it has no right to touch the assets in everyone's fund account, so the security of fund assets is very guaranteed.
If this kind of Public Offering of Fund is announced to be established after raising investors within the prescribed time limit (the state stipulates that it must have at least 1 000 investors and the scale can reach 200 million yuan before it can be established), it will stop attracting other investors and stipulate that no one can withdraw from the fund halfway. However, until some month in the future, all of us will have to settle accounts and share the burden. If you want to cash in halfway, you have to find someone else to sell it yourself. This is a closed-end fund.
This kind of Public Offering of Fund, if declared, still welcomes other investors to invest at any time, and at the same time allows everyone to withdraw their own funds and due income at any time. This is an open-end fund.
Whether it is a closed-end fund or an open-end fund, if it is convenient for everyone to buy and sell, we will find an exchange (securities market) to list the fund and trade it freely among investors at the market price. This is a listed fund.
The number of times each fund needs to pay dividends each year is stipulated when raising funds, and there is no fixed dividend or split provision.
Dividend is that the fund company must sell some shares to the dividend-paying fund holders, which may sell the stocks that have risen just right in their hands and affect the operation of the fund.
Split is to change the original high net value into the net value of 1 yuan, so that for the fund company, it is not necessary to buy shares to get cash, and for the holder, it is equivalent to dividing the original 1 share into many shares.
Some people will like a fund that pays dividends regularly, because it is safe to fall into the bag, but it is more difficult for fund companies to operate and their profitability is affected.
The longest closure period of the new fund is 3 months, but it can be advanced.
Ways and classification of fund purchase
Buying a fund is very simple. You can trade it in the securities hall, that is, the secondary market, just like ordinary stock investment. It can also be purchased through a bank that cooperates with the fund. Many banks have fund sales, Industrial and Commercial Bank of China and China Construction Bank. If you want to buy it, you can ask about the relevant expenses and interest ratio in detail; Then study the internal situation and past performance of fund management companies. Funds are mainly suitable for people who lack investment time and experience. Growth funds, is to pursue long-term basic income as the main goal. Investment targets are mainly concentrated in stocks with good performance and profit prospects and active market performance. This kind of fund pursues interests, fluctuates with market changes, and the turnover rate of portfolio is relatively high. The "benefit distribution" of this fund is not high every year, and it pays attention to the pursuit of the maximum appreciation of long-term capital. We can use the growth fund to accumulate future pension, children's education fund and buy real estate fund for us, which is suitable for people who are younger or have higher affordability. Income-oriented funds emphasize the pursuit of fixed and stable income. This kind of fund mainly chooses securities whose investment objectives can bring fixed income, such as bonds, bills and blue chips. This kind of fund has a lower risk of missing the principal, and its return on investment is slightly better than that of regular savings by banks. This kind of fund is very suitable for some retirees or people who want to get a fixed income after investing. Balanced funds, between growth funds and income-oriented funds, spread their funds to stocks and bonds, hoping to find a balance between capital growth and fixed income. It can meet the requirements of people who are unwilling to take risks and are relatively conservative, but still want to effectively accumulate a long-term fund. Value-based funds, whose investment style is to buy stocks with relatively low intrinsic value, expect the stock price to return to a reasonable level. Index fund is a kind of fund with the principle of fitting the target index and tracking the change of the target index to realize the synchronous growth with the market. The investment of index funds adopts the investment strategy of fitting the target index rate of return, and dispersedly invests in the constituent stocks of the target index, so that the stock portfolio rate of return fits the average rate of return of the capital market represented by the target index. According to the investment objects of funds, there are: stock funds, bond funds, money funds, gold funds, futures funds, option funds, stock index funds, exchange funds and so on. According to the investment region, there are single national funds, regional funds and global funds (also known as international funds). The calculation formula of the fund's fixed investment income is: m = a (1+x) [-1+(1+x) n]/x, where m is the expected income, a is the amount of fixed investment in each period, x is the rate of return in the first period, and n is the number of fixed investment periods (in the formula, it is n power). For example, if you decide to invest in 500 yuan every month, the annual income will be 12%, and the income in 20 years, 25 years and 26 years will be: M20 ≈ 480,000, M25 ≈ 890,000 and M26≈ 1.0 1.000 respectively. What is the difference between net fund value and accumulated net fund value? The net fund value is the report card of the fund on the same day, and the accumulated net fund value is the report card since the establishment of the fund. The net fund value, exactly, is called the net fund share value, which refers to the actual value of each fund share at a certain point in time. This formula can be used to calculate: net asset value of fund on day T = (T total assets of fund on day T-total liabilities of fund on day T)/total number of fund shares issued on day T. You will find that all the values in the formula are real-time data except the total liabilities, so the net value of fund shares can directly reflect the performance of the fund in real time, and people can understand the operation of the fund through it. The cumulative net value of fund shares includes the previous dividend amount, so the cumulative net value of fund shares = the net value of fund shares+the cumulative dividend amount of shares after the establishment of the fund. The cumulative net value of fund shares can fully reflect the historical performance in the process of fund operation, and investors should pay attention to the cumulative net value of fund shares when evaluating fund performance.