Securities investment fund refers to a collective securities investment model with * * * risk * * *, that is, by issuing fund shares, investors' funds are concentrated, managed by fund custodians, managed and used by fund managers, and invested in financial instruments such as stocks and bonds. International experience shows that funds can greatly promote the transformation of savings funds into investment, stabilize and activate the securities market, increase the proportion of direct financing, improve the social security system and improve the financial structure. The development of China Securities Investment Fund also shows that the development of the fund has promoted the healthy and stable development of the securities market and the perfection of the financial system, and played an increasingly important role in the national economic and social development.
There are many kinds of securities investment funds, which can be classified in different ways. According to whether the beneficiary unit can subscribe or redeem at any time and the different transfer methods, it can be divided into open-end funds and closed-end funds; According to the different organizational forms of investment funds, they can be divided into corporate funds and contractual funds; According to the different investment objects, investment funds can be divided into money funds, bond funds and stock funds.
China Securities Investment Fund started in March, 1998. In a short time, it has successfully achieved several historic leaps from closed-end funds to open-end funds, from capital markets to money markets, from domestic fund management companies to joint venture fund management companies, and from domestic investment to overseas financial management. They have gone through decades and hundreds of years in developed countries and made remarkable achievements. At present, securities investment funds have reached a considerable scale and become the most important institutional investment force and one of the most important investment tools for investors in China securities market.
By the end of 1999, the assets of China fund industry were only 57.7 billion yuan, and by the end of 2006, the assets of funds had reached 622 billion shares and 856.4 billion yuan. As of June 65438+February 3, 2006, including 53 closed-end funds, there are 32/kloc-0 funds owned by 53 fund management companies in China for investors to choose from. Open-end funds have developed rapidly since they were launched in 200 1. By the end of 2006, the proportion of open-end funds in the net assets of all funds has exceeded 80%. From the perspective of fund types, China has launched stock funds, bond funds and money market funds, and has also rapidly developed ETF, LOF and other varieties, and has also taken great steps in trying QFII and QDII.
With the rapid development of China's fund industry, the status and influence of securities investment funds in China's capital market are constantly improving, and its positive role in the development of China's capital market is gradually emerging.
2. Open fund
Open-end fund refers to a fund in which the total amount of fund issuance is not fixed, and the total amount of fund shares increases or decreases at any time, and investors can purchase or redeem the fund shares in the business premises stipulated by the state according to the fund quotation.
3. Closed-end funds
Closed-end fund refers to a fund whose total amount of issuance is determined in advance and the total number of fund shares remains unchanged during the closed period. After the fund is listed, investors can transfer and buy and sell the fund shares through the securities market.
4. Contract funds
Contractual fund, also known as unit trust fund, refers to the fund established by investors, managers and custodians as fund parties and issuing beneficiary certificates in the form of signing fund contracts. It is a kind of agency investment behavior organized on the basis of contract principle. There is no fund charter or company board of directors, but the behavior of the three parties is regulated through fund enterprises. The fund manager is responsible for the management and operation of the fund. As the nominal holder of the fund assets, the fund custodian is responsible for the custody and disposal of the fund assets and supervises the operation of the fund manager.
5. Corporate funds
Corporate funds are also called * * * mutual funds, which means that the fund itself is a company limited by shares. The company raises funds by issuing stocks or beneficiary certificates, and then invests in the investment consulting company entrusted by the company.
6. Growth Fund
Growth funds: Yes, this is the most common type of fund. Long-term appreciation of such fund assets. In order to achieve this goal, fund managers usually invest their fund assets in the stocks of companies with high credibility, good long-term growth prospects or long-term surplus.
7. Income-based funds
Income-oriented funds mainly invest in securities that can bring cash income, with the aim of obtaining the maximum income in the current period. Income funds have little potential for asset growth and relatively low risk of principal loss, which can generally be divided into fixed income funds and equity income funds.
8. Balance funds
Balanced fund is a fund that aims at obtaining current income and pursuing long-term value-added. Funds are usually dispersed in stocks and bonds to ensure the safety and profitability of funds.
9. Public offering funds
Public Offering of Fund refers to the securities investment fund which is supervised by the competent government department and publicly issues beneficiary certificates to unspecified investors. For example, at present, the closed-end funds in the domestic securities market belong to Public Offering of Fund.
10. Private equity funds
Private equity fund refers to a collective investment that is not open to the public and raises funds privately from specific investors.
1 1. Equity funds
Equity funds refer to funds that mainly invest in the stock market. This is a relative concept. It does not require all funds to buy stocks, but a small amount of funds can also be invested in bonds or other securities. According to China's relevant laws and regulations, no less than 20% of fund assets must be invested in government bonds. Whether a fund is a stock fund is often judged according to the investment objectives and investment scope agreed in the fund contract. Domestic listed closed-end funds and most open-end funds are stock funds.
12. Bond funds
Bond fund refers to all or most of the funds invested in the bond market. If all of them are invested in bonds, they can be called pure bond funds, such as Huaxia bond fund; If most of the fund assets are invested in bonds and a few can be invested in stocks, they can be called bond funds, such as Southern Baoyuan Bond Fund, which stipulates that bond investment accounts for 45%-95% of the fund assets and stock investment accounts for 0-35% of the fund assets. When the stock market is bad, you don't have to hold stocks.
13. Index funds
Index funds are funds invested in an indexed way. Simply put, it is to choose a market index to track and passively invest in the market, so that the income of the fund is consistent with the income of this market index.
14. Capital preservation fund
Capital preservation fund is a semi-closed fund. Within a certain investment period (e.g. 3 years or 5 years), the Fund not only maintains the potential to provide investors with additional returns by investing in other high-yield financial instruments (stocks, derivative securities, etc.), but also provides investors with a certain fixed proportion of principal return (e.g. 100%, 102% or higher). ). Investors can get the guarantee of principal return as long as they hold the due fund. In the case of large market fluctuation or overall market downturn, the capital preservation fund provides a low-risk investment tool with appreciation potential for investors who have low risk tolerance and expect to get higher interest returns than bank deposits and aim at medium and long-term investment.
15. Exchange-traded funds and listed open-end funds (LOF)
Exchange-traded funds (ETFs) refer to funds that can be traded on exchanges. Exchange traded funds are still open-end funds in legal structure, but? Flounder is traded by bidding in the secondary market; Moreover, cash subscription and redemption are usually not allowed, but a basket of stocks is used to create and redeem fund units. For ordinary investors, are ETFs mainly traded in the secondary market? LOF(Listened Open Fund) refers to the open-end securities investment fund listed and traded on the exchange, also known as "listed open-end fund". LOF investors can purchase and redeem funds with the net value of funds through fund managers or their entrusted sales organizations, or they can buy and sell funds through the exchange market at the transaction price set by the trading system.
16. Money market funds
Money market fund is a kind of fund that invests in short-term investment instruments with low risk and high liquidity, such as bank time deposits, commercial promissory notes and acceptance bills, so it has the characteristics of good liquidity, low risk and low income.
17. Integrated Umbrella Fund
Umbrella fund, also known as umbrella sub-fund or umbrella sub-structure fund, is an organizational form of fund. Under this organizational structure, according to a general fund prospectus, fund sponsors set up a number of funds that can only be converted according to the prescribed procedures and rates. These funds are called "sub-funds" or "component funds"; The fund system composed of these sub-funds is called "umbrella fund".
18. Special fund
Special fund refers to stock fund products that invest funds in specific industries. Compared with general stock funds, special funds effectively narrow the scope of investment and are more targeted in choosing investment targets; Fund managers can concentrate their main R&D energy on established industries, which not only improves the specialization of investment management, but also reduces management costs to some extent. Take the American fund industry as an example. The common investment fields of specialized funds are high-tech, mass media, health care, finance, public utilities, natural resources and real estate.
19. sinking fund
The sinking fund is also called "debt reduction fund". A special fund set up by the state or the issuing company to repay outstanding public bonds or corporate bonds; Many developed countries have established sinking fund systems. Japan's sinking fund system was determined according to the special accounting law of the national debt consolidation fund in Meiji 39. Sinking funds are generally set up in the form of installment repayment of bonds. Generally speaking, debt repayment funds are drawn from the surplus of the issuing company in a certain proportion every year, or from a fixed amount or the proportion of bonds issued every year.
20. Government bond funds
Government bond funds refer to funds that invest exclusively in securities directly or indirectly guaranteed by the government. The objects of technical capital include treasury bills, treasury bills, government bonds and bonds issued by government agencies. The biggest advantage of investing in this fund is its high security. Because of the government guarantee, the income is relatively stable and the liquidity is large.
2 1. Why are bond funds divided into three categories: A, B and C?
Different from stock funds, bond funds have some special classifications. For example, Huaxia Bond and Dacheng Bond are divided into three categories: A, B and C, while ICBC Strong Bond, China Merchants Antai, Bosera Stability and Penghua Putian are divided into two categories: A and B. What is the difference?
First of all, whether it is A, B, C or A and B, the core difference lies in the subscription fee. If it is the three types of funds of the Agricultural Bank of China, Class A generally represents the front-end expenses, Class B represents the back-end expenses, and Class C has no subscription fees, that is, there is no handling fee for the front-end and back-end; Bond funds classified as A and B generally have subscription fees for Class A, including front-end and back-end, while Class B bonds have no subscription fees. That is to say, Class A and B funds in the three categories of ABC are equivalent to Class A funds in Class A and B, and are front-end or back-end subscription funds, while Class C funds in Class A, B and C are equivalent to Class B funds in Class A and B, and subscription fees are not charged. However, if you look at the prospectus carefully, there is an additional clause called "sales service fee" in bond funds that do not charge subscription fees. In the prospectus of Huaxia Bond, it is written as follows: "The A/B fund share of the Fund does not charge the sales service fee, and the annual sales service fee of the C fund share is 0.3%. The sales service fee of the Fund will be used exclusively for the sales of the Fund and the services of fund share holders. " In other words, although Huaxia Bond Class C does not charge front-end or back-end subscription fees, it charges sales service fees. This sales service fee is similar to the management fee, which is drawn on a daily basis. If we look at the performance of Huaxia A/B and C funds since 2007, we can find that the return of Huaxia Bond C lags behind A/B by 0.35 percentage points. This result is mainly caused by the sales service fee. So are other bond funds. Except for the sales service fee of ICBC Strong Bond Class B, the sales service fee of several other bond funds without subscription fee is 0.3%.
Nothing for nothing. If you don't charge a one-time subscription fee, you will charge a daily sales service fee, but this does not mean that there is no difference. Take Huaxia bonds A, B and C as examples. Because there is no subscription fee, although there is a sales fee for Class C, the sales fee of 0.3% after three years is less than 1%, which is lower than the front-end subscription fee (asset appreciation is not considered for the time being). We can think of it this way: if you are sure it is a short-term investment, for example, the investment period is below 1~2 years, then you can choose class C bonds, which is not cost-effective for more than 2 years; If it is determined to be more than 3 years, you can choose Class B, because the charge for Class B of Huaxia Bond is only 0.7% after 2 to 3 years, and the longer the time, the less; If there is no judgment on the investment period, you can consider Class A front-end charges. For Huaxia Class A bonds, holding for more than 3 years is superior to Class C bonds, and holding for less than 1 year is superior to Class B bonds. However, there are exceptions to this ABC rule. For example, the stable income A and B developed from the monthly income A and B of E Fund are just the opposite of what I said above. Easy income A has no subscription fee, and easy income B is the front-end fee.
We found that in the newly issued bond funds in 2008, it is more popular to adopt the method of not charging subscription and redemption fees. For example, Guangfa Strong Debt, Yifangda Strong Debt B and so on. That is to say, although they don't charge subscription fees, they will charge sales service fees, similar to management fees, which will be withdrawn day by day. However, it should be noted that although these newly issued zero-rate bond funds have a new fund closure period, the discount of the traditional new fund subscription fee below the subscription fee is gone.
In addition, it should be noted that although bond funds without subscription fees do not have the same trading fees as money funds, bond funds still fluctuate. Although their volatility is smaller than that of equity funds, there is also the possibility of losses. Therefore, this is essentially different from the money fund.
22.QDII、QFII
Q: I often see English abbreviations such as QDII and QFII. I wonder what they mean.
A: QDII (qualified domestic institutional investor in Chinese) refers to the mechanism that allows domestic financial investment institutions recognized by the government to invest in overseas capital markets when the capital account is not fully opened.
QFII (Qualified Foreign Investors Association)
Estors (Qualified Foreign Institutional Investors) refers to the qualification accreditation system for overseas professional investment institutions to invest in China. QFII system, as a transitional institutional arrangement, is a special channel to realize the orderly and steady opening of the securities market in countries and regions where the capital account has not been fully opened.
QDII and QFII are the corresponding investment systems.