1. Contractual fund Contractual fund, also known as unit trust fund, refers to the fund established by issuing beneficiary certificates in the form of signing fund contracts with investors, managers and custodians as fund parties. Contract funds originated in Britain and are very popular in Hong Kong, Singapore, Indonesia and other countries and regions. Contract fund is a kind of agency investment behavior based on contract principle. There is no fund charter and no board of directors, but the behavior of the three parties is regulated through fund contracts. 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. 2. Company Fund The company fund is established in the form of a company according to the Company Law. Fund companies raise funds by issuing shares, and ordinary investors buy shares of the company for the purpose of subscribing for funds, thus becoming shareholders of the company and enjoying investment income according to law by virtue of the shares they hold. This fund should set up a board of directors, and major issues should be discussed and decided by the board of directors. The characteristics of corporate funds are as follows: the establishment procedure of fund companies is similar to that of ordinary joint-stock companies, and the fund companies themselves are registered as legal persons according to law, but different from ordinary joint-stock companies, they entrust professional financial consultants or management companies to operate and manage; The organizational structure of a fund company is similar to 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 shareholders of the company, who bear risks and exercise their rights through the shareholders' meeting. 3. Comparison between contractual funds and corporate funds The differences between contractual funds and corporate funds are as follows. (1) The legal basis is different. The contractual fund is established according to the fund contract, and the trust law is the basis for its establishment. The fund itself has no legal qualification. Corporate funds are established in accordance with the Company Law and have legal personality. (2) The nature of funds is different. The fund of contract fund is the trust property raised by issuing fund shares; The capital of a company's fund is the capital raised by a company as a legal person through the issuance of common shares. (3) The status of investors is different. Investors of contractual funds become one of the parties to the fund contract after purchasing fund shares. The investor is not only the principal of the fund, that is, based on the trust in the fund manager, he entrusts his own funds to the fund manager for management and operation, but also the beneficiary of the fund, that is, he enjoys the benefit right of the fund; Investors in corporate funds become shareholders of the company after purchasing shares in the fund. Therefore, investors of contractual funds have no right to manage fund assets, while shareholders of corporate funds have the right to manage fund companies through shareholders' meetings. (4) The foundation of fund operation is different. Contractual funds operate funds according to fund contracts; Corporate funds operate funds in accordance with the articles of association of the fund company. It can be seen that contract funds and corporate funds are different in legal basis, organizational form and the roles played by the parties. But for investors, there is not much difference between investment company funds and contract funds. Their investment method is to pool investors' funds, invest the fund assets in many financial products according to the investment objectives and strategies stipulated when the fund was established, and then distribute the proceeds to investors. Although there are many differences between contract funds and corporate funds, from the perspective of investors, there is not much difference between the two speculative methods. Their investment method is to pool investors' funds, invest a large amount of fund assets in financial products according to the investment objectives and strategies stipulated when the fund was established, and then distribute the proceeds to investors. Judging from the development trend of the world fund industry, corporate funds tend to converge to contractual funds in all aspects except for one more layer of fund company organization than contractual funds.

Classified by fund operation mode

1. Closed-end fund Closed-end fund refers to the fund sponsors' restriction on the total issuance of fund units when setting up funds. After raising this total amount, the fund was announced to be established and closed, and no new investment was accepted for a certain period of time. Also known as fixed investment fund. The circulation of fund shares adopts the way of listing on the stock exchange, and investors must conduct bidding transactions in the secondary market through securities brokers in the future. The term of closed-end fund refers to the duration of the fund, that is, the time from its establishment to its termination. There are two main factors that determine the duration of the fund: one is the duration of the fund itself. Generally, if the purpose of the fund is to make medium-and long-term investments (such as venture funds), its duration can be longer; Conversely, if the purpose of the fund is to make short-term investments (such as money market funds), its duration can be shorter. Second, the macroeconomic situation, the general economy is growing steadily, and the duration of the fund can be longer. If the economy fluctuates, it should be relatively short. Of course, in reality, the duration should also consider the requirements of fund sponsors and many investors. The expiration of the term of the fund means the termination of the fund, and the manager shall organize a liquidation group to verify the capital of the fund and distribute the net assets of the fund after capital verification fairly and reasonably according to the proportion of investors' investment. In the course of fund operation, if it is impossible to operate due to some special circumstances, it may be terminated early after approval by the competent department. The general situations of early termination are as follows: (1) Changes in national laws and policies make it illegal or inappropriate for the fund to continue to exist; (two) the manager resigned or was replaced for some reason, and there was no new manager to succeed him; (3) The custodian resigns or is replaced for some reason, and there is no new custodian to succeed him; (4) The fund holders' meeting passed a resolution to terminate the fund in advance. 2. Open-end fund Open-end fund means that when a fund management company establishes a fund, the total share of the issuing fund units is not fixed, and additional issuance can be made according to the needs of investors. Investors may also, according to market conditions and their investment decisions, require the issuer to redeem the share or beneficiary certificate after deducting the handling fee according to the current net asset value, or buy the share or beneficiary certificate again to increase the fund share. In order to meet the requirements of investors to withdraw funds and realize liquidation, open-end funds generally allocate a certain proportion of raised funds and keep these assets as cash. Although this will affect the profitability of the fund, it is necessary to be an open-end fund. 3. The difference between closed-end fund and open-end fund (1) is different. Closed-end funds usually have a fixed closure period, generally more than 5 years, generally 10 or 15 years, which can be extended appropriately with the approval of the beneficiaries' meeting and the consent of the competent authorities. However, there is no fixed term for open-end funds, and investors can redeem fund shares from fund managers at any time. (2) There are different restrictions on the issuance scale. Closed-end funds shall specify their fund scale in the prospectus, and shall not increase their issuance without legal procedures. There is no limit to the issuance scale of open-end funds. Investors can apply for subscription or redemption at any time, and the fund size will increase or decrease accordingly. (3) Fund units have different trading methods. The fund share of a closed-end fund cannot be redeemed during the closed period, and the holder can only seek to sell it to a third party in the stock exchange. Investors of open-end funds can apply to fund managers or intermediaries for subscription or redemption at any time within a period of time (mostly three months) after the end of the initial offering, and the trading method is flexible. Except for a few open-end funds nominally listed on the exchange, they are usually not listed. (4) The transaction price calculation standards of fund units are different. Closed-end funds and open-end funds have different transaction pricing methods except that the initial issue price is calculated at face value plus a certain percentage of subscription fee. The buying and selling price of closed-end funds is affected by the relationship between market supply and demand, and there is often a phenomenon of premium or discount, which does not necessarily reflect the net asset value of funds. The transaction price of open-end funds depends on the net asset value of the fund unit. The subscription price is generally the net asset value of the fund unit plus a certain subscription fee, and the redemption price is the net asset value of the fund unit minus a certain redemption fee, which is not directly affected by market supply and demand. (5) Different investment strategies. The number of fund units of closed-end funds remains unchanged, and the capital will not be reduced, so the fund can make long-term investment, and the investment portfolio of fund assets can be effectively carried out within the predetermined plan. Open-end funds can be redeemed at any time. In order to cope with investors' redemption at any time, all fund assets cannot be used for investment, let alone all funds for long-term investment. To maintain the liquidity of fund assets, keep some cash and highly liquid wealth management products in the portfolio. (6) The announcement time of fund share net asset value is different. Closed-end funds are generally published once a week or longer, and open-end funds are generally published continuously every trading day. (7) Different transaction costs. Investors buy and sell closed-end funds, in addition to paying the fund price, but also pay the handling fee; Investors need to pay subscription fees and redemption fees when buying and selling open-end funds. From the financial markets of developed countries, open-end funds have become the mainstream of investment funds in the world. In a sense, the development history of world funds is the history from closed-end funds to open-end funds.

Classification by investment objectives

1. growth funds growth funds is the most common fund type, which pursues long-term appreciation of fund assets. In order to achieve this goal, fund managers usually invest their fund assets in the stocks of so-called growth companies, which have high credibility and long-term growth prospects or long-term surpluses. Growth funds can be divided into moderate growth funds and active growth funds. 2. Income-oriented funds Income-oriented funds mainly invest in securities that can bring cash income in order to obtain 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 stock income funds. Fixed-income funds mainly invest in bonds and preferred stocks, so although the rate of return is high, the potential for long-term growth is very small, and when the market interest rate fluctuates, the net value of the fund is easily affected. The growth potential of stock income funds is relatively large, but it is easily affected by stock market fluctuations. 3. Balanced funds Balanced funds invest their assets in two securities with different characteristics, and balance between bonds and preferred stocks to obtain income, and balance between common stocks to obtain capital appreciation. Such funds generally invest 25% ~ 50% of their assets in bonds and preferred stocks, and the rest in common stocks. The main purpose of a balanced fund is to obtain appropriate interest income from the bonds in its portfolio, and at the same time, to obtain the appreciation income of common stocks. Investors can get both the current income and the long-term appreciation of funds at the same time, usually by spreading the funds to stocks and bonds. Balanced funds are characterized by low risk, but their growth potential is not great.

Classification by investment objectives

1. bond fund bond fund is a kind of securities investment fund with bonds as the main investment object. Because the annual interest rate of bonds is fixed, such funds have low risk and are suitable for stable investors. Usually, the income of bond funds will be affected by the money market interest rate, and when the market interest rate decreases, its income will rise; On the other hand, if the market interest rate increases, the fund's rate of return will decrease. In addition, the exchange rate will also affect the fund's income. When managers buy bonds in non-domestic currencies, they usually hedge in the foreign exchange market. 2. Equity funds Equity funds refer to securities investment funds that mainly invest in stocks. The investment objectives of equity funds focus on the pursuit of capital gains and long-term capital appreciation. Fund managers draw up investment portfolios and put funds into one or several countries, even the global stock market, so as to diversify investments and reduce risks. Investors love stock funds because there are different types of risks to choose from, and they can overcome the weakness of regional investment restrictions that are common in the stock market. In addition, it also has the advantages of strong liquidity and liquidity. Due to the huge amount of funds, several or even one fund can cause stock market turmoil. Therefore, governments all over the world have very strict supervision over stock funds, stipulating in varying degrees that the total amount of shares purchased by funds from listed companies should not exceed a certain proportion of the fund's net asset value, so as to prevent funds from over-speculating and manipulating the stock market. 3. Money market funds Money market funds are funds that invest in the money market. Its investment instruments have a term of one year, including short-term bank deposits, treasury bonds, corporate bonds, bank acceptance bills and commercial paper. Under normal circumstances, the income of money funds will decrease with the decrease of market interest rate, while that of bond funds is just the opposite. Money market funds are generally considered as risk-free or low-risk investments. 4. Index fund Index fund is a new type of fund that has appeared since 1970s. In order to make investors get the investment return close to the average market return, a fund with similar or equal function to a stock market price index has been produced. Its characteristic is that the portfolio is equal to the weight ratio of the market price index, and the income fluctuates with the current price index. When the price index rises, the fund's income increases, and vice versa. Because the fund always maintains the average income level of the current market, the income will not be too high or too low. The advantages of index funds are: first, low cost, low management fee of index funds, especially low transaction cost. Second, the risk is small. Because the investment of index funds is very scattered, it can completely eliminate the unsystematic risk of portfolio and avoid the liquidity risk brought by the concentration of fund holdings. Third, in the market dominated by institutional investors, index funds can obtain the average market rate of return, which can provide better investment returns for stock investors. Fourth, index funds can be used as a tool to hedge arbitrage. For investors, especially institutional investors, index funds are an important tool for hedging and arbitrage. Because of its stable rate of return and diversified investment, index funds are especially suitable for funds with large amount and low risk tolerance, such as social security funds. 5. Gold Fund A gold fund refers to a fund that mainly invests in gold or other precious metals and securities in related industries. Its yield generally changes with the fluctuation of precious metal prices. 6. Derivative securities funds Derivative securities funds refer to securities investment funds that invest in derivative securities, mainly including: futures funds, option funds and warrant funds. Because derivative securities are generally high-risk investment products, investing in such funds is risky, but the expected return level is relatively high.

According to the source and use area of the fund

1. Domestic fund It is an investment fund. Its fund capital comes from China and is invested in the domestic financial market. Generally speaking, the fund market of a country should be dominated by domestic funds. 2. International Fund It is an investment fund. Its capital comes from China, but it invests in overseas financial markets. Due to the unbalanced development of economic and financial markets in different countries, there will be different investment returns in different countries. Cross-border investment of international funds can bring more investment opportunities for domestic capital and spread investment risks in a wider range, but the investment costs and expenses of international funds are generally higher. International funds include international equity funds, international bond funds and global commodity funds. 3. Offshore fund is a fund that raises funds from abroad and invests in foreign financial markets. The characteristic of offshore funds is that both ends are outside. The assets of overseas funds are not registered in the home country. In order to attract the funds of global investors, offshore funds are generally registered in places called "tax havens", such as Luxembourg, Cayman Islands and Bermuda, because these countries and regions do not tax the capital gains, interest and dividend income of individual investments. 4. Overseas funds are funds that raise funds from abroad and invest in the domestic financial market. Use overseas funds to issue beneficiary certificates, invest the raised funds in stocks and bonds of specific countries by designated investment institutions, and distribute the proceeds to investors as reinvestment or dividends. Beneficial certificates issued by overseas funds are listed in internationally renowned securities markets. Overseas funds have become an ideal form for developing countries to use foreign capital. Some countries with closed capital markets or strict foreign exchange controls can use overseas funds. In addition to the above types of funds, securities investment funds can also be divided into Public Offering of Fund and private equity funds according to different targets; According to the different investment currencies, it is divided into dollar funds, pound funds and yen funds. According to whether it is charged or not, it is divided into charging funds and non-charging funds; According to the variability of investment plan, it is divided into fixed investment fund, semi-fixed investment fund and wealth management fund; There are also venture funds that specifically support high-tech enterprises and small and medium-sized enterprises; Hedge funds, arbitrage funds and funds investing in other funds are famous for their trading skills.

Reference: /view/ 103437.htm#5