Cainiao play Fund (I)-Brief Introduction

If we don't talk about technology, we usually get technical skills every day. We also talk about technology that will go crazy. Let's talk about the technical articles for a while.

Today, I was suddenly excited. I want to talk about fund play. It is estimated that most people will think that the Fund is too far away from themselves. What is the money to play with the fund! In fact, the threshold for funds is very low, especially for open-ended Funds. Generally, the minimum requirement is 1000 yuan. So what is a fund? A fund is a bunch of people who make money, find a financial person to operate, and find a credit person to manage the money. Generally, the person who manages money is called the fund manager, and the person who has credit is called the custodian ". Fund managers also have assistants and superiors. The companies they make up are called "fund companies ". The custodian is usually a large financial institution, usually a bank, and a relatively large bank. The structure of "Investors + fund managers + custodians" indicates that our investment is generally relatively safe, because although the fund manager can operate on our money, but in the end, the funds should be handled by the Custodian. Therefore, no funds may be misappropriated by the fund manager without prior knowledge. The custodian cannot do anything other than the fund manager's work, so there is no issue of misappropriation of funds. All of this is supervised by dedicated agencies, so you can rest assured.

There are three types of funds: closed-end funds, open-ended Funds, and private equity funds.
Closed-end funds determine the recruitment scale, issuance date, and survival period before recruitment. At the time of issuance, investors can purchase several funds based on their own situation. The term is subscription. Generally, the initial value of a fund is 1 yuan, and each subscription must exceed a minimum, for example, one thousand or 50 thousand. Once the Fund's recruitment reaches the predefined issuance scale, the issuance will be terminated.
After the issuance is completed, closed funds will be circulated in the securities market at the scheduled time. The circulation price depends on the market. Once a closed fund is successfully purchased, investors cannot "redeem" the Fund and can only buy and sell it in the secondary market. It cannot be purchased or redeemed, but can only be purchased or sold. This determines that the total share of closed-end funds remains unchanged. At the same time, the price fluctuation in the secondary market does not affect the total market value of the Fund, nor does it affect the operation of the fund by the fund manager. Because it is a business, you need to have people to buy, so you can buy it if you don't want. If your bid is low or no one is willing to sell it, you cannot buy it. In the same way, you cannot sell it if you sell it.
When the retention period ends, the Fund will usually end to exist, and the value of the fund will be obtained based on the total market value of the Fund divided by the total share, at this time, investors can get a return that is equal to their own shares. Of course, some closed-ended Funds have recently been converted into open-ended funds rather than ending the Fund after their retention period ends. That is, the so-called "closed-ended Fund". What is the issue of open-ended funds?

Open-ended funds differ from closed-end funds in the following aspects:
1. The recruitment scale must be defined at the lower limit, but not necessarily at the upper limit. However, fund managers usually have an upper limit to avoid the Fund being too large and difficult to operate. This limit does not need to be made public. Even if it is made public, it is usually admitted that all the subscription applications for the Recruitment Day will be stopped because the limit is reached. Therefore, it cannot be foreseen that the Fund has a large scale before the release ends. However, the large scale is not the most important content for investors.
2. After the release, the Foundation has a closed period. During this period, investors cannot "purchase" or "redeem" the Fund. The so-called subscription refers to the purchase request after the release ends (if it is an application in the release, it becomes a "subscription "). The so-called "Redemption" refers to the activity in which investors want to convert their funds into cash and end their investment after the issuance ends. During this closed period, these operations are not allowed. This is to ensure that the fund manager has a stable time for investment, it does not need to be affected or disturbed by changes in cash due to purchase and redemption.
3. After the closed period ends, investors can "purchase" and "redeem. This does not belong to the trading behavior mentioned in the previous closed-end fund. Therefore, you can buy or sell the funds as long as you want. At the same time, your investment will change the Fund's share. This is a tricky thing for fund managers, because when you apply for a "Redemption", if the Fund has no cash in hand, fund Manager repair needs to withdraw some investment from the market to obtain cash, even if it is expected that the investment will be more profitable in the future. In turn, when you "purchase" the same way, in order to avoid hitting the lower limit of the investment ratio specified in the "Prospectus, or, in order to avoid dilution of the rate of return caused by funds not entering the investment market, the fund manager may be forced to invest the funds into the market, even if it is foreseeable that the investment may suffer losses in the future.
4. After an open fund is successfully released, its retention period is uncertain. The Fund will not be terminated unless in the following circumstances:
There are violations; redemption to lower than the minimum limit; other uncontrollable situations.

Private equity funds are not subject to legal restrictions in China (there are no relevant legal provisions) and are in a gray area. At present, it seems that the relevant laws have been drafted, and it is unclear whether the specific implementation has started. I don't know much about the operating methods of private equity funds. It seems that they are generally closed and cannot be easily purchased or redeemed. It can only be done with the consent of the management team. It is recommended that you do not easily touch private equity funds before the laws are sound, because private equity funds may be nonstandard, such as the absence of fund custody systems. In the event of a loss of money from the manager, it would be quite troublesome.