What is a mutual fund? What is a mutual fund?

Public offering of fund refers to the investment of raising funds from public investors in a public manner and taking ** as the investment object. Public offering is recruited by means of mass communication, and the initiator gathers public funds to set up investment. Under the strict supervision of the law, there are industry norms such as information disclosure, profit distribution, and operation restrictions.

For example, at present, the closed type in the domestic market belongs to the public offering. Public and private offerings have their own merits, and their healthy development is of vital significance to the development of the financial market.

China's first industry development for 14 years, the market share showed a stepwise growth trend: the first stage was from 1998 to 2000, because the market varieties were limited to closed **, the scale was very small, and the share of the three years was 10 billion, 50 billion and 61 billion respectively. The second stage was in 2001, when the scale was expanded to 80.9 billion due to the introduction of open-ended.

The third stage was from 2002 to 2003, with rapid growth in scale and peak in 2003. Its market size of 163.3 billion has more than doubled since 2002. From 2004 to October 20, 2005, due to the impact of market adjustment and other factors, the issuance scale fluctuated and developed.

There are 54 closed and 159 open in China's market, with a share of 320 billion. From 2005 to 2007, the net value soared to trillions. Since 2007, due to the downturn, the net value has fallen to around 2 trillion.

According to the quarterly report disclosed at the end of April 23, 2013, as of the end of March 2013, there were at least 6 public offering ** stock index ** contracts held at the end of the period, of which Cathay Pacific held 207 IF1304 contracts with a market value of more than 100 million yuan, hedging more than 70% of its market value at the end of the period. This means that the domestic stock index has begun to bid farewell to the historical pattern of small fights, and gradually converged with the "long holding + stock index dynamic hedging" strategy adopted by large overseas asset management companies. Following the innovation of diversification and instrumentalization of wealth management products in recent years, the active **** innovation and change, grafting hedging strategy, may explore a new way of investment with absolute returns.

<> first, generally everyone is talking about Yu Bao is a kind of public offering, currency, is to raise funds from investors in a public way to make investment, Yu Bao is a special investment in short-term bonds with a maturity of less than one year, notes, etc., the risk is relatively low. Moreover, due to the fact that the public offering is a public offering with strict supervision, there will basically be no problem of black-box operation, so the public offering is more trustworthy.

Then the public offering** has points inside and outside the venue. Floor is trading in the market. Over-the-counter (OTC**) means that each ** company issues on its own, and there will be a net value every working day.

Then there is a kind of closed-end public offering**, which will have a certain open date every year to subscribe and redeem, and do not trade at other times, which is suitable for long-term investment and avoids daily operation.

Finally, let's talk about why the public offering ** will attract the attention of ordinary people, in fact, the earliest is because there is Yue Bao, a currency ** tool, which can be redeemed and used anytime and anywhere, and can usually make money lying down, and the income at the beginning is nearly 7%, which quickly attracted everyone's attention. Investing in Yu Yu Bao is obviously better than putting money in the bank, but in essence, the funds are still held in custody by the bank, and they are only managed and invested by the ** company.

After listening to what is a public offering, you can start preparing for investment, the first thing is to choose a preferential platform, such as a third-party ** company, such as Ant Financial and Tiantian**.com, generally speaking, the subscription fee is discounted.

In addition to some basic institutional differences, there are big differences between private and public offerings in terms of investment philosophy, mechanism and risk taking.

First of all, the investment objectives are different. The goal of public investment** is to exceed the performance benchmark and pursue the ranking of the same industry. The goal of private placement** is to pursue absolute returns and excess returns. At the same time, however, private equity investors are subject to higher risk.

Second, the performance incentive mechanism of the two is different. The income of the public offering ** company is the ** management fee withdrawn every day, which has nothing to do with the profit and loss of **. The income of private placement is mainly revenue sharing, and the net value of the unit of private placement products can only be withdrawn when the management fee is positive, if the ** of its management is loss, then they will not have any income.

In general, the performance remuneration of private placement** is 20% based on performance profits.

In addition, there are strict procedures and strict policy restrictions on public offerings** for investment, including restrictions on shareholding ratio and investment ratio. When investing, the operation of the public offering has been strictly supervised because it involves the interests of the majority of investors. In addition to not violating the laws and regulations of the "** Law" to manipulate the market, the investment behavior of private equity ** is relatively flexible in terms of investment methods, shareholding ratios, and **.

The biggest difference between private and public offerings is the incentive mechanism, profit model, regulation, scale, etc., and the specific investment methods, especially the stock selection criteria, are no different under the same style.

For the public offering, the investment style has been clarified at the beginning of its establishment, such as some specialize in small-cap stocks, some are blue-chip, some follow the growth investment strategy, and some tap value opportunities, which are very rich in varieties and can provide corresponding products for investors with different risk tolerances.

For private placements, most of them are very small, and there are very few private placements of more than 1 billion yuan in China, and they are not pursuing scale to earn management fees as a business model, but to pursue absolute return on investment.

There are three main investment analysis methods: basic analysis, technical analysis, and evolutionary analysis, in which fundamental analysis is mainly used in the value judgment and selection of investment objects, and technical analysis and evolutionary analysis are mainly used in the time and space judgment of specific investment operations, as an important supplement to improve the effectiveness and reliability of investment analysis.

1) Fundamental analysis: The basic analysis method is based on traditional economic theories, with enterprise value as the main research object, through a detailed analysis of the macroeconomic situation, industry development prospects, and business conditions that determine the intrinsic value of the enterprise and affect the company, in order to roughly estimate the long-term investment value and safety margin of the listed company, and compare it with the current investment to form the corresponding investment proposal. Fundamental analysis suggests that stock price fluctuations cannot be accurate, but can only be held for a long time with a sufficient margin of safety.

Main textbooks: "** Analysis", etc.

2) Technical analysis: The technical analysis method is based on the traditional theory, with the main research object, with the stock price fluctuation trend as the main purpose, starting from the historical chart of stock price changes, and analyzing the law of market fluctuations. Technical analysis believes that market behavior is inclusive and digests everything, and stock price fluctuations can be quantitatively analyzed and analyzed, such as Dow Theory, Wave Theory, Gann Theory, etc.

Main textbooks: "**Investment Technical Analysis", etc.

3) Evolutionary analysis: The evolutionary analysis method is based on the theory of evolution, taking the characteristics of fluctuating life movement as the main research object, starting from the aspects of metabolism, profit-seeking, adaptability, plasticity, stress, variability and rhythm, etc., to conduct dynamic tracking research on the direction and space of market fluctuations, and provide opportunities for trading decisions and the sum of risk assessment methods.

Evolutionary analysis believes that stock price fluctuations cannot be accurate, so it belongs to the category of fuzzy analysis, and does not try to provide quantitative descriptions and trends for stock price fluctuations, but focuses on establishing a new analytical framework for investors to scientifically observe and understand the logic of fluctuations.

Public Offering**. It refers to the ** company.

It can be publicized to the public, and the public offering can be raised publicly, and the starting point of the public offering is relatively low, and the risk is relatively small, which is suitable for many investors. For example, investors often buy low-starting points in WeChat, Alipay, Tiantian.com and other channels.

1. Public offering**

Public offering**, as opposed to "private placement**". It refers to the public issuance of beneficiary certificates to unspecified investors in the society. In our country, it adopts a contract-based organizational form. Subject to the supervision of the competent authorities, there is information disclosure.

Constraints on industry norms such as profit distribution and operational restrictions.

2. Private placement**

A private placement** is an investment in which a small number of investors raise funds privately (privately) and are set up to operate**.

3. The difference between public offering and private placement

1.Targets for recruitment are different

The target of the public offering is the general public, that is, the unspecified investors in the society. The target of private placement** is a small number of specific investors, including institutions and individuals.

2.The way of raising is different

The public offering ** raises funds through public offering, while the private placement ** is raised through non-public offering, which is the main difference between private placement and public offering.

3.Information disclosure requirements differ

Public offerings** have very strict requirements for information disclosure, and their investment objectives, investment portfolios and other information must be disclosed. Private placement**, on the other hand, has very low requirements for information disclosure and has strong confidentiality.

4.Investment restrictions are different

There are strict restrictions on the investment variety, investment ratio, and matching of investment and type of investment in the public offering, while the investment restrictions in the private offering are completely stipulated by the agreement.

5.Performance-based remuneration is different

The public offering** does not withdraw performance remuneration, but only collects management fees. Private placement** charges performance remuneration and generally does not charge management fees. For public offerings, performance is only an honor in the ranking, while for private placements, performance is the basis of remuneration.

Public offering refers to the investment of raising funds from public investors in a public manner and taking ** as the investment object. Under the strict supervision of laws and regulations, the public offering has strict industry norms in terms of investment scope, investment strategy, information disclosure, profit distribution, operation management, etc. The "**" mentioned in this series of articles, unless otherwise specified, refers to the public offering**.

Further Information: The main differences between public and private are:

First of all, the public offering is raised from public investors in a public manner, and it can be publicly issued to the public through direct sales by the company, third-party consignment sales, etc., while the private offering cannot be publicly issued and can only be raised from specific qualified investors.

As an inclusive financial product, the public offering usually requires a relatively low threshold for purchase funds, while the private offering requires investors to have a high risk identification ability and risk-bearing capacity, and the corresponding purchase capital threshold is relatively high, usually starting with hundreds of thousands of yuan.

Third, the transparency of public offerings is relatively higher, and relevant information on product investment operations is regularly published through regular reports such as quarterly, semi-annual, and annual reports, while private offerings only disclose product information to specific qualified investors, and the disclosure content is not publicly released.

Fourth, public offerings** are more stringent in terms of risk control and compliance, and there are relatively more restrictions in the investment process, while private offerings** are more flexible. For example, the investment direction and available investment tools of the public offering ** portfolio are relatively simple, and they are agreed in advance by the contract, so it is difficult to change them directly during the investment process. However, the private equity group Yuanyuhe usually has fewer agreements and is more flexible in the use of investment tools.

Fifth, the mechanism of hail and rock collection fees is different between public offering and private placement, the income of public offering is mainly fixed management fee, while the income of private placement is mainly floating management fee (performance commission), for example, private placement can be agreed in the contract to withdraw 20% of the investment income as a commission.

Finally, the liquidity of public offerings** is generally better than that of private placements**. After the establishment of the product, the public offering** that adopts the open operation mode can usually be applied for and redeemed after a period of operation during the closed period of position building, while the private sale** usually takes the form of regular opening, such as opening redemption every quarter or every six months.

To put it simply, a public offering is a public offering. There are two meanings of disclosure: the first is that it can be advertised and solicited from all those who know and those who don't know. The second is that the number of objects to be recruited is relatively large, for example, it is generally defined as more than 200 people.

** is a broad name for funds that are set up for a certain purpose. From the perspective of investors, buying ** generally refers to the public offering **base**.

Public offering is a public offering relative to private placement, which is managed by the manager of the management company and is used to invest in the areas stipulated by relevant laws, and investors can regularly check the investment situation and even redeem the investment shares. Information disclosure is also relatively public. In China, the main public offerings refer to investments, including bonds, currencies and indexes, as well as smaller branches.

Private placement**, from the perspective of investment methods, is an investment that raises funds from investors and investment institutions through non-public to obtain investment income and share profits in accordance with the contract. The degree of openness of information disclosure is low. It is not even possible to redeem flexibly, and there is a certain closure period.

During the closed period, the redemption investor will bear the loss. According to the different ways of capital investment, it can be divided into private placement, private real estate, private equity, and private venture capital. You may encounter more private placements.

The private equity company hires a professional company to carry out the operation and participate in the profit dividend according to the investment agreement, which is a little different from the practice of withdrawing management fees regardless of the profit or loss of the investor, and the private equity company has a liquidation provision, that is, when the loss reaches 30%, in order to control the risk and control the loss, the liquidation is inevitable.

The main differences between a public offering and a private offering are:There are differences in fundraising methods and regulatory channels, as well as capital investment channels and dividend models.

There is no difference between private placement** and sunshine private placement**, but some private placement** is just advertised under such a banner. It mainly depends on where the investment channel of the funds is invested, how big the risk is, and how high the general return is. Many investments are now transparent about their access and returns.

What does public and private placement have to do with ** votes?

**It belongs to active financial management, which requires you to operate flexibly, buy and sell; The public offering and private placement will have a certain number of operations to operate, which is relatively an expert financial management operation, but because of the large amount of funds, the flexibility of the operation is not enough, if you have a certain technology, you can try yourself.