互惠基金和對沖基金經營方式有何不同

There are several differences between mutual fund (MF) and hedge fund (HF),


1) HFs have wider range of investment product and asset class in which MFs are not allowed due to regulatory requirements. HF allows to trade derivatives contract, leverage, short selling and etc. It can also move around different asset class (i.e. debt, equity, commodities and etc) where MF is only allow to invest into predefined asset class.

2) HFs can also have more concentrated investment where MFs are not allow (i.e. the limit of a single position for a mutual fund is capped at a certain percentage, usually 10% for most countries)

3) Fee tend to be higher than MF as it normally have a special performance fee or incentive fee for the fund manager when it generate positive return. MFs have no incentive fee.

4) HFs tend to be less liquid then MFs. It tend to have monthly or quarterly redemption cycle where MFs are usually daily redemption.

5) More flexibility to the fund manager, i.e. higher active risk. For example, A Hong Kong mutual fund, if the fund manager see market going down, they cannot sell all their stocks but only limit the loss by switching into more defensive stocks (i.e. utility stocks and etc). For a HF, they can sell all equity position or even short the market.

6) HF can do leveraged trades or hedge a currency where MF cannot.

Hope this help
Cheers

F與傳統互惠基金有何不同?











1.
基金管理方式：ETF管理的方式屬於「被動式管理」，ETF基金經理不會主動選股，投資目標旨在達致其追蹤指數的回報而己。而傳統互惠基金的管理方式則屬於「主動式管理」，基金經理透過積極選股方式以求爭取最佳回報；

2.
交易成本：由於採取的基金管理方式不同，傳統互惠基金每年需支付的管理費較ETF之管理費較高；此外，ETF免除認購費或贖回費支出，較投資傳統互惠基金的相關支出較低；

3.
交收制度：ETF透過交易所進行買賣，結算制度與股票相同，採取Ｔ＋２的交易方法，十分方便。另方面，認購互惠基金需要預先繳付認購金額，而贖回互惠基金的金額通常於贖回後一星期內存入投資者的帳戶，認購及贖回價均按當日的收市價計算。







表列買賣ETF、互惠基金及股票的特點以作參考

特點
ETF
互惠基金
股票

積極管理
否(追綜指數/商品)
是
個人選股

分散投資
是(一籃子股票)
是
否

認購費
不需要
需要(5%或以下)
不需要

管理費
需要(較互惠基金低)
(少於1%)
需要
(一般1-2%)
不需要

持續交易
交易所交易時段進行
可持續交易
否
與ETF相同

交易單位
以「手」為單位
設最低投資金額
與ETF相同

交收
T+2
按各基金細則
與ETF相同

交易費用
經紀傭金、交易徵費、
投資者賠償徵費及交易費
(股票印花稅；如有)
不需要
與ETF相同

莊家制
有(若允許)
不設
與ETF相同

可沽空
可以(若允許)
不可以
可以(若允許)....

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