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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":880791712,"tweetId":"880791712","gmtCreate":1631079029936,"gmtModify":1631892007545,"author":{"id":4089098516459020,"idStr":"4089098516459020","authorId":4089098516459020,"authorIdStr":"4089098516459020","name":"growthismyc","avatar":"https://static.tigerbbs.com/96193d429f8fce6c3efe708d065b781d","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":10,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Like</body></html>","htmlText":"<html><head></head><body>Like</body></html>","text":"Like","highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/880791712","repostId":1145502609,"repostType":4,"repost":{"id":"1145502609","kind":"news","pubTimestamp":1631078751,"share":"https://www.laohu8.com/m/news/1145502609?lang=zh_CN&edition=full","pubTime":"2021-09-08 13:25","market":"us","language":"en","title":"Hedge Funds vs. Mutual Funds: What's Better?<blockquote>对冲基金与共同基金：哪个更好？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145502609","media":"Motley Fool","summary":"Hedge funds and mutual funds share several similarities and many differences. Read on to learn about both and which is the better investment option for you.","content":"Both hedge funds and mutual funds are investment products offering managed portfolios for investors, but that's about where the similarities end. Hedge funds target high-net-worth individuals and take on more complex and volatile trading strategies in an effort to produce positive returns for clients. Mutual funds are available to any investor, but they're more restricted in what they can trade. The main goal of a mutual fund manager is to outperform a benchmark index.<blockquote>对冲基金和共同基金都是为投资者提供管理投资组合的投资产品，但相似之处仅此而已。对冲基金瞄准高净值个人，采取更复杂、更不稳定的交易策略，努力为客户带来正回报。任何投资者都可以使用共同基金，但他们可以交易的内容受到更多限制。共同基金经理的主要目标是跑赢基准指数。</blockquote> <img src=\"https://static.tigerbbs.com/33d3a2c2c02bf198b3b5a4ab76742e49\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\">IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> Major takeaways<blockquote>主要要点</blockquote> Mutual funds:<blockquote>共同基金：</blockquote> <ul> <li>Pool money from all investors with minimum investments as low as $1.</li> <li>Regulated by the U.S. Securities and Exchange Commission (SEC).</li> <li>Available for trading every day the&nbsp;stock market&nbsp;is open.</li> <li>Usually buy and hold securities based on a specified strategy detailed in a prospectus.</li> <li>Charge a flat fee as a percentage of assets under management.</li> </ul> Hedge funds:<blockquote><ul><li>汇集所有投资者的资金，最低投资额低至1美元。</li><li>受美国证券交易委员会（SEC）监管。</li><li>股票市场每天开放都可以交易。</li><li>通常根据招股说明书中详述的特定策略购买和持有证券。</li><li>按管理资产的百分比收取固定费用。</li></ul>对冲基金：</blockquote> <ul> <li>Pool money from accredited investors with a liquid net worth above $1 million or an annual income exceeding $200,000.</li> <li>Structured as general partnerships and not heavily regulated by the SEC.</li> <li>Limited windows to invest and withdraw funds.</li> <li>Use trading strategies including derivatives, shorting, and buying alternative assets.</li> <li>Charge fees based on performance as well as assets under management.</li> </ul> What are mutual funds?<blockquote><ul><li>汇集流动净资产超过100万美元或年收入超过20万美元的合格投资者的资金。</li><li>结构为普通合伙企业，不受美国证券交易委员会的严格监管。</li><li>投资和提取资金的窗口有限。</li><li>使用包括衍生品、做空和购买另类资产在内的交易策略。</li><li>根据绩效和管理的资产收取费用。</li></ul>什么是共同基金？</blockquote> A&nbsp;mutual fund&nbsp;is an easy way for individual investors to gain access to a managed portfolio of publicly traded securities such as&nbsp;stocks&nbsp;and&nbsp;bonds. Investors buy shares of a mutual fund, and their money gets pooled with other shareholders by the fund manager. The manager works to meet the objectives laid out in the prospectus, which will detail the benchmark&nbsp;index&nbsp;the manager's performance should be weighed against and the strategy they'll use to invest.<blockquote>共同基金是个人投资者获得股票和债券等公开交易证券管理投资组合的一种简单方式。投资者购买共同基金的股票，他们的资金由基金经理与其他股东汇集。管理人努力实现招股说明书中规定的目标，招股说明书将详细说明管理人业绩应根据的基准指数以及他们将用于投资的策略。</blockquote> Investment strategies<blockquote>投资策略</blockquote> Mutual funds are generally considered safer investments than hedge funds. That's because fund managers are limited in their ability to use riskier strategies such as leveraging their holdings, which can increase returns, but it also increases volatility.<blockquote>共同基金通常被认为是比对冲基金更安全的投资。这是因为基金经理使用风险较高的策略的能力有限，例如利用其持有的资产，这可以增加回报，但也会增加波动性。</blockquote> Mutual funds buy publicly traded securities based on the manager's criteria. Those criteria could be very specific like buying&nbsp;pharmaceutical stocks&nbsp;the manager thinks are undervalued based on certain metrics, or they could be very general like simply buying every stock in the&nbsp;S&amp;P 500 index. There's a wide range of strategies available to mutual fund investors, and the details are laid out for investors in the prospectus.<blockquote>共同基金根据经理的标准购买公开交易的证券。这些标准可以非常具体，例如购买经理根据某些指标认为被低估的制药股票，也可以非常笼统，例如简单地购买该领域的每只股票。标普500指数.共同基金投资者可以选择多种策略，招股说明书中为投资者列出了详细信息。</blockquote> Types of mutual funds<blockquote>共同基金的类型</blockquote> There are a few different types of mutual funds investors should be aware of.<blockquote>投资者应该了解几种不同类型的共同基金。</blockquote> <ul> <li>Actively managed vs. passive funds.Actively managed mutual funds&nbsp;are characterized by a fund manager who attempts to beat the fund's benchmark index by strategically buying and selling securities. Passive funds, or&nbsp;index funds, merely try to replicate the returns of the benchmark index by modeling a portfolio based on the index. Sometimes, the fund will just buy every security in the index.</li> <li>Open-ended vs. closed-ended funds.Open-ended funds have no limit to the number of shares they can issue. Investors simply buy shares, and the fund manager takes new inflows and allocates them to the appropriate securities. Closed-ended funds have a limited number of shares, so the portfolio manager doesn't have to deal with inflows or outflows. In order to buy or sell shares, you have to find a buyer or seller on the open market.</li> <li>Load vs. no-load funds.Funds with a load pay a commission to the broker who sells the investor the fund. The commission comes out of the investor's funds either at purchase (front-loaded) or at the sale of the mutual fund (back-loaded). No-load funds do not have such a commission.</li> </ul> Who can invest?<blockquote><ul><li>主动管理基金与被动基金。主动管理型共同基金的特点是基金经理试图通过战略性地买卖证券来击败基金的基准指数。被动基金或指数基金只是试图通过基于指数的投资组合建模来复制基准指数的回报。有时，该基金会购买指数中的所有证券。</li><li>开放式基金与封闭式基金。开放式基金对其可以发行的份额数量没有限制。投资者只需购买股票，基金经理就会吸收新的资金流入并将其分配给适当的证券。封闭式基金的份额数量有限，因此投资组合经理不必处理资金流入或资金流出的问题。为了买卖股票，你必须在公开市场上找到买家或卖家。</li><li>负载与无负载资金。有负载的基金向向投资者出售基金的经纪人支付佣金。佣金来自投资者购买（预付）或出售共同基金（后装）时的资金。免佣基金没有这样的佣金。</li></ul>谁可以投资？</blockquote> Mutual funds are available to every investor. Some funds may have a minimum investment ranging from $100 to $10,000 or more. More and more funds have no minimum investment these days.<blockquote>每个投资者都可以使用共同基金。一些基金的最低投资额可能从100美元到10,000美元或更多。如今越来越多的基金没有最低投资额。</blockquote> How mutual fund fees work<blockquote>共同基金费用如何运作</blockquote> Mutual funds charge a management fee, which typically ranges between 1% and 2% of assets under management. Index funds usually have much lower fees. Some broad-based index funds have fees close to&nbsp;0%.<blockquote>共同基金收取管理费，通常为管理资产的1%至2%。指数基金的费用通常要低得多。一些宽基指数基金的费用接近0%。</blockquote> Note that the management fee is separate from the fees paid in loaded funds where the broker receives some of the investors' funds as well. The management fee goes directly to the mutual fund company, and it's paid annually.<blockquote>请注意，管理费与装载基金支付的费用是分开的，在装载基金中，经纪人也会收到投资者的部分资金。管理费直接支付给共同基金公司，每年支付一次。</blockquote> How are mutual funds regulated?<blockquote>共同基金是如何监管的？</blockquote> Mutual funds must register with the SEC in order to sell shares publicly. The SEC enforces several regulations, including the Securities Act of 1933, which requires mutual funds to provide investors with certain information, including a description of the fund, information about management, and financial statements. The Investment Company Act of 1940 also requires mutual funds to provide details of their financial health and investment policies.<blockquote>共同基金必须在美国证券交易委员会注册才能公开出售股票。SEC执行多项法规，包括1933年证券法，该法要求共同基金向投资者提供某些信息，包括基金描述、管理信息和财务报表。1940年的《投资公司法》还要求共同基金提供其财务健康和投资政策的详细信息。</blockquote> What are hedge funds?<blockquote>什么是对冲基金？</blockquote> A&nbsp;hedge fund&nbsp;is designed as a way for individual investors to gain access to the investment ideas and strategies of fund managers they believe have an edge on the market. Hedge funds are structured as general partnerships, and investors buy into the investment company directly as limited partners instead of buying publicly offered shares.<blockquote>对冲基金旨在为个人投资者提供一种获取他们认为在市场上具有优势的基金经理的投资理念和策略的方式。对冲基金的结构为普通合伙企业，投资者作为有限合伙人直接购买投资公司，而不是购买公开发行的股票。</blockquote> Investment strategies<blockquote>投资策略</blockquote> Hedge funds aren't limited in the strategies they can use in order to produce positive and outsized returns for their investors. Hedge funds will use derivatives such as&nbsp;options&nbsp;and&nbsp;margin&nbsp;to gain leverage, and they maysell stocks short.<blockquote>对冲基金可以使用的策略并不局限于为投资者带来正的巨额回报。对冲基金将使用期权和保证金等衍生品来获得杠杆，并且可能会卖空股票。</blockquote> Hedge funds are also able to invest in just about any market:cryptocurrency, private real estate, or vintage single malt scotch. These are strategies unavailable in mutual funds due to SEC regulations. They're also much riskier strategies than simply buying publicly traded securities.<blockquote>对冲基金也可以投资几乎任何市场：加密货币、私人房地产或陈年单一麦芽苏格兰威士忌。由于SEC的规定，这些策略在共同基金中是不可用的。它们也是比简单购买公开交易证券风险更大的策略。</blockquote> Who can invest?<blockquote>谁可以投资？</blockquote> Hedge funds are only able to accept funds from accredited investors. The SEC defines an accredited investor as someone with a liquid net worth (home equity doesn't count) of $1 million or an annual income of $200,000 (or $300,000 with a spouse). The SEC believes that level of wealth makes an investor more sophisticated and better able to withstand the volatility and uncertainty associated with hedge funds.<blockquote>对冲基金只能接受来自合格投资者的资金。SEC将合格投资者定义为流动净资产（房屋净值不算）为100万美元或年收入为20万美元（或配偶为30万美元）的人。美国证券交易委员会认为，这种财富水平使投资者更加老练，能够更好地承受与对冲基金相关的波动性和不确定性。</blockquote> Hedge funds often have minimum investments of $1 million or more. They typically limit investment windows, and they can have minimum holding periods. They can also restrict when investors can withdraw. As such, hedge fund investors require a good amount of liquidity outside of their investment in the hedge fund.<blockquote>对冲基金的最低投资额通常为100万美元或以上。它们通常会限制投资窗口，并且可以有最短持有期。他们还可以限制投资者何时可以退出。因此，对冲基金投资者在对冲基金投资之外还需要大量的流动性。</blockquote> How hedge fund fees work<blockquote>对冲基金费用如何运作</blockquote> Hedge funds charge two types of fees: management fees and performance fees. A management fee is similar to the management fee for a mutual fund. The fund charges anexpense ratio, typically 2%, that's taken out of the assets under management every year.<blockquote>对冲基金收取两种费用：管理费和绩效费。管理费类似于共同基金的管理费。该基金收取费用率，通常为2%，每年从管理的资产中扣除。</blockquote> The performance fee, as the name implies, is based on the fund's performance, and it's usually 20% of the gains. So, if the fund increases by 10% one year, the fund takes 20% of the gains (2% of the investment), and the rest stays invested with the fund. If the fund loses money, there's no performance fee, but the investors still have to pay the management fee.<blockquote>业绩费，顾名思义，是基于基金的业绩，通常是收益的20%。因此，如果基金在一年内增长10%，基金将获得收益的20%（投资的2%），其余部分将继续投资于基金。如果基金亏损，没有绩效费，但投资者仍需支付管理费。</blockquote> The most typical fee structure — a 2% management fee and a 20% performance fee — is known as 2-and-20.<blockquote>最典型的费用结构——2%的管理费和20%的绩效费——被称为2和20。</blockquote> How are hedge funds regulated?<blockquote>对冲基金是如何监管的？</blockquote> Hedge funds only have to register with the SEC once they reach total assets under management of above $100 million. Beyond that, they must abide by Regulation D of the Securities Act of 1933 and limit their investors to accredited investors. That allows them to remain exempt from most reporting to the SEC and makes investing in a hedge fund much more opaque than investing in a mutual fund.<blockquote>对冲基金管理的总资产超过1亿美元后，只需向SEC注册。除此之外，他们必须遵守1933年证券法D条例，并将投资者限制为合格投资者。这使得他们可以免于向SEC提交大部分报告，并使投资对冲基金比投资共同基金更加不透明。</blockquote> Additional considerations<blockquote>其他注意事项</blockquote> Hedge funds have shown worsening performance over the past 15 years or so even as the U.S. stock market has been on a tear. In fact, in&nbsp;bull markets, mutual funds may provide better returns than hedge funds net of fees since alternative investment strategies fail to keep up with the stock market.<blockquote>在过去15年左右的时间里，尽管美国股市一直在上涨，但对冲基金的表现却在恶化。事实上，在牛市中，共同基金可能比对冲基金提供更好的扣除费用的回报，因为另类投资策略无法跟上股市的步伐。</blockquote> That said, those strategies can be invaluable in&nbsp;bear markets. If the strategies have returns truly uncorrelated with U.S. stocks, they could provide positive returns as the stock market craters. That's when a hedge fund will really live up to its name.<blockquote>也就是说，这些策略在熊市中可能是无价的。如果这些策略的回报确实与美国股市无关，那么它们可以在股市暴跌时提供正回报。那就是对冲基金真正名副其实的时候。</blockquote> While hedge funds hold the promise of big returns supported by advanced trading strategies, they can go for long periods without producing the expected results. For patient investors, they could pay off.<blockquote>虽然对冲基金有望在先进的交易策略的支持下获得巨额回报，但它们可能会长期运作而不会产生预期的结果。对于耐心的投资者来说，他们可以获得回报。</blockquote> But perhaps the age when hedge funds could outperform the average investor is over. Today's technology makes it easier for retail investors to invest and use their own strategies, whether they're exceedingly simple or super complex. For most investors, a mutual fund will be able to meet all of their investing needs, but they're a bit more boring than hedge funds. But good investing is usually boring.<blockquote>但也许对冲基金表现优于普通投资者的时代已经结束。今天的技术使散户投资者更容易投资和使用自己的策略，无论它们是极其简单还是超级复杂。对于大多数投资者来说，共同基金将能够满足他们所有的投资需求，但它们比对冲基金更无聊。但好的投资通常是无聊的。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Funds vs. Mutual Funds: What's Better?<blockquote>对冲基金与共同基金：哪个更好？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHedge Funds vs. Mutual Funds: What's Better?<blockquote>对冲基金与共同基金：哪个更好？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMotley Fool2021-09-08 13:25\n\n</h4>\n</header>\n<article>\nBoth hedge funds and mutual funds are investment products offering managed portfolios for investors, but that's about where the similarities end. Hedge funds target high-net-worth individuals and take on more complex and volatile trading strategies in an effort to produce positive returns for clients. Mutual funds are available to any investor, but they're more restricted in what they can trade. The main goal of a mutual fund manager is to outperform a benchmark index.<blockquote>对冲基金和共同基金都是为投资者提供管理投资组合的投资产品，但相似之处仅此而已。对冲基金瞄准高净值个人，采取更复杂、更不稳定的交易策略，努力为客户带来正回报。任何投资者都可以使用共同基金，但他们可以交易的内容受到更多限制。共同基金经理的主要目标是跑赢基准指数。</blockquote> <img src=\"https://static.tigerbbs.com/33d3a2c2c02bf198b3b5a4ab76742e49\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\">IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> Major takeaways<blockquote>主要要点</blockquote> Mutual funds:<blockquote>共同基金：</blockquote> <ul> <li>Pool money from all investors with minimum investments as low as $1.</li> <li>Regulated by the U.S. Securities and Exchange Commission (SEC).</li> <li>Available for trading every day the&nbsp;stock market&nbsp;is open.</li> <li>Usually buy and hold securities based on a specified strategy detailed in a prospectus.</li> <li>Charge a flat fee as a percentage of assets under management.</li> </ul> Hedge funds:<blockquote><ul><li>汇集所有投资者的资金，最低投资额低至1美元。</li><li>受美国证券交易委员会（SEC）监管。</li><li>股票市场每天开放都可以交易。</li><li>通常根据招股说明书中详述的特定策略购买和持有证券。</li><li>按管理资产的百分比收取固定费用。</li></ul>对冲基金：</blockquote> <ul> <li>Pool money from accredited investors with a liquid net worth above $1 million or an annual income exceeding $200,000.</li> <li>Structured as general partnerships and not heavily regulated by the SEC.</li> <li>Limited windows to invest and withdraw funds.</li> <li>Use trading strategies including derivatives, shorting, and buying alternative assets.</li> <li>Charge fees based on performance as well as assets under management.</li> </ul> What are mutual funds?<blockquote><ul><li>汇集流动净资产超过100万美元或年收入超过20万美元的合格投资者的资金。</li><li>结构为普通合伙企业，不受美国证券交易委员会的严格监管。</li><li>投资和提取资金的窗口有限。</li><li>使用包括衍生品、做空和购买另类资产在内的交易策略。</li><li>根据绩效和管理的资产收取费用。</li></ul>什么是共同基金？</blockquote> A&nbsp;mutual fund&nbsp;is an easy way for individual investors to gain access to a managed portfolio of publicly traded securities such as&nbsp;stocks&nbsp;and&nbsp;bonds. Investors buy shares of a mutual fund, and their money gets pooled with other shareholders by the fund manager. The manager works to meet the objectives laid out in the prospectus, which will detail the benchmark&nbsp;index&nbsp;the manager's performance should be weighed against and the strategy they'll use to invest.<blockquote>共同基金是个人投资者获得股票和债券等公开交易证券管理投资组合的一种简单方式。投资者购买共同基金的股票，他们的资金由基金经理与其他股东汇集。管理人努力实现招股说明书中规定的目标，招股说明书将详细说明管理人业绩应根据的基准指数以及他们将用于投资的策略。</blockquote> Investment strategies<blockquote>投资策略</blockquote> Mutual funds are generally considered safer investments than hedge funds. That's because fund managers are limited in their ability to use riskier strategies such as leveraging their holdings, which can increase returns, but it also increases volatility.<blockquote>共同基金通常被认为是比对冲基金更安全的投资。这是因为基金经理使用风险较高的策略的能力有限，例如利用其持有的资产，这可以增加回报，但也会增加波动性。</blockquote> Mutual funds buy publicly traded securities based on the manager's criteria. Those criteria could be very specific like buying&nbsp;pharmaceutical stocks&nbsp;the manager thinks are undervalued based on certain metrics, or they could be very general like simply buying every stock in the&nbsp;S&amp;P 500 index. There's a wide range of strategies available to mutual fund investors, and the details are laid out for investors in the prospectus.<blockquote>共同基金根据经理的标准购买公开交易的证券。这些标准可以非常具体，例如购买经理根据某些指标认为被低估的制药股票，也可以非常笼统，例如简单地购买该领域的每只股票。标普500指数.共同基金投资者可以选择多种策略，招股说明书中为投资者列出了详细信息。</blockquote> Types of mutual funds<blockquote>共同基金的类型</blockquote> There are a few different types of mutual funds investors should be aware of.<blockquote>投资者应该了解几种不同类型的共同基金。</blockquote> <ul> <li>Actively managed vs. passive funds.Actively managed mutual funds&nbsp;are characterized by a fund manager who attempts to beat the fund's benchmark index by strategically buying and selling securities. Passive funds, or&nbsp;index funds, merely try to replicate the returns of the benchmark index by modeling a portfolio based on the index. Sometimes, the fund will just buy every security in the index.</li> <li>Open-ended vs. closed-ended funds.Open-ended funds have no limit to the number of shares they can issue. Investors simply buy shares, and the fund manager takes new inflows and allocates them to the appropriate securities. Closed-ended funds have a limited number of shares, so the portfolio manager doesn't have to deal with inflows or outflows. In order to buy or sell shares, you have to find a buyer or seller on the open market.</li> <li>Load vs. no-load funds.Funds with a load pay a commission to the broker who sells the investor the fund. The commission comes out of the investor's funds either at purchase (front-loaded) or at the sale of the mutual fund (back-loaded). No-load funds do not have such a commission.</li> </ul> Who can invest?<blockquote><ul><li>主动管理基金与被动基金。主动管理型共同基金的特点是基金经理试图通过战略性地买卖证券来击败基金的基准指数。被动基金或指数基金只是试图通过基于指数的投资组合建模来复制基准指数的回报。有时，该基金会购买指数中的所有证券。</li><li>开放式基金与封闭式基金。开放式基金对其可以发行的份额数量没有限制。投资者只需购买股票，基金经理就会吸收新的资金流入并将其分配给适当的证券。封闭式基金的份额数量有限，因此投资组合经理不必处理资金流入或资金流出的问题。为了买卖股票，你必须在公开市场上找到买家或卖家。</li><li>负载与无负载资金。有负载的基金向向投资者出售基金的经纪人支付佣金。佣金来自投资者购买（预付）或出售共同基金（后装）时的资金。免佣基金没有这样的佣金。</li></ul>谁可以投资？</blockquote> Mutual funds are available to every investor. Some funds may have a minimum investment ranging from $100 to $10,000 or more. More and more funds have no minimum investment these days.<blockquote>每个投资者都可以使用共同基金。一些基金的最低投资额可能从100美元到10,000美元或更多。如今越来越多的基金没有最低投资额。</blockquote> How mutual fund fees work<blockquote>共同基金费用如何运作</blockquote> Mutual funds charge a management fee, which typically ranges between 1% and 2% of assets under management. Index funds usually have much lower fees. Some broad-based index funds have fees close to&nbsp;0%.<blockquote>共同基金收取管理费，通常为管理资产的1%至2%。指数基金的费用通常要低得多。一些宽基指数基金的费用接近0%。</blockquote> Note that the management fee is separate from the fees paid in loaded funds where the broker receives some of the investors' funds as well. The management fee goes directly to the mutual fund company, and it's paid annually.<blockquote>请注意，管理费与装载基金支付的费用是分开的，在装载基金中，经纪人也会收到投资者的部分资金。管理费直接支付给共同基金公司，每年支付一次。</blockquote> How are mutual funds regulated?<blockquote>共同基金是如何监管的？</blockquote> Mutual funds must register with the SEC in order to sell shares publicly. The SEC enforces several regulations, including the Securities Act of 1933, which requires mutual funds to provide investors with certain information, including a description of the fund, information about management, and financial statements. The Investment Company Act of 1940 also requires mutual funds to provide details of their financial health and investment policies.<blockquote>共同基金必须在美国证券交易委员会注册才能公开出售股票。SEC执行多项法规，包括1933年证券法，该法要求共同基金向投资者提供某些信息，包括基金描述、管理信息和财务报表。1940年的《投资公司法》还要求共同基金提供其财务健康和投资政策的详细信息。</blockquote> What are hedge funds?<blockquote>什么是对冲基金？</blockquote> A&nbsp;hedge fund&nbsp;is designed as a way for individual investors to gain access to the investment ideas and strategies of fund managers they believe have an edge on the market. Hedge funds are structured as general partnerships, and investors buy into the investment company directly as limited partners instead of buying publicly offered shares.<blockquote>对冲基金旨在为个人投资者提供一种获取他们认为在市场上具有优势的基金经理的投资理念和策略的方式。对冲基金的结构为普通合伙企业，投资者作为有限合伙人直接购买投资公司，而不是购买公开发行的股票。</blockquote> Investment strategies<blockquote>投资策略</blockquote> Hedge funds aren't limited in the strategies they can use in order to produce positive and outsized returns for their investors. Hedge funds will use derivatives such as&nbsp;options&nbsp;and&nbsp;margin&nbsp;to gain leverage, and they maysell stocks short.<blockquote>对冲基金可以使用的策略并不局限于为投资者带来正的巨额回报。对冲基金将使用期权和保证金等衍生品来获得杠杆，并且可能会卖空股票。</blockquote> Hedge funds are also able to invest in just about any market:cryptocurrency, private real estate, or vintage single malt scotch. These are strategies unavailable in mutual funds due to SEC regulations. They're also much riskier strategies than simply buying publicly traded securities.<blockquote>对冲基金也可以投资几乎任何市场：加密货币、私人房地产或陈年单一麦芽苏格兰威士忌。由于SEC的规定，这些策略在共同基金中是不可用的。它们也是比简单购买公开交易证券风险更大的策略。</blockquote> Who can invest?<blockquote>谁可以投资？</blockquote> Hedge funds are only able to accept funds from accredited investors. The SEC defines an accredited investor as someone with a liquid net worth (home equity doesn't count) of $1 million or an annual income of $200,000 (or $300,000 with a spouse). The SEC believes that level of wealth makes an investor more sophisticated and better able to withstand the volatility and uncertainty associated with hedge funds.<blockquote>对冲基金只能接受来自合格投资者的资金。SEC将合格投资者定义为流动净资产（房屋净值不算）为100万美元或年收入为20万美元（或配偶为30万美元）的人。美国证券交易委员会认为，这种财富水平使投资者更加老练，能够更好地承受与对冲基金相关的波动性和不确定性。</blockquote> Hedge funds often have minimum investments of $1 million or more. They typically limit investment windows, and they can have minimum holding periods. They can also restrict when investors can withdraw. As such, hedge fund investors require a good amount of liquidity outside of their investment in the hedge fund.<blockquote>对冲基金的最低投资额通常为100万美元或以上。它们通常会限制投资窗口，并且可以有最短持有期。他们还可以限制投资者何时可以退出。因此，对冲基金投资者在对冲基金投资之外还需要大量的流动性。</blockquote> How hedge fund fees work<blockquote>对冲基金费用如何运作</blockquote> Hedge funds charge two types of fees: management fees and performance fees. A management fee is similar to the management fee for a mutual fund. The fund charges anexpense ratio, typically 2%, that's taken out of the assets under management every year.<blockquote>对冲基金收取两种费用：管理费和绩效费。管理费类似于共同基金的管理费。该基金收取费用率，通常为2%，每年从管理的资产中扣除。</blockquote> The performance fee, as the name implies, is based on the fund's performance, and it's usually 20% of the gains. So, if the fund increases by 10% one year, the fund takes 20% of the gains (2% of the investment), and the rest stays invested with the fund. If the fund loses money, there's no performance fee, but the investors still have to pay the management fee.<blockquote>业绩费，顾名思义，是基于基金的业绩，通常是收益的20%。因此，如果基金在一年内增长10%，基金将获得收益的20%（投资的2%），其余部分将继续投资于基金。如果基金亏损，没有绩效费，但投资者仍需支付管理费。</blockquote> The most typical fee structure — a 2% management fee and a 20% performance fee — is known as 2-and-20.<blockquote>最典型的费用结构——2%的管理费和20%的绩效费——被称为2和20。</blockquote> How are hedge funds regulated?<blockquote>对冲基金是如何监管的？</blockquote> Hedge funds only have to register with the SEC once they reach total assets under management of above $100 million. Beyond that, they must abide by Regulation D of the Securities Act of 1933 and limit their investors to accredited investors. That allows them to remain exempt from most reporting to the SEC and makes investing in a hedge fund much more opaque than investing in a mutual fund.<blockquote>对冲基金管理的总资产超过1亿美元后，只需向SEC注册。除此之外，他们必须遵守1933年证券法D条例，并将投资者限制为合格投资者。这使得他们可以免于向SEC提交大部分报告，并使投资对冲基金比投资共同基金更加不透明。</blockquote> Additional considerations<blockquote>其他注意事项</blockquote> Hedge funds have shown worsening performance over the past 15 years or so even as the U.S. stock market has been on a tear. In fact, in&nbsp;bull markets, mutual funds may provide better returns than hedge funds net of fees since alternative investment strategies fail to keep up with the stock market.<blockquote>在过去15年左右的时间里，尽管美国股市一直在上涨，但对冲基金的表现却在恶化。事实上，在牛市中，共同基金可能比对冲基金提供更好的扣除费用的回报，因为另类投资策略无法跟上股市的步伐。</blockquote> That said, those strategies can be invaluable in&nbsp;bear markets. If the strategies have returns truly uncorrelated with U.S. stocks, they could provide positive returns as the stock market craters. That's when a hedge fund will really live up to its name.<blockquote>也就是说，这些策略在熊市中可能是无价的。如果这些策略的回报确实与美国股市无关，那么它们可以在股市暴跌时提供正回报。那就是对冲基金真正名副其实的时候。</blockquote> While hedge funds hold the promise of big returns supported by advanced trading strategies, they can go for long periods without producing the expected results. For patient investors, they could pay off.<blockquote>虽然对冲基金有望在先进的交易策略的支持下获得巨额回报，但它们可能会长期运作而不会产生预期的结果。对于耐心的投资者来说，他们可以获得回报。</blockquote> But perhaps the age when hedge funds could outperform the average investor is over. Today's technology makes it easier for retail investors to invest and use their own strategies, whether they're exceedingly simple or super complex. For most investors, a mutual fund will be able to meet all of their investing needs, but they're a bit more boring than hedge funds. But good investing is usually boring.<blockquote>但也许对冲基金表现优于普通投资者的时代已经结束。今天的技术使散户投资者更容易投资和使用自己的策略，无论它们是极其简单还是超级复杂。对于大多数投资者来说，共同基金将能够满足他们所有的投资需求，但它们比对冲基金更无聊。但好的投资通常是无聊的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/how-to-invest/mutual-funds/hedge-fund-vs-mutual-fund/\">Motley Fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.fool.com/investing/how-to-invest/mutual-funds/hedge-fund-vs-mutual-fund/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145502609","content_text":"Both hedge funds and mutual funds are investment products offering managed portfolios for investors, but that's about where the similarities end. Hedge funds target high-net-worth individuals and take on more complex and volatile trading strategies in an effort to produce positive returns for clients. Mutual funds are available to any investor, but they're more restricted in what they can trade. The main goal of a mutual fund manager is to outperform a benchmark index.\nIMAGE SOURCE: GETTY IMAGES.\nMajor takeaways\nMutual funds:\n\nPool money from all investors with minimum investments as low as $1.\nRegulated by the U.S. Securities and Exchange Commission (SEC).\nAvailable for trading every day the stock market is open.\nUsually buy and hold securities based on a specified strategy detailed in a prospectus.\nCharge a flat fee as a percentage of assets under management.\n\nHedge funds:\n\nPool money from accredited investors with a liquid net worth above $1 million or an annual income exceeding $200,000.\nStructured as general partnerships and not heavily regulated by the SEC.\nLimited windows to invest and withdraw funds.\nUse trading strategies including derivatives, shorting, and buying alternative assets.\nCharge fees based on performance as well as assets under management.\n\nWhat are mutual funds?\nA mutual fund is an easy way for individual investors to gain access to a managed portfolio of publicly traded securities such as stocks and bonds. Investors buy shares of a mutual fund, and their money gets pooled with other shareholders by the fund manager. The manager works to meet the objectives laid out in the prospectus, which will detail the benchmark index the manager's performance should be weighed against and the strategy they'll use to invest.\nInvestment strategies\nMutual funds are generally considered safer investments than hedge funds. That's because fund managers are limited in their ability to use riskier strategies such as leveraging their holdings, which can increase returns, but it also increases volatility.\nMutual funds buy publicly traded securities based on the manager's criteria. Those criteria could be very specific like buying pharmaceutical stocks the manager thinks are undervalued based on certain metrics, or they could be very general like simply buying every stock in the S&P 500 index. There's a wide range of strategies available to mutual fund investors, and the details are laid out for investors in the prospectus.\nTypes of mutual funds\nThere are a few different types of mutual funds investors should be aware of.\n\nActively managed vs. passive funds.Actively managed mutual funds are characterized by a fund manager who attempts to beat the fund's benchmark index by strategically buying and selling securities. Passive funds, or index funds, merely try to replicate the returns of the benchmark index by modeling a portfolio based on the index. Sometimes, the fund will just buy every security in the index.\nOpen-ended vs. closed-ended funds.Open-ended funds have no limit to the number of shares they can issue. Investors simply buy shares, and the fund manager takes new inflows and allocates them to the appropriate securities. Closed-ended funds have a limited number of shares, so the portfolio manager doesn't have to deal with inflows or outflows. In order to buy or sell shares, you have to find a buyer or seller on the open market.\nLoad vs. no-load funds.Funds with a load pay a commission to the broker who sells the investor the fund. The commission comes out of the investor's funds either at purchase (front-loaded) or at the sale of the mutual fund (back-loaded). No-load funds do not have such a commission.\n\nWho can invest?\nMutual funds are available to every investor. Some funds may have a minimum investment ranging from $100 to $10,000 or more. More and more funds have no minimum investment these days.\nHow mutual fund fees work\nMutual funds charge a management fee, which typically ranges between 1% and 2% of assets under management. Index funds usually have much lower fees. Some broad-based index funds have fees close to 0%.\nNote that the management fee is separate from the fees paid in loaded funds where the broker receives some of the investors' funds as well. The management fee goes directly to the mutual fund company, and it's paid annually.\nHow are mutual funds regulated?\nMutual funds must register with the SEC in order to sell shares publicly. The SEC enforces several regulations, including the Securities Act of 1933, which requires mutual funds to provide investors with certain information, including a description of the fund, information about management, and financial statements. The Investment Company Act of 1940 also requires mutual funds to provide details of their financial health and investment policies.\nWhat are hedge funds?\nA hedge fund is designed as a way for individual investors to gain access to the investment ideas and strategies of fund managers they believe have an edge on the market. Hedge funds are structured as general partnerships, and investors buy into the investment company directly as limited partners instead of buying publicly offered shares.\nInvestment strategies\nHedge funds aren't limited in the strategies they can use in order to produce positive and outsized returns for their investors. Hedge funds will use derivatives such as options and margin to gain leverage, and they maysell stocks short.\nHedge funds are also able to invest in just about any market:cryptocurrency, private real estate, or vintage single malt scotch. These are strategies unavailable in mutual funds due to SEC regulations. They're also much riskier strategies than simply buying publicly traded securities.\nWho can invest?\nHedge funds are only able to accept funds from accredited investors. The SEC defines an accredited investor as someone with a liquid net worth (home equity doesn't count) of $1 million or an annual income of $200,000 (or $300,000 with a spouse). The SEC believes that level of wealth makes an investor more sophisticated and better able to withstand the volatility and uncertainty associated with hedge funds.\nHedge funds often have minimum investments of $1 million or more. They typically limit investment windows, and they can have minimum holding periods. They can also restrict when investors can withdraw. As such, hedge fund investors require a good amount of liquidity outside of their investment in the hedge fund.\nHow hedge fund fees work\nHedge funds charge two types of fees: management fees and performance fees. A management fee is similar to the management fee for a mutual fund. The fund charges anexpense ratio, typically 2%, that's taken out of the assets under management every year.\nThe performance fee, as the name implies, is based on the fund's performance, and it's usually 20% of the gains. So, if the fund increases by 10% one year, the fund takes 20% of the gains (2% of the investment), and the rest stays invested with the fund. If the fund loses money, there's no performance fee, but the investors still have to pay the management fee.\nThe most typical fee structure — a 2% management fee and a 20% performance fee — is known as 2-and-20.\nHow are hedge funds regulated?\nHedge funds only have to register with the SEC once they reach total assets under management of above $100 million. Beyond that, they must abide by Regulation D of the Securities Act of 1933 and limit their investors to accredited investors. That allows them to remain exempt from most reporting to the SEC and makes investing in a hedge fund much more opaque than investing in a mutual fund.\nAdditional considerations\nHedge funds have shown worsening performance over the past 15 years or so even as the U.S. stock market has been on a tear. In fact, in bull markets, mutual funds may provide better returns than hedge funds net of fees since alternative investment strategies fail to keep up with the stock market.\nThat said, those strategies can be invaluable in bear markets. If the strategies have returns truly uncorrelated with U.S. stocks, they could provide positive returns as the stock market craters. That's when a hedge fund will really live up to its name.\nWhile hedge funds hold the promise of big returns supported by advanced trading strategies, they can go for long periods without producing the expected results. For patient investors, they could pay off.\nBut perhaps the age when hedge funds could outperform the average investor is over. Today's technology makes it easier for retail investors to invest and use their own strategies, whether they're exceedingly simple or super complex. For most investors, a mutual fund will be able to meet all of their investing needs, but they're a bit more boring than hedge funds. But good investing is usually boring.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":181,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/880791712"}