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在封闭式基金发行初期(1998～2002年),成立了4只引入指数化投资概念的基金——基金兴和、基金景福、基金普丰和基金天元。它们并不是严格意义上的指数基金,而是采用混合型投资策略,运作时将资金的50%投资于指数,30%投资于股票,20%投资于债券。剔除债券投资部分,这些基金的投资策略与开放式指数基金颇为类似。截至2009年4月10日,这4只基金的折价均在30%以上,见表1。
In the initial stage of closed-end fund issuance (from 1998 to 2002), four funds, namely Xinghe, Jingfu, Fufeng and Fund Tianyuan, were introduced to introduce the concept of indexed investment. Rather than being strictly index funds, they use a hybrid strategy that invests 50% of the money in the index, 30% in the stock and 20% in the bond. Excluding the bond investment part, the investment strategy of these funds and open index funds are quite similar. As of April 10, 2009, these 4 funds have a discount of over 30%, as shown in Table 1.