What is a fund?

A fund is a financial product in which a professional asset manager invests money pooled from multiple investors in stocks, bonds, real estate and other assets, and returns the results to investors in proportion to their stakes.

Under the Financial Investment Services and Capital Markets Act (FSCMA), it is called a 'collective investment vehicle'. The basic principle is that investors do not direct the management of the money item by item, and those who invest in the same fund have equal rights and share the management results as they are.