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What is the difference between fund and portfolio?
A fund is a portfolio, in that it is a collection, so the term is interchangeable for the most part.  Funds are made up of a combination of equities positions (i.e., stocks, bonds, etc.) plus some amount of un-invested cash. Most of the time, when people are talking about a "fund", they are describing what is really an investment strategy.  In other words, an example would be a "Far East Agressive" fund (just a made up name for illustration here), which focuses on investment opportunities in the Far East that have a higher level of risk than most other investments, thus they provide better returns for the investors.  The "portfolio" part of that is what the stocks are that the fund has purchased and is holding on behalf of its investors.  Other funds focus on municipal bonds or government bonds, and the list goes on. I hope this helps. Good luck!