The mood of investors fluctuates with the stock price, and the net value of the fund also affects the nerves of the base people.

In addition to ups and downs, the net worth of the fund is also a lot of "strange things". Today we will come to "August 18":

An one-day surge of 177.29%

Compared with the stock price, the fund is a portfolio investment, the net value fluctuation is much smaller, although there is no limit, but in theory, even if all the stocks held by the fund rise / fall limit, its net value should rise / fall less than 10%.

However, there are always "exceptions":

On April 18, 2016, the net value of Cathay Pacific Nongyi mixed C (002059) unit rose from 1.272 yuan to 2.424 yuan, a daily increase of 90.57%!

Look at the net value trend chart of Cathay Pacific Nongyi mixed C, what a big positive line!

Let's take a look at something more "fierce":

On November 1, 2016, the net value of win-win double interest bond A _ (002521) rose from 1.026 yuan to 2.845 yuan, an one-day increase of177.29%！

In the calm net worth trend, this day's surge is how conspicuous.

With the surge of the day, win-win double interest bond An and Cathay Pacific Nongyi mixed C became the No. 1 and No. 2 in the 2016 fund income list.

Xiaotong looked at the funds with the top five returns so far this year, and all of them appeared without exception.Daily net worth soaredThe situation.

What did these funds buy? Why can it rise so much in one day?

In fact, these funds soared in one day not because of the good performance of the assets they bought, but because the redemption fees resulting from huge redemptions were included in the fund assets.

What does this mean?

With regard to the inclusion of redemption fees in fund assets, Article 7 of Chapter 2 of the provisions on the Administration of sales expenses of Open-end Securities Investment funds reads as follows:

Take a chestnut.

A the net value of fund units is 1 yuan, the total share is 50 million, and the total fund assets are 50 million yuan.

One day, agency F redeemed all its 49.5 million A funds (there are still 500000 A funds left). Due to the holding time of less than 30 days, a total redemption fee of 4950 × 1 × 0.75% = 371250 yuan was generated.

The redemption fee is fully included in the fund assets, and the remaining fund assets after redemption is 50 × 1 million 37.125 = 871250 yuan. The remaining total share is 500000, and the net value of the fund is 1.7425 yuan.

Due to the huge redemption of agency F, the net value of Fund A rose from 1 yuan to 1.7425 yuan, up 74.25% in a single day.

An one-day plunge of 67.56%

After watching the soaring, let's take a look at the plummeting.

On January 29th, the net value of a fund unit fell from 1.039 yuan to 0.337 yuan, an one-day decline of 67.56 percent.

It's down 68% a day. What's going on?

According to the fund contract, the open-end fund should publish a net value every day, which should be retained to three or four decimal places.

At present, the net value of the share agreed on in most fund contracts is retained in the last three places, so the fourth digit after the decimal point is about to be rounded, and investors should apply for purchase or redeem according to the net share announced on the same day.

So there is an extreme situation: on January 28, the true net worth of the fund may be1.0385元(of course, it could be 1.0386 yuan or 1.0387 yuan.), so it is announced after rounding.1.039元。

If the true net value of the fund on that day is 1.0385 yuan, then someone wants to redeem it, in the fund assets, it is equivalent to paying "five into" 0.0005 yuan more for each redemption share.

It is conceivable that if there were only 1000 redemptions on that day, there would be no problem for a fund with assets of 1.5 billion yuan (according to the 2015 Quarterly report, the share of the fund was 1.585 billion).

But the problem is, assuming that there are 1.5 billion to be redeemed, according to the above provisions, more than 750000 yuan will be paid, and the money will be paid out of the fund assets and shared by the remaining holders. Assuming that its share is 1.50107 billion shares on January 28, 2016, then the extra payment of 750000 yuan will be borne by the holders of the remaining 1.07 million shares, that is, the remaining fund shares will lose about 0.70 yuan per share.

So the net worth is tragic.

The slump was not caused by poor investmentInstead, it is a small probability event that happens to be a combination of the "rounding" of the fund's net worth and large redemptions.

In order to avoid the loss of profits caused by the fluctuation of the net value caused by the valuation method, the fund repaired the net value in time, and the net value of the fund returned to 1.040 yuan on February 1st.

There is also a situation where the net worth of fund units will "plummet" in one day.

After dividend, the net value of the fundWhy?Will plummet?

On November 30, 2015, Rongtong gem paid a dividend of 0.60 yuan per share, and the unit net worth dropped from 1.947 to 1.348.

Financing gem fund net value

Unit net value = (total fund assets-total fund liabilities) / total fund share

The dividend is "taken away" from the total assets of the fund, and the net value of the unit falls accordingly. If the proportion of dividends is relatively large, the unit net worth will be greatly reduced.

And careful partners may have seen that while the net value of the gem has dropped sharply, its cumulative net value has not changed much, rising from 2.557 to 2.558.

What is the cumulative net worth?

Go straight to the answer:

Cumulative net worth = unit net value + cumulative unit dividend since the establishment of the fund.

After the dividend of the fund, the cumulative net value will not change without considering the rise and fall of the fund itself.

Cumulative net worth is the net value considered in terms of "cash dividends". For example, a fund unit net value was originally 1.5 yuan, after the dividend to 1 yuan, the cumulative net value will add 0.5 yuan in cash dividends, is still 1.5 yuan.

Fund dividends in addition to cash dividends, many people will choose dividends to reinvest. Cumulative net worth can not reflect the income generated by dividend reinvestment, what should we do?

At this point, it's your turn.Net value of complex weightHere we go.

The net value of restoration weight is the calculation of the net value of the unit of the fund, and the factors of dividend or split of the fund are comprehensively considered.The historical net value of the fund without any dividend or split.

The difference between net weight value and cumulative net value lies in the treatment of dividends. The compound weight net value is to add the dividend back to the unit net value and calculate the compound interest as a reinvestment.

The difference between these three net values can be seen more clearly with a table:

To sum up, the unit net value is the transaction price of a fund, and the significance of cumulative net value and net weight value is to fairly compare the historical performance of the fund, restore the true face of the historical growth rate of the fund, and help investors to choose the fund.

Buy a cheap fund or an expensive one?

When buying funds, there are also a lot of peopleTend to choose "cheap", that is, low net worth.Their inner OS goes something like this:

Funds with high ① net worth have high investment costs and are more expensive to buy than funds with low net worth.

Funds with high ② net worth have risen so much that the future income space has narrowed, so it is better to buy funds that have not risen much.

However, this is not the case. Take a chestnut:

There is a famous high-priced fund in the history of Chinese public offering fund-- the Huaxia market selection managed by Wang Yawei. It is also the first one."10 yuan fund"。

In 2009, the Huaxia market featured116.19%The increase ranks first in the market. Its unit net worth also increased from 4.833 yuan to 9.975 yuan.

In 2010, the net worth of selected units in the Huaxia market continued to rise from 9.975 yuan to 12.278 yuan.24.24%The increase ranked seventh in the market.

In contrast, 122 funds with a net worth of less than 1 yuan at the end of 2009 increased by an average of only 6 percent in 2010.0.84%。

Thus it can be seen that the low net worth of the fund does not mean that the fund has more investment value.

The main reason to invest in a fund is to be optimistic about the future market performance of the fund's investment target and the operation level of fund managers, rather than the net worth at the time of buying.

Many funds with high net worth, precisely because of their good historical performance, prove the operation level of fund managers on the one hand.

In addition, the fund with high net worth has an advantage, that is, some investors are too expensive to buy, the size of the fund is difficult to increase sharply in a short period of time, and it is convenient for fund managers to control it within a reasonable range.

Why did the market rise while my fund fell?

Sometimes, friends who have bought equity funds are filled with joy when they see the market (Shanghai Composite Index) rise, but finally find that their fund net worth is down.

This happens almost every day. Take the four trading days of last week as an example:

In fact, this is also easy to explain, the market rise does not mean that all stocks are up.

There is a situation in which stocks with larger market capitalization rise, but most small and medium-sized stocks fall. At this time, the market does rise because companies with large market capitalization have a lot of power, and they drive the index up.

And the fund you buy, most of the positions may be allocated in falling small and medium-sized stocks, so the net value of the fund will naturally fall.

Therefore, for actively managed stock funds, the investment scope of the fund, the stock selection ability of fund managers and the ability to adjust positions are the main factors that affect the performance of the fund.

For index funds, in general, the rise and fall of net worth and the index tracked are in the same direction, relatively simple and transparent.

Why did the valuation go up while the net worth of the fund fell?

Now, in order to meet the needs of customers, many third-party organizations have launched the "intraday valuation" of the net value of the fund. Real-time updates are made between 9:30 and 15:00 on each trading day.

For example, Tiantian Fund Network:

However, the estimated net value often deviates greatly from the actual net value.

Why is that?

It turns out that the intraday valuation is based on publicly disclosed fund positions and index movements.

Specifically, the valuation of third-party organizationsIt is estimated based on publicly disclosed fund positions.

This position data comes from the latest quarterly report, annual report, etc., that is, the data up to the end of the last quarter and the end of the year, including the top ten stocks / five heavy debt, the overall position of the fund, and so on.

And the fund operation is real-time.It is possible that the fund manager has adjusted his position, and the daily redemption of the fund will also affect the fluctuation of net worth, which are non-public information.

So,The net valuation of actively managed funds is often a far cry from the net value actually disclosed.It is of little significance for reference.

By the way, how does the net value of the fund come out:

The net value of the fund is the data published by the fund manager and the China Securities Registration and Clearing Corporation and verified by the custodian bank.

Formula for calculating the net unit value of the fund on the same day:

Unit net value = (total fund assets-total fund liabilities) / total fund share

Tip:

Total assets include: stocks, bank deposits, bonds, other securities, etc.

Total liabilities include: expenses payable to others, interest on funds payable, etc.

Usually after 20:00 every trading day, friends can see the latest and most accurate net worth through the following three channels:

When buying a fund, why is the transaction price not the next unit price?

This is a problem that many people who buy funds for the first time encounter.

When buying and selling stocks, if we place an order at a price, the final transaction price is the price at which we place the order.

This is not the case with fund trading.

Fund transactions followPrinciple of unknown priceIt is generally written in the fund contract:

"unknown price" means that when investors apply for purchase and redemption, they do not know at which net value they will close the deal.

For example, if you apply for a fund before 15:00 on T-day, and T-day is the application date, the price of your purchase / redemption is calculated on the basis of the net value of the fund after the close of T-day.

Generally speaking, this net worth will not be announced until 8: 00 or 9: 00 p.m. on the T day at the earliest.

When you place an order on T day, the latest net value you can see is generally the net value of (TMMI 1) day, which is for reference only, not the actual transaction price.

Why don't fund trading take the "usual way"?

Mainly for the fairness of fund transactions.

For example, yesterday's net value of the fund was 1.5 yuan, but in today's stock market soared, the net value of the fund also rose sharply, rising to 1.8 yuan. If investors buy fund shares today according to the previous day's net value of 1.5 yuan, and sell fund shares according to today's 1.8 yuan the next day, they can immediately earn a profit of 0.3 yuan per share. This will not only be unfair to long-term investors, but will also cause chaos in the market.

Therefore, in order to prevent the occurrence of this kind of speculation, the international common practice is to buy and sell funds according to the net value of fund shares on the trading day.

If more than half of the shares are suspended, the net worth can also be calculated.

If all the stocks held by a fund are suspended on the same day, how is the net worth calculated?

On July 8, 2015, 1314 stocks were suspended, accounting for 47.31% of the total number of listed companies.

On July 9, 1440 stocks were suspended, accounting for 51.86 per cent of the total number of listed companies.

In those two days, all partial stock funds normally announced their net worth, without exception. How is this calculated?

Wouldn't it be all right according to the price before the suspension?

Of course not!

If the stock price of the stock market rises and the stock price is suspended, the net value of the fund will be underestimated and people will be willing to apply for it. at this time, the new customers who apply for the purchase will be equivalent to sharing the money of the old customers.

If the market falls and the suspended stock price remains the same, the net worth of the fund will be overvalued and investors will compete to redeem it, and those who do not redeem will be equivalent to paying for the redemption.

Therefore, in order to prevent redemption arbitrage, some methods need to be used to value suspended stocks.

There are four common methods:

① index income method

② comparable company law

③ market price model method

④ uses valuation model for valuation

What is most commonly used in fund accounting isIndex income method. This will be disclosed in the Fund's valuation Adjustment announcement.

Popularize science.

For stocks that need to be valued, using the index income method to value is divided into two steps:

The first step: on the valuation date, the daily rate of return of the published corresponding industry index is used as the return of the stock.

Step 2: calculate the fair value of the stock on that day based on the yield obtained in the first step.

The industry index used as the basis for stock valuation is usually the China Foundation Association Fund Industry Stock valuation Index (AMAC Industry Index for short).

Take a chestnut.

The last trading day before the suspension is June 30, and the final trading day price is 25.16 yuan. The industry index of the stock was 1034.56 on that day.

The index was 1456.78 on July 30th.

If the index yield is (1456.78amp 1034.56-1) * 100%, then the A stock price is 25.16 * (1mm 40.811%) = 35.43 yuan.

It is worth noting that fund companies do not use the index return method to value a stock as soon as it is suspended. First, it uses the valuation to calculate the net value of the fund, and then compares it with the net value of the fund calculated by the current market price to see whether the difference is more than 0.25%. If it exceeds, it needs to be valued by index returns.

And when the suspension stock resumes trading, it is not immediately converted to the market price to calculate the net value of the fund.

If the stock has no trading volume after the resumption of trading, continue to use the index return method, until the rise / fall limit is opened and trading is active, then start to use the market price.

At this time, if there is a big difference between the market price and the previous valuation using the index income method, and the stock has a higher position in the fund, it will cause obvious fluctuations in the net value of the fund. Some people focus on the "arbitrage opportunities": for example, they are optimistic that a stock will rise by the daily limit after the resumption of trading, and buy funds that hold heavy positions in the stock ahead of time.

However, Xiao Tong would like to remind everyone that no one can tell the performance of stocks after the resumption of trading, and arbitrage is also risky.