Example 1: Primary and secondary schools in Hong Kong
Taking small and medium-sized enterprises in Hong Kong as an example, this paper explains how index funds estimate their net worth. The figure below shows the net value of small and medium-sized Hong Kong-funded funds on the Tian Tian Fund website. Investors can only see the net value on the 27th. If we want to buy the fund in the market on the 28th, if the transaction price is lower than the actual net value, it is equivalent to buying at a discount. How can we estimate its net value?
65438+net value on February 28th (a) = 65438+net value on February 27th (b) * (1+the small and medium-sized stock index of Standard & Poor's Hong Kong China rises and falls on February 28th (c)+the exchange rate of Hong Kong dollar against RMB rises and falls on February 28th (d)).
Suppose we consider whether to invest in small and medium-sized enterprises in Hong Kong when the market closes, we can estimate their net worth according to the above formula. On February 27th, around 14: 55, where B= is substituted into the formula to calculate A=, the transaction price at this time is a relative net discount. As the A-share market closed at 15: 00, the Hong Kong stock market closed at 16:00. Due to the continuous rise of small and medium-sized enterprises in Hong Kong, it is a very cost-effective transaction to buy the actual discount at the price of 65438+February 28th.
If we want to estimate Huabao's net oil and gas value, we can change the index tracked in the formula to oil and gas exploitation index (XOP), and if we want to estimate the net oil value in South China, we can change the index tracked in the formula to American crude oil continuous index (NXCLYO). Of course, this is only an estimate, because there will be some errors in the fund's index tracking, and the transaction friction loss will also affect the net oil value.
Example 2: Standard & Poor's 500
There is a strange phenomenon in the market. The highest premium of Standard & Poor's 500(5 13500) actually exceeds 30%. As can be seen from the following figure, the trading price of Standard & Poor's 500 on 12+09 was actually close to that of 2 yuan, and many investors kept buying.
The main reason for the analysis is that the S&P 500 suspended its subscription due to the limitation of foreign exchange quota, so the speculation funds unscrupulously speculated the on-site funds to such a high premium, and there were too many A-share gamblers.
Once the S&P 500(5 13500) started to buy, the following trend appeared:
Do you know how to estimate the net value of QDII funds?
Although it has been adjusted for five consecutive days, the premium rate of closing price 12% on February 29th is still as high as 12%. 65438+February 27 and 65438+February 28 plunge are still bought by many investors, and basically eliminating the premium requires a daily limit. I wonder where the courage of these buyers comes from. Calculate the net value of Standard & Poor's 500 according to the formula in example 1 = If investors don't understand the truth, blindly buying with the wind will cause huge losses.
abstract
When we invest in a target, we must do more research and not start betting in a daze. Understanding the net value calculation principle of QDII funds has the following advantages:
1. Buy the investment target at a discount and increase the safety mat.
2. When the investment target has substantial premium, it can be sold or rotated (for example, the high premium of 5 13500 is rotated to 16 1 125).
3. Avoid blindly buying with the wind, causing huge losses.