After buying a fund, many investors will pay special attention to the "net value estimation" data provided by the platform and judge the fluctuation range of the day accordingly. However, it is often found that the "valuation" of the fund is different from the published actual net value. Today, Bian Xiao will share with you why there is a difference between "valuation" and net worth, for your reference only!

Fund valuation

It refers to the process of calculating and evaluating the value of fund assets and liabilities at fair prices to determine the net asset value and net fund share value.

The consistency of valuation methods means that funds adopt the same valuation methods and abide by the same valuation rules when valuing assets. The disclosure of valuation methods means that the valuation methods adopted by the fund need to be publicly disclosed in the fundraising documents stipulated by law. If the fund changes its valuation method, it also needs to be disclosed in time.

Net fund value

Generally refers to the fund unit net value, refers to the fund's current total net assets divided by the total fund share, and its calculation formula is: fund unit net value = total net assets/fund share.

The calculation of fund unit net value includes the calculation of fund total net value and fund unit net value?

According to generally accepted accounting principles, the total net assets of the fund = the total assets of the fund-the total liabilities of the fund.

How is the "valuation" on the platform calculated?

The "valuation" you see on the fund details page is an estimate made by the platform based on the position portfolio published in regular reports such as the quarterly report of the fund and the real-time performance of the corresponding assets, and then using a specific algorithm.

Tips: The fund's position information will be published in the regular report and will not be updated daily! The disclosure time of periodic reports depends on the management requirements of China Securities Regulatory Commission on fund information disclosure, and the relevant provisions include:

1. Issue quarterly fund reports within 15 working days from the end of the quarter;

2. The interim report of the Fund will be released within two months after the end of the first half of the year;

3. The annual report of the Fund shall be released within three months after the end of each year;

4. If the fund contract takes effect less than two months, the fund manager may not prepare the current quarterly report, interim report and annual report.

Take chestnuts for example. BOC Health was established on May 27th, 2020. Therefore, investors will see their heavy stock and bond information in the third quarter report (released within 15 working days from the end of the quarter) ~ ~

It is normal that the "valuation" does not match the net value of the fund!

Since most of the information published in the periodic report is the "past tense" of the last quarter, the first half of the year and the previous year, the fund manager may have adjusted his position according to the market situation. Therefore, the "valuation" calculated on this basis is for reference only, which can neither reflect the current position nor guarantee the same with the actual net value. At the same time, different platforms and institutions have different algorithms for "valuation", and the valuations found through different channels are often different.

It is normal that there is a difference between the "valuation" and the net value. Little friends still have to be based on the net value announced by the fund company!

Can fund managers "steal" profits?

All the money invested by everyone in the fund is managed by a special custody account set up by the custody bank, and the funds of the fund can only enter and exit through this account.

After the fund manager selects the investment target of the fund, he can transfer the fund assets (within the scope agreed in the fund contract) by issuing trading orders to buy stocks, bonds and other securities. In addition, any fund company personnel, including fund managers, have no right to transfer investors' money without permission. Moreover, the daily net value of the fund needs to be recorded by the custodian bank, and any abnormal instructions cannot pass the custodian bank. Therefore, it is really wrong for fund managers to "steal vegetables"!

In the past two years, the returns of funds purchased by many investors are generally unsatisfactory. What caused the large losses of most funds? Mars, an analyst at Shanghai Securities Fund Evaluation Center, pointed out that, first of all, the essence of fund products is the combination of securities, and the performance of fund income is closely related to the performance of the underlying market. In the continuous decline of the stock market, it is difficult for equity funds and hybrid funds, which mainly invest in stocks, to achieve positive returns. In the case of rising stock market, most partial stock funds can often achieve positive returns. Therefore, it is impossible for funds to create myths and create high positive returns in the continuous decline of the market in recent years.

From the long-term performance, in most cases, the overall performance of funds is better than that of individual investors, especially in bull markets and volatile markets. For example, in 2006 and 2007, more than 80% of equity funds achieved a return of more than 100%, while the proportion of individual investors was less than 20 12 years. Nearly 50% of equity funds have achieved a return of 5% to 30%. According to the survey, more than 50% of individual investors have lost between 5% and 50%. Therefore, the fund is still a good investment tool for individual investors to participate in the capital market.

All kinds of problems, whether China's stock market construction, economic development or asset management industry, can't be eliminated in a short time, and all need the rationality of the market as a whole to promote it. However, as investors themselves, we must measure our risk tolerance clearly and not blindly listen to the propaganda of sales staff. If your risk tolerance is weak, or the funds you want to use in the short term, you can't invest too much in a single stock fund to avoid being greatly affected by the risk of stock market fluctuations. Therefore, for individual investors, it is more meaningful to have a long-term investment mentality, choose appropriate fund products according to their own risk tolerance and renewal, avoid excessive pursuit of popular funds with outstanding short-term returns, pay more attention to funds with relatively stable long-term performance, and spread risks through fixed investment and portfolio allocation to obtain long-term stable returns.

Tip:

First, we should pay attention to arranging the proportion of fund varieties according to our own risk tolerance and investment purpose. Choose the fund that suits you best, and set an investment ceiling when buying partial stock funds.

Second, be careful not to buy the wrong "fund". The popularity of funds has led to some fake and shoddy products "fishing in troubled waters", so we should pay attention to identification.

Third, pay attention to the post-maintenance of your account. Although the fund is worry-free, it should not be left unattended. Always pay attention to the new announcements on the fund website, so as to have a more comprehensive and timely understanding of the funds you hold.

Fourth, pay attention to buying funds, and don't care too much about the net value of funds. In fact, the fund's income is only related to the net growth rate. As long as the fund's net growth rate stays ahead, the income will naturally be high.

Fifth, we should be careful not to "love the new and hate the old" or blindly pursue new funds. Although the new fund has inherent advantages such as preferential prices, the old fund has long-term operating experience and reasonable positions, which is more worthy of attention and investment.

Sixth, we should be careful not to buy dividend funds unilaterally. Fund dividend is the return of investors' previous income, so it is more reasonable to change the dividend method to "dividend reinvestment" as far as possible.

Seventh, we should pay attention not to talk about heroes in the short term. It is obviously unscientific to judge the pros and cons of the fund by short-term ups and downs, and it is necessary to make a comprehensive evaluation of the fund in many aspects and conduct a long-term investigation.

Eighth, we should pay attention to the flexible choice of investment strategies such as steady and worry-free fixed investment and affordable and simple dividend transfer.

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