Opening a position, also known as opening a position, refers to the new purchase or sale of a certain number of futures contracts by traders.
In the past, the general position was the ratio of the market value to the net value of the stock announced by the fund every quarter. One problem with this algorithm is that the market value and net value of the stock include the value-added part, that is, the amount of the stock price increase, which does not represent the actual investment of the fund before the stock price increase.
The inclusion of the value-added part of the valuation has expanded the fund's investment in the stock market and increased the amount of funds before investment. The ratio of stock market value to fund net value cannot accurately represent the fund position.
Extended data:
This position can be said to be a narrow position, that is, the ratio of the stock cost that the fund has put into the market to the stock bond cost and bank deposit on the announcement date. That is to say, at a certain point, the funds that the fund has not invested in the stock market are limited to bank deposits, excluding the net accounts receivable and payable.
Because there is no valuation data in the quarterly portfolio announcement, the algorithms of the latter two kinds of stock positions can only be calculated after the fund publishes the interim and annual reports. Taking Kaiyuan Fund as an example, several calculation methods show that the highest stock position appears at different times, and the first and second stock position algorithms are quite different, with a difference of more than 8 percentage points.