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Questions about the fund
One,

Any investment has risks, and fund investment is no exception. Investment is a process of constantly controlling and resisting risks. In the process of investing in funds, investors usually face the following risks:

The first is the risk brought by the market decline, and the overheating of the market often indicates the coming of the risk. For example, the US stock market experienced a technology stock bubble at 1998. Investors' pursuit of internet technology stocks made the Nasdaq index hit a record high of 5048.62 points, but after the bubble burst, the Nasdaq index shrank by 76%, while the Dow Jones index fell by 30% from its peak in 2000 and the Standard & Poor's 500 index fell by 43% from its peak. 200 1, China A shares rose to 2,245 points due to market speculation, and the market average price-earnings ratio reached more than 60 times, then fell to 998 points, with a drop rate of 55.55%. Many funds suffered losses during this period.

Secondly, the risk of fund companies' operational mistakes. In the mid-1990s, a long-term capital fund appeared on Wall Street in the United States, which was jointly established by two Nobel laureates in economics, the former vice chairman of the Federal Reserve and the most successful arbitrage trader on Wall Street. In just four years, it achieved an extraordinary rate of return of 285%, creating the myth of Wall Street. However, under the excessive manipulation of its excellent traders, the long-term capital fund lost another $4.5 billion in two months, heading for the land of eternal destruction. In China, there is also a phenomenon that the performance declines due to the change of fund managers. Some fund companies have poor performance due to their mistakes in grasping the future economic situation and market hotspots.

Third, risks from investors themselves. In addition to the risks from the market and fund companies, more risks actually come from the people who buy funds themselves. Pursuing performance is the happiest way for ordinary investors to invest. Many investors look around for the best asset type or fund. However, because the performance without investment remains unchanged, investors often buy before the adjustment occurs. Subsequently, these performance chasers sell their investments in disappointment, but this usually happens before the performance starts to rebound. Performance chasers hope to bring the best investment for themselves by paying close attention to returns, but in fact, their blind pursuit leads them to buy at a high price and sell at a low price-the opposite of what they want.

Fourth, speculative mentality is the biggest risk. Some investors, regardless of their risk tolerance, not only mortgage their own property, but even borrow money at high interest rate for fund investment, which is a very dangerous speculation. The risk of such speculation is enormous. Once the market falls, these investors will suffer huge losses because they have expanded their capital leverage. Investment funds are a part of family asset allocation, especially stock funds should be prepared for long-term investment, and never speculate with a gambling mentality.

Second,

Trick 1: part of the stock of the arbitrage fund.

This kind of arbitrage has not appeared in the last year or two. This only happened in the bull market after the reform of non-tradable shares began in the past two years. During the period when many high-quality stocks resumed trading, the stock market rose sharply, and similar stocks achieved very high gains. It can be expected that these stocks will have an amazing increase after the resumption of trading. However, due to the suspension of trading, it is impossible to buy. Therefore, some funds have achieved arbitrage by buying a large number of funds with heavy positions in the stock.

For example, Kweichow Moutai (6005 19) was suspended on February 24th, 2006 due to the upcoming share-trading reform. The closing price of the previous trading day was 62.27 yuan. By April 17, the stock resumed trading and its share price rose sharply (the Shanghai Composite Index rose by nearly 7% during the suspension period). It closed at the daily limit for three consecutive trading days and closed at 84.03 on April 20. Suppose that after learning the information of stock resumption, buying the fund of the stock in a heavy position can realize arbitrage in a short time. Recently, due to the news that S Shuanghui is about to resume trading, it has attracted arbitrage opportunities of Cathay Pacific Golden Eagle Growth Fund and Changsheng Dynamic Select Fund, which hold S Shuanghui in heavy positions, so that fund companies have issued announcements to suspend subscription and transfer to business to protect the interests of existing investors.

Trick 2: Arbitrage opportunities of closed-end funds

The root of closed-end fund arbitrage lies in discount trading.

Long-term discount of closed-end funds is a common phenomenon in the world, which is generally considered as compensation for fund agency problems, liquidity problems and information turbidity problems. However, the discount rate of closed-end funds in China is as high as over 50%, which makes the funds seriously underestimated, which is not only due to the bear market for many years, but also related to the misunderstanding of investors. Therefore, stimulated by the opening of closed-end funds, closed-end funds performed well in 2006.

To illustrate the problem, suppose that the discount rate of a closed-end fund is 50%. Because about 30% of its assets are low-risk assets such as bonds and bank deposits, the actual discount rate of its stock assets is as high as 70%, that is, the stock assets in the closed-end fund are equivalent to selling at an average price of 30%, while most of the closed-end funds are blue-chip stocks such as China Petrochemical, Vanke and China Merchants Bank, which implies arbitrage opportunities. Therefore, the investment value of closed-end funds was gradually recognized by ordinary investors after the fund industry successfully closed its base last year.

Another opportunity for closed-end fund arbitrage is dividends, because closed-end funds stipulate in the fund contract that they must distribute 90% of the realized income every year. Therefore, during the peak period of fund dividends in March and April every year, it is easy to see a wave of dividend market. In fact, a large part of the reason behind the dividend market is discount trading. Suppose that the current net value of a closed-end fund is 2 yuan, the discount rate is 30%, and its transaction price is 1.4 yuan. Now, according to the fund contract, 0.9 yuan will receive dividends. After dividends, the net value will change to 1. 1 yuan, which is equivalent to investors buying assets with the value of 1. 1 yuan with 0.5 yuan, and the discount rate is over 45%.

Third: the arbitrage opportunities of LOF funds.

LOF (open-end fund) fund, namely "listed open-end fund". In other words, after the fund is issued, investors can purchase and redeem fund shares at designated outlets, or buy and sell funds on exchanges. However, if investors want to sell the fund shares purchased at designated outlets through the exchange system, they need to go through the cross-system transfer custody procedures; Similarly, if the fund shares bought in the exchange system are to be redeemed at other designated outlets, they should also be transferred to custody. It usually takes 2 days to go through the formalities of transferring custody.

At present, Shenzhen Stock Exchange has opened the on-site subscription and redemption business of LOF funds, that is, in addition to on-site real-time continuous bidding transactions, fund shares can also be purchased and redeemed according to the net value of funds. This can save the time for the basic people to handle the transfer custody procedures, and the subscribed fund shares or redemption funds will arrive on T+2. Funds bought in the market on that day can be sold in the market on T+ 1 day; The fund shares purchased on the same day can be sold in the T+2 day market; The funds for selling the fund shares in the market were available at that time, and the funds for redeeming the fund shares can be used in the account after 2 working days. At present, Rongtong Juchao 100, Nanfang Jipei and other 15 LOF funds can all apply for on-site subscription and redemption.

The arbitrage of LOF fund comes from the spread between the net value of the fund and the real-time transaction price. Judging from the current general trading situation, the spread between the net value and the real-time trading price can generally reach 1%~2%. If the net value of the fund is higher than the transaction price, investors can buy it at the transaction price in the market and then redeem it at the net value; On the contrary, if the net value of the fund is lower than the transaction price, investors can choose to purchase it off-site or on-site, and then sell it on-site at the transaction price to obtain arbitrage income.

Third,

Fund sales are divided into consignment sales and direct sales. Consignment is generally in banks and securities companies, and direct sales is directly bought and sold in fund companies, which can be bought in the sales department or website of fund companies. Compared with consignment, direct selling has the following advantages: First, the handling fee is low, generally 0.6%, and some are only 0.3%, which is about half cheaper than consignment; Second, direct selling funds can be freely converted in other funds of the parent company, and there are also preferential rates, which are generally one-way charges, only exempting subscription fees and redemption fees. Fund companies call this rate "conversion fee", and many fund companies have very favorable conversion fees; Third, the conversion saves time and can be confirmed on the same day, saving the time of redemption and re-subscription, and saving time and cost. These are the three benefits of direct selling. Of course, direct selling also has many inconveniences. For example, it is troublesome to open an account, especially for newcomers. It is a very troublesome thing to open an account one by one on the website of a fund company. Many people are worried about the security of online transactions. In fact, in my personal experience, online trading is still very safe, not as dangerous as we thought. Here I only talk about how to buy direct selling funds.

1. Open an account

First of all, prepare a bank card, and it is best to open online banking. If there is no online banking, the agricultural card can be paid by electronic payment card, which is also very safe. Other bank cards have not been used, so I don't know. Take the application for electronic payment of ABC card as an example (if you have already started online banking, skip this section):

First, apply for an agricultural card user, log on to the website of Agricultural Bank of www.95599.cn to apply for an electronic payment card, and follow the instructions of the website. Log on to the website of Agricultural Bank of China first, and then apply for an electronic payment card form. The information you need to fill in is: card number, password and graphic code. Log in to your bank card account page and apply for an electronic card in your account. The information you need to fill in is: bank card number, ID card, CVD number (that is, three independent numbers on the front of your bank card), and the latter two items are not required. Daily use limit (according to my personal hobby, if I buy a lot of funds a day and set a high point, I usually buy at most 3 funds a day, so the limit I set is 3) The total number of payments (it can be higher, such as 999). The limit of electronic cards can be set longer, 1 year or half a year. Exit after setting. At this point, you have applied for a number starting with 9559, which is an electronic transaction number. You don't have to remember this number. The banking system will record it for you and it will pop up automatically when you pay for the next transaction.

Then find the fund company you want to buy, find "online trading" on its website, and find "opening an account" after entering the page. Then follow the prompts (pay attention to fill in the real information). After the payment method is confirmed, it will automatically jump to the website of the bank you filled in. Generally, you will be prompted to use "customer certificate" or "electronic payment card" to pay. If you have online banking, choose "customer certificate" to pay, if not, you can choose an electronic payment card, so that the electronic card you just applied for will come in handy. Enter the payment password to confirm the success of payment. Generally, it will automatically jump to the website of the fund company. If you don't jump, you can click "Notify the customer that the payment is successful" and it will turn back.

Go back to the fund company's website and fill in the information and submit it. At this time, you will be prompted that your trading account will be opened at T+N, so you can check it. To tell the truth, the trading account is useless, just a voucher you use to log in to the system for trading. Since the fund company also provides the ID card login method, it is easier to remember than this, so you can ignore this.

2. The first transaction

After opening an account, you can log in to the transaction immediately. Find "online trading" on the website of the fund company-login method selection: account opening certificate, fill in my ID card (or other account opening certificate), and fill in the 8-digit transaction password left when opening an account.

After logging in, you will reach the personal transaction interface set up by the fund company for you. This is your world. Find transaction items, including purchase, subscription, redemption, conversion, etc. We just say subscribe, click subscribe, find the fund you want to buy, and then fill in the subscription amount directly. Payment is usually made in advance. Fill in and submit payment. When you pay, you will automatically jump to your own bank card. Just choose the appropriate payment method to pay, just like confirming the payment method. After the payment is completed, pay attention to keep the transaction serial number, which is the evidence for you to negotiate with the fund company in the event of an accident. Only a successful transaction is a valid transaction, and an application is made only if there is no payment or an accident in the payment process, which is regarded as a transaction failure. General emergencies include: expired online banking customer certificate, expired electronic payment card, network problems and transaction submission failure. In this case, there will be no transfer, so it doesn't matter. Buy again. The online banking customer certificate expires and needs to be handled at the bank. When the electronic payment card expires, log in to your bank card account first, cancel the original expired electronic card first, and then apply for a new card. Fund companies implement the principle of T+ 1 confirmation. Generally speaking, you can see your subscribed fund shares in your fund account on the second trading day, and the latest one, such as Huaxia Fund, can be seen on the third trading day. Usually it can be redeemed or converted on the third trading day.

3. Query the share.

As mentioned above, after successful subscription, you will generally find the fund share you subscribed for on the second trading day. The so-called trading day is the day when you apply. The working days of fund companies and exchanges are synchronized. Closed from Saturday to July, 9: 30am-3: 00pm on Saturday working day 1-5. Because online direct selling is a 7*24-hour all-weather transaction, the concept of "trading day", that is, "T", has come into being. Normal trading day, before 3 o'clock, the next day after 3 o'clock. From 3: 00 p.m. on Friday to 3: 00 p.m. on Monday, it is a trading day, one week 1.

First, you need to log in to your fund company account, and then you can see the fund share, daily unit net value, daily book assets and other information in it. Some companies can see it on the initial page of the account, while Huaxia Fund is more troublesome. You must look for "fund share inquiry" in its account inquiry to see it.

4. Calculate income

In fact, there is a fund company to do it for you every day, so there is no need to do it yourself. However, many newcomers like to see with their own eyes what their income is every day. In fact, this is a bad habit, which will make you suffer. Always thinking about losing money, but forgetting that funds need to be held for a long time.

The net value of the fund and its daily growth are announced in real time. You can go to the fund company's website to calculate the income. Newcomers like more cows, and old people like more cows. In fact, this is very simple. The absolute value growth of high-net-worth funds is easy. The key to high-net-worth funds is the growth rate.

The income in the fund account will generally be calculated after 9: 30 the next day and incorporated into your principal. What you see after this time is the latest amount of your income.

5. Redemption and conversion

You need to log in to your fund account before this operation can be completed. In the "transaction" column. It should be noted that the newly purchased funds can only be redeemed or converted after T+3 days (including the third day). (except subscription funds) Here's a trick. If you want to redeem the fund (especially the stock base), you can first convert it into a money fund and then redeem it. Generally, stock funds arrive at T+2-7, that is, your money will arrive at your pre-bound bank card on the 2nd-7th trading day of your redemption. The monetary fund of the same company is generally T+ 1-2. First, you need to wait two days before you can transfer the stock base to the goods base (for example, if you transfer it today, you can redeem it from the money fund the next trading day). It usually takes 3-4 days from stock base to redemption. Needless to say, the Monetary Fund can enjoy the benefits of the Monetary Fund within two days.

Generally, there is no charge for buying and selling money funds. When a stock fund is converted into a monetary fund, it is calculated at the redemption rate, and when the currency is converted into a stock base, it is calculated at the subscription rate. Some companies have other discounts.

Step 6 choose a fund

How to choose a potential fund, a fund that suits you, is a very difficult thing and requires great efforts. Many newcomers like to listen to other people's opinions, or see that the fund has risen rapidly in recent days, so they can choose that one, and they can make their own decisions when choosing a fund.

First of all, you need to understand what you need, that is, how much risk you can take. There are many types of funds, such as partial stock, allocation, index replication, bond, currency and so on. Money fund is a good cash management tool, which is suitable for putting some pocket money in it. Generally speaking, the income is higher than that of depositing in the bank (pocket money cannot be deposited regularly). The yield of a bond fund depends entirely on its ability to issue new shares, because there are no good bonds in the market now. Generally, the risk is not great, and the annual income is about 10%. Index funds have great potential. In mature markets such as the United States, it has become a fashion that many active funds can't beat such passive funds. However, index funds need to be optimistic about the market for a long time and don't buy in a bear market. The allocation fund has a considerable proportion of bond allocation, which is said to be relatively safe, but I haven't seen it yet. Partial stock funds are the most admired by everyone, but you will feel like riding a roller coaster at any time.

Corresponding to the above types of funds, you can choose the investment that suits you. What I want to say is how to choose a fund among the many "bases" of partial stock funds. My method is, first of all, to have a mid-term judgment on the market outlook, and to have my own views on the grasp of future market hotspots. Where do these ideas come from? I suggest you know more about the recent market organization reviews and read more. Although not all of them are accurate, the sectors that everyone is optimistic about are generally not wrong. For example, some time ago, many institutions predicted that the steel industry would rebound, and then steel stocks performed well. When you are optimistic about an industry, you basically determine the scope of your choice, and then look for funds that match your judgment. Many funds regularly publish investment strategy reports for the next stage. See if there are any sectors in their investment strategy that you are optimistic about. If it is a key investment, then buy it, that's right.

Judging from the market after 3000 points, the engines are stock index futures and a quarterly report, especially the quarterly report of blue chips, so I think big blue chips are a good opportunity. Before 3000, I opened an easy 50 index fund. My reason is that SSE 50 is the best place for domestic blue-chip stocks, which fully conforms to my judgment on the market outlook, so I bought it. The income is good these days. Other index funds such as Harvest 300 in the same period are also very good. Of course, the best one is a basic application 100ETF, but I don't have a securities account, so I can't buy it. Unfortunately.

7. Avoid risks reasonably

There are two risks I want to talk about here, system risk and market risk.

Systematic risk is formed in the process of trading, mainly when there are problems in communication between the two parties to the transaction. For example, online transactions, due to network speed problems, lead to the disconnection of the transaction process, or the fund company's web page is blocked when preparing for operation, and so on. First of all, we should find a trustworthy fund company, and it is best to stay away from those shady companies with irregular management. After all, the principal security is the most important thing. Some companies have problems such as using company funds to transfer benefits and colluding with private equity funds to lift sedan chairs. These companies had better not touch them, even if they have high fund returns. Secondly, try to complete the operation in advance, and the fund website is generally blocked after 2: 30 every day.

There is no market risk for long-term investors. This is very important for people who like to play bands. Especially newcomers, like to come and go frequently. When there are many bearish voices in the market and the market is still rising, 80% will be adjusted soon, but no one can say for sure about the depth. If you really want to avoid this risk, you should resolutely go out when there are already many short positions and the market is still rising. Don't be too greedy. The agency's prediction is not very accurate, after all, it is more accurate than ours.

If you simply avoid risks and don't redeem the stock base, you can convert it into a money fund, which is convenient for you to buy it next time, and it is also convenient for you to correct your mistakes (if you regret it after selling it, you can buy it on the third day at most) and save time.

8. Investment mentality

It takes a long time to cultivate. I just want to say one thing: funds are wealth management, not stocks. They need to hold for a long time and hold their breath. The loss is only temporary, and the loss probability of funds held for more than 10 years tends to zero. In fact, the same is true of stocks. What is a stock is the owner's certificate of the company invested by investors. If you buy a stock, you will become its shareholder. Just like doing business in partnership, you should give it time to start a business and make money. This process may lead to losses (such as a temporary decline in stocks), but as long as the company's business is normal and making money is certain, this process will take time. Funds make money by investing in stocks. Similarly, you should give the fund manager you choose enough time to finish what he wants to do. So I think you should be optimistic about a fund, unless its investment strategy deviates from the reason why you chose it, otherwise you can trust it to take care of it.

9. Investment principles

Borrow Liu Yanbin's "Five Ones". First, you should live within your means all your life; Second, don't let debt entangle your life; Third, never want to get rich overnight; Fourth, a wife and a son; Fifth, make a good investment in life.

Let me add: don't let yourself have no retreat, don't borrow money to buy funds, and leave enough money for emergencies. The money used for investment must be something you are not in a hurry to use now. Emergency money can only be put in the money fund. Don't do things you are not familiar with, such as futures.

10, portfolio

To put it bluntly, not all investments are funds, but also stocks, real estate, futures, gold, collections, insurance, bank deposits and so on. Insurance must be bought, but bank deposit is not (he can't even win inflation, can he say it's safe? ), collection is a group of fools, gold can't preserve its value, personal investment in futures is fatal, real estate needs long-term investment, and stocks (including funds) are the best investment. China's economy has been promising for a long time. China's companies have developed rapidly, catching the express train of China's economy, and even foreign basketball players know it.

A large portfolio should be part insurance (necessary), part fund, part blue chip and necessary cash reserve.

Small portfolio, cash reserves are placed in the money fund. Need to be equipped with index funds, bond funds are less risky, leaving some other stock selection basis. Semi-open fund, semi-closed fund. What is the safest thing now? Closed-end funds are the safest.

1 1, closed-end fund

Now the discount rate of closed-end funds is surprisingly high, which provides us with a lot of arbitrage space. After the index futures come out, closed-end funds can lock in part of the income in advance through futures investment, which can reduce some market risks contained in closed-end funds. The value regression process of closed-end funds is completely predictable, and I am optimistic. The arbitrage function of index futures will make the discount rate return to the normal level, and within 5%, it is not excluded that some excellent closed-end funds will have premium transactions. Long-term investment will make closed-end funds safer!

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