Generally speaking, the fund is a variety suitable for medium and long-term investment, and it is the best policy to hold the fund honestly after buying it. However, there are also some "alternative" funds. Because they can be traded in two markets, the purpose of investors' buying is actually to sell in the other market, or to buy in the other market at the same time as selling in one market, that is, to buy and sell, so as to achieve short-term gains.
These "alternative" funds refer to exchange traded funds (ETFs) and listed open-end funds (LOF). ETF is actually a special index fund. Investors can buy and sell ETF shares in the exchange (secondary market), and they can also buy and redeem ETF shares from fund management companies (primary market), but the purchase and redemption must be exchanged for fund shares with "a basket of shares" (or a small amount of cash) or with "a basket of shares" (or a small amount of cash). At present, there are five ETF*** * * *, which are based on SSE 50, SSE 180, SME board index, dividend index and SZSE 100 index. LOF features are relatively simple, and the product features are the same as those of general open-end funds, which can be index funds or stock funds, but can be traded on exchanges. At present, there are 22 lofs that have realized on-site trading, such as southern product distribution and boss theme.
ETF and LOF funds are purchased and redeemed in the primary market according to the net value of the funds, and traded at the transaction price in the exchange. Therefore, when there is a price difference between the net capital and the transaction price, cross-market arbitrage can be carried out.
The arbitrage of LOF is relatively simple, involving only capital transactions. For example, the unit net value of LOF fund is 1.2 yuan, and the market price of the exchange is 1. 1 yuan. Investors can buy fund shares on the exchange, then transfer them to custody and redeem them in the primary market two days later. Assuming that the net value of the fund remains unchanged, the arbitrage of 0. 1 yuan can be realized.
Of course, this is an extreme example, and investors must consider the transaction cost in the process of arbitrage. These expenses include: subscription (about 1%- 1.5%), redemption fee (about 0.5%), LOF fund secondary market transaction fee (about 0.2% unilaterally) and cross-system transfer custody fee (about 2%). These are all direct expenses. In addition, there is a time cost. The arbitrage of LOF takes at least 3 days, and it is very risky to judge the price or net value after 3 days. If spreads disappear or negative spreads appear, investors will suffer losses. Therefore, LOF fund arbitrage, on the surface, is very "civilian", and individual investors can also participate, but in fact, arbitrage success is not so easy.
In contrast, ETF can achieve instantaneous arbitrage, and there are more arbitrage opportunities, including the following two ways.
1. transaction arbitrage: if the unit net value of ETF is higher than its market price in the exchange, investors can buy fund shares in the exchange first, then redeem them in the primary market to obtain a package of shares, and finally sell them; If the market price of ETF is higher than its unit net value, it is the opposite: investors can buy a basket of stocks first, then buy ETF shares with a basket of stocks in the primary market, and finally sell ETF shares in the secondary market.
2. Event arbitrage: This arbitrage is relatively simple to operate. For example, an index constituent stock is suspended due to major benefits such as share reform or restructuring, and it is impossible to buy from the secondary market. At this time, you can buy ETF in the secondary market, redeem it into a package share in the primary market, and then sell other index components in the secondary market, leaving only the stocks that have been suspended.
In addition, after the introduction of stock index futures, when the futures market price deviates from the spot market price, ETF can also be used as spot assets to arbitrage with stock index futures.
However, because the minimum value of a basket of stocks needed to buy ETF shares is as high as 6,543,800 yuan, and arbitrage involves many entrusted transactions, especially the operation of buying and selling a basket of stocks is complicated, and only a special ETF arbitrage trading system can be used, ETF arbitrage is still a game that institutional investors can afford.
It seems that this move is to divert attention-to obtain short-term gains through fund arbitrage. For ordinary investors, it is still "not easy to say I love you".
On the Origin of Sun Tzu's Art of War
A diversion means pretending to attack a place without planning an attack; Originally decided to attack B, but there was no sign of an attack. I just hit and go, create an illusion, lure the enemy to make a wrong judgment, and then take the opportunity to annihilate the enemy.
During the Eastern Han Dynasty, Ban Chao went to the Western Regions to attack shache, which belonged to the Huns. King shache went north to Qiuci for help, and King Qiuci led 50,000 troops to save shache. Ban Chao has only 25,000 troops, so we are outnumbered, so we can only outsmart them. That night, Ban Chao ordered the troops to retreat, seemingly flustered, and deliberately let the prisoners escape. King Qiuci listened to the prisoner's report and immediately ordered the pursuit of "fleeing the enemy". And Ban Chao was only ten miles back, troops in situ concealment. King Qiuci, eager to win, led his pursuers to fly past Ban Chao's hiding place. Ban Chao immediately assembled troops and quickly returned to shache. Shache was caught off guard and quickly disintegrated. "Basic" Strategies in Stock Market Adjustment
There has been a huge increase in the short term. This week, individual stocks fluctuated more violently, especially in the non-ferrous metal sector. The natural net value of funds holding these former bull stocks in heavy positions also fell more, and fund investors panicked because of this sudden high adjustment. Holding the fund in hand hesitates whether to continue to hold or lock in the income, and holding the cash in hand hesitates whether to choose the old fund or the new fund. How should investors choose between big funds and small funds, new funds and old funds?
1, funds are still optimistic about the market.
To find the answers to these questions, we must first look forward to the market. Although the adjustment of stock allocation and the recovery mode of capital subscription brought by the listing of new shares forced investors to adjust their investment portfolios, the adjustment of international commodity market prices and the decline of surrounding stock markets put some pressure on the market in the short term, the medium and long-term trend of the market is still optimistic. In the process of long-term appreciation of the local currency, the country's stock market usually experiences an increase of tens of percent, while the current increase of China's stock market still lags far behind China's position in the world economy; Good macroeconomic situation is expected to be transmitted to micro and listed companies, which will be the value basis for the market to maintain a long-term bull market; Liquidity is becoming the main force to promote the continuous rise of the A-share market, which will last for three or even five years. A bull market in China stock market for three to five years can naturally be expected. The government actively promotes the development of the securities market, and margin trading, T+0, liberalization of price limit and stock index futures are expected to be launched one after another, which will become the basis for future market activity. Judging from the overall market structure, the enthusiasm for repeatedly doing more has not weakened.
2. Old fund VS new fund
People in the industry generally believe that when the market is adjusted, new equity funds should be bought, because the cost of opening positions is low and there is a big room for growth; When the market is bullish, you should buy old stock funds, because you can share the gains from the stock market rise immediately. However, when the stock market skyrockets and the market direction is unclear, we can pay due attention to the new fund. Because after the continuous rise, the profit of the old fund may lead to a decline in the net value, while the new fund is rich in cash, and once the adjustment is over, its performance can often exceed that of the old fund. There was an inflection point in the stock market in 2006, and experts are still optimistic about the market outlook, so the recent adjustment is a good time for investors to buy equity funds.
New stock funds can absorb some low-priced chips during the rebound and market adjustment, and at the same time adjust the position structure and gradually open positions. This wave of falling prices has provided them with a very good opportunity to open positions. United Securities researcher pointed out that for new funds, the short-term adjustment of the market actually provides a good opportunity for new funds to open positions. Historically, the future performance of equity funds with lower opening cost is generally better, so it is wise to purchase new equity funds in the process of market adjustment.
In fact, it is unrealistic to seek absolute low buying. Every market decline is a process of releasing risks. As long as the market is in a long-term upward trend, it can intervene at a relatively safe point and adopt the strategy of buying and holding.
When the stock market continues to be hot and has a large increase, it is best to buy old stock funds instead of blindly investing in new stock funds. The reason is that the new equity fund needs the raising period and the opening period, which takes half a month to one month. In the meantime, those old funds can share the fruits of the stock market rise to the greatest extent.
3. Big Fund VS Small Fund
At present, there is no obvious correlation between fund size and fund performance, but investors should not think that large-cap funds can drag their heavy bodies in the leading ranks.
Domestic data show that in the tortuous market in 2005, the share-weighted average annual return rate of partial stock funds was 2.5%, and the return rate of six large funds with more than 3 billion yuan was in this middle level. In the brand-new securities market in 2006, the weighted average return rate of partial stock funds is around 40%, and the returns of six funds with more than 3 billion yuan are slightly lower than this average level. On the whole, the top ranked funds are densely distributed in the region of 2 billion, and the funds with poor performance are distributed in the region of 654.38+0 billion. However, although it is difficult for large-scale funds to achieve excellent performance, they can generally remain at a medium level.
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Beware of arbitrage of listed open-end funds
Recently, southern fund launched the first listed open-end fund (LOF)-South Active Allocation Fund. Some insiders said that LOF did bring a lot of business innovations, but most of them were technical improvements and innovations, and its role in promoting the development of the securities market was far from the institutional innovation urgently needed by the current securities market. In particular, it takes three trading days to complete the whole process of LOF arbitrage, and arbitrage has certain risks.
It is more convenient to buy and sell funds.
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LOF can be purchased and redeemed through consignment agencies, and can also be listed and traded on the stock exchange, making investment more convenient. The introduction of listed open-end funds has changed the traditional one-to-one trading mode of open-end funds, which can not only improve the efficiency and convenience of trading, but also improve the liquidity of funds.
According to the person in charge of Shenzhen Stock Exchange, the launch of LOF makes full use of the advantages of the existing trading, registration and settlement network of Shenzhen Stock Exchange, and provides a fast and low-cost service platform for fund management companies to carry out open-end fund business and fund product innovation.
LOF makes it more convenient for investors to buy and sell funds, and the direct transaction cost of choosing to trade in the secondary market will be less than the cost of subscription and redemption. Therefore, the launch of LOF will make the fund assets more stable and the fund investment strategy better implemented. At the same time, LOF has broadened the fund sales channels. Bank consignment will be affected by limited bank resources and the establishment of fund companies by commercial banks. Now it is gradually possible for brokers to provide professional financial management for customers, and whether brokers will passively sell other funds has become a heart disease for fund companies. In this case, the emergence of LOF can alleviate the dependence on fund sales, thus providing technical support for the sustainable development of the fund industry.
It takes three trading days to complete the arbitrage.
According to industry insiders, LOF fund managers must consider the changes in the transaction price of funds in the secondary market when investing, which may have a certain impact on their investment philosophy: in order to maintain the relative stability of fund assets, fund decision makers will improve their performance as soon as possible to ensure the attractiveness of products, so they may increase the intensity of short-term investment.
Since trading can be conducted in two different places, off-site and on-site, LOF investors can carry out arbitrage activities in a timely manner according to the difference between the off-site net redemption and the on-site transaction price, that is, if the net value is lower than the exchange price after adding relevant fees, they will buy off-site and sell on-site; On the other hand, buy in the market and redeem outside the market. This is the arbitrage function of LOF. The price of LOF in the secondary market is determined by market supply and demand, while the subscription and redemption of LOF in the primary market are settled according to the net value of the fund on the day of application. When the deviation between the two markets is greater than the transaction cost, investors can arbitrage between the two markets. If the arbitrage mechanism is smooth and LOF funds are discounted in the secondary market, investors' arbitrage operation will be to buy LOF in the secondary market and redeem LOF in the primary market, so that arbitrage gains can be obtained in both markets.
However, at present, the arbitrage of LOF cannot be completed immediately. According to Article 14 of LOF Rules issued by Shenzhen Stock Exchange, "Fund shares registered in the securities registration and settlement system can only be traded in this exchange and cannot be redeemed directly; Fund shares registered in the registration system can only be redeemed and cannot be traded directly in this exchange. " Therefore, LOF shares cannot be quickly converted between the primary market and the secondary market, but must be transferred to custody. According to the rules of Shenzhen Stock Exchange, the time for transferring custody is two trading days, that is to say, it takes three trading days to complete the whole process of LOF arbitrage. If the unit net value of the fund falls sharply within two trading days, the unit net value of LOF may have fallen below its purchase price when investors buy LOF on the third trading day and redeem it. Investors bear losses, not profits. In addition, according to the current practice of open-end funds, the funds applied for redemption must arrive in three days, plus two trading days (maybe four days if it meets the weekend) for re-custody, which also increases the cost of investors. Therefore, the current LOF "arbitrage" has risks and costs. Investors can't hope to get more profits from the arbitrage of LOF funds, and arbitrage is far from as beautiful as it looks.