Rapid development. For ordinary people, this innovative product is a little strange to the traditional back cover. It is difficult to fully and profoundly understand. Here is a key to understanding for ordinary fund investors, avoiding difficult terms and making an easy-to-understand introduction.
Classified fund is to divide the fund share into two types of fund (sub-fund) shares with different expected returns and risks through the arrangement of fund (parent fund) income distribution, and to list and trade one or two types of shares. One is the part with lower expected risks and benefits and priority in income distribution, which is called "Class A share", and the other is the part with higher expected risks and benefits and secondary priority in income distribution, which is called "Class B share". Class A shares belong to conservative sub-funds, with low risks and low returns. Class B radical sub-funds have high expected returns and high risks. After the establishment of the fund, the two types of shares will be merged into one. The distribution ratio of income is different and is chosen by investors. Class A is suitable for investors who prefer low risks, and Class B is suitable for investors who prefer high risks and high returns.
For investment grading funds, we should pay attention to the following points:
The low-risk part (Class A) of graded funds generally has an agreed rate of return. For example, the agreed annual benchmark rate of return of stock-based Tongqing A is 5.6%.
At the end of the closing period, when the overall net value of Tongqing Fund is higher than 65,438+0.6 yuan, 65,438+00% of the part higher than 65,438+0.6 will be allocated to Tongqing A. When the overall net value of Tongqing falls below 0.4 yuan, Tongqing A begins to suffer a principal loss. Tongqing B enjoys all the income after the benchmark income distribution and 90% of the income above 1.6 yuan. When the overall net value of Xingye He Run is lower than or equal to 1.2 1 yuan, Herun A keeps the face value of 1 yuan, and Herun B gains the residual income or bears all the losses; When the overall net value of He Run Fund is higher than 1.2 1 yuan, the shares of Herun A and Herun B are the same as those of He Run Fund.
Net share growth rate; When the net share value of He Run graded fund is not higher than that of 0.5 yuan, the liquidation will be terminated in advance during the operation period. The low-risk share of graded funds is a variety that can be held when the stock market is not good. If the market improves, investors can sell in the secondary market in time.
Then turn to the high-risk share of graded funds. The stable share (priority) of graded funds is definitely a good product. Generally speaking, the agreed rate of return of low-risk shares of these graded funds is often higher than the CPI growth rate, and the product income is less affected by stock market fluctuations, which can be used as a reliable choice for investors to allocate fixed-income products. Although most of them increase on the basis of one-year fixed deposit interest rate, there will be differences in income between the agreed standards in different interest rate cycles. Take three graded bonds as an example to make a comparison. The A-level agreed income of Tian Hong Tian Li Fund is: 1 annual bank deposit (after tax) x1.3; The A-level agreed rate of return of Wanjia Tian Li is: 1 annual bank deposit (after tax)+1.1%; The A-level agreed rate of return of Changxin Lixin Graded Bond Fund is: 1 year bank deposit (after tax) x 1. 1+0.8%. Through calculation and comparison, it is found that when the interest rate of one-year fixed deposit is below 4%, the A-level agreed rate of return of Changxin Lixin is higher than that of Tianhong Tian Li A; When the one-year time deposit interest rate is above 3%, the agreed rate of return of Changxin Lixin Grade A is higher than that of Wanjia Tian Li Grade A, that is, when the one-year time deposit interest rate is between 3% and 4%, the expected return of Changxin Lixin Grade A is more advantageous among the above three graded bond funds.
Can the Class A share and the rate of return of graded funds be above a fixed value? Generally speaking, it can be achieved, but it cannot be absolutely guaranteed. In the extreme case that the stock market and bond market plummet for a long time, the actual rate of return may also be lower than the agreed rate of return.
List of Class A agreed income of some graded funds
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Fund name income income adjustment period
Cathay Pacific's valuation priority is 5.7% (pure profit+excess return) without 3 years.
Guolian Shuangxi A 3.5%+ 1 year fixed deposit rate has not been available for three years.
Yin Hua has steadily entered the 3%+ 1 year fixed deposit rate 1 year.
Guo Fu Huili A 3.87% has not been 3 years.
Shen Wanling's income from Shencheng is 3%+ 1 annual fixed deposit rate 1 annual nil.
Dacheng Jingfeng A 3-year time deposit rate +0.7% No 3-year term.
Tian Hong Tian Li A 1.3× one-year time deposit rate on March 5th.
Xincheng CSI 500A 3.2%+ 1 year fixed deposit rate 1 year nil.
Yin Hua Jinli 3.5%+ 1 year fixed deposit rate 1 year nil.
Castrol gives priority to 5% none.
However, different graded fund products have different adjustment cycles for agreed returns. For example, Guolian Double Jubilee A, its agreed income is also 3.5%+ 1 year fixed deposit rate, but its income adjustment period is set at 3 years. If the central bank raises interest rates continuously, the lateral advantage of this agreed rate of return is not obvious. On the contrary, some graded fund products with a one-year adjustment cycle, such as Xincheng CSI 500A, Yin Hua Steady Progress, Yin Hua Jinli, etc. , you can give full play to the advantages of increasing agreed income.
In addition, we need to pay attention to the discount rate of low-risk stocks in the secondary market. Some graded fund products have a product term and will be converted into LOF funds when they expire. For this kind of fund, we can calculate the yield to maturity according to the price, agreed rate of return and maturity of the secondary market. However, it should not be ignored that when such funds are transferred to LOF at maturity, there will be a closed period, during which the net value of the fund will fluctuate synchronously with the base share. If the market had fallen deeply at that time, it would have swallowed up the gains already made and even caused losses. So when making a choice, we need to pay attention to the discount rate of these funds in the secondary market. Comparatively speaking, the discount rate is high or low.
Risk sharing, less room for decline.
When the market rises, the excess income generated by Class A is the contribution from the stable part; When the market falls, the fixed income of the stable part of Class B comes from the loss of Class A. For radical investors, Class A becomes the object of their consideration. Graded funds meet the needs of different groups of people and like to buy Class A steadily; I like to buy Class B aggressively. If we grasp the market, Class B will bring huge excess returns. But remember, once the market plummets, Class B losses will be very heavy. Graded funds are much more complicated than Kaifeng funds, so you must study them very carefully before buying them.
Some graded funds, except Yin Hua SZSE 100 index graded securities investment funds, can choose to subscribe on or off the market during the raising period. However, if you choose to subscribe over the counter, it is equivalent to buying an index fund, and the fund will not be graded; If you buy with a stock account, after buying,
It will be automatically separated into Yin Hua Steady Share and Yin Hua Sharp Share, both of which are listed and traded funds. CBN advised investors to take
In this way, there is more room to choose the way of on-site subscription, and then it can be divided into stable share and Sharp share, which can increase the investment in stable share and reduce the investment in Sharp share, thus reducing the investment risk.