Graded fund investment skills:
One of the tricks: master the structure of graded funds
Graded funds can be divided into two categories, stock graded funds and bond graded funds. Stock grading funds mainly invest in stocks, which are divided into active management type and index type. Bond grading funds can be divided into primary and secondary bond grading funds. A bond fund can't buy stocks directly in the secondary market, but it can issue new shares. Secondary bond grading funds can buy no more than 20% shares in the secondary market, so the risk of primary bond grading funds is lower than that of secondary bond grading funds.
Stock grading funds are generally divided into three parts, namely, parent fund share, priority share and enterprising share. Among them, the share of the parent fund is not much different from that of the general equity fund, but it can be converted into priority share and enterprising share in proportion. The expected annualized expected return on the general net value of preferred stock is certain. For example, the expected annualized interest rate of one-year time deposit+from the perspective of aggressive share investors, it is actually borrowing money from priority shares and then buying stocks. The price of payment is to pay a certain expected annualized interest rate to the preferred stock. There are two key points here:
One is the benchmark expected annualized expected rate of return of priority shares, which represents the borrowing capital cost of enterprising shares. If the benchmark expected annualized expected rate of return is higher, it will be beneficial to investors with priority share and not conducive to investors with enterprising share.
Second, the ratio of priority share to enterprising share represents the financing ratio of enterprising share and priority share. Generally speaking, the lower the ratio of priority share to enterprising share, the better it is for enterprising share, because enterprising share can borrow more funds. But at the same time, the risk of radical share also rises, because the leverage ratio rises at this time. Aggressive share is suitable for investors who are more willing to take risks. Just like borrowing money for stock trading, the expected annualized expected return may be higher, but the risk also increases.
The second measure: hold the discount premium rate.
A unique charm of the base cover is that its secondary market price has a discount rate or premium rate relative to the net value. The discount rate of graded funds is the most critical reference index to grasp the investment of graded funds. Generally speaking, the premium rate indicates that the market is optimistic about the fund, but the higher the premium rate, the higher the risk. The discount rate shows that the market is not optimistic about the fund, so it is only willing to pay a price below the net value to buy the fund.
For investors who like chasing up and down, they like to buy premium shares and ignore discount shares. However, as the old saying goes, the extremes meet, and the fund with high discount rate will also experience unexpected explosive growth.
For cautious investors, it is recommended to buy when the discount rate is too high and sell when the premium rate is too high to avoid chasing up and down. Of course, different funds have different reasonable discount rates because of their different structures.
The third measure: wait for the ambush and run when you make money.
The price fluctuation of the enterprising share of stock grading funds is closely related to the stock market, and it is multiplied. For example, if the stock market rises 1%, the net value of enterprising stocks may rise by 2%. Similarly, if the stock market falls by 1%, the net value of the enterprising share will also fall by 2%, indicating that the enterprising share will rise faster and fall faster. Therefore, investment in stock grading funds should be based on the general trend of the market. When the stock market plummets and the premium rate is small, such as when the premium rate is lower than 10%, it is a better way to buy the aggressive shares of stock grading funds in advance.
Once the stock market picks up, enterprising stocks will explode. At this time, it is necessary to make profits in time, because these stocks tend to be greatly adjusted after excessive rise. For the aggressive share of bond grading funds, we need to wait patiently. Generally speaking, if the discount rate is above 20%, you can buy it step by step.