Xixi found that after telling everyone how to value, everyone still didn't know how to value after telling a set of theories. And many times. Do we know which ones? The following is a practical fund valuation method compiled by Bian Xiao. Whether the fund valuation is high or low is for reference only, and I hope it will help you.
Practical fund valuation method
I. P/E ratio and historical percentile of P/E ratio
Looking at the point of view, it is said that the valuation is high and low, and it is said that it is a boat for a sword, because the economy is constantly developing and the company is constantly developing. So we need to look at the P/E ratio and P/B ratio, which can provide a better basis.
At least you have to know the P/E ratio and the fund chart. For example, we take the distance rolling price-earnings ratio (PE-TTM) of Shanghai and Shenzhen 300 as 13.45 times, and the historical percentile is 44.66%, which probably shows that the current valuation of Shanghai and Shenzhen 300 is normal. The data from 2005 to 20 19 is in the median, which should be a normal valuation.
Then look at the price-to-book ratio. P/B ratio is more valuable than P/E ratio. Because profit fraud is much simpler than net assets fraud, you see that many people prefer to use the index of price-to-book ratio, which is the reason. At present, the P/B ratio of CSI 300 is 1.54 times, and the historical percentile is 3 1.77%. It can be concluded from this that the valuation of CSI 300 should be moderately low.
Second, dividend yield and return on equity.
Dividends can also provide us with a good foundation and a return on equity, which represents how much value a dollar's net retention can create for us.
Judging from the ROE index, the growth rate is picking up and has bottomed out. The economy is improving.
Judging from the dividend yield, the current dividend yield is 2.34%, which is very close to the historical average of 2.22%.
Third, to sum up.
Judging from the valuation of comprehensive P/E ratio and P/B ratio, the CSI 300 is currently in the middle and low valuation. From the dividend yield, it is a medium valuation, and from the return on net assets, it is still growing steadily. So our valuation of CSI 300 is normal.
CSI 300 is a broad-based index fund, and we can simply adopt this valuation method. Some funds are cyclical and may not be suitable. Different industries and different funds have different valuation methods.
Calculation method of fund valuation
Estimating the net asset value of a fund at a certain price is what we call fund valuation. In the process of fund operation, the change of fund asset value and expected annual rate of return will lead to the change of fund unit price, which can no longer appear at the price at the time of issuance. How to calculate the fund valuation? In order to accurately price and quote the fund, so that the fund price can accurately reflect the true value of the fund, it is necessary to estimate the actual representative value of each unit or share of the fund at a certain point, and publish the valuation result as the net asset value.
How to calculate fund valuation
Our method of calculating the net asset value of a fund refers to the actual value of each lent fund at a certain point, which represents the intrinsic value of the unit price of the fund. To calculate the net asset value of a fund, it is necessary to calculate both the net asset value of the fund and the net asset value of the fund unit. Total net assets of the fund = total assets of the fund-total liabilities of the fund.
Fund valuation calculation formula:
Net asset value of fund units = total net asset value of funds/total number of fund units.
The listed circulating shares are valued at the closing price of the stock exchange on the valuation date; The premise of valuation based on the closing price of the latest trading day is that there is no transaction on the valuation day and the economic environment has not changed significantly after the latest trading day; If the economic environment changes significantly after the recent trading day, we can refer to the current market price of similar loans and major change factors, adjust the recent trading market price, and determine the fair price.
Is the fund valuation high or low?
Fund valuation is not a fixed value, so people will be entangled in the level of fund valuation. From a normal point of view, the minimum guarantee standard for fund valuation is that the fund it currently holds must be lower than the closing net value, which can reduce the investment risk of investors. Therefore, high fund valuation does not mean that investors can get high return on investment.
Many times, we must consider the risk, not just the net value of the fund. The biggest advantage of the fund is that it can diversify its investment, not putting eggs in the same basket and not gathering risks together, which can reasonably diversify risks, control risks within a reasonable range and guarantee investors' investment income. This is also the biggest reason why many investors choose to invest in fund products.
Therefore, when buying a fund, investors should not only pay attention to the valuation of the fund, but also pay attention to the stability of product style, product quality and product scale, and of course, consider the strength of the fund company. These are all issues that investors should focus on. Choose a formal and legal fund company to cooperate, be very familiar with and understand the wealth management products you want to invest, grasp the quality of the products, and be aware of them.