Net asset value (NAV) refers to the net asset value of each fund unit, which is equal to the balance of total assets minus total liabilities of the fund divided by the total number of units issued by the fund. The subscription and redemption of open-end funds are carried out at this price.
Open-end fund share net value announcement
The total number of open-end funds is different every day, so it must be counted after the closing date of the transaction, and divided by the net asset value of the fund on that day to get the net asset value of the unit on that day, which can be used as the basis for investors to purchase and redeem. The subscription and redemption of funds occur every day, so the net asset value of fund units as the basis of transactions must be calculated after the daily market closing and announced the next day.
computing formula
Net value of fund shares = (total assets-total liabilities)/total number of fund shares
Among them, total assets refer to all assets owned by the fund, including an equal number of integer shares, each of which is 1? Fund unit? . In the process of fund operation, the unit price of the fund will include stocks, bonds, bank deposits and other securities, as well as the asset value and income of the fund. Total liabilities refer to liabilities arising from fund operation and financing, including expenses payable to others and interest payable on funds. The total number of fund shares refers to the total number of fund shares issued at that time.
Calculation of fund unit net value
The calculation of fund unit net value includes the calculation of fund total net value and fund unit net value.
According to generally accepted accounting principles, the total net assets of the fund = the total assets of the fund-the total liabilities of the fund.
The total assets of the Fund include all the contents of the Fund's investment portfolio:
(1) The listed stocks and warrants owned by the Fund shall be subject to the closing price of the daily centralized trading market; Unlisted stocks and warrants are measured by qualified accounting firms or asset appraisal institutions.
(2) The Fund includes bonds, corporate bonds,
Question: What is the net value of a fund unit? What does the net value of the fund unit mean?
If financial bonds and other bonds are listed, the daily closing price shall prevail; For unlisted companies, it is generally based on their face value plus the interest receivable on the calculation date.
(3) The short-term bills held by the Fund are based on the purchase cost plus the interest receivable from the purchase date to the calculation date.
(4) If there is no closing price or reference price on the calculation date specified in Article (1) and Article (2), the latest closing price or reference price shall be used instead.
(5) Cash and assets equivalent to cash, including deposits in other financial institutions.
(6) Reserves for assets and contingent liabilities that may not be fully recovered.
(seven) the assets that have entered into a contract but have not yet been fulfilled are regarded as fulfilled assets and included in the total assets.
Fund unit net value valuation
The valuation of fund unit net value refers to the estimation of fund net asset value at a certain price.
(1) Appraisal purpose
No matter what kind of fund it is, the total amount of the fund changes several times at the time of initial issuance. 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 fund unit at a certain point, and publish the valuation result as the net asset value.
(2) Determination of valuation
Looking at all kinds of funds around the world, due to different management systems, the specific provisions on the valuation date of fund net assets are not the same. However, it is generally stipulated that the fund manager must calculate and publish the net asset value of the fund at least once every working day or every week or month.
(3) The appraisal is suspended
Although the fund manager must evaluate the net assets of the fund according to the regulations, the fund manager has the right to suspend the valuation under the following special circumstances: (1) When the securities trading places involved in the fund investment are closed due to legal holidays or for some reason; There is a huge redemption situation; Other irresistible reasons make it impossible for the manager to accurately evaluate the net asset value of the fund.
The total liabilities of the Fund include:
(1) Unpaid remuneration payable to the custodian or manager as stipulated in the fund contract as of the calculation date.
(2) Other payables, including taxes payable, etc.
Fund liabilities should be calculated by daily withdrawal.
It should be noted that under special circumstances, if it is impossible or inappropriate to calculate the total net assets according to the above requirements, the manager shall handle it in accordance with the provisions of the competent authority.
Calculation method of fund unit net value
There are two main methods to calculate the net value of fund shares:
(1) Known price calculation method.
Known price, also known as historical price, refers to the closing price of the previous trading day. The known price calculation method is that the fund manager calculates the total value of financial assets owned by the fund according to the closing price of the previous trading day, including stocks, bonds, futures contracts, warrants and so on. , plus cash assets, and then divided by the total amount of fund units sold to get the net asset value of each fund unit. Using the known price calculation method, investors can know the buying and selling price of the unit fund on that day, and can go through the delivery procedures in time.
(2) Unknown price calculation method.
Unknown price, also known as futures price, refers to the closing price of various financial assets in the securities market on that day, that is, the net asset value of the fund unit calculated by the fund manager according to the closing price on that day. When this calculation method is implemented, investors don't know the price of the fund bought and sold that day, and they don't know the price of the unit fund until the next day.
I believe that through the above study, you must know something about this knowledge point. I hope you know more about this knowledge, so that you can sum it up like a duck to water in the market.
Understanding statement: Futures information comes from cooperative media and institutions, and is the author's personal opinion, which is for investors' reference only and does not constitute investment advice. Investors operate accordingly at their own risk.