Basic method for calculating discount rate.
Simply put, the discount rate is the ratio of discount to actual value. For closed-end funds, the discount is equal to the net value MINUS the price, so the discount rate is the net value MINUS the price and then divided by the net value.
Discount rate = discount/net value = (net value-price)/net value = 1- price/net value.
Assuming that the net value of a fund is 3 yuan and the price is 2 yuan, then: discount = 3–2 =1,discount rate = 1/3 = 33.3%. Calculated by formula is:
Discount rate =1–2/3 = 33.3%
2. Calculation method of discount rate after ex-rights
After the fund pays dividends, it is necessary to calculate the discount rate according to the ex-dividend value. The key is to subtract the fund net value and price from the dividend amount after ex-rights, and then calculate it according to the basic method.
Therefore, the discount rate after ex-dividend is equal to the discount divided by the net value after ex-dividend, that is:
Discount rate after ex-dividend = discount/ex-dividend = 1- (original price-dividend)/(original price-dividend)
Let's assume that in the above example, the fund pays dividends in 0.5 yuan, with ex-dividend price = 2–0.5 =1.5, net ex-dividend value = 3–0.5 = 2.5, and discount rate =1–1.5 = 40%. Calculate with a formula:
Discount rate after ex-rights = 1-(2-0.5)/ (3-0.5) = 40%
3. Calculation of static discount rate and dynamic discount rate
I don't know if you have noticed that the previous calculation methods all have an assumption that you need to know the latest fund price and net value. In fact, although the price can be found at any time, the net value is only published once a week. If you don't care about the fluctuation of the fund in a week, the first two methods are enough. If you want to compare the performance of the fund at any time, you need static discount rate and dynamic discount rate to help.
Calculation of static discount rate
The so-called static discount rate is nothing more than the current price and the recently published net value. This method regards the net value as unchanged within a week, so it is called "static".
For example, the price of a fund last Friday was 1.5 yuan, and the net value of 2.5 yuan last week was 40%. By this Wednesday, the current price is 1.6 yuan.
Static discount rate =1–1.6/2.5 = 36%
Calculation of dynamic discount rate
The only difference between dynamic discount rate and static discount rate is to estimate the current net value first, and then calculate the discount rate by basic methods. Considering the change of net worth is called "dynamic".
For example, the price of a fund last Friday was 1.5 yuan, and the net value last week was 2.5 yuan. By this Wednesday, the current price is 1.6 yuan. It is estimated that the net value of this fund has increased by 10%, so the dynamic net value should be 2.5* 1 10%.
Dynamic discount rate =1–1.6/(2.5 *110%) = 41.82%.
Careful readers may ask, so how to estimate the current net worth? Unfortunately, there is no completely accurate evaluation method, just as there is no way to accurately evaluate the stock value. However, the method is not without. One is to analyze the performance of the fund's heavy stocks, and the other is based on the increase of the fund index. The beauty of operation lies in one heart.
For static and dynamic discount rates, it seems that we can draw such a conclusion:
1, the results of both are not 100% accurate, and the net value in the static method is out of date, while the net value in the dynamic method is estimated. However, we should not underestimate the role of these two methods. After all, even if they are completely accurate, these figures are only a reference for uncertain future investments.
2. Generally speaking, it can be considered that the dynamic discount rate reflects the changes of the fund more comprehensively and accurately than the static discount rate. For example, in the previous example, the cash rate was 40% last week, and the static discount rate was only 36% this Wednesday. It seems that the investment value has decreased, and the dynamic discount rate is 4 1.82%, which indicates that the investment value has increased. If we analyze it carefully, we can see that this is the result that the net increase of 10% is greater than the price increase of 6.7%. If we only calculate according to the static discount rate, it is likely to ignore this important factor and draw the opposite conclusion.