First: What is a graded class A?
The fund company issued a fund, and then divided it into Class A and Class B. B borrowed money from A at an annual interest rate of about 5% (which changes every year). Then, Class B invests in an index. In this way, it is obvious that A is about equal to A bond, and B becomes a leveraged fund with an initial leverage of 2.
The second question: What are the investment opportunities for discount?
Fund companies set up "upper discount" and "lower discount" clauses when issuing graded funds. That is, when the graded fund rises to a certain height or falls to a certain low point, the parent fund, the A fund and the B fund will "return to 1" according to the net value.
The sum of the products of the net value of each sub-fund of the graded fund and the share ratio is equal to the net value of the parent fund. For example, the net value of the parent fund split into two types of shares = the net value of class A sub-base X A share%+the net value of class B sub-base X B share%. If the parent fund is not split, it is a general fund.
Question 2: What does it mean that more than one graded fund may cause a discount? What is a graded fund?
Usually, the graded foundation that investors come into contact with divides the parent fund products into two categories: A and B, and gives them different income distribution. A-share investors get fixed agreed income every year, while B-share investors enjoy residual income or bear residual risks after paying the agreed income of A-share.
At present, all graded funds in the market are basically B share holders financing from A share holders, buying index funds corresponding to the parent fund, realizing leverage income, and A share gets corresponding financing interest.
What's the discount for graded funds?
The discount of graded funds is a form of irregular discount of graded funds. The main purpose is to protect the interests of stable investors, that is, A-share holders. It is agreed that when the net value of B shares falls to a certain price (0.25 yuan for ordinary stock funds and 0.45 yuan for convertible funds), the net value of B shares will be adjusted to 65,438+0/4 of the original value according to the provisions of the announcement and the discount clause in the contract of ordinary graded funds. The A share is adjusted to be equal to the B share, and the excess A share is distributed to the holders in the form of the parent fund. According to the discount clause, the leverage ratio after the discount of Grade B shares will be greatly reduced and will return to the initial leverage level.
Question 3: What does the discount of graded funds mean? Fund split refers to a way of recalculating fund assets by changing the corresponding relationship between the net value of fund shares and the total amount of fund shares on the premise of keeping the total assets of investors unchanged. Suppose an investor holds A 10000 shares of the fund, and the current net fund share is 1.60 yuan, and its corresponding fund assets are1.60×10000 =16000 yuan. After splitting the fund according to the ratio of 1: 1.60, the net value of the fund becomes 1.00 yuan, and the fund share held by investors changes from the original 10000 to 1.6 = 16000. The fund company issued a fund, and then divided it into Class A and Class B. B borrowed money from A at an annual interest rate of about 5% (which changes every year). Then, Class B invests in an index. In this way, it is obvious that A is about equal to A bond, and B becomes a leveraged fund with an initial leverage of 2. The second question: What are the investment opportunities for discount? Fund companies set up "upper discount" and "lower discount" clauses when issuing graded funds. That is, when the graded fund rises to a certain height or falls to a certain low point, the parent fund, the A fund and the B fund will "return to 1" according to the net value. The sum of the products of the net value of each sub-fund of the graded fund and the share ratio is equal to the net value of the parent fund. For example, the net value of the parent fund split into two types of shares = the net value of class A sub-base X A share%+the net value of class B sub-base X B share%. If the parent fund is not split, it is a general fund.
Question 4: Should graded funds be sold at a discount? 1. It is best to sell it before the discount, because it is bought at the price of the secondary market when buying, and the discount is converted at the net value. Generally speaking, the price of B shares will be much higher than the net value. Once there is a discount, your fund will be discounted according to the net value, realizing the loss from the secondary market price to the net value. For example, before the discount, B's share price was 0.4 yuan with a net value of 0.25 yuan; An investor holds 65,438+0,000 shares of the Fund, and will hold 250 shares of 65,438+0 yuan after conversion. But in fact, the B share held by the investor was priced according to 0.4 yuan before the conversion, which means that after the conversion, it will realize a loss of (0.4-0.25)/0.4=37.5%.
2. If the stock market wants to rise, it will only rise on the basis of conversion. Can the money lost during the conversion be avoided or should it be avoided as much as possible?
Question 5: What is the meaning of the discount clause in Class 5:ab graded funds? In the process of market decline, many graded funds quickly moved closer to the threshold of irregular conversion. In order to ensure the interests of investors, there are discount clauses. The downward conversion clause reflects the protection of Class A shares, that is, when the net value of the parent fund drops sharply, resulting in a sharp drop in the net value of Class B shares, which reduces the protection of Class A shares by Class B shares, it actively reduces the leverage ratio of Class B shares and returns most of the funds of Class A shares to Class A shares in the form of parent funds. This kind of return is beneficial to share A. For the investors of share A, it not only reduces the risk, but also realizes the recovery of discount. On the contrary, downward conversion is not good for B share, because the leverage ratio of B share is obviously reduced.
Question 6: What are the discounts for graded funds? In order to adjust leverage or rationally distribute the interests of holders,
The practice of regular or irregular conversion of the net value of A and B shares under the parent fund.
The conversion of graded funds can be divided into regular conversion and irregular conversion. 1. Graded funds are converted periodically.
Funds that are not listed and traded can only be converted periodically.
Regular switching means switching at a fixed time. Generally, there are two situations: the first working day of each year or the open day after the fund completes 1 operation cycle. Some funds convert AB shares separately; Some funds switch parent funds and A shares, but not B shares (only on a regular basis). When the fund is converted regularly, it will be converted regardless of the net value of the fund. When switching from time to time, the upper fold and the lower fold are handled differently. When and how the graded fund will be converted will be explained in the fund prospectus.
2. The graded funds are converted irregularly.
Usually, only classified funds that are listed and traded will be converted irregularly.
Graded funds need to have trigger conditions from time to time. The irregular folding of graded funds is usually when the net value of the parent fund rises to a certain extent (for example, 1.5), at which time the B share may have exceeded 2, so the purpose of folding at this time is to restore the high leverage characteristics of the fund; The discount of graded funds is usually that the net value of B shares falls to 0.25, mainly to protect the interests of holders of A shares. Simply put, rising too well or falling too badly will lead to irregular conversion of graded funds.
Question 7: What does Class B leveraged funds mean by triggering a discount? What is the discount?
Let's make a rule first: if the intrinsic value of B is less than 0.25, we will recover all the funds of A and B and redistribute them. How?
1, 1000 A (value 1), 1000 B (value 0.25), with a total value of1000+250 =1250;
2. When the value of B is less than 0.25, we synthesize a new B (value1) every 4 B (value 0.25); Then, the original 1000 share of B investors has become 250, and of course the total value remains unchanged, or 250;
3. Because the ratio of A to B should be kept at 1: 1, the original 1000 A investors will keep 250 A investors; The remaining 750 A shares became the new parent fund shares; Assuming that the parent value is also 1, then the last investment of A will get 250 copies of A+750 copies of the parent value, of course, the final total value is still1000;
This is a discount. With the discount mechanism, the value of B will never be less than 0.25, and A will always get guaranteed interest income. It is equivalent to a risk-free high-interest bond, which is one of the logical foundations for buying securities A in a bear market!
Sounds like there are other benefits. According to the discount rules, there seems to be no other benefits.
Let's look at the discount rules again:
Four copies of B with a value of 0.25 are merged into a new B;
4 parts of Cheng 1 with a value of 1 and 3 parts of new parent (with a value of 1);
Attention! ! ! What is used here is value! ! ! Not the actual transaction price. In the real market, because A is usually discounted, that is to say, the transaction price of A with a specified value of 1 is often only 0.85.
Therefore, when there is a discount, the capital paid by the trader for 4 years is 0.85× 4 = 3.4; The income is 1 a (sellable 0.85)+ 3 hen (redeemable 3) = 3.85;
After the discount occurs, A gains (3.85-3.4)/ 3.4 = 13%! ! ! Plus 6% fixed income, if there is a discount once a year, A's income is close to 20%! ! !
How to quickly calculate the income of A-level compromise
Assuming that the grade B reaches or falls below 0.25 yuan, it will be folded down. At this time, the net value of Grade A is 1.05, and the transaction price is 0.9 yuan. Other interest rates in the market are the same as the issue date, but far from being discounted. Grade A sells for 0.85 yuan. Then buy it in 0.9 yuan at the current price. If there is a discount afterwards, the calculation method of A-level income:
1.05 Yuan original A-level net worth -0.25 Yuan original B-level net worth =0.8 yuan.
Of the original grade A's 1.05 yuan, 0.8 yuan converted 0.8 new mother bases with a net value of 1, which can be redeemed according to the net value, and the redemption fee is mostly around 0.3% to 0.5%, or it can be split into A and B and then sold. The handling fee is not considered here.
After the original Grade A was transferred out of 0.8 yuan, there was still 0.25 yuan left, which became a new Grade A with a net value of 1.
Well, it's time to witness the results:
Grade a original 100 copies, with market value of 90 yuan (transaction price of 0.9 yuan/copy). After discounting, it becomes the matrix of 80 yuan, and the value of 25 new grades A is 2 1.25 yuan (the price of other grades A with the same interest rate is 0.85 yuan, that is, 25 * 0.85 = 2 1.25).
* * * Profit:
(80+21.25)-90 =11.25 yuan.
Profit ratio:
1 1.25/90= 12.5%
Finally, the best learning material about the discount is the prospectus of the selected fund, so you must read it patiently.
Question 8: What does the discount risk of Class B graded funds mean? If you buy a parent fund, you won't lose even if you get a discount.
On the contrary, it fell more and rose more. When it reaches the threshold, it will trigger the next fold and the previous fold.
When the graded fund is discounted, it loses money because of the B class bought separately in the stock market, because of the high premium transaction,
The price is much higher than the net value, and the conversion of graded funds is based on the net value, not the purchase price.
This will lead to a large loss after the discount.
Question 9: Why does the mystery of the conversion of graded funds appear that the upper discount and the lower discount are aimed at graded funds?
Generally speaking, when the net value of the fund share of the graded fund base share is as high as 1.500 yuan or above, the discount will start. However, the folding of graded funds is conducive to the recovery of leverage ratio, and generally speaking, the attractiveness of graded funds B in the market will increase after folding. Because with the rise of the market and net value, the leverage of leveraged funds will change dynamically and decrease continuously. However, through the conversion mechanism, the net value of all kinds of shares of graded funds is 1, and the leverage is restored to the initial high leverage.
If the fund is discounted, it will be forced to reduce its share.
If the graded B net value continues to fall, is it necessary for the A net value to fall? The answer is no, in order to protect the interests of A share holders and avoid excessive leverage of B share net value (the CSRC stipulates that it should not exceed 6 times); Most graded funds have designed an irregular downward conversion mechanism. The treatment method is to trigger downward irregular discount (hereinafter referred to as "downward discount") when the enterprising net value falls to a certain threshold (the threshold set by different products is between 0.2 and 0.3 yuan, mostly 0.25 yuan). The net fund shares of A share, B share and parent fund share will all be adjusted to 1 yuan. After the adjustment, the steady share and the enterprising share will be retained according to the initial proportion, and the rest after the A share and the B share are paired will be converted into the parent fund's on-site share and distributed to the A share investors.
The conversion process is as follows: the net value of B share on T day is less than 0.25 yuan, which triggers the conversion; The parent fund began to close its position at T+ 1, and the net value of B shares on that day was used as the basis for conversion; T+2 shares are suspended and share conversion is completed on the same day; T+3 shares resumed trading, the parent fund opened for redemption, and the conversion process ended.
Question 10: What does the discount of graded fund B mean? Thank you. The graded fund B fell to a certain degree to trigger the threshold, which led to the conversion of the net value into one.