1, fund share
The fund share of money market funds, like any securities fund, is purchased and redeemed every day, and the share has been changing. Generally speaking, the way to determine the open-end fund share is: the previous day's fund share+today's subscription share? Redeem shares today. For money market funds, another factor is the reinvestment of daily dividends. Theoretically, the income obtained every day has a distribution process, and the income is directly converted into new fund shares, and the net value of fund shares is always 1 yuan. General securities investment funds need investors to choose the dividend distribution method, whether it is dividend reinvestment or cash dividend. Money market funds don't need investors to check? Dividend reinvestment? Instead, direct carry-over and daily automatic carry-over are stipulated in the fund contract, so that the net value of the fund will always be kept at 1.00 yuan, which is convenient for investors to purchase and redeem. This is also called? The principle of fixed price? .
Because the daily income is reflected in the increase of the fund share, it becomes the base of the next day's income distribution, and another feature is the stunt of the babies to promote their love. Daily compound interest? . Of course, this is something that banks are very sensitive and unwilling to hear, because the interest on bank deposits is generally very simple, and it is usually counted only once every six months. Of course, in practice, some money market funds turn monthly dividends into investments, not every day, but every day, and investors can get corresponding cash income by redeeming fund shares.
A related question is, what if one day the fund returns are negative (for example, bonds are liquidated and losses occur)? Is the fund share reduced accordingly? The answer is? No? : instead of reducing the fund share, report the investor's income as negative. The prospectus of Tian Hong Zenglibao Money Market Fund clearly stipulates that if the net income of the day is equal to zero, the investor's fund share will remain unchanged; The fund manager will take necessary measures to avoid the net income of the fund being less than zero as much as possible. If the net income of the day is less than zero, the investor's fund share will not be reduced, and when the accumulated net income is greater than zero, the investor's fund share will be increased. If the investor redeems the fund share, the income of the day will be settled immediately; ?
Therefore, negative returns and fund shares can be separated; If investors do nothing, they may not feel negative returns, because the next day's income may make up for the previous day's negative returns. However, if the investor redeems at this time, the negative income and the share will be combined into one, that is, the net value of the fund share is lower than 1 yuan, and the investor can only redeem at a price lower than 1 yuan, and then he will really feel the loss.
2. Daily realization of income
As mentioned above, due to the introduction of the shadow pricing procedure, the daily income realized by the fund needs to be based on the accounting profit measured by the amortized cost method, excluding the gains and losses from changes in fair value confirmed due to large changes. Expressed as:
Daily realized income of fund = daily fund profit-gains and losses from changes in fair value
Among them,? Daily fund profit? The concept of accounting profit is, through? Income-expenditure? Obtained, that is, the total income of the asset portfolio held by the Fund calculated by amortized cost method and the balance after deducting related expenses. The income of the Fund includes interest income and investment income obtained by investing in various short-term fixed-income securities. The expenses of the Fund include management fees, custody fees and sales service fees. Since Yu 'ebao has only released three periodic reports (two quarterly reports and one annual report) so far, we can't know the specific amount of daily income and expenditure of Yu 'ebao. However, the income statement reveals its source of income, and the balance sheet reveals its portfolio structure. On this basis, we can use the daily income of Tian Hong Zenglibao to confirm the accounting policy, and roughly outline the calculation process of its daily income.
Here are the simplified income statement and final balance sheet of Yu 'ebao Tian Hong Zenglibao 20 13. It should be noted that Yu 'ebao was established on May 29, 20 13, and it did not go through a complete Gregorian calendar year or accounting year, but only earned seven months, so it can't be strictly called the income statement of 20 13. In addition, unlike the income statement of general companies, the total profit of Yu 'ebao is also the net profit of Yu 'ebao. Because the open-end fund itself has no income tax obligation, it is a transfer, so the income tax expense is zero.
(1) Income from Yu 'ebao
The income source of Yu 'ebao mainly includes three parts:
First, interest income. Yu 'ebao or money market funds invest in fixed-income products (i.e. creditor's rights products), which are usually held until maturity, so the main source of income is interest income. By the end of 20 13, 12 and 3 1 period, Yu 'ebao had accumulated interest income of1900 million yuan, of which interest income from bank deposits was 654,380.8 billion yuan, accounting for about 94%. Followed by bond interest, mainly financial bonds issued by CDB, the income is more than 80 million yuan, far lower than the interest income of bank deposits. In addition, some interest income is the income from buying financial assets for resale. Buying financial assets for resale is a reverse repurchase transaction under repurchase transaction, which is similar to a kind of loan, so it is reflected in the asset side.
Here is a brief explanation of the repurchase transaction. There are two parties to the repurchase transaction: the repurchase party and the reverse repurchase party, which show two kinds of buying and selling behaviors: in the first transaction, the repurchase party gives the securities to the reverse repurchase party, and the reverse repurchase party gives the funds to the repurchase party; After a certain period of time, the second transaction is made, and the reverse repurchase party returns the securities to the repurchase party, and the repurchase party pays more money to the reverse repurchase party. In the second transaction, more money than the first transaction is called. Interest? Or? Repurchase premium? , or as shown in Yu 'ebao's income statement, called? Income from buying financial assets for resale? . The essence of repurchase transaction is a loan secured by the underlying securities. The securities bought and sold by both parties are equivalent to collateral. The repurchase party first gives the collateral to the reverse repurchase party, and the reverse repurchase party gives the money to the repurchase party for use. At this point, the reverse repurchase party is the lender and the repurchase party is the borrower. Therefore, the reverse repurchase party buys bonds under the first transaction, which is equivalent to lending. At the same time, he obtains bonds as a guarantee, which is reflected in the balance sheet as creditor's rights assets, which is called buying financial assets for resale. On the contrary, for the repurchase party (that is, the borrower), the lent money should also be reflected on the balance sheet and the debtor. What is this called? Selling financial assets for resale? . Take Yu 'ebao as an example. It is both a reverse repurchase party and a repurchase party, so the balance sheet will show both? Purchase financial assets for resale? , again? Selling and repurchasing financial assets? . There are both loans (investment) and loans (financing). The purpose of financing is to obtain liquidity and meet the demand for redemption funds.
The second category is investment income, that is, the income from buying and selling investment instruments such as bonds. In 20 13 years, the income of Yu 'ebao is not much, only100000 yuan.
The third category, other income, is even more insignificant, including the return of bond issuance fee 18750 yuan and other income 1500 yuan.
Therefore, the income sources of Yu 'ebao mainly include: (1) interest income from bank deposits; (2) Bond interest income; (3) Interest income from repurchase transactions; (4) Investment income. Among them, bank deposit interest accounts for about 94%. Among the deposit interest income, excluding the interest income of demand deposit of 6.9 million yuan, the interest income of settlement reserve of 6.5438+0.2 million yuan, and the interest income of time deposit of 65.438+0.86 billion yuan, that is, the agreed deposit of Yu 'ebao in commercial banks contributed 65.438+0.86 billion yuan, which became the biggest selling point of Yu 'ebao? High yield? The foundation of. This is also the reason why the banking industry is very annoyed, not only to make wedding clothes for others, but also to make wedding clothes for opponents.
The above income sources also have a good correspondence with the asset structure in the balance sheet on February 3 1 and February 20 13. Tian Hong Zenglibao's balance sheet structure is relatively simple. Securities investment fund is an investment channel. Fund managers raise investors' funds, and then use these funds to invest in various financial instruments, and the funds just go in and out. It can be seen that the investment portfolio of Yu 'ebao at the end of the period, including bank deposits, trading financial assets and financial assets bought and sold back, are basically assets that generate the above-mentioned income model, of which bank deposits account for about 92% of the total assets.
Tian Hong Zenglibao Annual Report also discloses the basic methods of daily income confirmation of the above-mentioned asset forms, which can be summarized as follows:
For bank deposits, bank deposit interest is accrued daily during the deposit period, and deposit interest income is confirmed at the agreed interest rate.
For trading financial assets (such as bonds bought), the interest income is calculated according to the actual interest rate, and the subsequent measurement is carried out according to the amortized cost method.
For the financial assets bought and resold, the daily interest shall be calculated according to the effective interest rate method; If the difference between the contract interest rate and the actual interest rate is small, you can also use the contract interest rate to calculate and determine the interest income.
For the investment income of bonds, it is recognized when the spread income is realized, and it is not amortized.
The income returned from bond fees shall be regarded as discount premium, included in the bond cost according to the accrual basis principle, and amortized during the remaining duration of the bond.
(2) The cost of Yu 'ebao
The expenses of Yu 'ebao include fund management fees, fund custody fees, sales service fees, securities trading fees, bank remittance fees, fund holders' meeting fees, and service fees of accountants and lawyers related to the fund. Including audit fees, information disclosure fees, inter-bank account maintenance fees, remittance fees, etc. It's all one-off, and it's only confirmed when it happens. The daily expenses to be accrued are management fee, custody fee and sales service fee, which are accrued at the annual rates of 0.30%, 0.08% and 0.25% respectively.
Taking the management fee as an example, the specific withdrawal and payment methods are as follows: daily fund management fee = net asset value of the previous day? 0.30%? Every day of the year.
The fund management fee is calculated daily, accumulated to the end of each month and paid monthly. The fund manager sends the fund management fee transfer instruction to the fund custodian, and the fund custodian will pay it to the fund manager in one lump sum within 3 working days before the next month after review. Custody fees and sales service fees are accrued and paid in a way similar to fund management fees. Therefore, these daily expenses will offset the daily confirmed income accordingly.
(3) The income of Yu 'ebao
According to the accounting measurement principle, profit is the balance of income after deducting expenses and losses. Therefore, after subtracting the daily cost from the daily income described above, you get the daily profit. As mentioned above, the profit and loss of the fair value change of Yu 'ebao is zero, that is, there is no significant deviation between the amortized cost method and the fair value method. Therefore, the profit of Yu 'ebao is the result of income MINUS expenses, and the daily profit is equal to the income realized every day.
The daily realized income calculated in this way is divided by the daily share determined in the above article, and 10000 is used as the reporting unit to get 10000 daily income.