The price of closed-end funds is mostly lower than the net value, that is, it is mainly a discount transaction, and there have been premium transactions at the beginning of the establishment of closed-end funds. The purchase and redemption of open-end funds are calculated according to the net value, while closed-end funds are bought and sold between investors, so the price is affected by the relationship between supply and demand. When the transaction price of closed-end funds in the secondary market is lower than the actual net value, this situation is called "discount".
Discount rate = (unit net share-unit market price)/unit net share.
According to this formula, when the discount rate is greater than 0 (that is, the net value is greater than the market price), it is a discount, and when the discount rate is less than 0 (that is, the net value is less than the market price), it is a premium. In addition to investment objectives and management level, discount rate is an important factor in evaluating closed-end funds.
Extended data:
4 10003 The investment scope of the Fund is financial instruments with good liquidity, including stocks, bonds, warrants, laws and regulations issued and listed in China or other financial instruments permitted by the China Securities Regulatory Commission.
The top-down method is used to determine the weight of various assets, with emphasis on science and technology and service enterprises, enterprises with resource advantages and monopoly advantages, and manufacturing enterprises with outstanding competitive advantages.
4 10003 Fund income is distributed in cash, but the fund share holders can choose to reinvest the distributable cash income in the fund share in advance according to the agreement in the fund contract, and the fund share holders can choose or change the dividend distribution method in the sales outlets during the trading hours of the fund open day, and the final dividend distribution method is subject to the dividend distribution method selected last time before the equity registration date. For investors who have not chosen a specific dividend method before the equity registration date, the default dividend method of the Fund is cash.
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