Seven skills of fund investment
How to invest in open-end funds
How to invest in closed-end funds
How do individual investors invest in hedge funds
Principle of fixed investment of fund
Seven skills of fund investment
At present, the fund as a financial management tool has been accepted by most people. It is understandable that ordinary people want to share the fruits of China's rapid economic growth through investment funds, but I think investors should learn some basic knowledge about funds before investing, so as to make their investment more rational and effective.
First, correctly understand the risks of the fund and purchase the fund varieties suitable for your risk tolerance. Most of the funds issued now are open-end stock funds, which is the most risky fund in China. Some investors believe that the stock market is experiencing a big bull market, and many funds are issued through major banks, so there is absolutely no risk. But they don't know that the fund only gives you investment and financial management. They want to use your money to buy securities. Like any investment, there are certain risks, and this risk will never disappear completely. If you don't have enough risk-taking ability, buy partial debt or bond funds, or even money market funds.
Second, the choice of funds can not be greedy and cheap. Many investors will choose funds with lower prices when buying funds, which is a wrong choice. For example, Fund A and Fund B are established and operated at the same time. One year later, the unit net value of Fund A reached 2.00 yuan/share, while the unit net value of Fund B was only 1.20 yuan/share. According to this expected annualized rate of return, in another year, the unit net value of Fund A will reach 4.00 yuan/share, while the unit net value of Fund B can only be 1.44 yuan/share. If you buy Fund B cheaply in the first year, the expected annualized income will be much less than that of Fund A, so buying a fund must depend on the expected annualized income of the fund, not the price.
Third, the new fund is not necessarily the best. In the mature foreign fund market, newly issued funds must have their own characteristics, otherwise it will be difficult to attract investors' attention. However, many domestic investors only buy new funds, thinking that they only issue new funds with a face value of 1 yuan, which is the cheapest. In fact, from a realistic point of view, except for some new funds with distinctive characteristics, the old funds have more advantages than the new funds. First of all, the past performance of the old fund can be used to measure the management level of the fund manager, but there is great uncertainty in considering the performance of the new fund; Secondly, all new funds have to complete the task of opening positions within six months, and some have a shorter time to open positions. In such a short time, if you want to invest a lot of money in the limited stock market, you must buy the stocks that the old fund has already built. This is the sedan chair of the old fund; Thirdly, the new fund has to pay stamp duty and handling fee, while the old fund that has already opened a position does not have this part of the fee when waiting for the expected annualized income; Finally, some shares of the old fund are locked at the issue price, and the future listing is a stable expected annualized income. The research team of the old fund is generally more mature than the new fund. So when buying a fund, the old fund should be the first choice.
Fourth, the fund with more dividends is not necessarily the best fund. In order to cater to investors' psychology of making money quickly, some funds pay dividends immediately after the closed period. This practice is to take the money out of the investor's left pocket and put it in his right pocket, which has no practical significance. Instead of focusing on catering to investors, it is better to focus on market research and fund management. Funds managed by investment guru Buffett generally do not pay dividends. He believes that his investment ability should be higher than that of other investors, and the value-added of money in his hands is faster. Therefore, investors must look at the growth rate of net worth, not the amount of dividends.
Fifth, don't just stare at open-end funds, but also pay attention to closed-end funds. Open-end fund and closed-end fund are two different forms, and each has its own advantages in operation. Open can be redeemed at any time according to the net value, while closed has no redemption pressure, which makes its capital utilization efficiency much higher than open.
Sixth, carefully buy split funds. In order to cater to the demand of investors to buy cheap funds, some fund managers split the funds that have performed well for a period of time into a unified net value. Most of these funds are to expand their scale. Imagine that before the fund is unified, it sells some of the stocks it holds, and after the expansion, it buys a lot of stocks, not to mention how much handling fees it has to pay to buy and sell stocks. Just rushing to buy after expansion has certain risks. In fact, the performance of funds using this marketing method is not ideal.
Seventh, investment funds should be long-term. Buying a fund is to admit that financial management is better than yourself, so don't speculate on funds like stocks, or even make a difference and redeem them. We should trust the fund manager's ability to judge the market.
Directory:
Seven skills of fund investment
How to invest in open-end funds
How to invest in closed-end funds
How do individual investors invest in hedge funds
Principle of fixed investment of fund
How to invest in open-end funds
Unlike closed-end funds, open-end funds have no fixed scale and can be issued according to the needs of investors. Therefore, the trading of open-end funds can be divided into the initial issuance of funds and the daily subscription and redemption of funds.
(1) Initial offering of open-end funds
After the fund published the prospectus and other legal documents, it began to recruit legal investment objects. Generally, there is an upper limit on the scale of initial public offering, and investors can subscribe according to the subscription price of the fund.
The raising of open-end funds usually has a certain raising period. From the beginning of raising, when the fund raising share exceeds a certain number and the number of investors subscribing for the fund exceeds a certain number, the fund manager usually has the right to decide to terminate the issuance period ahead of schedule and announce the establishment of the fund. After the fund is announced, it will enter the normal purchase and redemption period. If the fund cannot be established according to the regulations after the end of the raising period, the fund management company shall be responsible for repaying the investors and paying the prescribed interest.
In addition to the subscription price, open-end funds usually stipulate the minimum and maximum subscription amount. During the raising period, investors can generally make multiple subscriptions, but according to the relevant laws and fund contracts, there are certain restrictions on the total fund share held by a single investor, such as not exceeding 65,438+00% of the total fund share.
(2) Daily subscription of open-end funds
After the open-end fund is announced, the fund can enter the daily subscription and redemption after the specified date. In the daily subscription, the original fund size ceiling is still valid. When the size of the fund reaches the upper limit, the fund can only be redeemed and cannot be subscribed, which is a bit like the daily limit of stocks in form.
The restriction on individual investors holding fund shares is also valid during the daily subscription period.
(3) Daily redemption of open-end funds
After the establishment of an open-end fund, there is usually a lock-up period, during which the redemption of the fund is not accepted. After the lock-up period, investors can make daily redemption. If the fund subscribed by investors on T day is sold, it can be redeemed on T+2 day.
If there is a large number of fund redemptions, the fund size will not reach the minimum amount within the specified period, and the fund will be terminated.
Dividends of open-end funds
Investors buy funds for profit. In addition to selling funds to recover investment, fund dividends are also an important channel for investors to obtain expected annualized returns. There are two ways to pay dividends for open-end funds, one is cash dividend, and the other is fund share dividend. In closed-end funds, investors can only choose cash dividends, because the scale of closed-end funds is fixed and cannot be increased or decreased.
Investors generally know cash dividends, and domestic closed-end funds stipulate that 90% of the expected annualized income of the fund in the current period must be distributed to fund holders in cash. The fund's cash dividend is distributed in the same way as the stock cash dividend, and is distributed according to each investor's share. If you hold 6,543,800 units of a fund, and each unit pays a dividend of 0.20 yuan, then you can get a cash dividend of 20,000 yuan.
Similarly, in the above dividend situation, if you choose to pay dividends by fund shares when investing, and the net value of fund shares on the dividend base date (announced the next day) is 65,438+0.20 yuan, you will get 20,000/65,438+0.20 = 65,438+06,667 fund shares, and your fund shares will become 65,438.
The fund share dividend is also called reinvestment, and the cash dividend continues to be invested in the fund and accumulated to expand the investment scale. For this kind of reinvestment, under normal circumstances, fund management companies do not charge subscription fees and encourage investors to continue to invest in the Fund. If the subscription rate is 2%, and the cash dividend reinvestment fund is selected, you can only buy (20000-20000 * 2%)/1.20 =16333 fund units, which is 334 less than the direct selection of fund share dividends.
If investors are optimistic about a fund, they may wish to consider choosing fund share dividends; If you need the expected annualized cash income to supplement your family regularly, choose cash dividends. Most fund management companies will allow investors to change the choice of dividend distribution methods, so even if your income and household expenses have changed greatly, don't worry, you can apply to the fund management company for change.
Generally speaking, investors who invest in growth funds have strong anti-risk ability and pay attention to the growth and accumulation of capital, which is more suitable for choosing the distribution method of fund share dividends; Investors who invest in balanced funds and expected annualized income funds pay more attention to the stability of cash and expected annualized income, and can choose the distribution method of cash dividends.
Purchase and redemption of open-end funds
Open-end funds are generally not listed on the exchange, but sold through fund management companies and their designated consignment outlets, and banks are the most commonly used agent sales channels for open-end funds. Investors can go to these outlets to purchase and redeem open-end funds. The specific steps are as follows:
When an investor decides to invest in a fund of a fund management company, he must first open a fund account at a sales outlet designated by the fund management company, and the fund account is used to record the investor's fund holdings and changes. When applying for opening a fund account, an investor shall submit a written application to the sales outlets and issue the corresponding documents stipulated in the fund contract. These documents usually include: copy of business license of legal person investor, certificate of legal representative and power of attorney of legal representative, ID card of individual investor, bank account number for settlement and reserved seal card.
Then, investors can start to purchase and redeem open-end funds issued by fund management companies. Investors should fill in the application form at the designated sales outlets every time they purchase and redeem. If the technical conditions are ripe, instructions can also be sent by fax, telephone and Internet. Since the transaction price of open-end funds is based on the fund net value of the day, customers can only fill in their own fund shares when purchasing, and they will not know how many fund shares they have actually purchased until the morning after the fund net value is announced the day before. When redeeming, investors only need to fill in the redemption share.
Within a few working days after completing the purchase and redemption procedures, investors can print the transaction confirmation form or delivery form at the point of sale (fund management companies usually send investors a list of transactions for a period of time on a regular basis). At this point, the whole transaction is completed. The calculation of subscription share and redemption amount of open-end funds is the same as other securities. When investors purchase and redeem open-end funds, they will also be concerned about how to determine their purchase and redemption prices.
The determination of the purchase and redemption price of open-end funds is quite different from that of stocks and closed-end funds. The purchase and redemption price of open-end funds is based on the net value of each fund, and the purchase and redemption price of open-end funds is formed by the net value of funds plus or minus necessary expenses. The transaction price of closed-end funds is basically determined by the relationship between market supply and demand.
The calculation method of subscription fee and fund share of open-end funds is as follows (assuming that subscription fee and redemption fee are borne by fund subscribers and redeemer):
The subscription fee of the Fund is: subscription fee = subscription amount × subscription rate;
The number of shares subscribed by the Fund is: the number of shares subscribed = (subscription amount-subscription fee) /T-day fund unit net value.
The redemption fee of open-end funds and the amount of money received by investors are calculated as follows (assuming that the subscription fee and redemption fee are borne by the fund subscribers and redeemer):
The redemption amount of the Fund is: redemption amount = redemption amount × net value of fund unit on T day;
The redemption fee of the Fund is: redemption fee = redemption amount × redemption rate;
The amount of payment received by investors is: payment amount = redemption amount-redemption fee.
Examples are as follows:
(1) Daily subscription: based on the subscription amount.
An investor has 654.38 million yuan to buy an open-end fund. Assuming that the subscription fee is 654.38+0.5% and the net value of each fund is 654.38+0.50 yuan, the subscription fee that investors need to pay is 0.654.38+0.50 million yuan, and the number of fund shares subscribed by them is (654.38+0.65438). (Non-integer shares are generally rounded)
(2) Daily redemption: the redemption share is the fund.
If an investor wants to redeem 6,543,800 funds, assuming the redemption rate is 0.5% and the net value of each fund is 654.38+ 0.50 yuan, the redemption amount of the investor is 6,543,800 yuan+0.5 million yuan, and the redemption fee to be paid is 6,543,800 yuan+0.5 million yuan *0.5%=0.075 million yuan. The actual available amount is
Directory:
Seven skills of fund investment
How to invest in open-end funds
How to invest in closed-end funds
How do individual investors invest in hedge funds
Principle of fixed investment of fund
How to invest in closed-end funds
The base-sealing market has entered a stage quiet period, and the change of net value has become the main force affecting the price of the base-sealing market, so it is difficult for the sector as a whole to obtain the unexpected annualized income relative to the market. It is suggested that the next stage should focus on selecting funds for investment from the perspective of changes in expected net worth.
With the implementation of the annual expected annualized income distribution of most closed-end funds, the average discount level of closed-end funds with longer remaining term has remained at a reasonable level of around 20% since late April. Except for a few funds, the discount of most funds is between 19%-24%, which is basically stable, and the closed-end fund market has entered a stage quiet period. Tracking the daily closed-end fund market overall price and partial-share open-end overall net value since May shows that the correlation coefficient between them is as high as 0.97, and the change of net value has become the main force affecting the closed-end fund market price.
Under the background of "silent period", it is suggested that the change of expected net value should be paid attention to when choosing the cover base in the next stage, and the discount fluctuation should be properly considered. Specifically, we can judge the change of expected net value from two angles: long-term investment management ability and fund position structure:
First, choose closed-end fund products with comparative advantages from the perspective of long-term investment management ability. Closed-end funds, as an advocate of the standardized development of funds in China, some products have demonstrated the excellent investment ability of managers in the long-term operation. By comparing and analyzing the performance of the existing closed-end funds in the past five years from 2003 to now, we can see that the performance of Hui Ke, Kexiang, Jinsheng, Xinghua, Tianyuan, Hansheng, Anshun, Jiujia and Yuyang has been excellent continuously, and the annual performance is mostly in the first half of peers, especially in Hui Ke and Kexiang. By comparing the remaining term and discount of the above products, it is suggested to focus on funds such as Hui Ke, Kexiang, Jinsheng and Tianyuan.
Second, optimize closed-end fund products with stable expected performance from the perspective of positions. As mentioned above, for relatively stable investors, you can choose to focus on investing in domestic demand-oriented consumer service industries, government-led investment sectors and other funds with relatively certain expected growth. From this point of view, and referring to the discount level of closed-end funds, it is suggested to pay attention to Kexiang, Jinghong, Tongsheng and Pratt & Whitney funds.
Directory:
Seven skills of fund investment
How to invest in open-end funds
How to invest in closed-end funds
How do individual investors invest in hedge funds
Principle of fixed investment of fund
How do individual investors invest in hedge funds
To achieve long-term success, individual investors must follow the basic rules of asset allocation, diversified portfolio and low-cost management under the guidance of modern portfolio theory. At the same time, we also admit that, subject to human shortcomings, completely rational investment management is unrealistic for individual investors. Therefore, when investing, individual investors need to be guided by modern portfolio theory strategically and absorb the essence of behavioral finance tactically. Specifically, investors should pay attention to configuration, configuration and reconfiguration!
Asset allocation is the cornerstone of long-term investment success.
Many studies based on the historical data of institutional and individual investors show that the long-term expected annualized return and risk characteristics of portfolio depend on asset allocation, rather than investors' trading strategies or their ability to choose investment varieties. Therefore, in order to achieve long-term investment goals, investors should allocate most of their funds to index funds that directly track traditional assets such as stocks and bonds, and expect annualized returns and risks, and only invest a few funds that will not threaten their long-term financial health and security in alternative assets such as private equity funds (PE) and hedge funds that pursue absolute returns. In this way, investors can enjoy the excitement and excitement brought by short-term market fluctuations without worrying about whether they can achieve long-term investment goals.
Strategic allocation can help investors advance and retreat freely.
Although the highlight of hedge funds is mainly reflected in their ability to resist falling or even get positive expected annualized returns in a bear market, the risks of different expected annualized returns of hedge funds with different investment strategies in a bull and bear market deserve investors' attention. It is not difficult to see that in the bear market, the short-selling strategy, macro-strategy and neutral strategy fund are the main ones that can obtain better expected annualized returns. In the bull market, the expected annualized returns are mainly the stock bull market strategy and event-driven strategy Fund. Because it is impossible to predict whether the future will be a bear market or a bull market, investment hedge funds should try to choose different investment strategies to hedge directional risks.
Manager allocation is the key to diversification.
Due to relatively loose supervision, the timeliness, comprehensiveness and accuracy of information disclosure of private equity funds are far less than that of Public Offering of Fund. Therefore, investors of private equity funds are facing huge agency risks. In order to avoid repeating the mistakes of Madoff victims, investors who choose private equity funds must keep in mind the advice of "Don't put eggs in one basket" and further allocate the funds allocated to different investment strategies to different investment managers under different strategies.
Matters needing attention
If the rational allocation of funds is realized in asset categories, investment strategies and managers, the entire investment portfolio of investors will realize the effective combination of long-term strategies and short-term strategies. As long as the long-term expected annualized returns and risks of investment can be predicted and controlled, and short-term market fluctuations also have certain opportunities to participate, what can investors ask for?
Directory:
Seven skills of fund investment
How to invest in open-end funds
How to invest in closed-end funds
How do individual investors invest in hedge funds
Principle of fixed investment of fund
Principle of fixed investment of fund
Set financial goals
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