When buying a fund, you must have heard of the fund turnover rate, so "what is the fund turnover rate?" In what range is the fund turnover rate suitable? "For this problem, Bian Xiao has prepared some knowledge about the fund turnover rate for your reference.

What is the capital turnover rate?

The turnover rate of funds generally refers to the turnover rate of funds in the market, which refers to the turnover frequency of funds in the market in a certain period, that is, the ratio of the turnover to the total number of issues in a certain period, and is one of the indicators reflecting the liquidity of funds in the market. The index reflects the operating style of fund managers to some extent.

For example, 40 million shares were traded in an on-site fund on the same day, and the fund had 654.38 billion shares in circulation, so the turnover rate of the on-site fund on the same day was 40%.

In what range is the fund turnover rate suitable?

40% of the fund turnover rate is not high, because the median turnover rate of fund positions is around 350%. Generally speaking, the turnover rate is high: more than 5 times; Low turnover rate: less than 2 times; The turnover rate is set at 2-5 times.

Fund turnover rate is only the embodiment of fund investment style. Whether this style can create good performance depends on the ability of fund managers on the one hand and the market environment on the other.

The higher the capital turnover rate, the better. The higher the turnover rate, the more frequent the operation, and the more inclined to choose the time band operation. It may cause instability of the fund, and in serious cases, it will destroy the management level and expected income of the fund; If the turnover rate is low, it shows that fund managers tend to hold shares for a long time, hoping to obtain the expected income brought by the long-term growth of enterprises, while ignoring the impact of short-term stock price fluctuations. Fund is a long-term investment method. To achieve the expected results, we must be patient and reduce the turnover rate.

1. What is the capital turnover rate?

Fund turnover rate, also known as "shareholding turnover rate", refers to the frequency of fund managers changing hands to buy and sell stocks in a period of time, which can show the investment style and strategy of fund managers; It is also the change of the fund portfolio during this period, which can measure the change frequency of the fund portfolio and is one of the indicators reflecting the liquidity of the fund in the market.

Isn't that a little stupid? The editor explained the turnover rate in vernacular:

As we all know, funds are actually a basket of various investment products. Suppose there are apples, pears and bananas in this basket. By the middle of the year, the fund manager sold all these fruits and bought watermelons, grapes and peaches, which was equivalent to replacing all the previous fruits. Turnover rate 100%!

The calculation formula of turnover rate: turnover rate = (the total amount of stocks bought and sold by the fund in a certain interval /2)/ the average market value of stocks held by the fund in this interval.

The relevant data in the above formula can be viewed in the major changes in the stock portfolio during the reporting period under the annual report and semi-annual report of the Fund; The average value of stock assets at the beginning and middle of the stock market value can be viewed through the fund's regular report.

This way is convenient for us to know the specific calculation data of the fund, but we still have to calculate it manually, which is too troublesome!

Do you hum when you listen to the calculation? Don't be afraid, the editor is very considerate and directly teaches you to find ready-made "turnover rate" data!

Who affects the capital turnover rate?

1. Large subscription and redemption When the fund faces some large subscription or redemption, the turnover rate is high. For example, when the fund faces a huge redemption and the existing amount is not enough to cope with the redemption amount, then the fund manager needs to sell some stocks with good liquidity to raise funds and improve the turnover rate. This situation is beyond the control of fund managers, so we think it is to passively improve the turnover rate of funds, and we should identify this situation as much as possible when analyzing and screening funds. 2. The investment style of the fund manager is the main and active factor affecting the fund turnover rate. Because fund managers will definitely choose an investment style and strategy that can give full play to their own advantages and abilities to earn the highest income.

If the fund manager has confidence in his timing and trading ability and prefers short-term investment, then the turnover rate of the fund will be high; However, if you have insufficient confidence in your timing and trading ability, or are optimistic about holding stocks for a long time, prefer long-term investment, and pay more attention to the research, screening and long-term holding of individual stocks, the turnover rate will be very low.

Therefore, the influencing factors of investment style are usually the result of active choice, which is not good or bad in itself, but time and performance will prove everything. 3. Fund Scale Fund scale is also a very important factor, and the investment style of fund managers will be affected by fund scale. Small-scale funds are more convenient for fund managers to operate frequently, while large-scale funds are objectively difficult to adjust their portfolios frequently, and fund managers prefer to hold them stably. Therefore, the turnover rate of small-scale funds is generally higher than that of large-scale funds 4. Market Quotes In different market environments, the performance of capital turnover rate is also different. When the market is good, there are more active stocks, and some fund managers can easily use band operation to obtain higher returns, so the fund turnover rate will increase, and vice versa.

Simply put, the capital turnover rate in a bull market is much higher than that in a bear market.

What is the capital turnover rate?

What is the capital turnover rate?

Fund turnover rate is an index reflecting the trading frequency of fund stocks, which reflects the operating style of fund managers to some extent.

Some fund companies disclose stock trading volume every six months or every year. So we can only calculate the semi-annual and annual turnover rate of funds. As an indicator, we can not only understand the operating style of fund managers, but also see the changes in the market.

What is the calculation formula of capital turnover rate?

The calculation formula of fund turnover rate is: turnover rate = (total amount of stocks bought and sold during the period /2)/ average market value of stocks in the last five quarters.

Generally speaking, the fund turnover rate changes with the change of the market, and the operation of the fund turnover rate tends to be band operation, with more frequent transactions; If the turnover rate is low, it shows that fund managers tend to hold shares for a long time, hoping to obtain the expected income brought by the long-term growth of enterprises, while ignoring the impact of short-term stock price fluctuations.

What is the function of capital turnover rate?

1 can reflect the changing trend of market price, and the frequency of fund operation can reflect the changes of market interest rate and price level to a certain extent;

2. It can reflect the investment habits and part of the investment level of the fund manager, thus judging the investment level and profitability of the fund manager;

3, can reflect the frequency of a fund operation, so as to find the problems of the fund or the operation of the fund.