The withdrawal rate is calculated according to the net value of the fund reinstatement unit. There are three net values related to the fund, namely, unit net value, cumulative net value and reinstatement unit net value. The unit net value is the net value we usually see. If there is no dividend in the history of the fund, the net value of the unit = cumulative net value = net value of the reinstatement unit. In the case of dividends, the net value of the unit is disclosed after deducting the amount of dividends, and the accumulated net value = net value of the unit+dividends. Dividend reinvestment is considered on the basis of cumulative net value for the net value of re-weighted units, which is used to calculate the maximum cash withdrawal on the platform.
In your calculation method, dividend is considered, but the compound interest effect of dividend reinvestment is not considered, so there will be some errors.
With regard to the use of stock-debt spreads, besides the extreme values of 3 and 6, how to control the stock-debt ratio within the range?
The spread between stocks and bonds is a reference index to see which is more cost-effective in the stock market or the bond market. According to historical experience, when the spread between stocks and bonds of the Shanghai and Shenzhen 300 Index is greater than 6%, the allocation of stocks can be strengthened. When the spread between stocks and bonds is less than 3%, we should be cautious about the stock market, and we can gradually reduce our positions or increase the proportion of bonds. If it falls below 2%, you can consider clearing the position directly or replacing it with bonds.
When using this indicator, it is good to make a big timing at the extreme value, which is of greater reference significance and relatively accurate. There is no need for interval timing, and the reference significance is not necessarily great.
In addition, it should be reminded that 3% and 6% are based on historical experience, not static, and correspond to the situation of the Shanghai and Shenzhen 300 Index. If you change to other indicators, the extreme value may be different, so pay special attention when using it.
What is the difference between fixed income+and absolute income funds?
The first thing to say is that fixed income+and absolute income funds are not classified in the same dimension.
Fixed income+mainly based on bond allocation. On the basis of obtaining basic income, we will increase some stocks, convertible bonds and new shares to achieve the purpose of appropriately increasing income on the basis of stable fluctuations. Some pursue absolute income, while others do not. The product types are mainly primary debt base, secondary debt base, partial debt mixture, and some flexible allocation funds with low stock positions.
Absolute income fund is a product that invests through absolute income strategy and pursues absolute income goal, which can be understood as pursuing positive income. There are many absolute return strategies, which can be roughly divided into two categories, one is quantitative hedging, the other is large-scale asset allocation.
Quantitative hedging strategy is generally to build a stock portfolio through quantitative investment, and then hedge the market risk of stock positions through stock index futures, and strive to obtain stable excess returns. And through the futures margin investment, stock innovation, stock index futures arbitrage and other ways to improve the portfolio income. Risk can be reduced as much as possible in a volatile or bear market, but it is difficult to obtain high returns in a bull market where the market generally rises, which is more suitable for investors who prefer stable returns.
Related funds such as Harvest Absolute Return Strategy, Harvest Hedging Arbitrage, Haifutong Alpha Hedging, Anxin Steady Alpha Open, Huitianfu Absolute Return Strategy, Huatai Bairui Quantitative Hedging, etc.
Large-scale asset allocation strategies usually focus on bond assets (especially high-credit bonds), which provide basic income, control withdrawal, match with other assets, seek opportunities to improve income, and pursue absolute income+products. Related funds, such as Anxin Steady Value-added, Guangfa Ju 'an, Guangfa Trend Optimization, BOC New Return, etc.
In addition, although the absolute return fund strives for positive returns, the capital market naturally fluctuates, so the absolute return cannot promise that the investment will not lose money in any short period of time. It is just an investment concept. It can only be said that in general, absolute income funds are more stable and more suitable for defense.
Some funds, such as Huatai Bairui Dingli and China Merchants Mei Feng, are all held by institutions. Can I buy this?
Before these two funds, the proportion of institutions was 100%, which should be customized funds. Later, individual investors began to buy, but the proportion of individual holdings was very low.
Looking at the number of fund share holders, there are only more than 200 merchants and more than 700 Huatai Bairui Dingli.
For such a fund, it is recommended to be cautious. Because once the institution redeems a huge sum of money, not only will the fund scale drop sharply, but also the risk of liquidation will occur, and the net value of the fund will fluctuate greatly. This fluctuation may be positive or negative.
On the positive side, there will be a redemption fee included in the fund assets, which will make the net value of the fund soar; On the downside, if the redemption share accounts for a high proportion and is held for a long time, the redemption fee will be less. Before redemption, the management fee of the day will still be withdrawn according to the scale, which needs to be shared by a small number of share holders, resulting in a sharp decline in net worth. In addition, in order to cope with redemption, the fund needs to sell assets. If the market at that time is not good and the price is not appropriate, it will also lead to a sharp drop in its net value.