The biggest difference between fund net value and valuation is that fund net value is the price calculated by the fund company, while fund valuation is the price estimated according to relevant data. This estimator can be a fund website or a financial management software. So one is calculated according to the actual position and operation, and the other is calculated according to the previous data, so there will be many differences between the two data.
In fact, fund valuation refers to the process of calculating the value of fund assets and liabilities at fair prices, and finally determining the net asset value and net fund share value. The net fund value refers to the total net assets of the fund divided by the total fund share, which is calculated by the fund company according to the closing price after the daily closing.
What we can find is that the former is calculated according to the data of the previous day, so the data source is lagging behind, while the latter is calculated according to the closing price, so it is real-time. For example, if the fund manager lowers the position of a stock today, the position of this stock will change, which will cause the change of the fund position. If we continue to calculate according to yesterday's position, then this is not in line with the actual situation, so this is the most important reason why the net value and valuation are not equal.
Generally speaking, valuation and net worth are the difference between expectation and reality. Valuation can only be used as an investment reference, never as a net value.
What is the reason for the big gap between fund net value and valuation?
According to the current fund information disclosure rules, fund companies will disclose the operation of funds on a quarterly basis. Only then can we know the real position structure of the fund, such as which stocks he bought and the investment ratio of each stock. The daily stock value of the fund is calculated by the platform according to the latest position results published by the fund company.
However, we should know that this position allocation is a static result at the end of a quarter, and the fund manager may adjust the position allocation at any time, but it will not be announced to the public immediately. When we see the quarterly report of the fund, the number and proportion of positions held by the fund may have been adjusted. By the end of next quarter, this adjustment may be very large. If we continue to estimate the net value according to the position at the end of last quarter, it is obviously inaccurate.