Since the beginning of this year, the non-public offering market has been extremely hot. Up to now, the accumulated fixed-income financing has exceeded the trillion-dollar mark, far exceeding the IPO. Many investors have participated in the fixed-income increase at a relatively low cost and obtained high returns. How should ordinary investors share this big cake? The following small series will tell you how to invest in a fixed income fund.

In a word, I understand what increasing the fund is.

Fixed-income fund, as its name implies, is a fund that obtains shares of listed companies by participating in non-public offering. This fund can help the largest number of retail investors to participate in the expanding fixed income market and strive to achieve excess returns. There are two sources of excess returns: first, the price of participating in the fixed increase is discounted from the market price, generally around 20%; On the other hand, it is the choice of fixed shares. After all, the fixed increase often involves major changes in the fundamentals of listed companies, such as asset restructuring and acquisition. Generally speaking, it is helpful to improve the fundamentals and future profit prospects of listed companies. As a result, many institutions with fixed professional investment have emerged, and thus they have made huge profits.

The existing fixed income funds all operate in the form of hybrid funds, and all of them have a certain closed period. Listing and trading within the closed period, and subscription and redemption are not open. Investors can only buy and sell with stock accounts. Please note that off-site channels such as bank brokers are not provided.

The fixed-income fund is valued like this.

Fixed-income fund investment in fixed-income shares is generally locked for 1 year, and can only be sold and realized after the expiration. Therefore, unlike ordinary funds, fixed-income funds have a more special valuation method for holding fixed-income stocks.

Specifically, in the first case, when the market price of the same stock listed and traded on the stock exchange on the valuation date is lower than the initial acquisition cost of the non-public offering stock, the market price of the same stock listed and traded on the stock exchange should be adopted as the value of the non-public offering stock on the valuation date.

In the second case, when the market price of the same stock listed and traded on the stock exchange on the valuation date is higher than the initial acquisition cost of the non-public offering stock, according to the formula FV=C+(P-C)×(Dl-Dr)/Dl(FV is the value of the non-public offering stock on the valuation date; C is the initial acquisition cost of non-public offering of shares; P is the market price of the same stock listed and traded on the stock exchange on the appraisal date; Dl is the number of trading days included in the lock-up period of non-public offering of shares; Dr is the remaining lock-up period on the valuation date, that is, the number of trading days from the valuation date to the end of the lock-up period, excluding the valuation date).

Simply put, if the market price of the stock on the valuation date is lower than the cost price of the fund subscription, it will be valued according to the market price; If it is higher than the fund subscription cost price, the valuation shall be calculated according to the above formula.

For example, if the cost of a fund participating in the fixed increase is 10 yuan, the latest closing price is 15 yuan, the remaining 90 trading days, and the cumulative trading days of a lock-up year are 250 days, then the valuation price of the fund for the fixed increase stock is10+(15-10. And if the latest closing price of the stock is 9 yuan, then the fund is directly valued as 9 yuan.

You should understand the advantages and risks of fixed income funds.

Compared with ordinary partial stock funds, fixed income funds have their unique advantages and risks, and investors should know well before buying such funds.

The first is the advantage. The biggest advantage of fixed-income funds is that the cost of acquiring shares is lower than the market price, so the price of non-public offering is often lower than the market price by 20% or even 30%. Compared with buying and holding in the secondary market, participating in the fixed-income fund obviously gains more profit space.

Looking at its special risks, the most important risk faced by the fixed-income fund is that the fundamentals of listed companies or the stock market environment have undergone major adverse changes during the lock-up period, and it is impossible to achieve stop loss. In addition, the fixed-income projects in which the fixed-income fund participates are limited after all, and it is difficult to avoid systemic risks in the market.

The mystery of fixed fund premium: valuation method leads to actual discount

At present, there are four fixed-income funds * * * including SDIC UBS Rayleigh, SDIC UBS Ruiying, Caitong Multi-strategy Selection and Jiutai Ruizhi Fixed Income.

Four fixed-income funds were established this year, and the current income is not high. Caitong's largest multi-strategy selection participated in the fixed-income project. Since its establishment more than half a year ago, it has participated in 26 fixed-income projects, and the current net value of the fund is also the highest.

In the secondary market, three of the four funds are at a premium, among which UBS SDIC has the highest premium rate, reaching 1 1.53%.

For the premium of fixed-income funds, on the one hand, the market environment is good recently, and investors' risk appetite is rising; On the other hand, it is very important that due to its special valuation method, the book value (net value calculated by valuation method) is lower than the real net value (net value calculated by market price), which can explain the reason for the premium trading of fixed income funds. Of course, the scarcity of fixed-income funds also makes it easy to premium.

It is worth noting that because the remaining closure period is less than 1 year, UBS Rayleigh, an international investment bank established earlier, no longer participates in new fixed income projects, so this fund trades at a discount.

According to the research report released by Huabao Securities on Wednesday, SDIC Ruiying participated in more than 10 fixed-income projects, with * * * accounting for 63.3% of the fund's net asset value, with a high position. Due to the recovery of the market, some of these projects have gained considerable profits, such as Shibei Gaoxin, which accounts for 5.2% of the fund's net asset value, with a fixed price of 9.9 1 yuan and a market price of 37.74 yuan. However, the rising date was August 20, 2008, and the increase included in the fund's net value was only about 1/3. At present, SDIC wins the nominal premium of 10.76%, but the actual discount is as high as 19.7%. The actual discount of other fixed income funds, Jiutai Ruizhi, is 1 1.7%, and the actual discount of Caitong Select is 9.86%.

For several fixed-income funds, the author suggests that investors diversify their investments and adjust their layout.

In addition to the above four typical fixed-income funds, some active funds have intensively participated in non-public offerings since the fourth quarter, and off-exchange investors can pay due attention to them, mainly including Hongde Hongfu, Hongde Hongye and Hongde Vision under Hongde Fund. These funds are all open-ended, not listed and traded, and redeemed by net value. There is no discount premium problem, but there may be liquidity risk. Investors need special attention. In history, there have been cases in which the investment share of the fund has shrunk sharply after the fixed increase, resulting in the proportion of the fixed share of the fund exceeding 10%, which makes the net value of the fund greatly affected by the performance of a single stock. Investors need to pay special attention to such risks.