What are the risks of playing a new fund?
Risk one, the first day of IPO rose less than expected.
When applying for funds, it is necessary to pay special attention to the risk that the first-day increase of new shares is less than expected. For good industries, the valuation of new shares is reasonable, and it is expected that the first day of new shares will increase by 50% or even higher. However, if the industry is not good or the pricing is aggressive, the increase of new shares on the first day may be less than expected.
Risk 2, the fund scale has surged and the expected annualized expected return has been diluted.
Secondly, we should pay attention to the risk that some newly acquired funds may be diluted by the expected annualized expected income. If the fund scale increases by 1 times before IPO, the expected annualized expected return on the first day of IPO will be diluted by about half, which has a great impact on the expected annualized expected return of subscription funds.
Therefore, investors need to pay attention to the changes in the fund scale. Whether the fund suspends subscription or suspends large subscription, it will have an impact on the expected annualized expected rate of return of the new bid-winning fund subscription.
Risk three, the transaction cost of redemption
When applying for IPO arbitrage, we should also pay attention to transaction costs. The subscription fee of active partial stock funds is mostly 1.5%, and the discount rate is 0.6%. Some funds also offer 1 discount or even free fund subscription, but they need to be converted through the fund company's monetary fund tools.
Generally, the redemption fee of open-ended partial stock funds is 0.5%, and some funds have already charged short-term redemption fees, of which 1.5% is held for less than one week and 0.75% is held for one week to one month, which may increase the arbitrage capital cost of some funds. Some capital preservation funds have won lots for new shares, but the redemption rate of capital preservation funds is relatively high, generally 2%. Investors must pay attention to transaction costs.
Risk 4, the stock market falls when holding funds.
Finally, investors should also pay attention to the risk of other stocks held by the fund falling. The overall stock market fluctuated and fell. Investors should appropriately reduce the time of holding this fund and choose to buy this fund when the stock market is at a low stage, so as to avoid the risk of other stocks falling in some funds.
Five skills for choosing a new fund:
First, choose the fund type, absolutely how many assets can be innovated, and flexibly allocate new artifacts, new preferred types. According to the fund classification of the CSRC, 15% of the assets of general equity funds and bond funds are newly added; The new position of the capital preservation fund can reach up to 40%; Flexible hybrid funds can have up to 90% of the funds for new shares, and can invest in other fields when the market direction changes.
Second, under the same new assets, the higher the winning rate, the lower the expected annualized expected return. As an offline new stock, Public Offering of Fund gradually equalized the winning rate. From the point of view of share subscription mechanism, the price of institutional newspaper has changed from the unit of fund in the past to the fund company Qi Xin working together to concentrate resources on subscription of new shares. With fund companies familiar with the new share mechanism, the winning rate may tend to be flat.
Third, the scale should not be too large. After calculation, the scale is best within 654.38+000 billion yuan. Too large or too small an asset size will affect the contribution rate of new shares to the fund. Judging from the previous calculation results, the asset size of the fund is 554.38+0 billion yuan, followed by 500-500 million yuan and 654.38+0-654.38+0.5 billion yuan.
Fourth, the lower the rate, the more fund shares you get, and the more favorable it is for investors; Low cost has two meanings. First, the low rate of fund products mainly depends on the design of fund products. Generally, there is a share model, which is set for institutional investors; In addition, the C share model is set for individual investors. For example, Xinhua Lu Yi Wealth Fund (000584) adopts the C-share model and only charges sales service fees. Individual investors held in 1 year are better than the A-share model. Second, the lower the discount rate, the better, generally 60% off, the lowest discount, and not less than the lower limit of 0.6%.
Fifth, the lower the fund's stock investment position, the better. As long as it meets the new minimum position, it can not only reduce the fluctuation risk of the stock secondary market, but also enjoy the new expected annualized expected return in the primary market. The disadvantage is that there are no new shares and the net value of the fund has not changed much. Investment guru Buffett "Remember two things when investing successfully. The first is not to lose money, and the second is to remember the first one. "