(1) dividend: it is the income of the fund from the distribution of the company's net profit due to the purchase of the company's shares. Generally speaking, there are two forms of dividend distribution to shareholders: cash dividend and stock dividend. As a long-term investor, the main goal of the fund is to obtain long-term stable returns for investors, and dividends are an important part of the fund's income. The dividend of the invested stock is an important criterion for the fund manager to choose the portfolio.
(2) Dividend: refers to the income of the fund from distributing the company's net profit due to the purchase of the company's preferred shares. Dividends are usually paid at a certain rate.
Fund income
The proportion is stipulated in advance, which is the main difference between dividends and bonuses. Like dividends, dividends also constitute an important part of investors' income, and the level of dividends is also an important criterion for fund managers to choose investment portfolios.
(3) Bond interest: refers to the interest that the fund assets get on a regular basis because they invest in different kinds of bonds (government bonds, local government bonds, corporate bonds, financial bonds, etc.). China's "Interim Measures for the Management of Securities Investment Funds" stipulates that the proportion of funds investing in government bonds shall not be less than 20% of the fund's net asset value. Therefore, bond interest is also an indispensable part of investment return.
(4) The price difference between buying and selling securities: refers to the price difference income formed by the investment of fund assets in securities, which is also commonly called capital gains.
(5) Deposit interest: refers to the bank deposit interest income of fund assets. This part of the income only accounts for a small part of the fund's income. Because open-end funds must be ready to pay the fund holders' redemption applications at any time, they must keep some cash in the bank.
(6) Other income: refers to the cost or expense saved by using the fund assets, such as miscellaneous income such as trading commission concessions obtained by the fund from securities companies due to large-value transactions. This part of the income is usually very small.
3 cost
1, think carefully, because it will be dangerous (for example, once the dividend fails, the wind direction may change);
2. Sometimes income will bring some bad effects;
4 source
1. interest income of the fund: the interest income of the fund mainly comes from bank deposits and bonds invested by the fund.
2. Dividend income of the fund: Dividend income of the fund refers to a kind of income that the open-end fund obtains from the company by buying and holding the stocks issued by each company in the primary market or the secondary market. Dividends generally have two forms, namely cash dividends and stock dividends. Cash dividends are paid in cash, and stock dividends are given to shareholders as dividends in a certain proportion.
3. Capital gains of funds: The price of any securities will be affected by the relationship between supply and demand of securities. If a fund can buy securities when the capital supply is abundant and the price is low, but sell securities when the demand for securities is strong and the price rises, the difference is called the fund's capital gain income. [ 1]
5 allocation of funds
principle of allocation
(1) Each fund share enjoys the same distribution right;
(2) The income of the fund in the current year can only be distributed after making up the losses in previous years;
(3) If the fund investment loses money in the current period, no income distribution will be made;
(4) After the distribution of fund income, the net value of fund share cannot be lower than the face value of the fund;
(5) According to the Interim Measures for the Administration of Securities Investment Funds (hereinafter referred to as "Interim Measures"), the fund allocation shall be made at least once a year in cash; The proportion of fund income distribution shall not be less than 90% of the net income of the fund;
(6) A single fund account may not choose two dividend distribution methods for the same fund at the same time; In the dividend reinvestment part, the reinvestment share is determined based on the net value of the fund share on the equity registration date.
Allocation decision
Fund income should generally be distributed as follows:
(1) Determine the content of income distribution. Specifically, the object of fund allocation is net income, that is, the balance of fund income after deducting expenses that should be deducted according to relevant regulations. The expenses mentioned here generally include: management fees paid to fund management companies, custody fees paid to custodians, fees paid to certified public accountants and lawyers, and start-up expenses incurred when the fund is established. Generally speaking, the net income of the fund in that year must make up for the loss of the previous year before the income distribution of that year can be carried out; If the fund has a net loss in the current year, it should not distribute the income. In particular, the above-mentioned revenue and expenditure data must go through an accounting firm and a registration meeting with the qualification to engage in securities-related business.
Fund income
The allocation can only be implemented after the auditor's audit confirmation.
(2) Determine the proportion and time of income distribution. Generally speaking, the distribution ratio and time of each fund are different. Under the premise of not violating the relevant national laws and regulations, it is usually stated in advance in the fund contract or the articles of association of the fund company. In terms of distribution ratio, relevant laws in the United States stipulate that funds must distribute 95% of their net income to investors. China's Interim Measures for the Management of Securities Investment Funds stipulates that the proportion of fund income distribution shall not be less than 90% of the fund's net income. In the allocation of time, the fund should allocate income at least once a year.
(3) Determine the object of income distribution. Whether it is a closed-end fund or an open-end fund, the object of income distribution is the investors who hold fund shares on a specific day. Fund management companies usually need to designate the last date of record to get the right of income distribution, and all investors listed in the register of fund holders will have the right to enjoy the income distribution after the transaction ends on this day.
(4) Determine the distribution mode. There are generally three ways: ① cash distribution. This is the most common form of fund income distribution. ② Allocate fund units. That is, the net income to be distributed is converted into new fund units with equal amount and given to investors. This distribution form is similar to the so-called "stock issue", which actually increases the total capital and scale of the fund. ③ No distribution. Instead of sending fund shares and distributing cash, the net income is included in the principal for reinvestment, which is reflected in the increase in the net asset value of fund shares. China's "Interim Measures for the Management of Securities Investment Funds" only allows the use of ①. Taiwan Province Province of China adopts the combination of ① and ③, while the most commonly used methods in the United States are ① and ②.
Fund income
(5) Determine the payment method of income distribution. This is related to how investors get the profits they deserve. Generally speaking, when paying cash, the custodian informs the fund holder to collect it in person or remit it to the holder's bank account; In the case of allocating fund shares, the designated securities company will print the allocated fund shares on the investor's fund share holding certificate.
What needs to be added is that although the fund disperses risks through portfolio investment, it usually enables investors to obtain higher returns (higher than bonds) with lower risks (lower than stocks), but the fund manager does not make any guarantee for the future returns of the fund. In fact, some foundations have very low returns or even losses because of the unsuccessful operation of managers.
6 Income calculation
Calculation method of subscription fund income:
Income share calculation is divided into external deduction method and internal deduction method:
Internal buckle method:
Share = investment amount ×( 1- subscription rate) ÷ net value on the day of subscription+interest.
Income = net unit value on redemption date ××( 1- redemption rate)+dividends-investment amount.
External buckle method:
Share = investment amount ÷( 1+ subscription rate) ÷ net value on the day of subscription+interest.
Income = net unit value on redemption date ××( 1- redemption rate)+dividends-investment amount.
At present, most fund companies use the external deduction method, because the share of the external deduction method will be a little more for the same purchase amount, which is more beneficial to the fund holders.
This method can be used to calculate your daily profit. After purchasing the fund, if you feel that the daily calculation is troublesome, you can use the fund account book in Caidao.com to manage it, and you can automatically calculate the daily income and yield.
7 composition
1. The price difference between buying and selling securities;
2. Dividends, bonuses and bond interest invested by the fund;
3. Bank deposit interest;
4. Other legitimate income realized.
Among them, the fund's capital gains often account for a large proportion of the fund's income. In order to obtain higher capital gains, fund managers need to have rich and comprehensive securities knowledge and be able to make roughly accurate judgments on the trend of securities prices. Generally speaking, fund managers have
Fund income
With strong professional knowledge and comprehensive information, it is easier to obtain more capital gains than individual investors.
Investors buy funds for profit. In addition to selling funds to recover investment, fund dividends are also an important channel for investors to obtain income.
8 status quo
Since the first half of 2007, with the gradual warming of the stock market, the wealth effect of the market has become increasingly prominent, and a large number of "fourth generation investors" have poured into the stock market. In this fiery "Nugget Game", partial stock funds, especially equity funds, have become the biggest winners, and most of the relevant investors who participated in this kind of funds have obtained good financial returns.
According to the latest statistics of WIND Information, 203 funds announced on June 30, 2007 experienced an amazing "great transfer" of assets. Roughly speaking, in the second quarter, the money of the Monetary Fund flowed out sharply, and the comparable scale in the quarter decreased by 654.38+003 billion yuan. Among them, the funds flowing to equity funds amount to tens of billions of yuan.
Due to the continued popularity of the stock market and the resumption of new share issuance, partial stock funds increased significantly in the second quarter. As of June 30, 2007, the total assets of partial stock funds (including closed-end funds, stock funds and allocation funds) reached 349.533 billion yuan, the highest level in history.
Relevant data show that 136 partial stock funds all achieved positive returns in the first half of the year, and the gains made by stock funds are undoubtedly quite amazing. Of the 68 comparable equity funds, 40 have a half-year return rate of over 50%, and the return rate of 10 is over 70%. Among the allocated funds, there are 20 funds with a return rate of over 50% in the first half of the year, only 1 fund with a return rate of over 70% and 7 funds with a return rate of over 60%.
The performance of equity funds has also widened the gap. In the first half of 2007, China's large-cap selection won the championship with 9 1.45%, and Guangfa Small-cap ranked second with 90.93%. The minimum net growth rate failed to exceed 30%.
As far as the situation is concerned, among all open-end funds, the biggest increase in net assets is also the equity fund, that is, the Morgan China Advantage Fund. The net asset value of equity funds rose as high as 6.52% in a week, exceeding the weekly increase of all indexes.
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