Funds are financial products that pursue relative returns. The so-called "relative" refers to comparing the performance of the fund with its performance comparison benchmark.
In the process of fund investment, regardless of absolute return and ranking, the fund's return rate is better than the performance benchmark performance in a certain period, which shows that the product management operation is qualified; If the fund's rate of return is lower than the performance benchmark, it is unqualified.
For example, a bond fund A, the benchmark of performance comparison is China Bond Composite Index. By the end of June, 20 17, the fund's net growth rate in the last three years was 23.7%, and the benchmark return rate of performance in the same period was 14. 1 1%, which exceeded the benchmark by 9.59 percentage points, indicating that the fund manager's performance in the last three years was qualified.
To put it bluntly, it is to set an expected goal for the fund that you want to achieve and may achieve. It is equivalent to what we used to say when we were young, "I want to get a score of 100", so I will be satisfied if I get a score of 99, but not enough if I get a score of 85.
For example, if the benchmark of performance comparison is "95% growth rate of Shanghai and Shenzhen 300 Index+5% return rate of interbank deposits", it means that the investment goal of the Fund is to strive to make the return rate outperform the Shanghai and Shenzhen 300 Index.
As far as you are concerned, "Shanghai and Shenzhen 300 Index Yield *80%+ CSI government bond index Yield *20%" should indicate that the Fund aims to approach the Shanghai and Shenzhen 300 Index Yield.
Extended data:
The net value of a fund unit refers to the current total net assets of the fund divided by the total share of the fund. Its calculation formula is: fund unit net value = total assets net value/fund share.
The net value of a fund unit is the net asset value of each fund unit, which is equal to the balance of the total assets of the fund minus the total liabilities and then divided by the total number of unit shares issued by the fund.
The subscription and redemption of open-end funds are carried out at this price.
The transaction price of closed-end funds is the known market price at the time of trading; On the other hand, the unit transaction price of the open-end fund depends on the net asset value of the unit fund, which is unknown at the time of subscription and redemption (but it can be calculated after the market closes on the same day and announced on the next trading day).
The valuation of fund unit net value refers to the estimation of fund net asset value at a certain price.
Calculating the net asset value of unit fund is the key. Funds usually invest in various investment instruments in the securities market, such as stocks and bonds, because the market prices of these assets are constantly changing.
Therefore, only by recalculating the net asset value of the unit fund every day can the investment value of the fund be reflected in time. The valuation principles of fund assets are as follows:
1. Listed stocks and bonds are calculated according to the closing price on the calculation day. If there is no transaction on that day, it shall be calculated according to the closing price of the latest trading day.
2. Unlisted stocks are calculated at cost price.
3. Unlisted government bonds and unexpired time deposits are calculated according to the accrued interest plus principal on the valuation date.
4. In case of special circumstances, if it is impossible or inappropriate to determine the asset value in accordance with the above provisions, the fund manager shall handle it in accordance with the relevant provisions of the state.
References:
Baidu Encyclopedia-Fund Unit Net Value