Closed transaction
1. Distribution principles and methods of closed-end funds
With the growth of fund income, the net asset value of the fund will rise, and the fund will distribute the income to investors.
In closed-end funds, investors can only choose cash dividends, because the scale of closed-end funds is fixed and cannot be increased or decreased. Dividends are directly transferred to investors' accounts by the registration institution of Shenzhen and Shanghai Stock Exchanges through securities companies.
2. How to deal with closed-end funds?
The fund shares of closed-end funds are listed and traded in the stock exchange market like the shares of ordinary listed companies. Therefore, just like buying and selling stocks, the first step in buying and selling closed-end funds is to open an account in the securities business department, including capital account and capital account (also known as margin account).
If you open an account as an individual, you must bring your ID card or military officer's card. To open an account as a company or enterprise, you must bring a copy of the company's business license, legal person certificate, legal person power of attorney and ID card of the agent.
Before buying and selling closed-end funds, you must deposit the cash in a bank that has been networked with the selected securities company, and then go to the securities business department to transfer the money in the passbook to your margin account. After that, you can entrust the securities business department to declare or entrust the trading of fund shares through intangible offers, telephone calls, etc.
It must be noted that if you already have a stock account, you don't need to open a fund account. The original stock account can be used to buy and sell closed-end funds. However, the fund account cannot be used to buy and sell stocks, but can only be used to buy and sell funds and government bonds.
3. Pricing and discount rate of closed-end funds
After the establishment of a closed-end fund, the fund shares held by investors can be listed and traded on the stock exchange, but the scale of the fund will not change, so it is called a "closed-end" fund. In other words, the "share transaction" of open-end funds is a transaction between investors and the fund company that initiated the fund products, while the "share transaction" of closed-end funds is a transaction between investors.
The pricing of closed-end funds is based on the relationship between supply and demand of investors in the secondary market of stock exchanges. The net value of closed-end fund is calculated according to the investment situation of the fund, according to the total assets of the fund divided by the total share of the fund, that is, the actual amount of fund assets represented by each fund. The difference between price and net value is determined by the relationship between supply and demand.
The price of closed-end funds is mostly lower than the net value, that is, it is mainly a discount transaction, and there have been premium transactions at the beginning of the establishment of closed-end funds. The purchase and redemption of open-end funds are calculated according to the net value, while closed-end funds are bought and sold between investors, so the price is affected by the relationship between supply and demand. When the transaction price of closed-end funds in the secondary market is lower than the actual net value, this situation is called "discount".
Discount rate = (unit net share-unit market price)/unit net share.
According to this formula, when the discount rate is greater than 0 (that is, the net value is greater than the market price), it is a discount, and when the discount rate is less than 0 (that is, the net value is less than the market price), it is a premium. In addition to investment objectives and management level, discount rate is an important factor in evaluating closed-end funds.
Due to the limitation of scale and the influence of liquidity, closed-end funds generally have a discount rate. High discount rate is an important factor to trigger investment.
For example, the net value of a closed-end fund on a certain day is 2.23 yuan, and the closing price of that day is 1.76 yuan. Then, the discounted value of the fund is:
2.23- 1.76=0.47 (yuan)
The discount rate is:
(2.23- 1.76)/2.23=2 1.08%
In the future, even if the fund does not go up or down, it can get 2 1.08% income.
4, the relevant provisions of the closed-end fund investment transactions
The listing of closed-end funds has the following characteristics:
(1) The principle of "openness, fairness and justice" and the principle of "price first, time first" are adopted in the entrustment of fund shares.
(2) Fund transactions are entrusted by standard hands.
(3) The transaction price of the fund share is based on the net asset value of the fund share and fluctuates due to the relationship between market supply and demand.
(4) In the business hall of the securities market, trading fund units can be entrusted at any time.