1. Investment scope of money funds: As the name implies, money market funds are funds that invest in money market instruments. According to the goods
According to the Interim Provisions on the Management of Money Market Funds, the investment scope of China's money funds includes: bank time deposits and large deposit certificates within one year (including one year); Bonds with a remaining maturity of less than 397 days (inclusive); Bond repurchase with a term of less than one year (including one year); Central bank bills with a term of less than one year (inclusive); Other money market instruments with good liquidity recognized by China Securities Regulatory Commission and China People's Bank.
2. Characteristics of money market funds: 1. The main difference between money market funds and other funds that invest in stocks lies in the capital of fund units.
The net output value is fixed, always 1 yuan. For example, investors can own 100 fund shares if they invest 100 yuan. After 1 year, if the return on investment is 8%, investors will have 8 more fund units, totaling * * * 108, with a value of 108 yuan. The fund reinvests in dividends, which makes the income accumulate continuously and increases the fund share owned by investors. 2. The standard to measure the performance of money market funds is the rate of return. 3. Good fluidity and high safety. Investors can redeem the fund shares at any time as needed, regardless of the date. 4. Low risk. The term of money market instruments is usually very short, and the average term of investment portfolio is usually 4 ~ 6 months, so the risk is low, and its yield is usually only affected by market interest rate. 5. The investment cost is low. Money market funds do not charge subscription and redemption fees, and their management fees are also low. 6. Money market funds are usually regarded as risk-free investment tools, suitable for short-term investment and interest-bearing, and hold cash in the form of money market funds for emergencies.
For working-class people who are busy with their careers, if they spend a certain amount of idle funds every month to buy money market funds, the long-term accumulated compound interest return will be considerable. At the same time, it does not occupy funds like stocks and bonds, and can be converted into cash at any time. The turnover time is only one or two days, which is very convenient. Therefore, money funds, also known as "quasi-savings products", have the advantages of capital preservation, regular income and monthly dividends.
The investment scope of money fund and RMB wealth management products is roughly the same, but it is better than RMB wealth management products in terms of safety, liquidity, flexibility and starting point. After the interest rate is raised, the monetary fund can enjoy the benefits brought by the interest rate increase; At present, the yield of RMB wealth management products is fixed. Even if the interest rate rises, it is not calculated according to the adjusted interest rate, but still calculated according to the previously set interest rate. Compared with RMB wealth management products, there is a lock-in requirement for a period of time, and the liquidity of monetary funds is a very prominent advantage of this product. Generally, RMB financial management cannot be paid in advance according to the agreement. If investors have urgent capital needs, they should apply to the head office for pledge through branches. The pledge rate is generally 70%, and they will also bear the interest on the pledged loan. Money market funds can be purchased and redeemed at any time, and there is no handling fee. Generally, the money can be received within 2 days after the redemption application is filed. In terms of flexibility, RMB wealth management has no other products that can be converted to each other. Even if the same product has different maturities, there is no room for conversion. Money funds can be converted with other types of fund products of the same fund company, so that investors can capture other investment opportunities in the capital market timely and conveniently while investing in the money market. Usually, the purchase starting point of RMB financial planning is more than 50 thousand yuan; The subscription starting point of the money fund is 1000 yuan, which has a lower investment threshold and is more suitable for ordinary investors.
3. Income of money market funds: Theoretically speaking, money market funds also have certain risks, and there have been individual funds in the past.
On other days, the return of ten thousand fund units is negative, but there has never been a money market fund with a negative annualized rate of return on a certain day. It can be clearly said that there is no risk of principal loss in money market funds. It's just a question of the rate of return.
There are two indicators reflecting the rate of return of money market funds: one is the annualized rate of return on the 7 th; The second is the income per 10,000 fund units. As a short-term indicator, the 7-day annualized rate of return is the average income of the first 7 days (including the current day) multiplied by the number of days equivalent to the annual rate of return in a year, which is the most intuitive indicator to reflect the performance of the fund and easy to compare with the savings income. But that's only the fund's profit level in the past seven days, and it doesn't represent the future income level. When examining this indicator, we can't ignore the concern about income fluctuation, because it reflects whether the fund's future income expectation is stable. Generally speaking, if the index fluctuates greatly, the actual rate of return of investors may be quite different from that at the time of purchase. The income per 10,000 fund shares refers to the data that the income from the daily operation of the money fund is evenly distributed to each share, and then calculated and compared with 654.38+00,000 shares as the standard. The higher this indicator is, the higher the actual income investors get. Although the bank's time deposit has a high yield, it is not liquid enough. Once the deposit needs money before maturity, the interest can only be calculated according to the demand deposit. Although demand deposits can be accessed at any time, the interest rate is low. Money market funds are more liquid and have higher returns. You can redeem it at any time, usually at the latest on the third day after redemption. Moreover, bank demand deposits compound interest every year, and money market funds compound interest every day. For example, if you have 1 10,000 money funds, the net income of each 1 10,000 fund today is 0.8000 yuan, that is, your income today is 0.8000 yuan, and tomorrow's income is calculated by the principal 10000.80 yuan. Monetary fund income is generally carried forward on a monthly basis. At the time of redemption, the proceeds not carried forward shall be redeemed together.
To sum up, the money fund is "daily diary income, monthly dividend."
Judging from the past rules, the income of the money fund often has a great relationship with the capital situation in the same period. If the short-term funds are very tight, the short-term income of the money fund will suddenly increase. Judging from the situation of the money fund market in the first half of 20 1 1, the 7-day annualized rate of return of many products exceeded the 1 year fixed deposit rate, and even exceeded the half-year fixed deposit rate. If the current bank demand interest rate is 0.36%, then the money fund market will easily win. Generally speaking, the yield of the money fund is roughly equivalent to the interest rate of the bank's half-year time deposit.
Some money funds are divided into Class A and Class B. The subscription starting point of Class A is 1 10,000 yuan, and Class B is much higher, at least 5 million yuan, of which Class A money fund of southern fund Company is 1 10,000 yuan. Obviously, although the yield of Class B is higher than that of Class A, most individual investors can't get in.