1. Fund purchase channel
Generally speaking, the channels for buying Public Offering of Fund in the market are divided into direct sales by Public Offering of Fund companies (official website, APP and Public Offering of Fund companies), traditional consignment channels (brokers and banks) and the third-party Public Offering of Fund trading platform. The latter two channels are all agents, and the three channels are different in product quantity and purchase rate.
To sum up, in terms of the number of products, the number of third-party public offerings on the fund trading platform is the most complete; In terms of subscription and redemption, direct selling and third-party public offering of fund trading platform have more advantages.
2. Fund managers
Compared with private placement, public offering has a higher threshold for academic qualifications and majors, and the cycle of becoming a fund manager is particularly long. The selection and allocation of outstanding talents and a long training period also ensure the quality of fund managers.
Generally speaking, the basic requirement of Public Offering of Fund, the administrator, is a master's degree or above in finance, and he is also a financial or comprehensive university within TOP 10. Even if such a top talent enters a fund company, he starts as a researcher and then works as a fund assistant. Only when Zhihu's ability and performance are recognized can he be promoted to fund manager. Because this cycle is mostly around 5- 10 years, compared with the younger managers of private equity funds, the lower age limit of managers in Public Offering of Fund is basically in their thirties and above.
From this perspective, choosing a fund means choosing a fund manager, that is, "hiring" a group of the smartest people in the market to "work" for themselves to avoid the failure caused by their blind investment.
3. Fund purchase process
According to a complete trading process, the investment cost of Public Offering of Fund is divided into buying, operating expenses and selling. Buying is divided into subscription and subscription.
(1) are all purchases. What's the difference between subscription and subscription?
When we buy Public Offering of Fund, if this is only the new Public Offering of Fund during the raising period, then the act of buying Public Offering of Fund is called subscription. After the establishment of the public offering fund, when the subscription is open, the act of applying for the share of the public offering fund is called subscription.
The subscription fee is generally not discounted: assuming that the subscription fee of 1.5% is usually charged in full, the private equity network is exempt from the subscription fee.
Subscription fee discount: Subscription fee is generally given to the sales channels in Public Offering of Fund, so the first channel we talk about, that is, the fund company's public offering and direct selling (official website or APP), does not exist. Assuming that the subscription fee is 1.5%, the online sales platform will give 1 a discount, which is 0. 15%. Most traditional sales channels (such as banks and brokers) give a 40% discount, 0.6%. Some "Pit Dad" channels are fully charged, which is also 1.5%.
Redeem and sell.
The redemption fees of the three channels are roughly the same, which is closely related to the holding time. Generally speaking, it is 1.5% within 7 days, and there is no redemption fee for holding it for more than two years. The redemption fees of the three channels are usually not much different.
③ Operating expenses
Management fee: it is the commission charged to help you manage Public Offering of Fund;
Custody fee: this is the custody fee charged by the fund company on behalf of the custodian bank;
Sales service fee: this is a special fee item, which usually only appears in some C-share fund offerings-it is suitable for investors with uncertain holding time and share (the "continuous sales fee" charging model no longer charges the traditional subscription redemption fee, but charges a certain percentage of fees every day).
The above three expenses are accrued on a daily basis, that is, according to your share and holding time, and then directly deducted from your Public Offering of Fund assets. Generally speaking, the management fee is one year 1.5%, and the custody fee is 0.25% a year.
(4) The time for confirming the fund share after subscription.
Please remember this key time point: 15:00.
Buy before 15:00 on the same day, confirm the transaction according to the closing price of the fund on the same day (T day), and confirm the share on the same day. The net value of the day is generally checked after 8- 10 update in the evening.
For purchases made after 15:00 on that day, the net value of the next trading day (T+ 1) shall prevail, and the information confirmed after the fund subscription shall prevail.
Question: Xiao Jing expected the market to rise next Monday, so he submitted the order after the close on Friday. But is this the same as Xiao Dan's order submitted before 3 pm on Monday? Does Monday's rise have anything to do with Xiao Jing's income? What about Dan's income?
Reveal the answer: Xiao Jing and Xiao Dan have the same yield effect. The transaction price is Monday's closing price, and the confirmed share is also after Monday's closing price. The profits of Xiao Dan and Xiao Jing have nothing to do with the ups and downs of the market on Monday.
About the arrival time of redemption
The first conclusion: Generally speaking, when applying for redemption, the redemption money will be received on the 4th to 5th working days after T day (before 15:00).
The distribution of fund redemption money includes several links:
The first step is for investors to apply. If the investor applies for redemption of the fund on a certain working day (suppose T day), the sales organization will submit the application to the fund company after the market closes.
Step 2: The fund management company calculates the net value of fund shares (i.e. the redemption price of each fund of investors) after the market closes on the same day (T day), and calculates the net value of fund shares, i.e. the redemption price of each fund of investors applying for redemption.
The third step is the transfer of funds.
The third step is divided into three links:
1. The custodian bank will transfer the redemption funds to the fund company's clearing account on T+3.
2. Fund company transfers funds to the sales organization: after receiving the redemption funds, the fund company transfers the funds to the general clearing account of the sales organization on the same day.
3. Distribution to customers by the sales organization: After the sales organization receives all the redemption money from the fund company, it will settle the funds. Some sales organizations will eventually transfer funds to each investor's personal account on the evening of T+3, and some will transfer funds on T+4 or T+5. Generally speaking, the redemption money will arrive in 4 to 5 working days.
It should be noted that the redemption time is calculated according to working days. In case of holidays and other non-working days, the arrival time of funds will be postponed.
To sum up, the channels for purchasing Public Offering of Fund in the market are divided into direct selling by fund companies (official website, APP, and fund companies), traditional consignment channels (brokers and banks) and third-party Public Offering of Fund trading platforms. The third-party Public Offering of Fund trading platform has gathered the hypermarkets with the most products in Public Offering of Fund, and has a unique advantage in the number of products. From the perspective of transaction cost, the subscription rate of the third-party Public Offering of Fund trading platform and Public Offering of Fund direct selling is lower, but there is little difference between redemption fee and operating fee. In addition, trading day 15:00 is an important trading window.
Bad temper. You waited four days to buy it? The fund subscription channels, rates and share confirmation time are complete.
Hot search plunged, Chunchun, Kun Kun Liu Ding fund manager also confessed, why do I still suggest you?