Detailed explanation of the calculation of expected annualized expected income of graded funds
Grade A lends money to Grade B, which is used to buy stocks or bonds (including convertible bonds), and B pays fixed "interest" to A. When the net value of B falls to a certain extent (most stocks are classified as RMB yuan, and convertible bonds are classified as RMB yuan), in order to protect the rights and interests of A, it will be discounted (most assets will be reorganized into A, B and parent base with a net value of 1).
First of all, the share ratio of most stock-based graded funds A: B is 5: 5, and the share ratio of some convertible bonds is 7: 3. This stock ratio illustrates the difference in leverage. For Grade B, the initial leverage of 5: 5 is 2 times and that of 7: 3 is 2 times. What I want to say here is that this ratio has nothing to do with the expected annualized expected return, so don't worry! (Mainly used to calculate the leverage, that is, to calculate how much the parent base will fall, which is used when the grade B will reach the lower folding point. )
Mainly pay attention to the discounted net value of grade B. For example, if grade B reaches or falls below RMB, it will be discounted.
Assume that the net value of Grade A at this time is RMB yuan, and the expected annualized interest rate level and issue date of other Grade A and Grade A in the market are the same, but the price is RMB yuan. Then buy it at the current price. If there is a discount afterwards, the calculation method of the expected annualized expected return of Grade A is as follows:
Yuan original classification A net value-Yuan original B net value at discount = Yuan.
In the original graded A-yuan, some of them are converted into new parent with a net value of 1, which can be redeemed according to the net value, and the redemption cost is mostly around 100 to 100, or they can be split into A and B and then sold. The handling fee is not considered here.
The original grade A turns out yuan, leaving yuan, which becomes the new grade A, with a net value of 1.
Well, it's time to witness the result: the original 100 copies are Grade A, and the market value is 90 yuan (the transaction price is RMB/copy). After discounting, it will become the matrix of 80 yuan, with 25 new grades A and value yuan (the price yuan of other grades A with the expected annualized interest rate, that is, 25**** income: (80+-90 = yuan,
Is the profit ratio simple?
Here is the same sentence. When a B-class is close to discount, the price of A-class will rise gradually because of the existence of this profit margin. If Grade B does not drop, but rises and leaves the folding area, then Grade A will fall back to its original value.