Fund position refers to the proportion of the fund's investment in the stock market to the fund's available assets. How to calculate the capital invested in the stock market, which is the stock cost or the stock market value? Can the fund use net assets or cash? Different understanding of these two indicators will construct different position values.

1. The ratio of the market value to the net value of a stock position with appreciation.

In the past, the general position was the ratio of the market value to the net value of the stock announced by the fund every quarter. There is a problem with this algorithm: the value-added part of the stock market value and net value, that is, the amount of stock price growth, does not represent the actual investment of the fund before the stock price growth. It is unscientific to include the value-added part of the valuation, which inflated the fund's investment in the stock market and increased the amount of funds before investment. The ratio of stock market value to fund net value cannot accurately represent the fund position.

2. The ratio of stock cost to net value after deducting valuation appreciation.

In this concept, the stock is calculated at cost, and the net value is deducted from the valuation appreciation. This algorithm is equal to the position calculated by the ratio of stock cost to stock cost and available liquidity, which contains the real meaning that the funds available for the fund in the short term are also included (the difference between bank deposits and various accounts receivable and payable), reflecting the overall fund situation at the time of disposal. This should be a more accurate and comprehensive position calculation method.

3. The ratio of stock cost to stock bond cost and bank deposit.

This position can be said to be a narrow position, that is, the ratio of the stock cost that the fund has put into the market to the stock bond cost and bank deposit on the announcement date. That is to say, at a certain point, the funds that the fund has not invested in the stock market are limited to bank deposits, excluding the net accounts receivable and payable.

Because there is no valuation data in the quarterly portfolio announcement, the algorithm of the latter two stock positions can only be calculated after the fund publishes the interim report and annual report.