The discount rate of the fund indicates the discount degree of buying closed-end funds. The greater the discount rate, the more worthwhile it is to buy, and the quality is good and cheap. We can often find the net value and price of the base cover, so how to calculate the discount rate? In order to make it as clear as possible, this paper uses graphics and examples to illustrate it.
1. Basic method for calculating discount rate
Simply put, discount rate is the ratio of discount to actual value. For closed-end funds, the discount is equal to the net value MINUS the price, so the discount rate is the net value MINUS the price and then divided by the net value.
discount rate = discount/net value = (net value–price)/net value = 1–price/net value
If the net value of a fund is 3 yuan and the price is 2 yuan, then: discount = 3–2 = 1, discount rate = 1/3 = 33.3%. Use a formula to calculate:
discount rate = 1–2/3 = 33.3%
2. Calculation method of discount rate after ex-rights
After the fund pays dividends, the discount rate needs to be calculated according to the ex-rights value. The key point is that after ex-rights, both the net value and the price of the fund need to subtract the dividend amount, and then it can be calculated according to the basic method.
The discount rate after ex-rights is equal to the discount divided by the net value after ex-rights, that is,
The discount rate after ex-rights = discount/net value after ex-rights = 1-(original price–dividend)/(original net value–dividend)
Hypothetically, Then the ex-dividend price = 2–.5 = 1.5, the ex-dividend net value = 3–.5 = 2.5, and the discount rate = 1–1.5/2.5 = 4%, calculated by a formula:
the ex-dividend discount rate = 1-(2-.5)/ (3-.5) = 4%
3 In fact, although the price can be found at any time, the net value is only published once a week. If you don't care about the fluctuation of the fund in a week, the first two methods are enough. If you want to compare the performance of funds at any time, you need static discount rate and dynamic discount rate to help.
Calculation of static discount rate
The so-called static discount rate is nothing more than calculating the current price and the recently published net value. This method regards the net value as unchanged within one week, so it is called "static".
For example, the price of a fund was 1.5 yuan last Friday, and its net value was 2.5 yuan last week, with a discount rate of 4%. By this Wednesday, the current price is 1.6 yuan, so
the static discount rate = 1–1.6/2.5 = 36%
the calculation of dynamic discount rate
The only difference between dynamic discount rate and static discount rate is to estimate the current net value first. Considering the change of net worth, it is called "dynamic".
For example, the price of a fund was 1.5 yuan last Friday, and its net value was 2.5 yuan last week. By this Wednesday, the current price is 1.6 yuan. It is estimated that the current net value of this fund has increased by 1%, so the dynamic net value should be 2.5*11%. Then
the dynamic discount rate = 1–1.6/(2.5 * 11%) = 41.82%
. Unfortunately, there is no completely accurate evaluation method, and the reason is the same as there is no way to accurately evaluate the stock value. However, the method is not without it. One is to analyze the performance of the fund's heavy stocks, and the other is based on the increase of the fund index. The beauty of operation lies in one heart.
For static and dynamic discount rates, it seems that we can draw such a conclusion:
1. The results of the two methods are not 1% accurate, the net value in the static method is outdated, and the net value in the dynamic method is estimated. However, we should not underestimate the role of these two methods. After all, even if they are completely accurate, the figures are only a reference for uncertain future investment.
2. Generally speaking, it can be considered that the dynamic discount rate reflects the changes of the fund more comprehensively and accurately than the static discount rate. For example, in the previous example, the discount rate was 4% last week, and the static discount rate was only 36% this Wednesday. It seems that the investment value has declined, while the dynamic discount rate is 41.82%, indicating that the investment value has increased. If we analyze it carefully, we can see that this is the result that the net increase of 1% is greater than the price increase of 6.7%. If we only calculate it according to the static discount rate, it is likely to ignore this important factor and get the opposite conclusion.