Let's talk about the net value method first:
When we buy a fund, we look at the "product elements table" of the fund, and what we usually see is: the performance commission, 20% of the profit. Very easy to understand. You help me invest and make money. You get 20%, I get 80%. However, in practice, ...........................................................................................................................................................................
Suppose you bought a fund product at the beginning of the year. When you buy it, assume that the net value of the fund unit is 1.50. The market was very good in the first half of the year, and the net value soon reached 2.50 after a few months. At this time, the fund began to pay dividends. In general, the dividend date is the date on which the fund performance reward is extracted. At this time, your fund share earned 1.00. (2.50- 1.50= 1.00)。 So, if you take out this 1.00, you get 0.80 yuan and the fund manager gets 0.20 yuan. Everyone is very happy!
After the score, your net fund value is still 1.50 yuan.
However, in the second half of the year, the market changed suddenly. The net value of your fund dropped from 1.50 yuan to 0.80 yuan at the end of February. You lost 0.70 yuan.
In this way, the dividend in your pocket is 0.80 yuan, and the floating loss is 0.70 yuan. You actually earned 0. 10 yuan this year.
Let's look at the fund manager again. He won't be responsible for compensating you for the lost money. In his pocket, it's still 0.20 yuan. Actually, I earn more than you.
At this point, do you still think fund managers earn 20%?
What's going on here? This is because the market is always fluctuating, and fund managers have performance rewards when they earn, and they will not compensate for the losses caused by this mechanism when they lose. It's a bit like you built a factory and hired a general manager. When business is good, the general manager gets a bonus, and when business is bad, the factory loses money. The general manager is only facing professional risks. You are fired, but you won't spit out the bonus you gave him.
What this example reveals is that "performance pay is 20% of profit" cannot be understood literally.
So, how to interpret this 20%? It should be understood from the following angles.
Let's give an example:
Situation 1: continuous rise
1, pay dividends twice:
When I bought it, it was 1.50, which rose to 2.50. At this time, the dividend 1.00 yuan, you get 0.80 yuan, and the fund manager gets 0.20 yuan. You will get 0.80 yuan, continue to invest in this fund, and purchase 0.53333 copies.
After dividends, the net value returned to 1.50 yuan, and continued to rise to 2.50 yuan. It has increased by 66.67%. At this time, it has paid off again. Like last time, for each net value 1.00 yuan, you get 0.80 yuan, the fund manager gets 0.20 yuan, and the net value returns to 1.50.