It is assumed that the stable share net value before the open subscription and redemption is10,000 yuan and the radical share net value is10,000 yuan. The highest ratio between the stable share and the radical share is that if the stable share is converted into RMB at the same time on the open day and redeemed and encounters a large net purchase, the stable share can reach up to 1 10,000 yuan. If the current market-prevailing method for calculating the net value of the parent fund is adopted, the net value of the parent fund before conversion = stable shares before conversion * conservative shares before conversion+radical shares * radical shares/(total conservative shares before conversion+total radical shares = *+*/+), the net value of the parent fund before conversion is RMB, and the number of shares after conversion is10,000. Then the net value of the converted parent fund = the number of conservative shares after conversion * the net value of conservative shares before conversion+the total number of radical shares/(the total number of conservative shares before conversion+the total number of radical shares = *+)/+= yuan. We can see that the change of the number of stable shares caused by conversion has caused an impact on the net value of the parent fund by about yuan. Let's look at the changes after the purchase and redemption. Assuming that the number of stable shares after net subscription increases from 10000 after conversion to 10000 after short position, the net value of the parent fund after subscription = the number of stable shares after subscription * the net value of stable shares after conversion+the net value of radical shares/(the total number of stable shares after subscription+the total number of radical shares =
In fact, even if the change of investment income of the whole fund portfolio is completely ignored during conversion or redemption, the unreasonable treatment of the calculation of the net value of the parent fund has led to the change of the net value of the parent fund reaching% after conversion and redemption. According to this disclosure, the net growth rate obviously cannot reflect the real net growth rate of the fund portfolio. We have also noticed that there is a treatment method in the market at present, that is, the difference between the net impact of subscription and redemption on the parent fund is treated as a dividend, but we believe that investors have not actually received the dividend, so this method is equally unfair to measure the performance of the fund.
In view of this situation, Haitong Fund Research Center refers to the calculation method of the net value growth rate of large-scale purchase and redemption of open-end funds, and gives the specific processing flow of the net value correction of the parent fund as follows.
The growth rate of the parent fund's net asset value on the conversion date = the total net asset value of the fund on the conversion date. This method excludes the situation that the net assets of the parent fund are pulled down due to the change of the conversion share.
Because the funds can't arrive in time on the day of subscription and redemption, it is considered to adopt a treatment similar to the unknown price subscription on the trading day after the subscription and redemption of open-end funds. The processing method of the net value of the parent fund is as follows: according to the net value of the parent fund on the redemption date, the subscription amount recorded on the account date or the redemption amount on the transfer date is converted into the net redemption amount of the parent fund share/the net value of the parent fund on the subscription date = the net value of the parent fund on the transfer date of adding or reducing the parent fund share = the net value of the parent fund on the transfer date of the account/the net value of the original parent fund share on the transfer date of the account = the net value of the parent fund on the transfer date of the account/the net value of the parent fund on the redemption date.
We have revised the growth rate of the parent fund's net value of all semi-closed bond funds that have been purchased and redeemed and have a large redemption of their stable shares. Haitong Fund Research Center has revised it in line with the principle of reflecting the performance management ability of fund managers as truly as possible. However, because the specific details of data processing may not be accurate enough, the existing data can only be accurate to four decimal places, so the following corrections may be slightly biased. The specific data are as follows.
Table Semi-closed Bond Grading Fund Parent Fund Net Value Amendment Table Fund Name Date Untreated Net Value Growth Rate% Revised Net Value Growth Rate% Remarks Guo Futianying's conversion date was revised to the entry date, revised to the entry date, revised to Wanjia Tian Li's conversion date, revised to the entry date, revised to the entry date, revised to Longlixin's conversion date, revised to the entry date, revised to the entry date, revised to Tian Hong Tian Li's conversion date, revised to the entry date. Correction to account date correction to account date correction to account date correction to account date correction data source remarks of Haitong Securities Fund Research Center Wanjia Tian Li A is not converted, so only one day's net value is corrected.