Many investors who have bought new funds will ask, when will the income be counted? When can I see this position? When will the subscription and redemption be opened? Wait, so how do we beginners learn fund knowledge? Today, Bian Xiao will share with you how to understand the new fund subscription rules for your reference only!
The first thing to understand is that Public Offering of Fund usually goes through four stages after being registered and approved by the CSRC: raising funds (generally no more than 3 months), putting on record for establishment (generally 2-3 days), closing positions (generally no more than 3 months) and opening subscription. After the fund is formally established, the fund manager can use the raised funds to invest in various assets such as stocks and bonds, and the net value of the fund will change.
How to subscribe for a new fund
The so-called subscription refers to the fund subscription during the fundraising period of the fund's initial offering of fund shares. Buying after the raising period is a fund subscription. Compared with the subscription of the old fund, the subscription of the new fund generally has the characteristics of low rate and simple operation, attracting a large number of people's favor.
The fund raising period is the golden period to understand the general situation of the fund. We can focus on the fund manager, fund type, fund raising period, supported bank cards and various rates through the prospectus issued by the new fund. The past investment style and performance of fund managers can be used as a great reference for choosing funds. Generally speaking, the style of fund managers is the same. Fund types should match their respective risk tolerance, and equity funds have higher returns and greater risks. The handling fee rate is also a major consideration, especially for large investors, preferential rates can save a lot of money.
What's the difference between subscription fee and subscription fee?
Before you subscribe for a fund, you must calculate the subscription rate and subscription redemption rate of the new fund. This general fund company will explain in detail.
Subscription fee refers to the handling fee paid when buying a new fund during the raising period. The general handling fee is between 0.8%- 1.2%. The subscription fee for bond funds is low, while the subscription fee for stock funds is high. It is generally a step-by-step charging method. The more the subscription amount, the lower the rate, and some funds will not be discounted when they are newly launched.
The subscription fee is the fee for purchasing the fund during the opening period. Different from the subscription fee, the subscription fee is charged when buying a new fund, and the subscription fee is charged when buying an old fund.
1. net subscription amount = subscription amount /( 1+ subscription rate);
2. Subscription share = (net subscription amount+interest during subscription period)/offering face value of fund share.
Subscribing for a new fund requires understanding the basic precautions. As long as you are familiar with the rules, it will be unimpeded for the citizens to subscribe for new funds.
Is there any income from the funds subscribed during the raising period?
Investors will have interest income for fund products purchased during the subscription period (new fund raising period).
From the T+2 day when the customer subscribes to the Fund to the day before the capital verification of the fund products, the funds subscribed by the customer enjoy the interest during the collection period. Generally, the interest is calculated according to the interbank deposit rate (slightly higher than the current interest). It depends on the time of capital verification and the regulations of the bank where the funds are deposited. (T day is the fund trading day, and all fund days are securities trading days. )
This part of the interest will be converted into the investor's fund share when the fund is established.
When can I find out the new fund share I bought?
After the subscription application is submitted successfully (the subscription application is submitted successfully and the funds are paid successfully), the subscription confirmation record can be inquired through the sales platform within 2 working days. Since the fund is probably still in the collection period after subscription and has not yet been established, the "fund share balance" will be displayed as 0. After the establishment of the fund, you can inquire about the subscribed fund shares.
When will the net value be announced after subscription?
After the establishment of the new fund, it will create a relatively stable capital environment for the fund to open positions. Usually enter a closed period, during which subscription and redemption are not open. The main purpose of establishing a closed period is to create a relatively stable capital environment for the fund to open positions. The closed period of the fund is generally calculated from the date of establishment of the fund, and the longest period is no more than 3 months. The specific time is subject to the fund announcement.
During the period of fund closure, the net value of the fund will be announced once a week. So please wait patiently, the fund manager will find good investment opportunities and gradually open positions in batches.
After the closure period, the net value will be announced every trading day (open day).
What is subscription proportional placement?
In order to control the scale of fund issuance, when the accumulated subscription funds of T-day fund exceed the limited scale, the fund company will refund the part of the subscription funds that exceeded the limited scale on that day, and will no longer accept subscription applications from the next trading day.
On the day of placing (at the end of subscription and issuance), the subscription funds within a limited scale will be confirmed according to a certain proportion of the investor's subscription application amount, which is the placing proportion, subject to the announcement of the administrator. After T+ 1 day 15, you can check the confirmed amount in the transaction record.
Can I withdraw my order after subscribing for the fund?
During the fund raising period, once the subscription application is accepted, it is irrevocable.
What are closed period and open period?
The time for a fund to open a position is usually clearly stipulated in the fund contract, usually six months. During the 6-month opening period, in order to allow fund managers to trade better, the foundation sets a closed period for a period of time, generally not exceeding 3 months, and investors cannot purchase and redeem funds at this stage.
After the establishment of a new fund, a closed period is usually set up, during which subscription and redemption are not open, and the net value of the fund is announced once a week.
The main purpose of setting a closed period is to create a relatively stable capital environment for the fund to open positions and avoid the impact of redemption of funds on the pace of fund opening positions.
Relatively speaking, the closed period of actively managed funds is usually longer, and the time required for index funds is shorter. Of course, the closure period is also related to the market environment, subject to the fund announcement.
When will the new fund announce the opening of positions?
Everyone is concerned about when we can see the fund position. Generally, it can't be seen before the fund reports regularly. The release time of periodic reports depends on the management requirements of China Securities Regulatory Commission on fund information disclosure:
The quarterly report of the fund is generally released within 15 working days after the end of the quarter; The semi-annual report shall be released within 2 months after the end of the first half of the year; The annual report shall be published within three months after the end of each year; If the fund contract takes effect less than two months, the fund manager may not prepare the current quarterly report, semi-annual report or annual report.
According to this rule, we can know when the fund can see the latest report.
Do I need to buy more when I start a new fund?
Well, it depends.
First of all, if many fund issues are hot this year, due to scale restrictions, it will eventually lead to "proportional placement". In this case, I suggest that you can choose to continue to purchase after the fund is opened, make up the amount returned at the time of purchase, and realize your original investment goal.
Secondly, see if the fund meets your investment preference and portfolio ratio. For example, if you decide to invest in stocks and bonds at a ratio of 6:4, after the market fluctuates for a period of time, this ratio begins to deviate. You can adjust it by trading partial stock funds or partial debt funds.
In addition, many friends are used to buying funds in bulk. When subscribing for new funds, try to buy some first, and then add them slowly after observing the performance for a period of time. At this time, you may wish to look at the performance of the fund after its establishment before making a decision. The opening period of the new fund is no more than 6 months, and the opening of positions at this stage will be more flexible, so sometimes the speed of opening positions may directly affect the performance of the fund's net worth. Don't generalize when comparing horizontally. However, it is precisely because of the flexible position during the opening period that the new fund is especially favored by quite a few people when the market fluctuates.
Generally speaking, to buy a new fund, we must first distinguish the current stage of the fund. Only when the fund is established and the fund manager begins to invest, the change of the fund's net value will be shown.
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