Every day, the fund has an estimated net value, that is, valuation. This valuation is based on the quarterly report of the fund, measured by its shareholding ratio and the number of heavy positions published in the quarterly report. Because fund positions are timely, quarterly reports and timeliness, for example, we are now in September, which is actually a record quarterly report and fund positions at the end of June. There is actually a time difference, and many fund managers have to adjust their positions in the past two months. In other words, the stocks held are too different from the quarterly reports, and the valuation is inaccurate.

We can use the quarterly report to estimate the net value of the fund, which will be fairer. In addition, the net value of the fund, the value of different funds is different, but the fund will not change because of market fluctuations. We can estimate the net value of the fund or use it. To estimate. If the net value is positive, it shows that the fund manager has strong stock selection ability and strong stock selection ability. The net value of the fund can be measured by comparing with the performance of the fund. If the fund's net value is lower than the performance benchmark, it shows that the fund's stock selection ability is poor and insufficient.

But it is undeniable that fund redemption is a high liquidity risk, especially in the current situation that the overall style of the stock market is upward. Once there is a huge loss in the stock of the fund, the fund manager will take over the fund very passively, and even affect his daily investment operation. Therefore, the fund redemption we have seen is a remedial action again and again. Before redemption, fund companies may have a lot of early redemption operations. Once the fund loses money, the overall operation will be unbalanced, so the fund redemption is a remedial action again and again.

Redemption is a very high-risk redemption behavior, especially when the overall market sentiment is improving, high-risk redemption behavior can easily lead to changes in market style, and fund redemption is also a very high liquidity risk.