Suppose an investor holds A 10000 shares of the fund, and the current net fund share is 1.60 yuan, and its corresponding fund assets are1.60×10000 =16000 yuan. After splitting the fund according to the ratio of 1: 1.60, the net value of the fund becomes 1.00 yuan, and the fund share held by investors changes from the original 10000 to 1.6 = 16000.
Capital splitting sounds complicated, but it is actually very simple to understand. Generally speaking, it is the practice of splitting the fund share into several shares according to a certain proportion. For example, at a specific split point, the net fund value is 1.60 yuan. If the fund is split at this point, the split ratio is 65,438+0: 65,438+0.60, that is, the original 65,438+0 fund shares are split into 65,438+0.60 funds.
After the fund is split, the original portfolio remains unchanged, the fund manager remains unchanged, the fund share increases, and the net value of unit share decreases. Fund splitting can accurately adjust the net value of fund shares to 1 yuan, but it is difficult to accurately adjust the net value of fund shares to 1 yuan with a large proportion of dividends. In addition, in order to realize a large proportion of dividends, it is possible to forcibly sell some stocks in a short time and realize unrealized gains as realized gains, which may harm the interests of investors and make them lose investment opportunities. The split will not affect the realized income and unrealized income of the fund, and has no substantial adverse impact on the rights and interests of investors.
Investors' concern about the net value of the fund is the main reason why fund companies choose to split up. In China's immature investment culture, high net worth has become a stumbling block to fund sales. Many investors believe that the higher the net worth, the less the share subscribed. And many investors mistakenly believe that the higher the net worth, the higher the risk. Therefore, investors are more inclined to choose "cheap" funds, which also forces fund companies to seek new breakthroughs in sustainable marketing. Split is conducive to breaking investors' fear of heights. After the split, the net value of fund shares decreased, and investors often think that this is a good opportunity to buy funds, which will bring about the growth of fund scale. Moreover, with the increase of the net value of the fund, the old fund will face the financial pressure brought by continuous redemption. Under the pressure of continuous redemption, the new source of funds is usually brought by the continuous sales of split funds. With the increase of new funds and the increasingly fierce competition, old funds have to compete for customers, and fund splitting has become another important marketing model after its large dividends.
Of course, fund splitting will not only bring benefits to fund companies, but also bring more and better choices to fund investors. Split the fund with 1
The centralized subscription of RMB face value is similar to the issuance of new funds. However, the split fund has obvious advantages. First of all, the funds that can be split are all high-quality funds with good performance and excellent varieties that have passed the test of time market. This can be seen from the funds that have been split or are about to be split. Secondly, after the new subscription funds enter, the fund manager quickly establishes fund positions within two weeks according to market conditions, and maintains a high position ratio, which undoubtedly increases the opportunity cost of investors compared with the opening period of the new fund of 3 to 6 months. At the same time, investors can purchase and redeem old funds at any time before and after the split, which is not limited by the issuance period and closure period of new funds, and the proportion of fund shares held by investors in the total fund shares will not change before the split, and the split will not have much impact on the income of fund holders. It can also be seen that fund splitting is a means of fund continuous marketing, which will not change fund performance in essence.
According to the fund company's explanation, fund splitting can reduce investors' sensitivity to price, which is conducive to the continuous marketing of the fund, improve the structure of fund share holders, and help fund managers to operate the fund more effectively, thus implementing the investment concept and investment concept of fund operation.
Split funds mainly have excellent past performance and high net worth. In order to meet the psychological needs of investors and break the market paradox, investors can buy good funds at relatively cheap prices. The split of fund shares can also effectively solve the problem of "compulsory dividend", effectively reduce transaction costs and reduce the influence of day trading on the securities market. The split only adjusts the net value and share of the fund share, and has no effect on the total assets of the original investor. The split of the fund share only needs accounting adjustment, and there is no need to adjust the fund position before the split, which will not bring additional burden to the investment operation of the fund. In addition, the old fund that implements the split has a certain bottom position, and it can grasp certain initiative in the face of complex market changes. If it is influential, it may be accompanied by investors' recognition and enthusiastic pursuit of split funds. In the hot market, relatively large-scale funds will increase in the short term. As for the short-term impact on the fund's performance, it is because the changes in positions are different according to market conditions. In a sharply rising market, the split funds may increase relatively slowly due to the light stock positions. However, in the relatively volatile market, split funds can advance and retreat calmly, which is relatively more advantageous.
Obviously different from the split, in order to provide the funds needed for dividends, especially the once popular large dividends, fund managers often have to sell a considerable number of shares, which has caused great changes to their current positions. If, in a unilaterally rising market environment, a large proportion of dividends lead to large-scale subscription funds coming in, fund managers have to continue to buy stocks in order to open positions, and at this time, the market has risen, and fund managers may need to pay higher costs to complete the opening positions. In this way, compared with no dividend, the performance of the fund will inevitably be affected to a certain extent in the short term after the implementation of a large proportion of dividends.
Does the golden section have a "closed period" similar to that of newly issued funds? Are there any restrictions on subscription and redemption before and after the split? Whether there is a closed period after the fund is split shall be subject to the announcement of each fund. Generally speaking, there is no closed period, and investors can redeem the fund at any time on the second working day after the split. However, in view of the fact that the split may attract certain centralized subscription, due to the need of stable investment and operation of the fund, the limited subscription method is generally adopted after the split of the fund, and the subscription of the fund will be suspended when it reaches the predetermined scale.
Should the subscription be before or after the fund split? In fact, the subscription before and after the fund split has no substantial impact on investors. If investors are really optimistic about the fund to be split, but don't want to rush to buy it on the day of split, or worry about the proportional placement caused by excessive subscription on the day of split (at present, most split funds are limited subscription), then investors can make subscription before split. Of course, if investors have a psychological preference for low-net-worth funds and feel that the net value of the fund after the split is more attractive to them, then they may wish to wait until the day or after the split.
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