This is a process of decreasing share and increasing net worth. In this case, we must first check whether the net value of the fund has increased substantially, and at the same time check whether the fund announcement prompts the conversion of irregular shares. Before and after the conversion, the total market value of the funds held remains unchanged.

For example, if the net value of Grade B before discount is 0.20 yuan and investors hold Grade B 65438+ 10,000 shares, the net asset value is 20,000 yuan. After the discount, the net value of Grade B instantly increased to 1 yuan, and the share decreased to 20,000. Only in this way can the net asset value before and after the discount remain unchanged.

How is it that the holding share is less than the principal?

1. The net product value is higher than 1.

Take the fund as an example, the initial unit net value of open-end funds is generally 1, and the unit net value of the fund will be updated every trading day after the fund goes public.

For fund products with relatively stable expected rate of return, the net unit value of the fund may rise, so the net unit value of investors may be higher than 1 when purchasing fund products.

The fund holding share is calculated according to the net fund value, and the subscription share = [subscription amount /( 1+ subscription rate) ]/T-day net fund share value.

For example, if an investor buys a fund product with a subscription rate of 654.38+100000 yuan and the net value of the fund share on the subscription day is 654.38+0.0200, then the subscription share = 654.38+00000/654.38+0.0200 = 9803.92, the investor's share will be.

2. The fund has subscription rate.

Fund transaction rates include subscription fees, redemption fees, sales service fees and other items. According to different charging standards, the same fund product can be divided into Class A and Class C, in which Class A charges subscription fees according to the subscription amount of the fund.

Take a bond A fund as an example, the subscription amount is less than 654.38+0 million, and the subscription fee is charged at 0.6% (some platforms can get a discount of 654.38+0 to 0.06%). The subscription amount of ordinary individual investors is below 6.5438+0 million, and most of them need to pay the subscription fee. Assuming the subscription amount is 1 000 yuan, the subscription fee is 1 000 * 0.06% = 6 yuan.

The subscription fee is directly deducted from the subscription amount, so if you buy Class A fund products, you may also hold less shares than the principal due to the subscription fee.