For open-end funds, the time of valuation is usually the same as that of open subscription and redemption. At present, China's open-end funds are valued every trading day, and the net value of fund shares is announced the next day. Closed-end funds disclose the net value of fund shares once a week, but it is also the valuation of each trading day.

(2) Transaction price

When a fund only invests in actively traded securities, it is easy to value its assets.

When funds invest in inactive securities, the problem of asset valuation is much more complicated. In this case, the securities held by the fund either have no transaction price or the transaction price is not credible.

We need to be very cautious in the valuation of fund assets, in which the liquidity of securities assets is a very key factor.

Price manipulation and overvaluation.

For example, if there is a bond with poor liquidity, the fund manager can continuously buy a small amount to "make" a higher price, thus improving the performance of the fund. This is price manipulation.

However, when valuing illiquid securities and problem securities, subjective judgment is needed. At this time, if it is the subjective judgment of the fund manager, it provides an opportunity for overestimation.

Therefore, in order to avoid the phenomenon of price manipulation and overvaluation in the valuation of fund assets, it is necessary for the regulatory authorities to issue more detailed valuation regulations to regulate the valuation behavior, or to conduct the valuation by an independent third party.

(4) Consistency and openness of valuation methods.

The consistency of valuation methods means that funds adopt the same valuation methods and abide by the same valuation rules when valuing assets. The disclosure of valuation methods means that the valuation methods adopted by the fund need to be publicly disclosed in the fundraising documents stipulated by law. If the fund changes its valuation method, it also needs to be disclosed in time.