After buying a fund, many investors like to look at the valuation of the fund and estimate whether it will go up or down that day. However, you will find that the valuation of the fund is often a little different from the final published net value. Occasionally, the deviation is large, and there may be a situation where the valuation has increased by 3 points, but the final data has only increased by 2 points.

Recently, many investors have asked questions in the community: "Why didn't the net value rise much when it rose, and it fell much more than the valuation when it fell?" "Is the fund manager stealing food?" What should I do if the error of the operation result is too big?

In the final analysis, we always invest in the unpredictable future, and it is always difficult to choose the right time. If we can't overcome the excessive attention to the short-term ups and downs, maybe a fixed investment will be a better investment method. Too much entanglement in the comparison between net worth and valuation often leads to wrong judgment. Instead of this, it is better to treat investment correctly and then hand over assets to the power of time.

1. Why is the valuation different from the net value?

First of all, we must understand the relationship between valuation (intra-day net value estimation) and fund net value.

On-site valuation refers to the estimation of the net value according to the proportion of heavy positions and positions of the fund at the end of last quarter (the longer the time from last quarter, the greater the change of positions) and the position data, which is not the actual net value and cannot be used as the final price of fund subscription and redemption.

Net fund value is the net asset value of each fund. The net value of the fund represents the final confirmation price of the fund when the investor purchases and redeems, and will generally be announced after the market closes on 15 in the afternoon.

In most cases, the fund valuation is for reference only, so don't be misled by the valuation in the specific investment process.

Today's net worth underperforms the valuation, and tomorrow's net worth outperforms the valuation, which is nothing more than a mathematical probability problem. Fund investment, or should buy long not short, too much emphasis on valuation is easy to lose money.

1, the proportion of the top ten awkward stocks leads to errors.

Because the reference position information of valuation comes from the regular report of the fund, the quarterly report does not list all the stocks and bonds bought by the fund, but only the top ten securities with heavy positions, and the information base is not complete enough, so it is naturally impossible to get a completely accurate valuation.

2. The periodic reports of the Fund are lagging behind.

According to the regulations, the quarterly report of the fund is published within 15 working days after the end of each quarter, the semi-annual report within 60 days after the end of the first half of the year, and the annual report within 90 days after the end of each year, which is relatively lagging behind. Therefore, the so-called "fund manager's latest position data" we see is actually at least half a month later.

During the period from the last quarterly report to the release of the current quarterly report, the fund manager is likely to change positions and exchange shares according to the actual market situation, while the fund valuation uses old data, so it is conceivable that there will be differences between the two.

3. Different platforms have different calculation methods.

Investors may find that the fund valuations of different platforms are not the same, and there are differences between them. The reason behind this is that the platform uses some models and algorithms to restore the real position of the fund as much as possible according to the past net performance of the fund. Each platform adopts a different model, so there will be a gap in valuation data.

In addition, if more funds flood into the fund in the short term, or too much money is redeemed, the equity position of the fund may be passively reduced, and the estimated net value will deviate from the actual net value.

In fact, the valuation of the fund is only a reference to the investor's net worth, and does not represent the real net worth. We should be aware of the possibility of mistakes and treat them rationally. In terms of investment, the actual increase or decrease should be based on the final net value of the fund.

In addition, compared with active funds, the valuation of passive funds is relatively accurate, because the positions of such funds are relatively fixed and the changes are small, so the valuation is relatively reliable.

If there is a big difference between the "estimated net value" of an active stock base and the actual net value, it means that the fund position is likely to change greatly.

Second, how to correctly use the fund valuation and net worth?

1. How to use fund valuation correctly

The appearance of fund valuation plays a very important role in fund investment. Although the valuation is relatively inaccurate, it is close. In our fund investment, it sometimes plays a key role and plays a certain reference role, avoiding our blind operation and improving the convenience and accuracy of our fund.

The fund company will announce the net value of the fund on the evening of the trading day, which means that when we buy and sell during the day, we don't know what the price is. At this time, the fund valuation will give you a reference, have a general understanding of the fund trend of the day, and decide to buy and sell according to this reference value.

The significance of "net value estimation" is to provide reference for investors to carry out the next operation of the fund. However, for reference only. If it is used as the only basis for avoiding risks in the purchase/redemption operation, it is not desirable. Fixed investment is a natural means to buffer risks.

As we said just now, the fund company will announce the net value of the fund on the evening of the trading day, which means that when we buy and sell during the day, we don't know what the price is. At this time, the fund valuation will give you a reference, have a general understanding of the fund trend of the day, and decide to buy and sell according to this reference value.

However, since the description is an estimate, the estimate is for reference only. Trading funds should be judged by multiple factors to avoid chasing up and down. To judge whether a fund is worth investing, we should observe the investment direction of the fund, the investment ability of the fund manager and the long-term net value trend of the fund.

Of course, we can find problems through the comparison between valuation and net worth, especially active funds. If the gap between valuation and net worth is too big, you can think about the reasons. The position of this fund is likely to change greatly, which can bring us some reference.

2. How to use the net value of the fund correctly?

(1) The actual income has nothing to do with the net value of the fund.

With 10000 yuan to buy a and b funds with different fund net values, although they get different shares, the actual income is the same under the same increase. Assuming that both funds A and B increase by 50% in a period of time, the net value of fund A is 1.5 yuan, and the net value of fund B is 3 yuan. The assets of the two funds are1.5 *10000 =15000, 3*5000= 15000, and there is no difference.

This shows that the net value of the fund only affects the number of fund shares bought by fund holders, and the final increase is only related to the rate of return of the fund, not to the net value.

(2) The net value of the same fund is not equally excellent.

Although the net value of the fund reflects the past historical performance, the performance is also affected by other factors. For example, when two funds are issued, the net value is 1 yuan. Under the management of the fund manager, the net value of the two funds has reached 2 yuan:

Scenario 1: Assuming that the two funds are issued at different times, regardless of dividends, if Fund A is issued before 1 year, its annual income will be 100%. If another fund has been established for 10 years, and it takes 10 years from net worth to 2 yuan, the annualized income will be only. Therefore, if we only look at the net value of the fund and don't look at the operation period, it is impossible to judge which fund is better.

Scenario 2: Suppose two funds are issued at the same time, but there is a dividend during Fund A and B has no dividend. Under the same unit net value, the performance of fund A is obviously better. Therefore, the unit net value cannot measure the historical dividend situation of the fund, but depends on the accumulated net value.

(3) It is better to look at the level of net worth than to look at the fluctuation of net worth.

Behind the same historical gains, each fund has different risks corresponding to its performance because of its different investment styles.

Assuming that two equity funds, A and B, are issued at the same time, and the returns in a certain year are both 50%, then the net value of a fund fluctuates like riding a roller coaster, once falling to negative 40% and finally rising to 50%? Or do you prefer to hold a B fund that diligently accumulates income, strictly controls retracement, and finally achieves 50% income? I believe many investors like to hold Class B funds, because under the same performance, the smaller the fluctuation of fund net value, the more stable the investment style, and the more persistent the performance of 1.355438+060.28%.

From the perspective of fund managers, funds with the same performance, more stable net worth and smaller withdrawal scale require higher investment management ability of fund managers. From the holder's point of view, the fluctuation of net worth also tests the psychological quality of the holder. Even if the fund achieves positive returns during an inspection period, it should be asked whether it can be held.

In short, when trading funds, don't rely too much on net worth estimation, and don't be confused by valuation. Problems can be found through the comparison between valuation and net worth, especially in active funds. If the gap between valuation and net worth is too big, you can think about the reasons. The position of this fund is likely to change greatly, which can bring us some reference.

When choosing a fund, we should correctly understand the meanings of unit net worth, accumulated net worth and estimated net worth. Trading decisions should not be made solely on the basis of the fund's net value, valuation level and ups and downs, but should correctly use the net value data to evaluate the fund's performance. Fund investment, or should buy long not short, too much emphasis on valuation is easy to lose money.