I. Understand the monetary funds in the venue.
At present, there are mainly 24 money funds in the market, among which Huabao Tianyi (51kloc-0/990) and Yin Hua Rili (51kloc-0/880) are the most concerned. Yin Hua Daily Profit includes the expected annual income from past transactions. The simplest one is Huabao Tianyi, which is always 1880.
Now, Warburg Tianyi and Yin Hua Rili can trade on the same day. In other words, tp0, the hedging of these two funds is very convenient. However, the author should first pay attention to the readers here.
Tip 1: The expected annual income of the money fund is limited, and the securities company that opens an account needs to charge the handling fee for the money fund transaction. I'm afraid your transaction will lose money because of the handling fee. Therefore, the author suggests that readers should consult the securities company that opened the account whether to waive the transaction fee before buying and selling these trading floor money funds. At present, many securities companies are free of transaction fees, so it's better to confirm.
Two. On-site monetary fund hedging
For the sake of simplicity, the author takes Huabao Tianyi as an example. Huabao Tianyi always takes the net profit 100 yuan as the trading benchmark price to judge whether the discount is good or not. Less than 65,438+000 yuan is a discount, and more than 65,438+000 yuan is a premium. Generally speaking, when Huabao's income is below 100 yuan, it can get two expected annual income. The historical expected annual rate of return is based on the data published by the IMF. The second part is the difference between monetary funds and 65,438+000 yuan. If the market price does not rise to 100 yuan, this part of the difference can be obtained through repurchase.
Tip 2: Buy at a low price in the secondary market and buy back online in the primary market (100 yuan). There is no handling fee for repurchase. However, the buying and repurchasing codes are different. The trading code in the secondary market is 5 1 1990, and the buying and repurchasing codes in the primary market are 5 165438+.
Tip 3: Warburg Gain can enjoy the expected annualized income on the day of purchase in the secondary market, and T 1 can be used after redemption.
Third, the case of hedging
Today, the daily transaction price of Warburg Tianyi is below 100 yuan. I bought it in 99 yuan at the price of 882 yuan and repurchased it in the primary market at the price of 1 199 1, which can get the annual profit of hedging.
In addition, it can be sold at a price above 100 tomorrow, which can not only enjoy the expected annual income of the money fund itself, but also enjoy the expected annual income of the market price difference, and also greatly improve the expected annualized rate of return of the fund.
To give a practical example, suppose an investor trades like the author, and he buys 10000 shares of Warburg and spends 998820 yuan. Today, he bought back 5 1 199 1 and got 100000 yuan, and got the price difference of 1 180 yuan. Buy it today. This is much higher than the annual income of ordinary money funds!