Friends who invest in funds often have a question: Why is there a gap between the intraday valuation of funds seen on third-party platforms and the net value announced by fund companies at night, and sometimes the gap is still relatively large? Why is this? Today, Bian Xiao will share with you the factors that cause the difference between the net fund value and the estimated value, for your reference only!

Factors of the difference between fund net value and valuation

1, time delay

The quarterly report of the general fund is published within 15 working days after the end of each quarter, the semi-annual report is published within 60 days after the end of the first half of the year, and the annual report is published within 90 days after the end of each year, which is relatively lagging behind.

Therefore, most of the so-called latest position data you see are more than half a month late. As a result of the lag, in this process, fund managers are likely to increase or decrease positions and change positions according to the actual situation of the market, while the fund valuation still uses old data, which can be imagined to lead to the deviation of real-time valuation.

2. Differences in valuation models

Maybe everyone will buy funds on different platforms, and the calculation methods and valuation models used in different platforms are not necessarily the same. So the valuation data of each platform will be different. There will be different valuations of the same fund on platform A and platform B.

3. Limitations of heavy assets

We see that most of the reference positions of all valuations come from the regular report of the fund, which only lists the top ten heavy positions. The position after the top ten is unknown, so there is no way to require the final data to be accurate.

In short, the fund valuation of the third-party platform is for your reference and does not fully represent the net value. The final net value shall be subject to the data audited by the custodian bank. We can understand the computational logic behind it and treat this problem rationally.

The meaning of fund net value

Fund valuation, as its name implies, is the estimation of fund net value, and the data of fund net value valuation does not represent the real net value, which is a major premise and is for reference only. The net fund value generally refers to the net fund unit value, which refers to the current net total assets of the fund divided by the total fund share. The calculation formula is: net fund unit value = net total assets/fund share. The net fund value can be used for the subscription and redemption of open-end funds. The Measures for the Administration of Information Disclosure of Securities Investment Funds have different time requirements for the publication of fund net value according to different types of fund products. The net value of the fund is calculated according to the actual positions of the fund and the closing prices of stocks, bonds and other assets, which are calculated independently by both the fund company and the custodian bank at the same time, and the data can only be released after checking. The fund manager only has the right to manage the fund and cannot directly contact the fund. Fund companies only charge management and operation fees. All the funds raised by the Fund shall be kept by the fund custodian bank. The custodian takes the interests of fund share holders as the core, protects investors' property and supervises whether the fund manager operates in compliance. There will be no "stealing" phenomenon.

In the actual process of purchasing funds, we will also find different valuation platforms. The same fund has different valuations at the same time.

The Logic of Fund Net Value Estimation

Under normal circumstances, each valuation platform will extract information such as valuation demand according to the fund's regular reports (such as quarterly reports, semi-annual reports and annual reports). ), such as the stock investment portfolio classified by industry, the top ten stock investment details sorted by the proportion of fair value to the net asset value of the fund, etc. And then use a certain algorithm to calculate the valuation of the fund. Therefore, the calculation results of each platform are not consistent.

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