Among them, index funds are mostly passively tracking the corresponding index, and the fluctuation range will be greater, so they are more favored by fixed investors. At present, some index funds are not open to fixed investment, such as SSE 50 and SME board funds of Huaxia Fund, E Fund SZSE 100, and Cathay Pacific CSI 300, which is still in a closed period, cannot make fixed investment. At present, the index funds with fixed investment include Huaan SSE 180, Yifangda 50 and Jiashi 300.
Most stock funds are currently open to fixed investment. However, some funds whose subscription has been suspended, such as Huaxia Market Selection, Shanghai Morgan Domestic Demand Power, and Jing Shun Growth Selection Blue Chip, cannot make fixed investment at present.
It should be noted that not all funds that have suspended subscription can make fixed investment, depending on the regulations of different fund companies. For example, Hua 'an Innovation, Hua 'an You Xuan, Guangfa Jufeng and Guangfa Market have all suspended their subscription at present, but they are scheduled to open.
There are still some funds that are now open and can be fixed, but if the subscription is suspended for a period of time, the corresponding fixed investment may also stop, so it is necessary to pay attention to the announcement contents of relevant funds.
In addition, newly established and still closed funds are not open to fixed investment, such as Cathay Pacific CSI 300, Harvest Quality Enterprise and E Fund. Four QDII funds, Huaxia Global Select, Southern Global Select, Harvest Overseas China and Shanghai Investment Morgan Asia Pacific Advantage, which have passed the closed period and are open for subscription and redemption, do not accept fixed investment at present.
Where is the fixed investment?
At present, the fixed investment channels of most funds are in banks, brokers and other consignment agencies, and the direct sales channels of most fund companies are not open to fixed investment. Only a few companies, such as Guangfa Fund and E Fund, accept fixed investment through Guangfa Financial Card, while Huaan Fund Company's direct sales channel accepts fixed investment through Huaan Yinjitong.
At present, the subscription rates of fund companies' direct sales channels are all favorable, most of which are as low as 0.6%, which means that people who make fixed investment do not enjoy preferential subscription rates.
However, some foundations cooperate with consignment agencies to engage in continuous marketing, and will give some concessions on subscription rates. For example, Bank of Communications launched the "8+8" preferential activity for fixed investment of several funds (that is, from June 2007 to March 2008, the subscription rate of relevant front-end funds was 20%, and from April 2008, if the 12 period was deducted continuously, the subscription rate of funds subscribed by Guangfa and Soochow was 20%).
Different funds under the same fund company may not be sold by the same bank. In addition, different banks have different regulations on the minimum amount of fixed investment. For example, ABC stipulates that the minimum amount of fixed investment is only 100 yuan, while the minimum amount in ICBC is 200 yuan and Shanghai Pudong Development Bank is 500 yuan.
This calculation is mainly to compare the long-term holding rate of return after fixed investment and one-time investment in different periods, so as to confirm whether the fixed investment has the characteristics of low cost and risk diversification as advertised by fund companies.
Before doing the calculation, we need to find out a question first, that is, whether the person who makes a fixed investment first has a sum of money and then invests it month by month, or whether he earns income month by month and makes a fixed investment with his spare money.
If it is the first case. In this case, we can consider the following points. If the market at that time was a bull market, and the investor made money after the first month's investment and then made money after the second month's investment, would he still invest on a monthly basis? More people should choose to invest all their money at once.
On the other hand, if the market is a bear market and the investor loses money in the first month and the second month, will he continue to invest on a monthly basis? Most people should choose to stop fixed investment.
The only thing that can make people insist on investing a sum of money by stages is to shake the market, that is, to make money this month and lose money next month, because we can't see the trend of the market clearly. However, we have done a calculation before. If the index has been fluctuating in a range for several years, we will not make any money if we make a fixed investment, and there is still the possibility of losing money. Therefore, such a fixed investment is meaningless.
It can be seen that this fixed investment method, which already has a sum of money in hand but invests it month by month, has no surplus value in all three cases. Those who choose to make a fixed investment should be more working-class people who have no savings and earn every month. They make a fixed investment in the fund every month.
Therefore, under this premise, this paper makes a detailed calculation and comparison of the yields of fixed investment and one-time investment, which are divided into bull market, bear market, consolidation market and bull-bear market.
Because the fixed investment is a monthly investment, considering the complex factors such as time cost and opportunity cost of capital, we can only know the annualized rate of return, that is, calculate the annualized rate of return generated by each yuan of capital invested.
We choose Huaan China A-share Fund as the measurement object, which was established on June 8, 2002 +065438+, and has experienced bull market and bear market, and its long-term performance can be compared. Assuming that the monthly fixed investment time is 1 day, and it is postponed on holidays and weekends, the monthly fixed investment amount is 1000 yuan (including subscription fee). For the convenience of calculation, according to the general front-end subscription rate 1.5%, that is, the amount that can be converted into fund shares every month is 985 yuan.
It should be noted that the annualized rate of return of one-time investment is equal to the annualized rate of return of funds invested in the first phase, so the rate of return of one-time investment is calculated based on the funds invested in the first phase. At the same time, the fund has paid dividends several times, but the amount of dividends is not large, which is expected to have little impact on the final comparison results. For the convenience of calculation, dividends are also ignored.
Situation 1: bull market
Interval: June 4, 2006-June 65438+June 065438+1October 65438+20071October 0. In the meantime, the market rushed from 1 100 to 6000 points, showing a big bull market that rose unilaterally. During this period * * * need to vote on 23 issues.
Suppose you choose to invest RMB 65,438+0,000 on the first fixed investment date in 2006 (in case of New Year's Day, it will be postponed to the first trading day) to subscribe for Huaan China A-share fund. The net value of the fund on that day was 0.899 yuan, and 1.095.66 copies could be purchased. By the final investment date of 20071October 1 1, the net value of Huaan China A shares was 4.66 yuan, so the final market value of the invested 1000 yuan rose to 5 105.7756 yuan, and the calculated annualized rate of return was 24.68%.
The annualized rate of return of funds used for fixed investment shall be calculated according to the average annualized rate of return generated by each investment. After careful calculation, the annualized rate of return is 153.36%.
Market situation in time period: annualized rate of return on one-time investment and annualized rate of return on fixed investment.
65438+20061October 4th-165438+20071October 60th bull market 224.68% 153.36%.
Situation 2: Bear market
Interval: April 2004 1-June 20051. In the meantime, the market fell from 1700 to around 1000, showing a bear market with unilateral decline. In the meantime, * * * needs a fixed investment of 15.
Suppose you choose to invest 65,438+0,000 yuan on April 65,438+0, 2004 to subscribe for Huaan China A-share fund, and the net value of the fund on that day is 65,438+0.097 yuan, and you can buy 897.9 shares. By the final investment date of 1 in June 2005, the net value of the fund had shrunk to 0.793 yuan, so the final market value of the original investment of 1000 yuan had also shrunk to 7 12.0347 yuan, with an annualized rate of return of -24.6%.
During this period, if fixed investment is selected, after careful calculation, the final annualized rate of return of 14 months is -30%.
This is an unexpected conclusion, because in the publicity of fund companies, fixed investment can spread the cost and avoid risks. It stands to reason that the advantage of spreading low cost should be the most obvious in a bear market. Then, why is the annualized rate of return of fixed investment funds low?
Our research shows that in the selected interval, in March, April and May, 2005, the market fell sharply, with a decrease of 19.9 1%. As a result, the annualized rate of return of fixed investment in these three months suddenly dropped, which were -57.3%, -74.98% and -65438+ respectively.
If the bear market range from April 2004 1 to February 2005 1 is selected, the annualized rate of return of one-time investment funds is -26.53%, and that of fixed investment funds is -22.75%.
Market situation in time period: annualized rate of return on one-time investment and annualized rate of return on fixed investment.
April 2004 1 day-June 2005 1 day bear market -24.6% -30%
Situation 3: Market integration
Interval: 65438+2003 1 October 2-65438+February 20051. During the period, the market opened at 1347, and generally fluctuated between 998- 1700. During this period, * * * needs to make 36 fixed investment.
Assume that on the first fixed investment date, 1 0,000 yuan, Huaan China A-share fund is purchased with a net value of 0.973 yuan, and 1 0,065,438+0.2.33 copies can be purchased. By the final investment date of 65438+February 2005 1, the net value of Huaan China A shares was 0.834 yuan, so the final market value of the original investment of 1000 yuan was 844.28322 yuan, and the annualized rate of return was -5.33%.
After careful calculation, the annualized rate of return of funds used for fixed investment is-10.62%.
It can be seen that in the shock consolidation market, the rate of return of fixed investment is not necessarily better than that of one-time investment.
Market situation in time period: annualized rate of return on one-time investment and annualized rate of return on fixed investment.
From June 2003 to February 2005, the market consolidation range was-5.33%-65,438+00.62%.
Situation 4: There are both cows and bears in the market.
Interval: 2003 65438+1 October 2 -2007165438+1October1. In the meantime, the market opened at 1347, with the lowest reaching 998 and the highest rushing to 6 124. During this period, * * * needs to make 59 fixed investment.
Assume that on the first fixed investment date, 1 0,000 yuan, Huaan China A-share fund is purchased with a net value of 0.973 yuan, and 1 0,065,438+0.2.33 copies can be purchased. By the final investment date of 20071October 1 1, the net value of Huaan China A share fund was 4.66 yuan, so the final market value of the initial investment of 1000 yuan was 47 17.4578 yuan, and the annualized rate of return was 76.96%.
After careful calculation, the annualized rate of return of funds used for fixed investment is 136.39%.
This selection interval is the longest, during which it has experienced bear market, bull market and consolidation market. Here, the income of one-time investment is much lower than that of fixed investment. It should be noted that this does not mean that fixed investment is better than one-time investment.
Market situation in time period: annualized rate of return on one-time investment and annualized rate of return on fixed investment.
65438+20031October 2-165438+1October 65438+20071October 0, the market share of bulls and bears was 76.96%.