Multiple fund announcements!Improve the net worth accuracy

China Fund reporter Wu Jun

Intern Yu Yang

Near the end of July, many funds have issued an announcement of improving the net value accuracy of the fund share, involving the funds of many companies such as Huitianfu, Haifu Tong, Teda Manulue, and Hang Seng. 8 bits. The analysis of people in the industry is mainly to avoid large redemption that can cause sharp fluctuations in net worth and affect the interests of the holder. This year, there have been similar announcements to the 80 or 90 funds. Market participants have reminded that in recent years, the fund customized funds are prone to large redemptions, and ordinary investors should be vigilant about this.

Multiple funds improve the net value accuracy to 8 digits after the decimal point

It is mainly caused by the impact of large redemption

On July 28, TEDA Manolia announced that Teda Manuro's new starting point flexibly allocated a large redemption on July 27 this year. In order to ensure that the interests of the fund holder are not affected by the decimal point of the net value of the net value, it is decided to increase the net value accuracy of the fund B's share to eight in the after -eight after the decimal point.

On July 26, Hang Seng also issued an announcement before the Hang Seng Haihe Hengxiang Pure Bonds Fund had a large amount of redemption on July 25 this year. In order to ensure that the interests of the fund holder are not affected by the decimal point of the net value of the net value, it is decided to increase the net value of the Japanese fund A and C on July 25, 2022. Essence

In addition, Caitong Asset Management China Bonds 1-3 years of the National Camp Bond Index Fund, Huitianfu State-owned Enterprise Innovation Growth C, Shenwan Ling Xinzhixuan C, Haifitong Xinrun C and other recent announcements have also announced the net value accuracy.

According to a person in Shanghai, a senior fund industry analyzes that in fact, the institutional customization fund, the fund with signs of customization, and the Class C share of some funds are more likely to occur. Because when a large amount of redemption occurs, the net value accuracy will have a certain impact on the cost of redemption. In the past, the net value calculation method of the fund generally retained only 4 points after the decimal point, and the fifth place "Four House and Five Entry". loss. "For example, the net value of a fund is 1.0005 yuan, and the four houses are 1.001 yuan after entering. Compared with the net value of the four houses and five more, it is 0.0005 yuan per copy. In fact, it affects the interests of the remaining holders. "

He also said that if the net value accuracy of the fund share is increased to 8 digits after the decimal point, the possibility of the fund's plunge is relatively small. For example, if you redeem 100 million copies, it will only spend a few dollars. "The calculation accuracy of the net worth is clear, to avoid the normal fluctuations of net worth, or to avoid the significant fluctuations of net worth. This has two layers of meaning, one is positive fluctuations, and the other is reverse fluctuations. Not normal fluctuations are not good. After the net value calculation accuracy is improved, it is conducive to the fluctuations of net worth. In this case, it will be fair for the redemption customers or the remaining customers. "

It is worth noting that many fund companies also announced that the fund will restore the net value accuracy agreed in the fund contract when the interests of the fund shareholder will no longer have a significant impact on the interests of the fund holder.

There have been 80 or 90 funds this year issued an announcement

Investors need to be alert to institutional custom funds

In fact, in order to avoid the impact of large -scale redemption on the holder, many fund companies have issued an announcement involving the net value accuracy of the fund. According to incomplete statistics, there will be a similar announcement of 80 or 90 funds this year. Among them, there are funds with both solid income and equity; most of the funds announced the net value accuracy of the net value to the rear 8 digits, and there are also 4 and the last 5 digits. Increase one of them. It is worth noting that some funds have issued similar announcements shortly after the establishment, and some funds have also experienced a plunge or skyrocketing.

Industry insiders pointed out that the proportion of general institutional investors will be relatively high, and the proportion of general institutional investors will be relatively high, and it may be reduced to mini -fund after the institutional redemption. In the past, there were too many reasons that caused net worth soaring or plummeting. The reasons behind it were related to the "four houses and five entry" of the fund's net worth, and improving accuracy could reduce this effect.

Fund researchers Wang Qunhang once wrote in 2017 that improving the net value of the fund is more common in the funding of the fund outside the committee, which is a practical move for fairness and impartial protection of the interests of holders.

A person in the market in Beijing said that the biggest feature of custom funds is that the number of households is relatively small, especially the proportion of a single institution may be very high. In order to protect the interests of the remaining holders, The calculation accuracy must be increased to 8, 9, 10, or more. In the past few years, the supervision also stated that the relevant requirements are based on a reasonable regulation of public funds that are excessively concentrated in the holder to prevent the impact risk of large centralized redemption on the funds of the fund, and prevent "differentiated treatment in the internal management of public funds. "It is not conducive to small and medium investors.

In fact, large redemption itself is an unpredictable situation. People in the industry believe that ordinary investors should be vigilant for institutional investors with higher funds.

Liu Yiqian, the person in charge of the business of the Shanghai Securities Fund Evaluation Research Center, believes that investors need to consider repeatedly when choosing such institutions to participate in more funds.On the one hand, the institutional customized products have obvious constraints on risk returns. This constraint is not necessarily suitable for ordinary investors.On the other hand, products with high institutions are likely to face large redemptions, but large redemption depends on the liquidity of the product."In principle, if the product liquidity is affected, as a fund manager, it can require uncertainty or partially confirmed the redemption, so that the shares of the redemption will not be affected and affected by liquidity.Very small products, these may face liquidation risks, investors should avoid it appropriately. "Editor: Captain

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