Every time a friend opens an account, he will ask: "Why is there such a big difference between the real-time net value estimate and the final net value of the fund?"
In the afternoon: "The market is really good today, and the real-time valuation increase has reached 5%!"
Night: After the fund company officially announced its net value, when it opened the account, the net value increase was only 1%!
Ideals are full and reality is very skinny.
Some friends also sincerely asked: "Where did my income go?? It won't be with the fund company!"
Everyone knows that the money of funds exists in third-party custodians. The fund manager is only responsible for helping everyone operate and manage the money, and will not have direct contact with the funds, so the investors' income will not go into the pocket of the fund manager!
So why is there a difference between the net value of the fund and the real-time net value estimate? Let me explain it in detail below~
What is fund net value and valuation?
First of all, we need to understand what is the net value and net value estimation of fund?
1. Fund net value
Usually, the net value of the fund refers to the unit net value of the fund, which refers to the current total net assets of the fund divided by the total fund shares, which is equal to the balance after deducting the total liabilities and then divided by the total number of unit shares issued by the fund.
In plain words, the net value of the fund is the real price of buying and selling funds~
Regarding the specific issues of fund net value, we have explained in detail in the previous 12th issue. Forgotten friends, you can review it~~
2. Net value estimation
So, what is the real-time net value estimation?
real-time net value estimates generally refer to the net value of some fund websites based on the fund's holding ratio and the rise and fall of the Shanghai and Shenzhen stock markets that day. Similar to the stock market, real-time net value estimates will be updated in real time during trading hours each trading day.
As the name suggests, since it is an estimate, it cannot be equated with the net value of the fund, and it can only serve as a reference. In the end, the net value of the fund announced by the fund company shall prevail.
In fact, the net value of the fund is calculated based on the actual holdings of the fund, and the real-time estimated net value cannot obtain the real-time holdings of the fund. It can only be estimated based on the data disclosed in previous fund periodic reports. Since the net value of funds is usually announced every night, if investors want to make references during trading hours, they need to use the real-time net value estimation indicator.
Why are there any deviations between the two?
It should be clear that the net value of the fund is an indicator calculated by the fund manager, while the real-time net value estimate may be the price calculated by some third-party financial management platforms or fund websites based on relevant data. So, specifically, why are the two different?
1. The position information has a certain lag
First of all, the position information of the fund has a certain lag. Net value estimates are generally based on the positional information disclosed in the fund periodic reports published in historically, such as the top ten heavily held stocks, industry allocations, and holding proportions, and the fund's net value performance on the day is estimated based on the intraday increase or decrease of the position. However, the fund's regular reports and actual holdings do not correspond one by one. During the time interval since the report was released, the fund manager may have carried out operations such as increasing positions and reducing positions. Therefore, generally speaking, the longer the time before the fund periodic report is published, the greater the estimation error will be.
For example, for example:
If you see a fund now, its valuation is generally used in the fund's third quarter report data. It has been several months so far. Some fund managers may have adjusted their positions many times, and the top ten heavily held stocks may have changed a lot. At this time, the reference significance of real-time net value estimation will seem a bit unreliable!
2. Position information may not be fully published
Secondly, the fund's position information may not be fully published. The fund's quarterly report will not publish all the fund's holdings information, but will only list the top ten heavy positions. The holding information is not perfect, so it is impossible to achieve accurate estimation.
Therefore, real-time estimation of net value and fund net value are actually equivalent to the difference between expected value and actual value. For the majority of investors, we must correctly understand the role of net value estimation. It can only be used as a reference for investment and cannot be directly regarded as fund net value!
Everything egg at the end of the article:
Below is the time for the class representative to draw key points. Everyone should review it carefully. See you next time!
Note: The above content is based only on a summary of general understanding and does not guarantee the absolute correctness of the above conclusions under any circumstances.
(The market is risky, so you need to be cautious when investing! This article is not used as an investment reference guide, readers need to be responsible for their investment!)
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