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In grade B confirmation occurs after the last trading day off, there are still many investors blindly buying grade B. Do you know this kind of risk?
Here, you sort out the next grade B under the folding process, the investment point, risk factors, so that your investment Keguan grade B "do not be fooled, do not be deceived."
First, under the fold near, grade B investment should pay attention to details?
Grading fund transaction price is always satisfied: "A + B share price share price × × share ratio = (1+ overall premium and discount rate) × NAV Mother Fund", which means: Investment grade B requires attention to three points :( 1) the parent fund net performance; (2) the overall premium rate level; (3) grade a if there is excess return; since the index grading Fund mother Fund tracked stock index, such as: Internet index, the GEM index, SOE reform index etc., then its net worth will fall as the market fell, with the rise in market prices. It is very reasonable, very normal thing.
In Mother Fund and Class B share net fell sharply when the classification of the fund would be triggered off mechanisms. In this case, the class A share at least 75% of the "principal" will be converted into the parent fund, grade A investors can follow its parent fund net realizable. For the agreed rate of return is relatively low grade A, Class A shares up to the presence of more than 20% discount rate, the classification process under the fold of the Fund, give a grade A to provide more than 15% of the excess return. This means: In addition to the parent fund net fell outside, grade B must also bear this additional part of the loss.
In addition, many products under the overall classification of funds prior to folding premium rate is too high, such as: high-speed rail off the overall premium rate under the previous classification, classification reorganization, internet grading up to 10%. After the next break, due to the reduced leverage grade B, grade funds tend to discount the whole transaction, investors would need to take B grade overall premium rate fell sharply losses.
In summary, the next off near investment grade B for a "three-circumvention": (1) avoid excessive overall premium rate classification B; (2) A discount rate is high grade, grade B premium rate high grade B; ( 3) to circumvent the parent fund short-term downside risk classification B.
Class treasurer to remind you, you must remember the above three principles ah! !
Second, the folding process and the risks under point grading fund
Before the next break, BUY rating B investors can get their earnings leverage risk-benefit adapt, namely: the underlying index rose sharply, grade B also rose sharply; the underlying index fell sharply, grade B also fell sharply.
However, T day classification Fund has occurred under the fold, regardless of T + 1 day whether the underlying index rose classification, have certainty for conversion.
After the classification of funds under the fold, the overall premium rate classification of the Fund will drop to near 0%, and even a slight overall discount (due to the fold after the next grade fund, grade B leverage the significant downturn in the overall classification of the fund tend to discount the transaction). Thus T to determine the next day off after grading Fund, if the T + 1 day grading the overall premium rate is too high, class treasurer recommended that investors do not touch this a B grade.
Third, why the future under the fold, account share was reduced so much?
In the classification adopted by the Fund's net asset value is the standard identity conversion process under the fold:
"Off before the next grade B = net × investors hold shares under the discounted net graded B (1 Yuan) × under investor holds shares after the break."
If the former grade B under the fold of the net value of 0.20 yuan, a holding of 10 million copies of grade B, then the net asset value to $ 20,000. After the next break, grade B net moment to 1 yuan, reducing the share of 20,000 copies. This way to ensure the front and rear fold net asset value remains unchanged.
Fourth, if the venue continued to limit grade B, do not sell, how we can minimize the losses caused by lower discount?
If the stock continued daily limit in the pit, then investors will certainly sell, we can only passively bear down losses, but grade B and stocks have very different, not only the investors can sell the grade B in the secondary market, but also bUY grade a, will be merged into its parent fund to redeem exit.
If grade B continuous limit, difficult for investors to sell grade B directly in the secondary market to hedge, then investors can buy shares and other graded A, which merged into the parent fund, and then follow the parent fund redemptions to quit (see operation merge redemption public associations No. July 22 release of "grade B limit how do?" merge redemption "help you").
Fifth, investment grade B in the end what to pay attention
Investment grade B to "four to see": a look at the underlying index Are there opportunities; second look at is how much leverage; Third, look at the overall premium rate is overvalued; four to see whether or close to the lower fold.
Classification of funds is very good, non-systematic risk aversion leverage index tools. Investment grade B first condition is to determine whether the underlying index of grade B investment opportunities. Only the underlying index is determined based on the investment opportunities in order to start the selection of the appropriate grade B grade B and the development of investment strategies.
Leverage grade B, the higher the risk, the stronger offensive. In the overall parent fund discount or premium rate remains unchanged, A class of share prices stable, grade B reasonable price change as follows:
Mother NAV * Price of Price Leverage
Of course, if investors judge the wrong direction, leverage higher grade B, the greater the loss.
Overall classification fund premium rate is too high, often represent a premium rate classification B is overdrawn, there is a risk of falling. If the overall classification fund premium rate is too high, and investors are optimistic about the investment direction of the underlying index, the best investment strategy is: to purchase the parent fund classification, which was split into grade A, grade B, sell grade A grade B to stay , this way is much cheaper than buying direct grade B in the secondary market.
Grade B near the lower fold, investors need to pay attention under the fold risk may bring, especially to avoid the high rate of the overall premium grade B.
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