First of all, we should know the net asset value of the fund, which is the basis for calculating the total income. The total return is the net asset value growth rate of unit funds during this period.
The net asset value of the fund is the balance of the total market value of the fund assets after deducting liabilities at a certain time, which represents the rights and interests of the fund holders. The net asset value of a fund unit refers to the net asset value of the fund represented by each fund unit.
Net asset value of fund units = (total assets-total liabilities)/total number of fund units
Among them, total assets refer to all assets owned by the fund, including stocks, bonds, bank deposits and other securities; Total liabilities refer to liabilities arising from fund operation and financing, including expenses payable to others and interest payable on funds. The total number of fund shares refers to the total number of fund shares issued at that time.
The process of fair value calculation of fund assets is the valuation of funds, and valuation is the key to calculate the net asset value of unit funds. Because the market prices of stocks, bonds and other assets owned by the fund have changed, the net asset value of the unit fund should be recalculated every trading day. The net value of closed-end funds is published at least once a week, and the net value of open-end funds is published once every trading day.
Valuation method is very important. For example, the listed negotiable securities owned by the fund, such as stocks, are valued at the market price (average price or closing price) listed on the stock exchange on the valuation date. According to the average valuation, the change of the fund's net asset value is less affected by the fluctuation of stock price. At present, closed-end funds and a few open-end funds are valued at the average price, and most open-end funds are valued at the closing price. The newly promulgated Fund Information Disclosure and Compilation Rules No.2, which will be implemented on June 65438+ 10/2004, uniformly stipulates that closed-end funds are valued at the average price and open-end funds are valued at the closing price.
For open-end funds, the unit net value is the pricing basis, that is, the price of subscription or redemption depends on the unit net value of the fund on the same day (usually announced the next day), plus or minus the corresponding transaction costs. Due to the limited issuance scale of closed-end funds, the demand and supply of funds by investors are unbalanced, which leads to the transaction price being higher or lower than the unit net value, which is called premium transaction or discount transaction. At present, domestic closed-end funds are generally in a state of discount trading, and the discount rate is around 20%.
For example, if the net unit value of an open-end fund was 1 yuan at the end of last year and 1.05 yuan at the end of this year, the total income of the fund this year will be 5%, and the calculation method is (1.05-1)1= 5%. This calculation does not consider the dividend situation and expenses of the fund (subscription fee, redemption fee, management fee, custody fee, etc.). Due to the complexity of cost factors, this paper only makes a further analysis of the total return of fund dividends.
Funds usually distribute the realized income to investors. Dividends are based on the "net income of the fund", that is, the return of the fund's income and the return on capital realized by selling securities, MINUS the expenses that can be deducted from the fund's income according to law. According to the current relevant regulations, there are two constraints on dividends: first, the fund investment must have achieved net income, and second, the dividend ratio should not be less than 90% of the realized net income within one year.
Investors have two options for dividend distribution: one is to distribute cash; The second is reinvestment, that is, reinvesting the income into the fund and converting it into a corresponding number of fund shares.
After dividends, the net asset value of unit funds will decrease. Assuming that the unit net value before dividend is 1.06 yuan and the unit dividend amount is 0.05 yuan, the unit net value after dividend is reduced to 1.0 1 yuan.
After considering the dividend, we will calculate the total return. Total return = (ne ÷ nb) × (1+d1÷ n1) × (1+D2 ÷ N2 )× × (1+dn ÷).
In which: Ne and Nb are the unit net assets at the end of the period and the beginning of the period respectively; D 1, D2, Dn are the dividend amounts of the first 1, the second and the n times respectively; N 1, N2, Nn are 1 respectively, and the unit net value after the 2nd and nth dividends.
As mentioned in the previous example, if the Fund has paid dividends twice this year, the unit net value before the first dividend is 65,438+0.06 yuan, and the dividend for each fund unit is 0.05 yuan, and the unit net value after dividend is 65,438+0.065,438+0 yuan; The unit net value before the second dividend is 1.08 yuan, and the dividend for each fund unit is 0.06 yuan, and the unit net value after dividend is 1.02 yuan.
Total return = (1.05 ÷1) × (1.05 ÷1.01)× (1.06 ÷/kloc)