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Fund C kind portion is opposite A kind portion, a kind portion explain buy collection explain buy cost, redemptive even collection is redemptive cost, of course explain purchase cost at present mainstream prices is to be folded, the key is the problem of redemptive cost, if hold is less than,want collection one year normally the redemptive cost of 0.5% .
Compare A kind portion, c kind portion is done not have explain purchase redemptive cost, only collection sale serves cost, for example 0.2-0.4% is annual. Frequent to trading investor, for example the investor that a certain fund is not worth hold one year, effect of choice C portion is much better, but this is only from explain angle of atone for charge.
(one) explain atone for is affected to fund net value
T day afternoon three before explain bought fund share, it is normally with fund T day (after closing quotation) net value serves as explain buy redemptive fiducial, for example explain buy 10000 yuan, acquisition fund share is equal to 10000 yuan to divide with [* of T day net worth (1+ explain purchase cost) ] , if explain purchasing cost is 1% , hit be folded even if 0.1% .
With exponential fund (blame ETF) for exemple, explain buy redemptive how will affect fund net value? We first with explain buy for exemple, suppose dimensions of some index fund 1 billion yuan, t day (afternoon three before) clean explain buy 100 million yuan, of course normally every trade of day clean explain buy or clean redemptive 10% what won't attain fund scale, it is to pass only here " magnifier " the method allows investor more be clear at a glance.
Suppose: At first fund dimensions 1 billion, exponential component storehouse 95% , net value of T day fund 1 yuan, clean that day explain buy 100 million yuan.
The problem appeared, 100 million yuan explain bought net worth is with T day (after closing quotation) net value is fiducial, but this 100 million capital is in T+1 day (some are T+2) just can use at investment, before this is meant the face of fund fund Zhang of 1 billion has capital fund of cash of 5 ten million, the face of fund assets Zhang of 1.1 billion has capital fund of 150 million cash now, bring about fund effective storehouse reduce.
If T+1 day index rises, because fund is active storehouse from 95% reduce 86% , bring about fund net value to go up lag behind at the index to go up; If T+1 day index drops, bring about fund net value to drop with manage lag behind at the index to drop.
Afore-mentioned analysises explain buy the influence to fund net value, redemptive what kind of effect will cause to fund net value?
Suppose: At first fund dimensions 1 billion, exponential component storehouse 95% , net value of T day fund 1 yuan, clean that day redemptive 100 million yuan.
The problem appeared, 100 million yuan of redemptive net value are with T day (after closing quotation) net value is fiducial, but fund Zhang area is only assets of cash of 5 ten million, an index sells component in T+1 day with respect to need get cash to be opposite in order to answer redemptive, tell here everybody to be able to understand the stock that it is what fund yes redemptive capital is T+2 day normally to Zhang.
If T+1 day index rises, the effective storehouse as a result of redemptive fund it is prep above 95% , so fund net value goes up a meeting be more than an index to go up; If T+1 day index drops, of net value of the fund that be the same as manage drop also can be more than an index to drop. Additional, if hold period is less than sex of 7 days of penalty,redemptive cost puts in fund assets 's charge entirely normally, it is in addition (small) redemptive cost puts in the part 's charge fund assets.
A lot of fund go up since this year be less than an index (for example the index enhances fund to go up be less than an index) , actually also with rise the investor in the process is clean explain bought reason is concerned.
(2) fund C kind the blame of portion and punish
Very much big V has been calculated, if hold deadline is less than C of 6 months best investment kind portion, if (be more than 12 months) extended hold is best investment A kind portion, but this is the sends cent arithmetical problem in fund investment only.
No matter A kind portion or C kind portion, apparently the sale with annual 0.2-0.4% differs to serve cost only between the long-term earnings of these two kinds of portion, the capital fund that actually these two kinds of portion represent is to unite those who run investment, be in only accountant charge to an account when discriminative A kind with C kind different.
Before explaining this problem, rich case need gives everybody general a case: To satisfy the investor outside field the demand of fund of frequent buying and selling, some fund company ever had rolled out explain buy, redemptive free Shanghai is deep 300 indexes, the result is this index fund in bovine city (the time of half an year) accumulative total runs be defeated by Shanghai deep 300 indexes 20% , why?
The answer " (one) explain atone for is affected to fund net value " part, regular to short line investor meeting chooses to make the product of easy cost lowest, their so best choice is avoided namely explain this Shanghai that purchases redemptive cost is deep 300 indexes fund, but frequent explain buy redemptive meeting to bring about fund when rising storehouse insufficient, when dropping storehouse expand, as time passes dogs for a long time with respect to meeting influence fund exponential effect.
Rich case is a long-term investor, normally hold time meets the fund in green giant combination more than one year, so rich case more moment are choice A kind portion, if only such choice was opposite?
Assume an index fund has A normally kind portion and C kind portion.
Fund armour: A portion is occupied than 80% , c kind portion is occupied than 20% ;
Fund second: A portion is occupied than 20% , c kind portion is occupied than 80%
When facing such choices probably you are met suddenly be enlightened, if invest the A of fund second kind portion, as a result of A kind with C kind portion is unified run so, c kind portion investor is frequent explain buy redemptive also can affect A kind the long-term net value of portion.
To rich case, in other condition (for example the index of mark, cost is led) below particular case, can choose to do not have C kind the A of portion kind fund invests, perhaps choose C kind portion occupies lower A kind portion invests.
(3) I like C very much kind portion, but I am bought rarely...
In front two parts had been told from an administrative levels understood " I like C very much kind portion, but I am bought rarely... " reason.
Buy C actually kind the investor of portion fund is short-term investor, perhaps say they think to be able to forecast the market to go oneself situation. Historical experience tells us short-term market goes situation be the most difficult judgement, it is for example inside the bovine city since 2019, a lot of investor are deficient money, because investment fund is at first little, buy little ticket / bewitching made money, begin to increase capital... result small bill and bewitching what drop recently is very miserable, especially those annals are premonitory be gain, but wait for official annual report to come out to change of deficit " suddenly turn hostile " stock.
Somebody asks, is because can it go up,we buy fund we just buy? If forecasted it to drop, who still buys fund?
About forecasting this thing to must increase a time, but in most novice memory, this time will be tomorrow, this this month, quarter... in veteran memory, this time is 3 years, 5 years, 10 years...
The index does not rise this year bad to say, but be being led probably for 10 years rise, when card index going up 3000 a little bit before, is card index going up before a lot of people say 10 years also 3000 bits? Rich case needs to refute:
(1) card index goes up 3000 a little bit 10 years ago, index of the card on now is 3000 bits different, because if consider factor of share out bonus, 10 years accrual of share out bonus still has 80% recently.
(2) we can trade an index, for example Shanghai is deep 300 long-term meetings are compared on card index is better, of course if effect of your choice consumption, medicine, finance is better, before two are growing sex good, hind one is share out bonus rate is high.
Actually long-term to us investor, of short-term investor trade often little also we are long-term above quota the origin of accrual, but we must reduce these people to trade often the influence of long-term to us earnings. Do not have C with respect to the choice so kind portion or C kind portion is occupied than low fund A kind investment.
About fund C kind portion, rich case viewpoint is: "I like C very much kind portion, but I am bought rarely... " it seems that this answer looks seem contradiction, you understood among them implied meaning now.
Recommend read:
(1) learn Buffett to you can become Buffett?
(2) fund invests not be puzzled state
(3) Wang Jingbo case reads meeting (encyclopedia of electronic book resource)
Institute of green giant fund:
(1) the real time of green giant of rich division business " hair car " information exposure;
(2) the money that rich case makes money to invest for a long time patiently together with everybody;
