The fund soared by 4500% a day or a large refund occurred

The fund soared by 4500% a day or a large refund occurred
Jimin look dumb!There was a fund that skyrocketed 4500% a day: 10,000 changed to 460,000. What happened behind it?  China Fund News reporter commentary In recent years, the sudden increase in the fund ‘s net worth has occurred many times, but the phenomenon of a single day ‘s net value soaring by 45 times is still rare. It really shocked the A-share partners and the general public.  Recently, the net value of a public offering fund yesterday went from 1.0255 yuan soared to 47.7 yuan.  What is the reason for this, let us look at it together.  The fund’s net worth soared 45 times in a single day. Yesterday’s soaring was the A share of a fund: from 1 on July 2.0255 yuan rose to 47 on July 3.At 7068 yuan, the single-day tension was as high as 4552%, which was higher than that. The second-ranked fund rose only 5 yesterday.07%.  Judging from the 45-fold surge, it has surpassed the historical performance of all public funds in China. According to the gradual net value calculation, the Chinese fund industry has earned a maximum of about 20 times in more than 20 years, and a maximum of about 30 times in accordance with the restoration of power.  However, sudden surges are generally not divided into the statistical scope of fund investment performance, and they must be eliminated when ranking performance.  Relevant data shows that the above fund was established in mid-May this year, and its establishment time was less than 3 months. Since its 四川耍耍网 establishment, the net value has been changing around the face value of 1 yuan.  Basically, Class A shares suddenly skyrocketed. Yesterday, the fund’s Class C share fell by 0 instead.52%, the previous person judged that the increase in the net value of Class A shares did not result from the rise or fall of the fund’s holdings, but it may be caused by a large amount of redemption.  From the announcement of the establishment, the fund’s starting size is 2.US $ 0.3 billion, 245 subscribers, 20 million copies of Class A shares and 1 share of Class C shares.83 billion copies.  The fund asset size data disclosed by the fund company as of June 30 shows that the class A share of the fund was stable at the end of June, and it still remained at 20 million.  The two common reasons for the sudden increase in net worth are the ratio of the 10% limit of A shares. The fund uses a portfolio investment strategy, and the net value changes are relatively opposite. Theoretically, even the stocks held by them all have daily limit or limit changes.Also up to 10%.  In the past two years, because the punitive redemption fee rate was fully included in the fund’s assets, some of the large-scale redemptions occurred after a large amount of redemption.  The “Regulations on the Management of Sales Expenses of Open-end Securities Investment Funds” revised in 2013 stipulates that if sales service fees are not accepted, investors who have a continuous holding period of 7 days per year shall be compensated no less than 1.The 5% redemption fee is not lower than 0 for investors who continue to hold for 30 days instead of 30 days.75% of the redemption fee, the above redemption fee is fully included in the fund assets.  The “Regulations on Liquidity Risk Management of Publicly-raised Open-ended Securities Investment Funds” formally implemented in 2017 also made clear that fund managers should strengthen the management of short-term investment behavior of investors, andOpen-end funds accept no less than 1 for investors who have a continuous holding period instead of 7 days.5% of the redemption fee, the above redemption fee is fully included in the fund assets.  Another important reason for the surge was due to rounding up of the fund’s net worth.  For example, for a fund with 100 million shares, 99 million copies will be redeemed, and the unit net value should have been 1.01245 yuan, reserved to three decimal places is 1.012 yuan, don’t underestimate the last 0.00045 yuan, 99 million copies is equivalent to 4.49.96 million, an estimated 10,000 copies remaining, equivalent to an extra 4 per copy.4996 yuan, driving the net worth soared by nearly 450%!  Democracy, the net value of most fund shares are retained to three decimal places, and the fourth digit after the decimal point needs to be rounded.  In order to avoid the gradual increase of net value caused by the redemption of institutions, since the beginning of this year, multiple funds have issued announcements to improve the accuracy of the net value of fund shares.