Category: Money tips Release Date: 2007-05-21
Source: Guangzhou Bandung Author: Huang Yongyao
Erratic than the current market trends, hot spots, and individual stocks is difficult to catch, but next week's mid-year report will be gradually released into the peak period, but once out wrong, "Mine Unit" its losses will be enormous, in this case suggest that you focus on worse resale values high - The closed-end funds. Because if the broad market continues to rise, with the net increase in the fund, investors will also be huge profit, once the broad market correction, the higher its worse resale values also fell less space, the Fund's performance has been unveiled in the first half, according to statistics , the stock funds have outperformed the big city, according to statistics of China Galaxy Securities, the stock funds (including closed-end funds) is far outperform the first half than the simple average share of the net value of the Fund's high rate of growth reached 59.5%, exceeding the same period in The Shanghai Composite Index rose 15 percentage points. Fully demonstrated the advantages of a financial expert, so I chose to worse resale values higher fund is no doubt outperform, to avoid the risk of an excellent choice for mid-year report. In addition, the dividends the stock market theme has always been a hot topic and speculation themes each year, the fund's annual report or in the report before and after dividends, there are dividends subject matter out of closed-end funds are a more satisfactory dividend market, recall that in 1998 and 2001 number of closed-end funds in the great bull market because there are dividends subject and stick by the market to recover, but in 2001 a large five-year bear market, many of the large environmental impact of the net below the face value of closed-end funds, which lost the ability to dividend , closed-end funds also will be gradually marginalized. However, the great bull market since late last year, so that all closed-end fund semi-annual report come back for more than face value, not only to achieve profitability, but also goes beyond the market's gains, according to "Securities Investment Funds Accounting Standards" closed-end fund dividend to meet two conditions: net income and dividends after the subjects positive net worth of not less than face value. At the same time, the allocation of the fund in accordance with relevant provisions of the income distribution of the fund should take the form of cash, at least once a year; fund proceeds, net allocation ratio of not less than 90% of the fund; and 54 closed-end funds under the semi-annual report to make up a loss of all the profit , the dividends are fully capable of enhancing the fund through dividends, on the one hand, enable investors to achieve investor returns, dividends as well as lower the Fund worse resale values on the other hand, investors can also share a natural consequence due to worse resale values lower prices. In a mature stock market, dividend is the last word, for historical reasons, the vast majority of cities of Shanghai and Shenzhen stock were now are seriously low, but the closed-end funds because of a rigid rule, which is the rate of this year's camp will be staggering Hu Lifeng Galaxy Securities Research Center, according to a study report said that the next 9 months the implementation of closed-end funds are expected to total 200 million, the largest historical dividends, it also believes that 20 billion would be enough to push a big dividend closed-end funds generally have more than 20% of the hike. And in order to change the image of a closed market, and avoid marginalization, whether management, fund companies, or fund holders are happy to see the conditions of the fund with dividends through dividends unleashed market, many funds are available due to the current interim dividend of conditions, so closed-end funds is expected to usher in a wave of dividends. In addition, it is noteworthy that the Fund next week, Societe Generale or July 14 (ie next week) the holder of the General Assembly will convene to discuss the Fengzhuan Kai, the market generally agreed that the Fund Societe Generale's "Feng Zhuankai" Through most likely, but Feng Zhuankai subject has always been speculation the largest closed-end funds subject matter, and set aside dividends and Fengzhuan Kai, so have a substantial positive subjects did not say, even from the investment value considerations, the investment value of closed-end funds have also been grossly underestimated.
According to the interim report, the end of 54 closed-end fund net asset value of total 119.615 billion yuan, total market value of 74.105 billion yuan, the net balance of total market capitalization of 45.51 billion yuan, according to a weighted average statistical standards, worse resale values of 38.05%, conversion The internal rate of return (implied rate of return) of 61.41%. Even in the mature U.S. market, the worse resale values, only about 20%, from the characteristics of international capital markets, capital is the natural attributes are profit-driven, in the international capital market gradually moves towards globalization, as well as more convenient access to funds Today, any value to a serious underestimation of the capital market will eventually become an international hot money targets. For example, last year, are being seriously undervalued commodity futures markets under the attack of international hot money out of big cattle, the same last year, has been grossly underestimated the value of the Korean stock market as a whole rose 50%, India, and Japan's stock market also has about 40% of the increase, I believe, with the the value of closed-end funds finally return to the outbreak of Quotes of the day.
Therefore, the above factors and the point of view, closed-end funds next week, the timing of the outbreak Quotes increasingly mature in the current flattening, stock selection and operation of more difficult market conditions, select the worse resale values larger closed the fund is undoubtedly the best and safe choice. What, then, how to choose the closed-end fund? Recommendations focus on worse resale values higher closed-end funds, I particularly promising worse resale values higher 2 billion mid-cap funds, because in the closed-end funds, is divided into two Lineup, one less than one billion small-cap funds, two 20's or 30 billion in the broad market fund, while the Small Cap Fund is worse resale values are only about 20%, but in the broader market fund up to 40% worse resale values are more than 2 billion fund and 10 billion fund would have the market value of the difference is not too large, only the equivalent of pocket-sized markets, small-cap stocks, but the two billion-scale than 1 billion worse resale values by 20% small-cap fund is clearly unreasonable, the future demands the return of existence value in 20 billion mid-cap funds, the proposed focus on the largest funds last week, worse resale values pass stem (500,038), because of its worse resale values up to 47.52% last week, at current prices (implied yield) was 89%. Values are grossly underestimated.
