Category: Money tips Release Date: 2007-03-02
I was into the stock market in 1996 the old shareholders, although my IQ is recognized in the stock market in the first-class, but the multi-year bear market end to the loss of more than half the market value of my money. But I stubbornly persists, and finally ushered in the great bull market in 2006. In particular, a hazy understanding of shallow, actually made me hit the cow in 2006, the fund's most dark horse --- Fund Taihe.
That was the last 6,7 months after adjustment into the broader market in August, it seems that stock selection a little difficult to grasp. At this time, the investment to purchase the Fund's stock analysts occasionally online. At the time, I just think that open-end funds and closed-end funds are the same part of the main bodies (such as growth and Harvest Fund Taihe, belong to the same Harvest Fund Management Co., Ltd.), whose stock-picking ideas and operational methods or less the same, and all is heavily loaded with large blue-chip blue-chip; while their biggest difference is that market performance: opening the base price and the net simultaneously, while the closure is far lower than the base price of the net. Since they generally hold the same (kinds of) stock, why not choose a great room for growth, closed-end fund?
General policy is determined, in accordance with the same lines, I put the net present value of all the base closures and prices are listed in the table. Can generally be divided into two categories: one is 5 million small-cap funds, the recent one or two years expired; a category is 20 to 30 billion in broad market funds, usually seven or eight years later expired; former discount rate was less than 20%, which is worse resale values around an average of 40%. So I resolutely decided that the middle of re-selection in the latter one or two sealed the base, in my analysis and comparison of the fund only after more than a decade that the Fund Taihe worse resale values high. If August 25 of its net worth 1.45 yuan while the price is only 0.84 yuan, worse resale values is 42%, equivalent to 73% rate of return is [worse resale values = (net - price) / net income ratio = (net - price ) / price], and every 10 copies of fund units were now 1.30 yuan, date of registration of rights on August 31. This is really leaning onto your gold will be able to ah! So I spent two thirds of the funds in the August 25 to 0.83 yuan bought 12 million shares (diluted equivalent to 0.70 RMB / Unit); but also bought one about to expire Small Jijinlongyuan, As a comparison reference.
When I expressed my point of view on the train, often by the shareholders of my colleagues ridiculed, first "fund of several PCT a few centimeters up, too slow," he said later, "a few cents when you did not buy it, now faster one dollar, and too high. " And later the Fund Taihe up faster and faster, and I found that the growing volume, intraday pulled up very easily, and often occur several days of 3%, 5% of the rise, while the fast maturing Jijinlongyuan As the worse resale values compared to the low gains in some of these so inferior. During the said period, the closed-end funds must buy for various reasons began to diffuse in the market --- "Fengzhuan Kai" and high dividends, stock index futures introduction of innovative sealing the base and so on. So mid to late 10, I would gradually be Jijinlongyuan and other shares are sold, all full of warehouses Fund Taihe, and laid down a principle: as long as it positions the blue-chip blue-chip (China Merchants Bank, Vanke, etc.) rose, while yields There are 20% of the space, has been steadily held, and never do-band operation. The remaining days, my main job is to observe the Taihe shareholding up or down every day and computing rate of return. Just at the end of the last day of December 29 after the close of its net base price to close at 2.1697 yuan and 1.799 yuan for a yield of space has shrunk to 20% (worse resale values of 16.7%), which for eight years before a "seal switch to open "the fund, I think is a reasonable price, and Moreover, just four months, Taihe or have 1.5 times the profit earned only time. So New Year's Day 2007, I sold at 1.80 yuan all around.
After the authority statistics, the Fund Taihe in 53 closed-end funds in the annual price increases in 2006 ranked first throughout the year rose 264% (from 0.494 ~ 1.799 yuan), I Shigekura involved in the 9 months to December rose to 145 % (from 0.733 ~ 1.799 yuan), while the Taihe this four-month net growth was only 40% (cumulative net from 2.0070 ~ 2.8247 yuan). Over the same period the net increase in open-end funds generally also do so.
This is a great contrast with the rich profits, not only me, "re-energized," a substantial increase in net asset value, completed PK four months for four years, but I won the seal of my colleagues, "actuary", "Feng-based Wang "The Happy title.
