A company is playing "edge ball"! Emoji can still be used like this!, Divine operation? The estimated net asset value of the fund is about to go offline. Fund Company | Fund | Company

Fund companies are experiencing "divine operations"!

As major public fund companies are about to take down the function of estimating fund net worth through their direct sales channels and third-party sales channels, some fund companies are still going against the trend, continuing to announce real-time changes in fund net worth in advance and changing their new faces to play the sidelines.

Use emojis to create a fancy "edge" gesture

It is reported that a small and medium-sized fund company has been posting on a third-party sales agency platform for a long time to announce the real-time net asset value changes of one of its funds in advance. For example, after the closing of A-shares in the morning and half an hour before the closing of the day, report the real-time rise and fall of the fund's unit net value.

After the news of the offline net asset value estimation function was released, the fund company also adopted a new "divine operation" - starting from June 8th, the form of fund net asset value broadcast changed from the original digital broadcast to a more obscure gesture and expression package broadcast.

Note: The meaning of emojis is a decrease of 1.62%

Domestic public funds have long adopted the principle of "unknown price" subscription and redemption, which is to confirm the subscription and redemption shares based on the net value of the fund announced after the market closes on the same day. Redemption applications initiated before 3:00 pm on the same day will be confirmed based on the net value announced after the market closes, while applications initiated after 3:00 pm will be confirmed based on the net value of the next trading day.

Therefore, the above-mentioned fund companies announce the net value of their holdings before the closing of the market, which can provide a reference for investors who want to confirm their redemption at the same day's net value. And this operation also puts fund companies on the edge of non-compliance.

Industry insiders analyzed in an interview with China Securities News that this move is mainly non compliant in two aspects: firstly, it violates the principle of "unknown price" redemption of funds, breaks industry regulations by announcing the net value in advance, and also encourages investors to pursue gains and losses and engage in short-term speculative trading psychology; The second is to reflect the loopholes in the internal compliance and risk control of the fund company. Generally speaking, due to compliance requirements, only fund managers can see real-time changes in the funds they manage, which is difficult for other positions to reach. As a market operator of the company, the poster can obtain the latest net asset value data in real time, which is obviously non compliant.

Some public fundraisers have also stated that confirming the net asset value of a fund is often a complex process, and theoretically only the accurate value is announced after the closing. It is not realistic to announce the real-time net asset value during trading, and even if it is announced, it should not be accurate.

Changsheng Fund once disclosed in an investment education article that the confirmation of fund net value needs to go through multiple steps: collecting closing settlement data of all assets held by the fund, conducting internal data processing and valuation accounting by the fund company, reviewing by the custodian bank, and going through the process of reporting to regulatory authorities. If the internal accounting and review data are consistent, everyone will be happy. Once there is a difference in data, a time-consuming process of comparing them one by one will have to start.

According to industry insiders, if the fund invests in a wide range of asset categories, such as those involved in refinancing and other businesses, the data collection process alone may not be completed until 19:00. Therefore, except for special types of funds such as QDII and FOF, most fund companies announce the latest net value of the day between 20:00 and 24:00 that evening.

The topic of fund net worth has sparked heated discussions

Under the current "unknown price" trading regulations, the real-time net value is announced in advance, and the real-time net value is obtained under the principle of risk control compliance isolation. The fund company claims to report truthfully before the net value of the fund is cleared and reviewed - behind multiple things that it knows cannot be done, the fund company still chooses to do so. What is the solution?

Some public fundraisers believe that this may be to boost traffic and maintain fan stickiness, as there are indeed many investors who are very concerned about the fluctuation of the fund's intraday net value. Due to the unknown price regulation, most investors obtain information through net asset value estimation. If real-time net asset value can be obtained, it will be easier to attract this group of active traders.

From the real-time net asset value announcement post of the fund company, it can be seen that there are indeed many fans who often pay attention to it, with multiple fund net asset value announcements receiving over a hundred comments.

Since the beginning of this year, the topic of fund net worth has frequently entered the public eye. At the time of the strong rise of the AI sector, the significant difference between the estimated net asset value of many funds and the actual published data has sparked heated discussions in the industry about the drift of investment styles of some funds. The difference between estimated net asset value and actual net asset value often becomes the trigger for investors to angrily criticize funds for "disorderly position adjustment" and "stealing".

Many public fund companies have expressed that the number of complaints caused by the difference between estimated net asset value and actual net asset value has become a major problem for fund companies. "In our product discussion area, almost 80% of trading days will be scolded for this matter. If there is less increase or more decrease, they will be scolded, and if there is more increase or less decrease, they will also be scolded," said a public fundraiser with a hint of helplessness.

During an interview and research conducted by a reporter from China Securities News, it was found that after the news of the estimated offline net worth came out, several fund companies expressed their expectations. A public fundraiser explained that this is mainly because the net asset value estimation is not accurate. The net asset value estimation of the platform is often based on quarterly report holdings and self built models for valuation. However, since fund positions change in real time, it is easy to have significant differences between valuation and actual value. Due to inaccurate data, complaints are often made, which requires a lot of educational work to explain, but in fact, it is not very meaningful.

Industry insiders believe that the issue of the cancellation of net asset value estimation affecting the right to know, as reported by some residents, should correspond to true and accurate data, rather than data that may have errors in estimation. The reference value of data with poor accuracy is questionable.