Recently, a fund company published an announcement on fund bonds owned by adjust valuation method have aroused public concern on bond valuation method. On March 23, the fund company part owned by publishing notice of change in a bond fund valuation method. Bulletin shows that its funds held by a substantial deviation of the bond trading is not active, the contract price.
To enable the holder of the bond fund valuations more fair and reasonable, according to the relevant provisions of the China Securities Regulatory Commission and the company's valuation policies and procedures, following consultations of the custodian and, March 22, 2011 on the valuation of the Fund under the bond price at March 21 closing prices. Recommended reading · fengji Forum investment real disk week summary
· Xia stage fengji investment policy a quarter three into unit base are income Huaxia Shanghai composite 50 last week shrink 112 million copies a quarter 6 unit with into Wang yawei Sun Jianbo Hogen *ST Zhang unit recombinant by Wang yawei ahead of latent unit base first quarter 80% gaofu Everbright small disk bottom Fund 3.5 years profit total over billions of Yuan [hexun know] GF domestic demand will cast how according to understanding, on March 22, above bond tail disk transactions appears exception fluctuations, full days only 1 pen in tail disk sold 1 hand of transactions, closing more Qian a days price rose 8.97%. If the closing price on this bond valuations, is likely to seriously deviated from its fair value, price volatility brings to the investor cannot be prevented, if within the next few trading days, bond prices returned to a relatively reasonable prices, investors may be unknown losses in a few days. In this regard, a long-term business partner at the accounting firm of Auditors of the Fund, said "the current platforms and bidding system for fixed income trading of Shanghai Stock Exchange's corporate bonds two channels, closing stock price of the fund industry often use bidding systems valued; valuation date no transactions, to the most recent trading day closing price valuations. "" But where there are related bond trading is not active, closing stock price does not reflect the full fair value of bonds. "The partners said, these valuations of the Fund in order to guarantee fund has not been distorted, for purposes of maintaining customer interest fairness perspective, according to the science fair value method on bond and undertake Fund valuation responsibilities, which is also a useful attempt in the industry. Valuation of the Fund for investors holding bonds issues of concern, after reporters in an interview with relevant experts understand that for the Fund in the exchange market and the bond of the inter-bank market investment, fund companies, in accordance with the accounting standard for business enterprises and the China Securities Regulatory Commission regulations, in line with the principle of equitable and reasonable, usually prudent valuation according to the specific situation. From the perspective of current practice, company valuations of the Fund policy is: for transactions in the interbank market notes, company General information provided by the third party valuations of the Fund value and price of the yield curve. And in Exchange bidding system transactions of bond, has three species situation: a is valuation day has market, General used market determine fair value; second is valuation day no market, but recently trading day Hou economic environment is not occurs major changes and bond issued institutions is not occurs effect bond price of major event, General used recently trading day market determine fair value; three is valuation day no market, and recently trading day Hou economic environment occurs major changes or bond issued institutions occurs effect bond price of major event, in assessment potential valuation adjustment on fund net effect of degree Shang, general reference similar investment varieties of existing market and the major changes, factors, adjustment recently transactions market, determine fair value. Under special circumstances, when the Exchange auction system trading bonds when there is no active market, generally use generally recognized by market participants, and be validated by the actual transaction price in the past with the reliability of valuation techniques to determine the fair value of bonds. So, how to determine the existence of a variety of investment active market? Generally accepted definition of the market usually have high liquidity, low trading post, low price fluctuations and other features. In some cases, although the transactions in the market, but trading volume is too small, too large price fluctuations, may indicate that the investments there is no active market, the market price may not be fully representative of the variety of securities market participants generally agree that the value. At this point, the company at the time of valuation of the Fund will carefully study the fair price of investments. Although on fair price for study of way more has different, but General are including on enterprise governance, and business operating status, and is has was supervision institutions investigation, and is has major litigation, and bond of rating is has or expected has major changes, aspects of assessment, and on similar bond of due income status, and Bank between similar bond of income rate curve, and Fund Manager and researcher of pricing, and other market participants of quote and valuation, multiple aspects of pricing results of comparison. In accordance with the China SFC requirements, fund company internal need for Fund valuation established effective of valuation control program, clear the investment varieties of valuation method, special for started does not active market investment varieties valuation standard and program has strictly provisions, dang from different way get of price information are links to a more reasonable of price Shi, fund company also to and China Securities Industry Association valuation group, and managed line, full communication valuation price and model, please accountants firm assessment valuation method of rationality, consultations consistent Hou, to used most objective, and most was market participants widely accept of valuation price. The fund company official said, such valuation adjustment is for strict implementation of the relevant valuation policies and procedures and measures, the purpose is better in a particular case to determine the fair value of bonds, the maximum protection of the interests of the holders of shares of all funds. (Zhe Zhang)
