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SINA Research Centre Gao Wenjie lead: discount rate on the value significance of traditional closed-end investment fund, is reflected in the safety against falling markets on the pad, a discount yield to maturity, and is reflected in the discount on the yield to maturity of the risk compensation. By calculating the discount yield to maturity and reward traditional fengji, SINA Research Centre found that when the currentPoints expiring funds (due in less than three years) discount yield to maturity and the reward of higher value, with considerable investment value. , Discount rates at all-time highs from last September, traditional closed-end Fund discount rate is steadily rising, a short expiration time (three years or less) funds discount rate has almost doubled since and is close to the end of July 2009Highs. Statistical data show that traditional fengji overall discount rate as of Friday was 12.19%. All traditional discount rate between in-5% fengji, 18 of which discount rate falls between in-10%, discount rate between in-0% 7 funds.����Maturity of less than 3 years average discount rate of 11.04% of the Fund. Current traditionalFengji discount rate at the stage at a high level at present traditional fengji discount rates at the stage at a high level the data source: SINA interval fund research center data: January 4, 2008 two, discounting the yield to maturity of hung upside down with a yield to maturity can measure the margin of safety of closed-end funds. Closed-end Fund's yield to maturityCalculation of two assumptions, first assume that holding a closed-end Fund expires, with the shortening of the duration of, the risks associated with the remainder will gradually decline then assumes that the net value of closed-end funds due does not change. As a closed-end Fund puzzle with no interest-bearing bonds, estimates can be used with no interest-bearing bonds yield to maturity, give a different period of closed-end funds discounts expire collectionBenefit rate (referred to as folding on an annualised basis): where: t is a closed-end Fund expiration date, d is the closed-end Fund discount on current rates. Traditional fengji packs per cent yield compared with the same period traditional fengji packs and per annum over the yield source of comparative data: SINA Fund Research Center Data date: March 2, 2012, according to traditional fengjiYield to maturity is the rate of discount 5~7%, and bond markets 1-year, 2-year, 3-year corporate bond yield has advantage over show world of tanks power leveling, 5.67% and 5.66%. And if the discount due to different expiration time Fund yield pictures yield curves wot power leveling, current yield curve is inverted, that is, high yields on short expiration time and expiration timeLow yields on long, short of funds due more attractive. Closed-end Fund discount expires at an annualised rate of return and risk-free interest rate (yield over the same period), compared to currently closed-end Fund discount rate can be calculated the risk compensation (see below, table). Namely:-reward = folded-annual fixed rate per annum over the same period-closed-end Fund yields������Annual fixed rate included per cent of fund management fees and 1.5% Fund each year hosting fee. Traditional fengji discount discount rate corresponds to the rate corresponds to the traditional fengji reward-reward data sources: SINA Fund Research Center Data date: displayed on the March 2, 2012, compared with the same period yield of providing appropriateRisk compensation is in 1%, 25 17 traditional fengji only reward positive, showing the value of long-term investments.����A short expiration time (three years or less) traditional fengji, all in addition to fund Han Sung-reward value is positive. Third, investment advice is currently a short expiration time (three years or less) traditional fengji discount rate has been close since the end of July 2009High, and to yield to maturity and the absolute value of the reward discount and relative value also has an obvious attraction, recommends that investors focus on this type of Fund, Fund, for instance, taihe, taihe Fund gold Fund with Beijing. Schedule: traditional fengji packs an annual rate and risk compensation data source: SINA Fund Research Center Data date: March 2, 2012SINA funds research centre is the most professional one of the third-party investment advisory bodies, public placement Fund provides investors, sunny private equity, fixed-income trusts and other asset allocation services, in order to achieve solid added value of investor wealth. In addition to providing investors a wide range of products shopping guide services, SINA Research Centre also offers exclusive value-added services such as investment advice and continuous performance tracking�� (For more information, please consult: 010-62676051) Sina Sina statement of Fund Research Center: SINA posted this article for the purpose of passing more information, does not mean to endorse their views or confirm the description. Article content is for informational purposes only and does not constitute investment advice. Investor operations accordingly world of tanks power leveling, at your own risk.