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Feb 26, 2008

English Chinese translation sample-Defined Fund Investment Plan -Introduction and advantages

(Edited by freelance Chinese translator li – English to Chinese translation or Chinese to English translation services- financial translation)

Defined Fund Investment Plan
☆ Introduction
A service for investor to buy a fixed sum of fund product that ICBC represents at regular intervals within a certain investment period, or simply speaking, a kind of finance service similar to Club Deposit. Starting from the second day after signing up the service, ICBC system automatically make deduction on the first day of each month based on the amount and investment years you stated. Deduction will be continued on the next day if the balance in the account is not enough. Minimum investment for monthly deduction is RMB 200. Procedure for trading hours, charges, purchase price and redemption of fund are the same as fund purchase.

Defined Fund Investment Plan has the following advantages:
1. To minimize risk through reducing investment cost over time by dollar-cost averaging.
For a single investment, the plan is as a mid/long-term investment. Every month a fixed deduction is made regardless of market movements. The investor needs not to worry about selecting the right time. Investment cost is reduced by the technique of long-term averaging. Fewer shares acquired when fund's NAV goes up and more acquired when NAV goes down. In this way, investment cost and risk is naturally shared over time.
  1. 利用平均成本法摊薄投资成本,降低投资风险

Long market (Prices of stocks go up) Short market (Prices of stocks go down)
Sum invested at regular interval Unit Price Units Bought Unit Price Units Bought
¥1,000 ¥1.00 1,000.00 ¥1.00 1,000.00
¥1,000 ¥1.02 980.39 ¥0.98 1,020.41
¥1,000 ¥1.05 952.38 ¥0.95 1,052.63
¥1,000 ¥1.05 952.38 ¥0.95 1,052.63
¥1,000 ¥1.08 925.93 ¥0.92 1,086.96
Total ¥5,000 Total 4,811.08 Units Total 5,212.63 Units
Average Unit Cost ¥1.0392
Average Market Price ¥1.0400=(1.00+1.02+1.05+1.05+1.08)/5
多头市场(股票上涨时) 空头市场(股票下跌时)
定期投资金额 单位价格 购得单位数 单位价格 购得单位数
¥1,000 ¥1.00 1,000.00 ¥1.00 1,000.00
¥1,000 ¥1.02 980.39 ¥0.98 1,020.41
¥1,000 ¥1.05 952.38 ¥0.95 1,052.63
¥1,000 ¥1.05 952.38 ¥0.95 1,052.63
¥1,000 ¥1.08 925.93 ¥0.92 1,086.96
合计¥5,000 合计4,811.08单位 合计5,212.63单位
平均单位成本 ¥1.0392
平均市价 ¥1.0400

The above table clearly shows the result of a fixed sum of RMB 1,000 investment every month, in which the average cost of fund is below average market price regardless of long or short market. Investor can remain calm even in short market since more shares can be bought at the same cost within this period. Even more profit once long market arrives after short market comes to an end.

2. No need to consider when to invest
To invest means "To buy at low price, and to sell at high one", but quite a few can catch the best time to buy and sell. Main reason behind is that common investors always fall into the blind spot - "Go out for profit, Stay away from loss". When the market lapsed into dismay and bearish, investor procrastinates and delays, though it is understood that this may be a good time to invest. Similarly, when a market distinguished by rising prices, most people can't help but keep on dumping money with a thought that profit has already attained. When new rounds flood in, everybody rushes to invest, making it difficult to make intelligent investment or trading decisions. To avoid losing track, investors can invest without clouding judgment with emotion through this plan. It doesn't matter when to invest, nor what the market price is. The short periods of fluctuations in stock market won't affect the long-term strategy.
  2. 完全不用考虑投资时点

3. Small money for large investment
"Don't put all your eggs in one basket" is a rule of thumb to share risk. However, it needs a large capital to invest in different quality stock under limited fund . Since fund itself means to invest using money collection, investor can use a fraction to invest in different stocks. Under Constant-Dollar Plan, money needed for investment is even less, with a minimum of only RMB 200 per month. Investor can personally add the amount when future income improved. The plan is very suitable for white collars or persons with fixed income every month.
  3. 积小成多,小钱也可以作大投资

4. Compound effect in long-term
Return from "Defined Fund Investment Plan" shows a compound interest effect. Interests gained on principal together with the earnings continuously derived shows an obvious compound effect as time goes by. "Defined Fund Investment Plan" needs longer time to show this effect, and it is not a good move to terminate the plan while the market in short swings. As long as market remains buoyant, short-term downside is a good time to accumulate more unit numbers at a lower price. Once the market rebound, unit number accumulated over a period can be used to gain profit in one slot. The plan should be targeted at savings for children's education and pension in the mid/long term.
  4. 复利效果长期可观

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