Switching merupakan salah satu strategi di dalam pelaburan unit amanah. Ia adalah kemudahan yang diberikan oleh syarikat pengurusan unit amanah (UTMC) kepada pelaburnya. Switching boleh dirujuk sebagai proses memindahkan pelaburan dari satu dana pelaburan ke dana pelaburan yang lain di bawah syarikat pengurusan yang sama.
Switching dilakukan apabila berlaku perubahan di dalam senario pasaran saham. Tujuan switching dilakukan adalah untuk mengekalkan keuntungan yang diperolehi (profit locking) ataupun untuk mengurangkan kerugian yang ditanggung (stop loss). Oleh kerana terdapat kos atau caj yang terlibat apabila melakukan switching, bilangan switching yang dilakukan perlu dihadkan supaya keuntungan anda dapat dimaksimakan. Berapa kerapkah switching yang perlu kita buat? Ia bergantung kepada keadaan pasaran saham semasa. Pada masa sekarang caj untuk switching ialah RM25.00,
Contoh: Untuk memaksimumkan keuntungan dengan memggunakan teknik switching
From IanKree.com
Let’s say on 15-Apr you have 20,000 units in Equity Fund A and 1,000 units in Bond Fund B.
Between 15-Apr and 15-May: You see that the Equity Fund A price is dropping. Wisely, you are thinking of switching units from Equity Fund A to Bond Fund B. And you know that you have to leave minimum 1,000 units in Equity Fund A to obey the switching rules set by XXX Mutual. You take that action on 15-May.
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The price of Equity Fund A dropped further to $0.50 (15-June). Luckily you had switched your units from Equity Fund A to Bond Fund B, leaving only 1,000 units there – as said, to obey the switching rules set by XXX Mutual.
Equity Fund A seems bottomed-up at $0.50. The market condition has improved ever since it touched that level. Therefore you think it is time to switch back your switched units to Equity Fund A from Bond Fund B. You take that action on 15-July.
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Then on 15-Aug, the Equity Fund A’s price increased further to $1.05.
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Switching dilakukan apabila berlaku perubahan di dalam senario pasaran saham. Tujuan switching dilakukan adalah untuk mengekalkan keuntungan yang diperolehi (profit locking) ataupun untuk mengurangkan kerugian yang ditanggung (stop loss). Oleh kerana terdapat kos atau caj yang terlibat apabila melakukan switching, bilangan switching yang dilakukan perlu dihadkan supaya keuntungan anda dapat dimaksimakan. Berapa kerapkah switching yang perlu kita buat? Ia bergantung kepada keadaan pasaran saham semasa. Pada masa sekarang caj untuk switching ialah RM25.00,
Contoh: Untuk memaksimumkan keuntungan dengan memggunakan teknik switching
From IanKree.com
Let’s say on 15-Apr you have 20,000 units in Equity Fund A and 1,000 units in Bond Fund B.
Between 15-Apr and 15-May: You see that the Equity Fund A price is dropping. Wisely, you are thinking of switching units from Equity Fund A to Bond Fund B. And you know that you have to leave minimum 1,000 units in Equity Fund A to obey the switching rules set by XXX Mutual. You take that action on 15-May.
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--------------------------------------------------------------------------------------------------------------After switched | Calculate new total number of units in Bond Fund B
Number of units that you want to switch from Equity Fund A to Bond Fund B
= 19,000 units of Equity Fund A
Switching service charge $25’s equivalent units of Equity Fund A
= $25 ÷ $0.75/unit
= 33.33 units of Equity Fund A
Number of units that you able to effectively switch from Equity Fund A to Bond Fund B after considering switching service charge $25
= 19,000 units − 33.33 units
= 18,966.67 units of Equity Fund A
The $ value of 18,966.67 units of Equity Fund A
= 18,966.67 units × $0.75/unit
= $14,225 of Equity Fund A
Number of units to be added Bond Fund B
= $14,225 ÷ $0.25/unit
= 56,900 units of Bond Fund B
New number of units in Bond Fund B
= 1,000 units + 56,900 units
= 57,900 units of Bond Fund B
The price of Equity Fund A dropped further to $0.50 (15-June). Luckily you had switched your units from Equity Fund A to Bond Fund B, leaving only 1,000 units there – as said, to obey the switching rules set by XXX Mutual.
Equity Fund A seems bottomed-up at $0.50. The market condition has improved ever since it touched that level. Therefore you think it is time to switch back your switched units to Equity Fund A from Bond Fund B. You take that action on 15-July.
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--------------------------------------------------------------------------------------------------------------After switched-back | Calculate new total number of units in Equity Fund A
Number of units that you want to switch from Bond Fund B to Equity Fund A
= 56,900 units of Bond Fund B
Switching service charge $25’s equivalent units of Bond Fund B (units)
= $25 ÷ $0.26/unit
= 96.15 units of Bond Fund B
Number of units that you able to effectively switch from Bond Fund B to Equity Fund A after considering switching service charge $25
= 56,900 units − 96.15 units
= 56,803.85 units of Bond Fund B
The $ value of 56,803.85 units of Bond Fund B
= 56,803.85 units × $0.26/unit
= $14,769 of Bond Fund B
Number of units to be added to Equity Fund A
= $14,769 ÷ $0.65/unit
= 22,721.54 units of Equity Fund A
New number of units in Equity Fund A
= 1,000 units + 22,721.54 units
= 23,721.54 units of Equity Fund A
Then on 15-Aug, the Equity Fund A’s price increased further to $1.05.
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Comparison | Status as on 15-Aug
If you did nothing, despite the market up and down; the $ value of your Equity Fund A is
= 20,000 units × $1.05/unit
= $21,000
= 20,000 units × $1.05/unit
= $21,000
If you sold 19,000 units on 15-May (received $14,250) and reinvested back that $14,250 on 15-July (before minus 5.5% purchase service charge); the $ value of your Equity Fund A is
= 21,717.31 units* × $1.05/unit
= $22,803.18
= 21,717.31 units* × $1.05/unit
= $22,803.18
*Sorry, I omitted the detail calculation to simplify the discussion.
If you switched as calculated in very detail above; the $ value of your Equity Fund A is
= 23,721.54 units × $1.05/unit
= $24,907.62
= 23,721.54 units × $1.05/unit
= $24,907.62
As you can see, you could gain more if you switch-switch back instead of sell-buy back. And it is not wise to do nothing when the market fluctuate.
