Summary
【Consecutive purchase restrictions! What are the well-known fund managers Zhou Yingbo, Yang Ruiwen, and Lin Yingrui doing to guard against? According to industry insiders, by controlling the inflow of funds from the purchase end, the relative stability of the fund scale can be maintained, and the impact on the net value of the fund can be reduced, which is conducive to the timely and effective adjustment of the product by the fund manager, which is a way to protect the interests of investors. (China Securities Journal)
The first half of the yearPerformanceThe leading Golden Eagle national emerging and Baoying advantage industries are subject to purchase restrictions.Zhou Yingbo, Yang Ruiwen, Yuan Fang and other well-knownfundA pioneer in the CEIBS era managed by managers,InvescoFunds such as Great Wall Corporate Governance and ICBC Culture and Sports Industry are also restricted…
Why are blue-chip funds suspending large-amount purchases?
According to industry insiders, by controlling the inflow of funds from the purchase end, the relative stability of the fund scale can be maintained and theFund net worthThe impact of this is conducive to the timely and effective adjustment of products by fund managers, and it is a way to protect the interests of investors.
Frequent purchase restrictions on high-quality funds
Recently, many high-quality funds have releasedannouncementPurchase restrictions.
According to the data, the yield rate of Golden Eagle National Xinxing in the first half of the year reached 53.15%, butGolden Eagle FundOn July 3 and July 7, two consecutive announcements regarding the suspension of large-amount purchases (including conversion and transfer-in and regular fixed-amount investment) of Golden Eagle National Xinxing were issued.According to the announcement, from July 5, the Golden Eagle Fund’s subscription for Golden Eagle National Emerging (including transfers and transfers)Fixed investment) Investment is subject to a large limit, and the maximum amount of fund units subscribed for a single fund account in a single day (including conversion transfer and fixed investment) is 2 million yuan (inclusive). From July 7th, the purchase limit of Golden Eagle National Xinxing has been reduced to no more than 100,000 yuan (inclusive). The Golden Eagle Fund stated that the move is to ensure the stable operation of the fund and to protect the interests of the holders of the Golden Eagle National Emerging Fund.
In the first half of the year, Baoying Advantage Industry A’s yield reached 52.17%. Baoying Advantage Industry announced on June 28 that large amounts will be restricted from June 29. The maximum amount of cumulative subscription for a single fund account in a single day is 500,000 yuan (including ), the reason is to “protect the interests of fund share holders.”
In the first half of this year, the income ranking is high. GF Value Leader and GF Ruiyi Leader, managed by Lin Yingrui, issued a “purchase restriction order” as early as April this year, and single-day subscription for a single fund account (including conversion and transfer, regular fixed amount and variable amount Investment) The business limit of the fund is 800,000 yuan.
In addition to the high-quality funds in the first half of the year, some well-known fund managers’ products have also begun to be restricted in the near future. July 5, Central EuropeFund announcementIt is shown that the China Europe Times Pioneer managed by Zhou Yingbo has suspended large-scale subscriptions. The limit for type A funds is 1,000 yuan/person/day, and the limit for type C funds is 10,000 yuan/person/day.
In addition,InvescoGreat Wall FundManaged by Yang RuiwenInvescoGreat Wall Corporate Governance,ICBC Credit Suisse FundThe ICBC Yuanxing three years, ICBC Sports Industry and other funds managed by Yuan Fang also recently issued purchase restriction announcements, with a purchase limit of 100,000 yuan.
Different “mind” behind
It is worth noting that the scale of Golden Eagle National’s emerging and Baoying’s advantageous industries before purchase restrictions are not large. According to a quarterly report, as of the end of the first quarter, the scale of Golden Eagle National’s emerging and Baoying’s advantageous industries was 112 million yuan and 149 million yuan, respectively. What is the restriction on purchases that have achieved good returns in the first half of the year?
Regarding the reasons for fund purchase restrictions, YingmiFunding ResearchWang Fan, a senior researcher of the Academy, believes that funds with excellent performance tend to be sought after by the market and attract a large amount of capital. Investors’ active subscription has led to rapid growth in product scale, which will bring pressure to fund managers’ investment operations in the short term. Diluting fund income, fund purchase restrictions, by controlling the inflow of funds from the purchase end, can maintain the relative stability of the fund scale, reduce the impact on the fund’s net value, and help fund managers make timely and effective adjustments to products. It is a way to protect the interests of investors .
A small fund manager in charge said that he also hopes to limit the surging subscription funds. In his opinion, the better performance in the first half of the year is mainly due to the income contributed by several heavy stocks. The continuous inflow of funds will force other allocations. “On the one hand, the buying point of the original heavy stocks is not ideal, on the other hand, The new direction expands and the uncertainty is greater. The continuous inflow of funds may eventually dilute the investment income and bring a bad investment experience to new investors.”
A fund manager with a management scale of about 30 billion yuan told a reporter from China Securities News that its products under management hope to create more comfortable conditions for investment through subscription and redemption. “Recently, many small and medium-sized funds have performed well, and the medium-to-large fund products I manage have relatively lagging behind due to the difficulty of adjusting positions and impact costs. Investment must be aimed at creating returns for investors. The redemption tool also hopes that investors will give fund managers time to speak with their performance.”
Wang Fan also said that the size, performance and liquidity of the fund are like an “impossible triangle.” There are upper limits on the management scale and strategic capacity of fund managers, and rapid expansion of scale will increase the management difficulty of fund managers. Excessive fund size affects transaction flexibility and bears more transaction costs.In addition, the increase in the size of the fund will also lead to the failure of some specific strategies, such as those in the past two years.Make a newDividends, new enhancements for small funds are more significant.
Closely linked to profit restoration and the main line of industry prosperity
Does frequent purchase restrictions mean that public funds are cautious about the market outlook?
In fact, fund institutions are still actively grasping the structural market.Debon FundIt is pointed out that the recent A-share market is still continuing to interpret the extreme market differentiation, and the performance of growth stocks is still better than value stocks. The RRR cut will increase the proportion of long-term funds of financial institutions and maintain overall market liquidity. The time and intensity are better than stock market expectations. The overall RRR cut will reduce the comprehensive financing cost by releasing liquidity, which will help maintain the operational stability of market entities. Based on historical experience, the RRR cut may be more conducive to the performance of high-prosperity growth sectors and ease market concerns about valuation issues.
HSBC Jintrust FundIt was pointed out that this year’s market was a year in which the two variables of profitability and valuation competed against each other. This year’s “non-bull, non-bear” and high-volatility market trends have basically verified the previous judgment-the best strategy for 2020 is to hold a good company, but this year’s best strategy may be to “continuously overturn the stones.” These strategies test the investment and research capabilities of investment institutions.
Looking forward to the second half of the year, the HSBC Jintrust Fund’s judgment on the overall market remains unchanged. As the marginal economic growth rate declines, the overall liquidity will maintain a relatively tight balance. At the same time, although the current market risk premium is not very risky, it is still not very attractive. Judging from the market performance in the past 10 years, when the risk premium falls within this range, the market trend is usually more uncertain. Big. It is expected that the high probability of the index level in the second half of the year will still be dominated by range fluctuations, with the focus on bottom-up, closely following profit restoration and industry prosperity as the main line, and tapping structural opportunities in individual stocks and sub-sectors, including benefiting from the global economic recovery. The non-ferrous metals, petroleum industry chain, finance and other pro-cyclical sectors, optional consumption such as home appliances, home furnishings and automobiles, new energy and other profitable growth rates can digest the high prosperous sectors of valuation.
(Source: China Securities Journal)
(Original title: Consecutive purchase restrictions! Well-known fund managers Zhou Yingbo, Yang Ruiwen, and Lin Yingrui are all doing this. What are they guarding against?)
(Editor in charge: DF407)
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