With the recovery of the A-share market and the rapid "recovery" of the net value of funds, many funds have issued "purchase restriction orders".
Data shows that as of June 28, 473 funds (A/C shares are calculated separately) have suspended large-amount subscriptions since June.For example, star fund manager Qiu Dongrong restarted purchase restrictions.He Shuai, Cui Chenlong, Yang Jinjin and other star "helmsman" products have successively issued "purchase restriction orders".
For the reason for the purchase restriction, most funds said that it was "protecting the interests of investors" or "stabilizing the size of the fund".Some fund managers said, "The products of any investment strategy have a scale boundary, which cannot affect the expected rate of return of the product."
"Purchase Restriction Order" was issued intensively
With the recovery of the market, the net value of some funds has been greatly "recovered", and the net value of some funds with heavy positions in the new energy track has rebounded strongly, and they have once again obtained funds and actively subscribed.In order to ensure the smooth operation of the fund and protect the interests of fund holders, a number of net worth "big blood return" funds have issued "purchase restriction orders".
Since June, Xinao New Energy Selection has been restricted twice.On June 10, Xinao New Energy Selection limited the large purchase amount to 5 million yuan.From June 21, the fund has adjusted the cumulative subscription (including transfer-in and regular fixed investment) quota for a single fund account on a single day to 500,000 yuan.From April 27th to June 27th, the net value of Xinao New Energy Selection "returned blood" exceeded 70%.The latest scale of Xin'ao New Energy Selection is 3.5 billion yuan, which is jointly managed by Li Bo and Zeng Guofu. The net value of the fund has risen by 9.92% this year.
From June 8th, the maximum amount of fund shares that each fund account of Qianhai Kaiyuan Emerging Industry can subscribe for in a single day (including regular fixed investment and transfer-in) is 2 million yuan; on June 6th, Bank of Communications managed by Yang Jinjin Schroders & Kaicheng limits the amount of large purchases to less than 1,000 yuan; starting from June 2, the maximum cumulative purchase amount for each fund account of Xinao Core Technology in a single day is 5 million yuan.
The data shows that since April 27th, the net worth of Qianhai Kaiyuan Emerging Industry A, Bank of Communications Schroders Kaicheng A, and Xinao Core Technology has recovered by nearly 52%, 17%, and 31%, respectively.
Safeguard the interests of fund share holders
Since June, many star fund managers have lowered their subscription limits for products under management.For example, from June 24, Bank of Communications Schroders, managed by He Shuai, has suspended large-amount subscription, transfer-in, fixed-term investment and other businesses, with a limit of 30 million yuan.
On June 22, Zhonggeng Fund announced that the two funds of Zhonggeng Value Pilot and Zhonggeng Value Quality, managed by well-known fund manager Qiu Dongrong, will suspend large-scale subscriptions on June 30.Among them, the cumulative subscription amount for a single fund account of Zhonggeng Value Pilot in a single day (including conversion and transfer-in and regular fixed investment) does not exceed 10,000 yuan (excluding), and the one-year limited purchase amount of Zhonggeng Value Quality is 100,000 yuan.
Regarding the reasons for the purchase restriction, the relevant fund announcements pointed out that in order to ensure the smooth operation of the fund and safeguard the interests of fund share holders.
ZhongGeng Fund said that after the deep adjustment of the market this year and the stabilization and recovery, the low-value value investment strategy fund of ZhongGeng Fund has experienced rapid growth in the size of the fund under the double resonance of the fund's net value and share.However, "the product of any investment strategy has a scale boundary, which cannot affect the expected rate of return of the product." In fact, Zhonggeng Value Pilot has just released the subscription.Zhonggeng Fund previously announced that starting from May 10, Zhonggeng Value Pilot will open up large-scale subscriptions.
Nuggets market opportunities in the second half of the year
The market in the first half of the year is about to come to an end. How to tap investment opportunities in the second half of the year?
ZhongGeng Fund believes that in the second half of this year, under the expectation of economic recovery and corporate profit recovery, the view on the equity market is more positive and optimistic.Under the current market environment, we are optimistic about the systematic and strategic opportunities of value stocks represented by resources and energy in Hong Kong stocks, some Internet stocks, and growth stocks such as medical technology. We are optimistic about large-cap value stocks (financial, real estate, etc.), energy and Resource companies, small and mid-cap value and growth stocks.
Wu Hao of CITIC Prudential Fund believes that the market continues to rebound, and the valuation has recovered from the end of April, but it is still at the lower edge of the historical range.It is expected that in the second half of the year, the A-share valuation will be driven more than the performance, and the market may rise, but the volatility will increase.
China Europe Fund believes that in the short term, it can focus on the recovery of service consumption that has been greatly affected by the epidemic, such as tourism, catering, hotels and aviation.Since the stimulus and boost to China's economy are the most obvious, the most certainty for the implementation of stimulus policies often comes from the investment side.From an industry perspective, sustainable priority should be given to industries with policy support, strong demand and abundant credit support, especially new infrastructure areas with high growth and high certainty in the medium term, such as energy infrastructure, green power and digital infrastructure.We can also focus on traditional infrastructure, building materials, real estate and other fields that also meet the above characteristics.
(Editor in charge: Guan Jing)
