Securities Times reporter An Zhongwen
Recently, the continuous rebound of A-shares has made the market sentiment active again. Many managers of new funds are a little bit unbearable when they see their optimistic targets continue to rise.
Securities Times reporters found that many newly-issued funds still announced early closing when they were only two or three days away from the original closing time. This phenomenon of unwillingness to wait for two or three trading days is mostly scrambling with fund managers. position related.Some of the new funds that were originally scheduled to close at the end of August, although the fundraising was not very popular, the sales were announced to end early in one week.
Interestingly, some new funds announced early closing and made a profit of 8% within a month after attracting only two investors; some new funds were worried about missing out due to the rapid rise of their favorite stocks. The opportunity to announce early closing of fundraising; more new funds announced the extension of fundraising on the day the index fell, and then announced the early closing of fundraising due to the market rebound exceeding expectations.
New funds close in advance
Since May, the phenomenon of early closing of new funds has increased significantly.Wind data shows that since May, as many as 20 active equity funds have announced the early termination of their fundraising. Are new funds starting to be sought after by investors?
"It is still difficult to sell new funds, and it is more difficult to sell through channels, and some main channels have little volume." A person from the marketing department of a fund company in southern China told the Securities Times reporter, although the current market situation has more compared with the previous period. However, from the perspective of channel sales of newly issued funds, fund raising is still relatively difficult, and the rapid withdrawal of the fund's net value in the early stage still has some impact on investors.
Most of the fundraising scales of the above-mentioned newly-funded funds that have ended their fundraising ahead of schedule are miniature.The reporter noticed that the CICC Prosperity-Driven Fund, which ended early in May, had only one day of actual fundraising, and the initial fundraising was only 10 million yuan.So, how many investors participated in the initial sales of the CICC Boom-Driven Fund?According to the fundraising report information disclosed by the fund, this new fund attracted a total of two investors during its initial offering, and the total number of valid subscriptions was two. Such a small number of subscriptions shows that the current new fund Sales woes at the bottom.
The same is true for the Jinyuan Shunan Industry Select Fund. The fund was originally scheduled to raise its closing date on May 24, but the fundraising ended ahead of schedule on May 6.This new fund, which was announced two weeks in advance, has a fundraising scale of only 224 million yuan. During its initial launch, it welcomed less than 300 investors, and the number of valid subscribers it raised was 277.
A stock-oriented fund under a super-large public offering fund in South China also announced the early termination of fundraising at the end of May.According to the information disclosed by the new fund, its total fundraising scale is less than 300 million, and the number of effective subscription accounts is 1251.It is worth mentioning that the fund manager of this new fund manages a total of two funds. Except for this product that was closed in advance at the end of May this year, another fund managed by the fund manager was established in July 2017. The number of effective subscribers for the fund raising is 4187, which is three times the number of the second fund raised by the fund manager today, which also shows that the current fund investors' sentiment is still sluggish.
Wait no more!
"Follow performance first and then money"
Under the circumstance that investors are not enthusiastic about participating in fund raising and the fundraising scale is small, industry insiders believe that the contrast phenomenon of early closing of new funds points to the uncontrollable bottom of the stock market.
Some of the new funds that were closed in advance were unwilling to wait even three days.According to the announcement of the early closing of the new fund, the original deadline for the Huaan New Energy theme fund was May 13 this year, but the fund was not large enough to raise funds and it only took three days to reach the original deadline. Next, still issued an announcement to announce the early closing of the fundraising on May 10.The early closing of the CICC Prosperity-Driven Fund is roughly similar. The fund originally had two trading days to reach the original closing date, but this new fund still announced the early closing of the fund, and was unwilling to do so for two days. Wait.
"The high probability is because the position of the target position that the Xinfa Fund intends to buy is very attractive, and closing the fund in advance will help to grab a position with a good price at a low level." A person from a fund company in Shenzhen believes that the market has been in the market since May. The overall situation is a gradual rebound. The high-quality stocks that were oversold in the early stage have actually risen sharply. If the new fund cannot be sold, the best way is to buy good stocks at a low price first, and then attract funds after the performance is up. Participate in subsequent scale marketing.
The method of "requesting performance first and then asking for money" has obviously become a major driving force for fund companies to close their positions in advance.So, what is the effect of early closing and grabbing positions?
The Securities Times reporter noticed that although the fundraising scale of the CICC Prosperity Driven Fund, which was closed in advance, was only about 10 million yuan, the new fund quickly closed, established, and entered the market since May. %, but the net value of this newly-issued fund that closed early and grabbed positions has risen by nearly 8%.
The Huaan Ding'an Preferred Fund, which announced the early closing of the fundraising, may also face the purpose of the fund manager's desire to grab positions.The fund manager of the new fund is Shu Hao, which was also announced early.People in the industry generally believe that the target of opening positions of new funds is often the core positions of other fund products managed by fund managers, especially in the context of significant adjustments in the heavily held stocks of fund managers' old products.
Among the old fund products managed by Shu Hao, the most well-known is the Hua'an Big Security Theme Fund. The main position of this fund is military stocks. This fund is Shu Hao's most core representative work, which actually means that Shu Hao's new For the development fund, once the fundraising is announced and the operation begins, the target of its position will likely point to the heavy-holding stocks of the Hua'an Security-themed Fund.
So, when Shu Hao's new product, Hua'an Ding'an Preferred Fund, was still struggling to raise funds in May, how much did his core product, Hua'an Big Security Themed Fund, rise during the same period?According to the fund's net worth data, the net worth of Hua'an Da Security Fund has risen by 16% in the past month.That is to say, if the newly issued product of Huaan Ding'an Preferred Fund has announced the early closing of fundraising as early as May 1, the theoretical net value return of the new fund may have reached 15%.
Layout golden window period
Achievements in the short term
Invesco Great Wall Fund may be more impressed by the unwillingness of the new fund to wait three more days to close the fundraising in advance.
On June 1, Invesco Great Wall Fund announced that its Invesco Great Wall ESG Quantitative Fund was originally scheduled to raise the deadline on June 8, and decided to advance the deadline for raising the new fund to May 31, 2022.Similar to other fund companies, the company's new fund is also reluctant to wait for the original time of the last three trading days.
How important is the time of three trading days?The Securities Times reporter noticed that Invesco Great Wall Fund deployed a unique stock, Wright Optoelectronics, in the first quarter of this year.According to the information disclosed by Wright Optoelectronics, among the top ten shareholders of tradable shares, a total of 7 public offering fund products have appeared, 4 of which are from Invesco Great Wall, and Invesco Great Wall Fund has taken over the stock's largest institution, No. Two institutional seats.So many Invesco Great Wall funds are deployed in Wright Optoelectronics, which means that the stock has a high probability of being included in Invesco Great Wall's core stock pool, and the fund company's new fund positions will basically be selected in the company's core stock pool. .
From the perspective of stock price performance, in just 4 trading days, the stock price of Wright Optoelectronics soared from 15.50 yuan on May 30 to 31.66 yuan on June 2, which made the heavy-holding stock of Invesco Great Wall realized in 4 days. Shares doubled.Although doubling in 4 days is an extremely scarce variety in A-shares, when the market conditions are clearly picking up and favorable policies continue to land, the high-end varieties that have fallen sharply in the early stage have generally appeared in the past month by more than 20% and 30%. The stock price rose, which also makes fund companies cherish the golden time to seize the rebound.
Li Haiwei, manager of the ESG quantitative fund of Invesco Great Wall, who closed in advance, said in an exclusive interview with a Securities Times reporter that after the Shanghai epidemic gradually eased, as stocks gradually rebounded, market confidence began to gradually stabilize. It depends more on the implementation of policies such as leniency in credit.
The rebound exceeds expectations
Fund raising strategy "changeable"
It is worth mentioning that the phenomenon of "repentance" of some newly issued funds also appeared on the "closing date", which shows that the market recovery has exceeded the fund's expectations.
On May 24, the Shanghai Composite Index plummeted 2.4%, and the index closed at 3070.93 points.A new fund under a large public offering in South China that is currently on sale stated that the original subscription deadline for the fund was May 25, 2022, and it was decided to extend the fund raising period to June 8, 2022.
But the market is sometimes unexpected.Immediately afterwards, the Shanghai Composite Index showed a continuous upward trend after May 25, and by May 31, the Shanghai Composite Index not only recovered the lost ground on May 24, but also closed at 3186 points on that day, which was higher than that on May 24. At the highest point of the session, some of the fund's heavy-holding stocks even rose by more than 30% in the past few days, including the heavy-holding stocks of the fund company that announced the extension of the fundraising.
In the case of a sharp rebound in the index, this new fund, which just announced an extension of the fundraising period a few days ago, issued a new announcement and decided to end the fundraising ahead of schedule on May 31.
Industry insiders believe that the slump of the index on May 24 may make fund companies have doubts about the follow-up space of the market rebound, so they may adopt a strategy of extending the fundraising period.In fact, many fund companies were "scared" by the index sell-off on the 24th.The reporter noticed that a strategy report issued by another fund company in Shenzhen on May 25 also emphasized the market sell-off on the 24th, which may mean the end of the short-term rebound. Confidence took a big hit.
A medium-sized public fund in Shenzhen also stated in a strategy report released on May 25 that from a medium-term perspective, most of the risks of A-shares are basically released, and there is little room for continued decline.Considering the pressure of profit-taking in the short-term rebound, the uncertainty of the impact of the epidemic on the economy in the future, the difficulty of short-term economic recovery, and the increasingly severe external environment, it is expected that the A-share market will continue to fluctuate in the next one to two months. The bottom rebound is the main pattern, and the height of the rebound should not be expected too high in the short term.
The above-mentioned strategy report of the medium-sized fund company on the rebound also means that after the index fell sharply on the 24th, the fund company believed that the rebound was basically over, which also reflected the general view of the fund industry at that time.However, the continuous rise of the index in the following days greatly exceeded the fund company's expectation of a market rebound, which forced the fund company to revise the fundraising strategy again, from announcing an extension of the fundraising to ending the fundraising ahead of schedule.
The target position rebounds quickly
Market sentiment turns to optimism
Obviously, the rapid rebound of the target position makes the new fund have a huge demand for rapid fundraising, and fund companies are no longer willing to waste too much precious time in raising funds when the stock rebounds.
The reporter also noticed that the early closing of the new fund is still two months away from the original fundraising day at the end of August, and the actual fundraising period is only one week, that is, the phenomenon of announcing a substantial early closing.On June 1, Huatai-Pineapple Fund issued an announcement stating that the original fundraising period of Huatai-Pineapple Hengze Hybrid Securities Investment Fund was from May 23, 2022 to August 22, 2022. Now the company has decided to end the fund’s fundraising ahead of schedule. , the fundraising deadline has been advanced to May 31, 2022, and the fund will no longer accept subscription applications from investors from June 1, 2022.
The above information means that Huatai Pineapple Hengze, a new fund, actually announced the closing after only one week of raising, and the original closing time was the end of August this year.So, what is the situation that makes this newly issued fund want to enter the market after a week of selling, and is unwilling to wait until the end of August?
Obviously, this is also likely due to the rapid rebound of the above-mentioned new fund's target position, so that if the new fund really waits until the end of August to announce its establishment and enter the market, it may miss valuable rebound time.According to the disclosed information, the fund manager of Huatai Pineapple Hengze’s new fund is Dong Chen. The representative work managed by Dong Chen is Huatai Pineapple Fuli Fund, which is also the largest fund under his management.
When Dong Chen's new product, Huatai Pineapple Hengze Fund, began to raise funds in the channel on the second day, the fund net value of the old product he managed, Huatai Pineapple Fund, rose all the way from 1.6055 yuan on May 24. To 1.7103 yuan on June 2, that is to say, it has risen by nearly 7% in 8 days.
This means that Dong Chen's new product, Huatai Pineapple Hengze Fund, has the possibility of missing the rise in net worth every additional day.The original deadline for fund raising at the end of August, in the current market conditions, will pose a great challenge to the investment of fund managers if it is actually implemented.Fund companies have also appeared before. A financial-themed fund that was originally scheduled to build bank stocks, due to the long reporting and raising period, after the financial-themed fund announced the end of its raising, the major bank stocks of A shares have risen by more than 100%. , causing the fund's investment to face great difficulties.
Obviously, after the market began to gradually recover, although Christian Democrats and investors were still hesitating, the high-quality stocks in the A-share market have greatly attracted professional institutional investors due to their low prices.Xie Yi, manager of Nord Fund, believes that the package of policy measures covers fiscal policy, monetary policy, consumption promotion, food and energy security, industrial chain protection and basic livelihood protection, and the scope and strength are beyond market expectations.At the same time, the epidemics in Shanghai and Beijing have been brought under control, the number of new cases has dropped significantly, and the production and living functions of the cities have gradually recovered.
"We are very optimistic about the market in the second half of the year. The factors that suppressed A-shares in the early stage have reversed." Xie Yi said that the consumption that the policy focuses on, especially the optional consumption (automobiles, electronics, etc.) may benefit first. The demand will be released with the gradual implementation of the subsidy policy.At the same time, with the recovery of China's external supply chain, freight rates are gradually becoming more reasonable, and companies in the manufacturing links of industry, technology, and medicine (such as Apple's industrial chain, CXO, textiles and apparel, tires, etc.) are also expected to recover quickly.
In addition, Xue Jiying, fund manager of Ping An Fund, also believes that the A-share market has gradually entered the rebound range, the market decline has fully responded to pessimistic expectations, and the negative factors have improved to a certain extent.For the epidemic, although it may persist, with the improvement of coping experience, the future impact is expected to gradually decrease.In addition, under the more complex macro background, the relevant policies to stabilize growth are worth looking forward to. In this context, the market is gradually stabilizing and rebounding, and the stock prices of many high-quality companies are already in a very attractive position.
【Editor: Cheng Chunyu】
