Financial Associated Press, June 29 (Reporter Shen Shuhong) With the recent market recovery, a large number of funds have recovered from the net value of funds.By virtue of performance and market trends, products can often lead to larger scales, but obviously this is not the best goal of fund managers.For the purpose of safeguarding the interests of investors and maintaining the smooth operation of the fund, some blue-chip funds have recently suspended large-amount subscriptions for products.
From June 29th, GF Xinxiang, managed by well-known fund manager Zheng Chengran, began to suspend large-amount subscriptions, and the subscription limit for a single fund account in a single day is 10 million yuan.In addition to the above products, recently, the well-known fund manager Qiu Dongrong managed Zhonggeng Value Pilot and Zhonggeng Value Quality for one year holding, Bank of Communications Schroders managed by He Shuai continued to grow, and Qianhai Kaiyuan emerging industries managed by Cui Chenlong, etc. All star products have suspended the large-amount subscription business.
Some people in the industry pointed out that the above-mentioned product purchase restrictions may be due to the rapid growth of the scale caused by the good performance of the products, and the purchase restrictions of some products are also related to the investment style of fund managers who are inclined to reverse and small and medium-cap value.
Multiple star products are limited to purchase
The announcement issued by GF Fund on June 28 shows that GF Xinxiang, managed by well-known fund manager Zheng Chengran, will suspend large-amount subscription (including transfer-in, fixed-fixed and variable-amount investment) business from June 29, and a single fund account per day will be suspended. The purchase limit is 10 million yuan.
The purchase restriction of GF Xinxiang is not an isolated case.As of June 29, a total of 265 funds have suspended large-amount subscriptions since June, including 36 active equity products. Products managed by well-known fund managers such as Qiu Dongrong, He Shuai, and Cui Chenlong have all suspended large-amount subscriptions.
Qiu Dongrong's two products, Zhonggeng Value Pilot and Zhonggeng Value Quality, are held for one year. On June 22, he announced that the large-amount subscription business would be suspended from June 30.Among them, the purchase limit of Zhonggeng Value Pilot Fund is 10,000 yuan; the purchase limit of the one-year holding period of Zhonggeng Value Quality Fund is 100,000 yuan.
Starting from June 24, Bank of Communications Schroders managed by He Shuai, one of the "Three Musketeers of Bank of Communications", has continued to grow and suspended large-scale subscriptions. The maximum amount of the fund that can be subscribed for each fund account in a single day is 30 million yuan.Previously, on March 21, the product had been released for large-scale subscriptions, and now it has been restricted again.
On June 8th, Qianhai Kaiyuan Emerging Industries managed by Cui Chenlong announced the purchase restriction. From that day on, the maximum amount of accumulatively subscribed for the fund shares per fund account in a single day is 2 million yuan; Silver Schroders Keishing has also set the upper limit for large purchases at 1,000 yuan.
It is not difficult to see from the data that these products may have performed steadily in this year's slump, or may have experienced a major rebound and recovery in the near future.
Year-to-date, the yield of Zhonggeng Value Pilot is 14.50%, and the one-year holding return of Zhonggeng Value Quality has reached 17.14%.In addition, since the market low on April 27th, the yield of Bank Schroder Kaicheng has been 18.05%, the continuous growth of Bank of Communications Schroder has continued to recover 32.05%, and the recovery rate of Haikaiyuan's emerging industries is as high as 53.69%.
What is the reason?
What are the reasons for the above product restrictions?
In the letter to the holders, ZhongGeng Fund attributed the reasons for the purchase restriction to two points. First, under the double resonance of the fund's net value and shares, the fund scale has experienced rapid growth.However, the product of any investment strategy has a scale boundary, and the company takes the expected return rate that cannot affect the product as the boundary.Second, the market is gradually recovering, but there is a structural rise at the industry level. Some popular industries are close to the previous high or even new highs, and the valuation level has reached a high level. The structural risk of the market should be paid attention to.The company said that the company will firmly practice the low-value value investment strategy system, and still has the confidence to obtain higher risk compensation by taking risks correctly.
A large-scale public fundraiser in South China pointed out that the company's product purchase restriction is based on the original intention of considering the interests of holders and stabilizing performance. Recently, some of the company's products have performed well and their scale has grown, but the fund manager does not want the rapid growth in scale to affect the products. Operation, "especially to avoid the inflow and outflow of large amounts of funds from institutions as much as possible, which affects the stability of product performance and the income of holders will be diluted."
Another medium-sized public fund manager in South China also said that the large amount of arbitrage funds for redemption caused the fund scale to fluctuate greatly, which brought difficulties to the fund investment operation.From this perspective, the starting point of the purchase restriction is a good one.He also believes that product purchase restrictions are generally related to the investment style of fund managers. Some fund managers have a reverse or small- and medium-cap style, and the product scale and capacity are limited. Once the product exceeds a certain scale, it will cause certain difficulties in product operation.
"I hope investors can invest rationally and buy more in medium and long-term holdings, rather than short-term chasing up and down, so as to avoid unnecessary losses caused by short-term fluctuations." In a recent strategy meeting, Cui Chenlong said so.
However, in general, bond funds are still the main force in the purchase restriction.Since June, more than 200 bond bases have been restricted from large purchases.On June 29 alone, many products such as Essence's short- and medium-term interest rate bonds, Essence Yongxin Enhanced, and Huaxia Interbank Certificate of Deposit Index held for 7 days announced purchase restrictions.On June 28, Golden Eagle Tianxiang’s short-term and short-term bonds, long-term credit interest rate bonds, Tianhong Tianli, and the 7-day holding of the Southern Interbank Deposit Certificate Index also announced purchase restrictions.
A mid-sized public bond fund manager in South China believes that against the backdrop of a decline in investors' risk appetite this year, a large amount of money has poured into lower-risk bond bases.However, good bond targets are also relatively scarce. In order to ensure the smooth operation of the products, it is reasonable to limit the purchase of related products.
In addition to the suspension of large-amount subscriptions of the above-mentioned funds, there are many products whose purchases are restricted due to small scale or facing liquidation.The above-mentioned public fundraisers said that the purchase restriction of such products is for the fund to better handle the liquidation matters, and also to protect the interests of other investors.
(Editor in charge: Guan Jing)
