Index fund has not yet taken an attack to purchase warrants, and reserves the right to invest in the future

□ Trainee reporter Yang Lei

Last Monday, Baosteel's warrants made their debut. As the first and fourth largest circulating shareholders of Baosteel, the index fund was unable to actively invest in warrants, and was temporarily in a situation of selling rather than buying. Some fund managers of index funds said that they would not participate in the warrant investment for the time being, but would reserve the right to invest in warrants in the future, considering that the investment warrants of index funds are not very beneficial to their goal of tracking the index.

　　 Index fund collective refusal warrant

Last week, various fund companies announced plans for fund investment in warrants. In the plans, closed-end funds, equity funds, hybrid funds and principal guaranteed funds are among the funds that invest in warrants, except for index funds. According to the announcement, Huaxia Fund, Bosera Fund, Hua'an Fund and other fund companies have separately excluded Huaxia SSE 50ETF, Bosera Yufu, Hua'an SSE 180 and other index funds from the scope of active investment warrants.

The fund manager of an index fund said that the risk of index fund investing in warrants was too high, which deviated from the main goal of index fund tracking the index. In order to protect the interests of investors, the fund company temporarily did not allow index funds to actively invest in warrants. At this stage, index funds can only buy Baosteel warrants at consideration.

In fact, according to the announcement of the voting shareholders' meeting of Baosteel's share reform, the first and fourth of the top ten shareholders holding Baosteel's tradable shares on the consideration registration date were index funds, so they respectively obtained 15184719 and 8013670 Baosteel warrants for consideration, and these two index funds alone held 5.98% of Baosteel warrants. Since last Monday, they can only buy warrants in the Baosteel warrant market, but not buy warrants.

According to the analysis of insiders, Baosteel's warrants have been wildly copied by investors for a week since they were listed, and the price once exceeded 2 yuan. According to the pricing mechanism of the warrants, it is equivalent to that on the expiration date of Baosteel's warrants on August 30, 2006, Baosteel's share price exceeded 6.5 yuan, while now Baosteel's share price is only about 4.6 yuan. Baosteel warrants are far higher than the speculation price of theoretical value, providing a good opportunity for index funds to sell warrants. Industry insiders estimate that the index fund has sold most of its Baosteel warrants.

In fact, not all index funds reject warrants. According to the announcement of fund companies investing in warrants, an enhanced index fund can also actively invest in warrants.

　　 It is expected to skillfully use the warrant tracking index

In fact, warrants also have investment value for index funds. Yang Yu, the proposed fund manager of Harvest CSI 300, believes that in the long run, warrant investment tools can solve the impact of index funds' holding cash or short-term treasury bonds on the fund's tracking index error. The leverage effect of warrants magnified the rise and fall of the stock price of positive shares, and index funds can also track the index with warrants, cash and short-term treasury bonds through investment portfolios. If the leverage of the warrant is 6, the index fund can hold 1% of the warrant plus 5% of the cash or short-term treasury bonds. Theoretically, it can fully track the trend of the warrant positive shares.

This investment model has also been approved by the warrant analysts of securities companies. union

Xue Gang, the marketing center of Hengtai Securities Fund, said that ETF is different from other index funds. ETF can hold 100% of the target index stocks. The ideal state of ETF is that investors exchange a package of target index stocks and ETF shares. If there is no impact of the suspension of index stocks, ETF will not even invest in stock tickets, so ETF may not actively invest in warrants in the future.

Another fund manager of the index fund said that the index fund reserves the right to invest in warrants in the future, and temporarily not participating in warrants does not mean that it completely excludes warrants. When the time is ripe and conducive to the realization of the fund's investment objectives, the index fund will also actively participate in warrant investment.