|
Some fund managers believe that there are irrational factors in the current price and will choose to sell warrants
Reporter Xu Guojie reports from Shanghai
Baosteel JTB1 (580000) landed in Shanghai yesterday (22nd). Ten years after the disappearance of warrants, the market gave a high degree of attention and enthusiasm, and opened with the highest range of the price fluctuation of 1.263 yuan on that day, which once showed that the market was unwilling to sell
Out. Then, as the mainstream institution in the market, the fund companies that hold 40% of the outstanding shares of Baosteel will undoubtedly also be the mainstay of the warrant market. How will they participate in warrant trading, what investment strategies have they formulated, and how will they judge the future market of warrants?
The scope of participants is expanded and the proportion of investment is convergent
"There must be irrational factors in today's price. In this way, we will sell warrants first and hold positive shares. However, looking back, Baosteel warrants（ information quotation forum ）It is also understandable that the trading limit of the first day of listing is up and down. " Some fund managers believe that warrants, a financial instrument, are still scarce in China's securities. If they are regarded as an independent investment product, investors' psychological expectations may lead to an overestimation of the price of warrants. The total number of listed warrants of Baosteel is 387.7 million, and even if calculated at the daily limit price of 1.263 yuan, the total market value is only about 490 million yuan. Therefore, it is normal for some capital speculation at the initial stage of listing. It is believed that the investment attitude of various funds towards warrants will change over time.
According to the information announced by the fund company, the participation scope of the fund has expanded compared with the previous market estimates. Not only closed-end funds can participate, but bond funds will also actively participate in the field of warrants. From the perspective of investment proportion, almost all funds have fully referred to the proportion of warrant investment《 Circular of The State Council of The People's Republic of China on Relevant Issues concerning The Investment Warrants of Securities Investment Funds in The Share trading Reform 》The maximum proportion of single fund investment is 3%, and the maximum proportion of all funds under the same management company is 10%. Only a few funds have more stringent restrictions on the investment proportion, limiting the investment proportion to less than 2%.
Put warrant holding regular shares
A fund manager interviewed said that in the current situation, he would sell his warrants and hold Baosteel shares. Some people think that if they are not optimistic about Baosteel shares, they can sell stock warrants. The fund manager believes that, in fact, if you are not optimistic about Baosteel, you should not only sell stocks, but also keep warrants, because when Baosteel's stocks fall, its warrants have the same reason to fall. Only under the condition of put warrants, it is necessary to sell stocks to retain warrants. As for the specific operation plan of the fund in Baosteel's warrants, some fund managers said that if the price of the warrants is too low, they can choose to sell the positive shares and hold the warrants. The company will have a matching coefficient for the number of Baosteel shares and warrants held, but if the warrant price is too high or too low, there will also be flexible changes. Some fund companies also said that they could cash in some stock investment income in the future, and reserve the profit space brought by the future stock rise by purchasing stock subscription certificates. In terms of operation methods, Shenwan Paris Fund said that, in view of the high volatility of warrants, the operation strategy is mainly band operation, which limits the position holding time. In specific operations, the position holding time of each warrant will be limited according to the fund contract and the different characteristics of each warrant, and the stop loss line for each warrant operation will also be established.
Alternative investment and risk aversion are the mainstream
From the perspective of investment strategy, prudence is the general attitude of funds, and the use of warrants to replace investment and hedge is the mainstream of fund investment ideas. Some fund companies said that they understood the significance of warrants for investment mainly in three aspects: limited loss, risk transfer and leverage. Therefore, focusing on these three points, the investment will mainly consider the use of: value mining strategy, appropriate leverage trading strategy, bearish protection portfolio strategy, profit protection strategy, cash arbitrage, protection portfolio cost strategy, etc. In addition, other types of portfolio strategies can be constructed according to the specific situation of market development. From this point of view, warrant products will expand the investment options of funds, and can play a role in controlling risks or increasing returns when combined with stocks.
In terms of the types of warrants, put warrants are more popular. They not only stimulate stock prices, but also can be used to hedge against the decline of stock asset prices. The Fund invests in its stocks in portfolio investment. In order to prevent losses caused by the decline of the stocks, it can purchase the put warrants of the stocks for investment risk hedging. The warrant can also be used as a tool to reduce the loss of stock investment. The fund can purchase the warrant to replace the stock holding. When the stock falls sharply, the fund can avoid huge losses, but only lose the warrant fee. The Fund can also construct a portfolio with different risk return characteristics by investing in multiple call warrants and put warrants in a portfolio to obtain stable investment returns.
The market is still small and has little impact
According to the notice issued by the CSRC, fund investment warrants should be gradually carried out on the basis of pilot projects, and further regulations should be made according to market conditions after certain experience is accumulated. Therefore, at present, the Fund can only actively invest in the warrants issued in the split share structure reform.
From the perspective of the existing warrant market, the capacity is still small, and the fund company also has qualification requirements for the warrants to be invested. If the warrants have not entered the stock pool, the fund cannot invest.
Sun Wei, manager of Guolian Anxin Growth Fund, pointed out that, considering the scarcity of warrant varieties and the limitation of holding proportion, the short-term effect on fund investment is limited. However, warrant, as a new product, may have more opportunities and be more active when it is launched, which is of far-reaching significance in terms of expanding the product line of the market and increasing investment options.
Related topics: Fund investment warrant
Small investigation on the Fund's approval to actively invest in share reform warrants
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
|
