The Class A shares of CITIC Prudential Shuangying ended ahead of schedule: low-risk funds entered the peak sales season
Huatai United Securities Co., Ltd. Wang Fang Comment event: CITIC Prudential Fund on April 9, 2012 (Weibo) The management company issued the Notice on the Possible End of Early Offering of Class A Shares of CITIC Prudential Shuangying Graded Bonds; On April 10, the Announcement on the Early End of the Offering of Shuangying A Shares of the CITIC Prudential Shuangying Graded Bond Securities Investment Fund was issued again, indicating that the low-risk shares of the graded bond base were sold out in one day. Phenomenon: Class A shares of the graded bond base have changed from "unsalable" to "strong". In December 2011, the graded bond base entered the opening day or conversion day in succession. What is different from the past is that from Wanjia Tianli to Fuguo Tianying, even Tianhong Tianli, which had been subscribed in proportion before, has seen large-scale net redemption of low-risk shares. The issuance of the new graded bond base is also difficult. Most of them issue Class B shares with high leverage first and then Class A shares with low risk to ensure the matching of shares and complete the raising. Since March this year, low-risk shares have begun to receive attention from funds. For example, Tianhong Tianli A of Tianhong Fund Management Company was opened for the first time this year on March 2, with sales of 843 million yuan in one open day. Analysis: The overall warming of the bond market has led to the high sales season of low-risk funds. We believe that there are three reasons why the low-risk share of the graded bond base has changed to "strong sales": first, the capital interest rate has dropped and the purchase of monetary funds has been restricted. The central bank cut the deposit reserve ratio in February, and the money market fell rapidly in March. In the same period, the issuing interest rate of short-term financing bond market was still high. In addition to the reason that the agreed deposits were not due, the monetary fund still maintained a high yield and attracted arbitrage funds. However, the subsequent restrictions on the purchase of monetary funds further reduced the number of low-risk investment instruments, and the market began to pay attention to the low-risk share of the graded bond base with the characteristics of regular opening and agreed returns. Second, the performance of bond funds has been improved, and graded bond funds have become powerful. Since the beginning of this year, bond funds have changed their downward trend in 2011 and actively seized the opportunity of asset allocation in the bond market to improve their performance. As of March 31, the overall performance returned 1.345%, and the China Bond Full Price Composite Index fell 0.25% over the same period. The performance of bond funds significantly exceeded the market benchmark. The performance of the graded bond base was particularly outstanding in March, with a monthly net worth growth rate of 1.1828% and a cumulative net worth growth rate of 2.438% since this year. The excellent performance further ensured the realization of the expected return of low-risk shares. Third, there is a shortage of low-risk financial instruments, and bond funds continue to sell well. The short-term financial products of banks have been suspended, the margin cash management business of securities companies is still under approval, and the investment scope of funds includes money market, bond market and bank deposits, with a wide range of income realization channels. By the end of March, a bond fund of 15.411 billion yuan had been set up this year, of which four had raised more than 2 billion yuan for the first time, and Guangfa Jucai Credit Bond Fund had reached 4.504 billion yuan. Investment suggestion: pay attention to changes in the basic market and the fund bond investment management ability. The price comparison effect is one of the important factors for investors to choose similar financial products. When universal redemption occurred on the open day of the graded bond base at the end of last year, we reminded: open the subscription and redemption on the open day. If the subscription is greater than the redemption, it means that the income of other products is not as good as the agreed income; On the contrary, it indicates that the attractiveness of the agreed income has declined. On the basis of leveraged debt, the main reason for large-scale redemption at that time was that monetary funds and ordinary bond funds had achieved better returns. Recently, it is suggested to pay more attention to bond funds with regular opening terms.
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