Performance fund purchase restriction institutions are optimistic about the future market

◎ Reporter Zhao Mingchao

Recently, due to the influx of more funds, a number of merit funds announced that they would restrict or suspend the purchase of large amounts of funds. Some of the funds with purchase restrictions were even established less than three months ago. Looking forward to the future, the attitude of institutions is optimistic, and the position of public and private placement is relatively high. At the same time, a number of well-known institutions actively self purchase and express their optimism for the future market with real gold and silver.

From the perspective of fund sales market, the attention of excellent funds has increased significantly, and many funds have announced restrictions on large purchases. On May 22, the Chinese Merchants Fund announced that, in order to ensure the stable operation of the fund and protect the interests of fund share holders, it would suspend institutional clients' large amount subscription, large amount fixed investment and large amount conversion into business for a single single fund account in a single day or for a single fund account with a cumulative amount of more than 100000 yuan (excluding 100000 yuan) in the mixed industries of Chinese Merchants. The industry mix of Chinese business advantages is managed by Zhou Haidong, a 10 billion level fund manager, and the performance is relatively eye-catching. Since its establishment at the end of 2013, as of May 22 this year, the annual return rate of the fund has exceeded 20%.

On May 21, Harvest Fund announced that, in order to ensure the benign growth of fund performance and scale and provide better services to investors, since May 23, the investment limit for Harvest Value Evergreen Hybrid subscription (including conversion transfer and regular quota investment) has been adjusted to: the cumulative subscription of each fund account on a single open day of the fund (including conversion transfer and regular quota investment) The amount shall not exceed 40 million yuan. Harvest Value Evergreen Hybrid is managed by Tan Li, a ten billion level fund manager. From the perspective of fund performance, as of May 22, Harvest Value Evergreen Hybrid A's return rate has exceeded 18% this year.

The institution is optimistic about the future market, which is also reflected in its stock position. Specifically, the public offering position is relatively high. according to Tianfeng Securities It is estimated that as of May 17, the median position of common equity funds was 86.68%, and the median position of partial equity hybrid funds was 83.72%.

From the perspective of private placement positions, according to the data of private placement ranking network, as of May 10, the stock private placement position index was 78.88%, still at the highest level since February. Among them, the stock private placement position index of 5 billion yuan to 10 billion yuan was 76.52%, a new high since this year. Specifically, 57.66% of the private placement of stocks with more than 80% positions and 27.56% of the private placement of stocks with 50% to 80% positions.

In addition to actively adding positions, well-known institutions also actively purchase their own funds. Recently, Jukuan Investment announced that it is optimistic about the long-term economic development prospects, capital market potential and private equity industry. The company and its employees raised 20 million yuan of their own funds to subscribe to the company in May CSI 300 Index RMB 10 million for enhancement products and RMB 10 million for CSI 2000 index enhancement products. Another 10 billion level private placement Hiva also announced self purchase. On May 17, founder Liang Hong applied for the purchase of selected private fund products of Hiva Mavericks for 4.2 million yuan.

"According to the medium-term implied return pricing and risk premium model, the market attractiveness intensity in May remained at 10 levels, with very obvious allocation value." He Xiaobin, deputy director of research and general manager of research department of Broadway Fund, said that the medium-term pricing model of equity assets built inside Broadway Fund divided the market attractiveness intensity into 0 to 10 levels, The higher the level, the more attractive the market is.

From the perspective of Freshwater Spring Investment, compared with major global stock indexes, the current valuation scale of Chinese assets represented by MSCI China All Index, Hang Seng Index and CSI 300 Index still has advantages, which can attract more overseas investors to pay attention to the allocation value of the Chinese market.