The fund will issue another "guest rejection order".
In the current turbulent equity market environment, investors are increasingly interested in high-quality bonds and overseas assets, which directly reflects this trend Has On the "purchase restriction" measures of funds. The data shows that among the funds that have completely suspended their subscription and suspended their large amount subscription, bond funds account for 38% and 49% respectively, and QDII funds account for 33% and 26% respectively.
However, despite the volatility of the equity market, several well-known equity fund managers announced purchase restrictions on their products during the year. The above products are all excellent performance funds, whose performance has significantly outperformed the market benchmark and has outstanding performance in similar products. This means that although the overall popularity of equity funds has declined, investors still maintain a high demand for high-quality equity funds.
Well known fund manager product "closed door"
On May 14, Huatai Birui Fund announced that in order to protect the interests of fund share holders, Huatai Birui multi strategy hybrid subscription managed by Dong Chen was suspended.
Huatai Brilliant Multi strategy Hybrid was established in 2016, with a current scale of about 2.9 billion yuan. According to the data, as of May 14, the annual return rate of the fund was about 17.77%, ranking top among similar products, with the return rate of 5.26% compared with the performance benchmark and the same period CSI 300 Index 6.58% are much higher. In addition, the annualized return rate of the fund is about 12.5%, and the total return rate is 145.57%, with excellent long-term performance.
From the position situation, as of March 31, the positions of Huatai Brilliant Multi strategy were all concentrated in materials, real estate and other industries. Selected by Dong Chen Yintai Gold 、 CICC Gold 、 zijin mining 、 Chinalco 、 Shandong Gold 、 China Tungsten High tech Such material stocks rose by more than 20% in the first quarter, far exceeding - 2.01% of the material sector in the same period.
Dong Chen continues to be optimistic about resources and industrial products in the quarterly report. He said that looking into the future, the follow-up market of A-share is still worth looking forward to. Although some traditional fields still face the pain of economic transformation, the driving force of the rapid development of emerging fields on the overall economy cannot be ignored, and the economic data at the aggregate level has performed well. The subsequent policies in the direction of "new quality productivity" are expected to drive the economic transformation to further deepen development, thus creating more opportunities for the stock market.
In addition, the economic recovery is also expected to drive the recovery of demand for resources and industrial products. At present, the supply side of commodities is frequently disturbed and the inventory is generally low, which deserves continuous attention. Against the background of declining US dollar credit and frequent geopolitical conflicts, the investment value of gold is expected to continue to increase.
Large amount subscription of more than 1000 funds was suspended during the year
As of May 15, more than 1000 funds have suspended large purchases this year, and some of them have completely "closed their doors" (Class A and C are not merged).
Of the 73 funds whose subscription is completely suspended, 38% are bond funds, 33% are QDII funds, 14% are equity funds, in addition to some money market funds and FOF funds. Bond funds accounted for 49% of the nearly one thousand funds whose large purchases were suspended. In addition, 26% are QDII funds, 14% are money market funds, 11% are equity funds, and some FOFs and alternative investment funds.
At present, there are some well-known fund managers in the products that are still restricted. For example, Bao Wu The manageable Jingshun Great Wall Shanghai Hong Kong Shenzhen Selection announced purchase restrictions in May, The daily subscription limit is adjusted to 5000 yuan. The current management scale of the fund is 6.226 billion yuan, and the annual return rate is 21.44%, far exceeding 8.78% of the performance benchmark and 6.58% of the Shanghai Shenzhen 300 Index, ranking first among similar products.
BOCOM Qicheng managed by Yang Jinjin issued a purchase restriction announcement at the end of April, The daily subscription limit is adjusted to 5000 yuan. The current management scale of the fund is 2.772 billion yuan, and the annual return rate is 17.34%, far exceeding 5.80% of the performance benchmark and 6.58% of the Shanghai Shenzhen 300 Index, ranking top among similar products.
The quantitative selection of investment promotion managed by Wang Ping announced purchase restrictions in March, The daily subscription limit is adjusted to 200000 yuan. The current management scale of the fund is 3.686 billion yuan, and the annual yield is 7.38%, far exceeding the performance benchmark of 1.63%.
The new trend value line of Soochow managed by Liu Yuanhai was also restricted in March this year, The daily subscription limit is 10000 yuan. The current management scale of the fund is 434 million yuan, the annual yield is 9.28%, and the interbank benchmark is 4.97%.
In addition, the phenomenon of "window funds" also continues. For example, the daily subscription limit of bond fund China Europe Xingli and QDII fund Jingshun Great Wall NASDAQ Technology Market Value Weighted Link is 10 yuan, and the daily subscription limit of QDII fund Huaxia Overseas Return and Huaxia Greater China Credit Selection is 20 yuan. In terms of equity funds, the daily subscription limit of Penghua Hongshang and Chuangjin Hexin Xinli is 1000 yuan.
Restricted purchase of merit fund
Observing the types of purchase restriction funds, it is not difficult to find that in the volatile market of the equity market, the investment opportunities of bond assets and overseas assets have received extensive attention.
A person from the product department of a medium-sized public offering in Shanghai said that due to the relative scarcity of high-quality bond assets, many bond funds have taken purchase restrictions to manage portfolio liquidity. In addition, due to the high market position or valuation, the fund manager may limit the purchase to prevent investors from buying in large quantities when the market is high, thus reducing the risk borne by investors.
For QDII funds investing in the international market, in view of the large fluctuations in the international market, the fund manager may restrict the inflow of new funds to protect the interests of existing investors. In addition, when the fund's foreign exchange quota is close to the ceiling, the fund company will also limit the purchase to avoid excess.
In the opinion of the above people, the purchase restriction usually occurs in high performance funds. High performance funds are easy to be favored by investors and realize rapid growth of product scale in a relatively short period of time. Rapid expansion of scale may affect the operational flexibility and performance of fund managers, so such funds are often restricted.
However, some funds are restricted due to poor performance or small size. For example, equity funds experienced intensive suspension of purchase this week. On May 14, in addition to Huatai Brilliant Strategy, the one-year holding of Chinese firm Prudential Huili and Changjiang Quantitative Technology Selection were also suspended; On May 15, the purchase of Hongyi Remote High end Manufacturing was suspended. Different from Huatai Brideaux's strategy, the management scale of the above funds is less than 50 million yuan, and a reminder announcement of low net asset value has been issued. Such purchase restrictions may be preparing for the upcoming liquidation.
Editor in charge: Yang Yucheng
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