For fund holders, the new "National Nine Rules" may mean that the public offering pattern where only a few basic people make money is changing.
The Chinese reporter of the securities firm noticed that, with a series of institutional arrangements and guidance of the regulatory authorities on value investment, the mini products that had dominated the fund performance for a long time through unconventional and unconventional means may gradually give way to the top public offering covering a larger group of basic people on the performance ranking list. Although many mini funds have beautiful short-term performance, the number of beneficiaries behind them is very small. When such mini products attract funds with high returns, the number of damaged fund holders can increase significantly, which also leads to the phenomenon that the fund earners lose money.
In this regard, some fund companies believe that the "slow is fast" of investment. Investment without company research and in-depth research as the basis is like driving with closed eyes. Most people can hardly resist the temptation of short-term transactions and frequent transactions. With the release of the new "National Ninth Article", the return of value investment also means the previous "speculation concept" The theory that fund research is useless in the environment has also been broken.
The effect of making money through public offering turns to a larger group
new “ National Ninth Article The release of means that the A-share earning effect may gradually transition from mini products covering fewer fund holders to large funds covering more holders.
"New‘ National Ninth Bar ' After the implementation, the trend of value investment will be strengthened, encouraging companies that can pay dividends in cash to grow. Companies that cannot create value for shareholders or even fraud companies will gradually leave the market. " Yang Delong, the manager of Qianhai Open Source Fund, told the Chinese reporter of the securities firm that undervalued blue chips had begun to perform in the past two years. Many undervalued stocks with high dividend rates even hit new highs. This is actually the performance gradually dominating the market, and value investment has become the mainstream investment philosophy in the market again. To make value investment, we should arrange good companies that have been wrongly killed in the medium and long term, and make good shareholders of the company. Some theme stocks and concept stocks are ephemeral, and they often end up with nothing after speculation, while value investment will blossom and bear fruit in the A-share market.
The Chinese reporter of the securities firm noticed that in the past few years when the value investment system was ignored, the mini fund products have long dominated the top ten public funds. The fund managers of these products often adopt strategies such as unconventional buying of the same track stocks, style drift, fast forward, fast out and high turnover to achieve high performance at the expense of the stability of the net value of fund products and the safety of the principal of fund holders, After the high performance is completed, a large number of funds will be attracted to subscribe at the high net value of the fund, turning the original mini fund product into a large fund at the high point of the market.
The above phenomenon means that when a small fund with a scale of tens of millions or two to three hundred million is superior to others in terms of the annual top ten product image, only hundreds of fund holders actually benefit from it. However, when it absorbs funds in the top ten product image and makes crazy purchase, the number of losers of such products may be up to tens of thousands.
Take a mini product owned by a small public offering company in North China as an example. The fund entered the top 10 of 2023 annual performance through the frequent track switching of suddenly white liquor and suddenly artificial intelligence. But behind its annual high return of nearly 55%, there are few fund holders covered. According to the information disclosed by the fund, The initial scale corresponding to 55% of the annual performance of this mini fund product is only 16.55 million yuan, which means that fund holders who really taste 55% of the high returns in a year will be very rare.
However, when the above fund products attract capital subscription with 55% annual performance image, the high level of fund net value is also beginning to appear, and the number of fund holders affected will become more extensive. According to the latest information disclosed, after the product gained 55% of the high yield, its capital scale has changed from 16.55 million yuan at the beginning of last year to 402 million yuan at the end of December last year, while more fund holders attracted have lost about 16% in the last four months, about half of which left at the end of March this year, and the fund has shrunk to 220 million yuan by the end of March this year.
The above information means that the new “ National Ninth Article The leading value investment will be more conducive to large public offerings that cover a larger number of basic people to assume a broader range of responsibilities and significance, and will eventually lead the fund performance ranking with correct investment concepts.
Investment "slow is fast", new "National Nine Rules" It is conducive to solving the problem of "fund making money and people losing money"
Obviously, the new “ National Ninth Article The public offering value investment guided by will generate huge social value for fund holders, and will be of great help to solve the prominent problem that fund earners do not make money.
"Not only the number of funders behind the fund products, but if we also consider whether the net value of the fund is highly volatile, then a small fund earning 70%, 80% or even doubling its performance may have a better impact than a large fund earning 20%, 30%." A person in charge of a large fund company in Shenzhen believes that many small fund products, on the one hand, have a small number of fund holders, On the other hand, because the investment style of fund products has the characteristics of high volatility, the number of fund holders who can finally experience high returns will actually be less, which ultimately turns into the fund earners do not make money.
The above fund company personnel further believe that, compared with the holder structure and investment style of mini fund products, on the one hand, large fund products cover a large number of fund holders, and on the other hand, the head public offering is more strict in product risk control management and more compliant in various operations, Large public fund products earn "slow money", but many star fund managers who advocate value investment have a deep understanding of value investment and "slow money" investment.
Zhang Junxiao, head of the cycle team of Penghua Fund Research Department, pointed out that, besides further emphasizing the "investor oriented" regulatory idea, the fourth opinion comprehensively revolves around the key word of "delisting", with the goal of forming a normal delisting pattern that should be fully retired and cleared in time. The core lies in clearly proposing to establish and improve the differentiated delisting standard system of different sectors, and tighten financial delisting indicators, improve market value standards and other transaction delisting indicators. The process of normalized delisting will be accelerated, and the supervision of high-frequency quantitative transactions will be strengthened. At the same time, it is proposed to rectify the prominent risks and hidden dangers in the field of private equity and guide the development of value investment.
"Most people are doing fast things. Although the short-term effect is very good, this method is actually a 'red ocean'. In the long run, slow is the real 'blue ocean'. One principle that fund managers need to establish is that investing is the same as being a person, and should be responsible, and then focused." Zhu Hongyu, chief research officer of China Merchants Fund, said publicly, In the process of research and investment, the first thing is to know themselves, and then the life cycle of the industry. Many people often feel good about themselves, overconfident or even conceited. This is because there are usually many positions in an organization. Everyone has different positions and different perspectives, and the truth of things observed is different, Fund managers should study some good industries and companies that can really bring us good returns in the long run, and realize that "slow is fast" in investment.
Get rid of the theory that fund research is useless, and value investment helps to firm the bottom of the market
It is noteworthy that the new “ National Ninth Article The value investment led by the regulatory idea of "fund research is useless" also dispelled the doubts of the market, and further consolidated the bottom of the market in the performance and valuation oriented market environment.
In the irrational investment atmosphere of some private equity and mini public funds, which are "speculating on the small and the poor", fast moving in and out, and chasing the high, some mini funds are surprisingly high yielding and frequently crush the head public offerings, which has also caused many fund holders and investors to have a discussion about whether fund research is meaningful. It is obvious that this "fund research is useless" The market atmosphere formed was exactly the environment in which value investment fell and concept stocks were flying.
In this regard, Wang Li of Great Wall Fund believes that “ National Ninth Article The mapped new model of capital market management has actually been reflected in the early supervision guidance. This time, it has made specific specifications in terms of institutionalization and quantification. In view of the fact that the capital market has fully expected the regulatory ideas, the expected policies will be conducive to the medium and long-term development of the market and the consolidation of the market bottom “ National Ninth Article He believes that the investment strategy emphasizes "stability first" and pays attention to the opportunities of the performance of structural sectors, such as key industrial chains with structural competitive advantages. In specific sectors, it can focus on the upstream international pricing bulk products, export chain sectors, profit stability and high dividend sectors.
"Investment without company research and in-depth research as the basis is like driving with eyes closed. Most people can hardly resist the temptation of short-term trading and frequent trading. Real value investors are always very few with strong determination and patience." Yang Delong, Qianhai open-source fund, believes that investment must emphasize the safety margin, The margin of safety means that when buying stocks, the transaction price is much lower than the real price, so that investment losses can be avoided. Even if some unexpected risks occur, the risk is reduced because of the margin of safety. Only investors carry out in-depth research on stocks and industries, and on the basis of understanding and analyzing the industry, Only by seeking and buying enterprises with development prospects and competitive advantages can we have patience and perseverance to hold firm shares in the market fluctuations.
Yang Delong stressed that the essence of value investment is to select good industries and companies, and then wait for good prices. But generally, good industries and companies are expensive, and only after continuous decline will good prices appear. At present, after nearly three years of decline in the A-share market, many stocks have dropped by more than 50%, and some even dropped by 60% or 70%. This is the time to get good prices. Of course, we should pick up the magnifying glass to find some good companies that have real long-term investment value and can go through the economic cycle.
Editor in charge: Liu Debin
