China Fund News reporter Ruo Hui
Since the beginning of the year, the A-share market has cooled down sharply, with the Shanghai Composite Index falling nearly 9% during the year, and the Kechuang 50 and ChiNext Index falling by more than 10%.
In the face of such a rapid adjustment, before the Lunar New Year, a number of star fund managers have opened large subscriptions to convey confidence to the market, and recently, there are top-notch fund managers who have joined the queue for large subscriptions, the latest announcement of the Industrial Securities Global Fund, and the Xingquan business model fund managed by the star fund manager has resumed accepting more than 100,000 yuan of subscriptions.
In the view of industry insiders, the fund opens a large amount of subscription, on the one hand, it can supplement the ammunition for the fund, which is conducive to the fund manager's counter-trend layout, and to a certain extent, it can also avoid the impact of the fund's performance being redeemed; on the other hand, it is also hoped to weaken the short-term impact of the market, optimistic about the medium- and long-term trend of A-shares, and guide the rational investment of the basic people.
There are also "top-notch" fund managers who "open the door to welcome customers"
A share market suffered a sharp decline, the enthusiasm of the basic people to buy the base fell to the freezing point, since the beginning of the year, there have been a number of star fund managers to open the door, guide investors to reverse investment, the latest shot is known as "QQ sister" housewarming.
On the evening of February 23, China Industrial Securities Global Fund issued an announcement on the resumption of the acceptance of subscriptions of more than 100,000 yuan (including fixed investment) and the transfer of applications for the preferred hybrid securities investment fund (LOF) of the Xingquan business model.
According to the announcement, the factors leading to the suspension of large-scale subscriptions have been eliminated, and since February 24, 2022, fund managers have resumed accepting applications for single-day subscriptions (including daily subscriptions and regular quota subscriptions) of xingquan business model selection of mixed single fund accounts, and the cumulative amount of conversion and transfer reaches more than 100,000 yuan.
This is also the first time that the Xingquan business model has cancelled the upper limit of large subscription since the suspension of large subscriptions on June 12, 2020.
Wind data shows that the Xingquan business model preferred mix is managed by the star fund manager housewarming, housewarming since July 10, 2018 to take over the Xingquan business model fund, as of February 23, she has achieved 135.62% of the tenure return in more than 3 years as a fund manager, with an annualized return of 26.63%, ranking 108th among 566 similar funds.
Since the establishment of the fund, the CSI 300 Index has risen by 95%, and the fund has risen by more than 500% to 516.91%!
Alipay data shows that in the past three years, the income risk ratio of Xingquan business model in the past three years has outperformed 85% of similar funds, 43.7% of investors who have held for more than one year have profits of more than 5%, and the number of investors who have held for more than three years has made more than 5% of profits has reached 56%.
Since February, 20 equity funds have relaxed large subscriptions
The open subscription and redemption or suspension of subscription of equity funds managed by star fund managers have been valued by the market. From the perspective of historical situation, it often appears at key points in time when star funds open for subscription.
On the eve of this year's Lunar New Year (January 27), the Shanghai Composite Index once fell below the 3400 mark, and on the same day, the funds managed by Zhang Kun and Zhu Shaoxing relaxed large subscriptions. After that, fund managers including GF Fund Liu Gesong, Lin Yingrui, Zheng Chengran, and Bank of Communications Schroder Fund He Shuai have also successively relaxed the upper limit of large subscriptions. Wind data shows that since February this year, as many as 20 equity funds have been released for large subscriptions.
As early as a year ago (after the Spring Festival in 2021), the fund industry also had a wave of liberalization of large subscriptions. At that time, the A-share market ushered in a style switch, the consumer sector, including liquor, adjusted, and the Shanghai Composite Index also fell to around 3359 points in early March 2021. On March 11 of the same year, the China-Europe Internet Pioneer Hybrid Fund managed by star fund manager Zhou Yingbo adjusted the maximum amount of large subscriptions in various channels, of which the maximum limit of large subscriptions in online direct sales centers and consignment channels was adjusted from the original 100,000 yuan to 1 million yuan, and the maximum limit of large subscriptions at direct sales counters remained unchanged at 50 million yuan.
In the first quarter of 2020, the market is experiencing a sharp shock caused by the epidemic, and at a very moment, there are also star fund managers who manage products to open large subscriptions.
Fund Jun found that at that time, there were Xie Zhiyu and other top-notch fund managers who managed products to open large subscriptions. For example, at that time, Xingquan Hetai, Xingquan Business Model, Xingquan Light Assets, Xingquan Herun, etc. under Xingquan Fund.
Among them, the E Fangda small and medium-cap fund managed by E Fangda Zhang Kun, which has attracted much attention, also adjusted the large subscription amount limit at that time, and adjusted the subscription ceiling threshold from 100,000 to 1 million in February 2020. At that time, there were also high-performing funds under bocom Schroders, Cinda Australia Bank, Soochow and other companies announced the opening of large-scale subscriptions.
According to a fund company person, opening a large amount of subscription, on the one hand, can supplement the ammunition for the fund, which is conducive to the fund manager's counter-trend layout, and to a certain extent, it can also avoid the impact of the fund's performance from redemption; on the other hand, it also represents the optimism about the medium- and long-term trend of A-shares and guides the rational investment of the basic people.
According to the fund Jun, there are also many fund companies discussing whether to relax large subscriptions for some restricted varieties. Because the liberalization of large-scale subscriptions can allow the base people to timely layout in batches against the trend, the release of large-scale subscriptions is also convenient for fund managers to buy companies with reasonable valuations in batches.
From a historical point of view, many excellent equity funds have opened subscriptions at some key points in time, which is actually a landmark event that the market has paid attention to. According to a fund company person, fund investment management needs to balance scale and performance. For example, during the stock market rise, a large number of capital purchases will dilute the returns of stock investors; during the stock market decline, the concentrated redemption of funds may passively make the holding positions higher, and the stock investors will lose more. The effective control of the scale of fund companies is to do a good job in product investment management and treat investors fairly.
Look for companies with reasonable valuations and certain growth after the decline
In the face of the continuous adjustment of the market since the beginning of the year and the sluggish market sentiment, a number of fund companies have also spoken out to the outside world, sending a positive signal to the market.
Caitong Asset Management said that the current market expectations for the Fed to raise interest rates have been relatively sufficient, and a series of actions of the central bank have clarified the strength and determination of the policy, so it is still cautiously optimistic about the future market. At the same time, the pullback since the beginning of the year has also provided an opportunity for the layout of the future market. In the midst of market volatility, it is necessary to remain calm, adhere to the principle of value investment, actively look for companies with reasonable valuations and certain growth after falling, downplay the impact of short-term market fluctuations, and strive to achieve long-term sustainable alpha for investors.
Jiang Xiangyang, chairman of Boshi Fund, said that there have been some twists and turns in A-shares since the beginning of 2022, mainly due to the disturbance of some short-term and non-substantive factors, whether from the macro or from the background of the industry, the situation is developing in a good direction. We are full of confidence in A-shares in 2022 and in the medium and long term.
At the same time, fund companies are also calling on investors to invest rationally and for long-term investment. Ruiyuan Fund said in a recently released public account article that for equity assets such as stocks, the current price fluctuations are not only a difference in the judgment of corporate value, but also a reflection of different emotions and values at the transaction level. High-quality companies in the capital markets of various countries have proved that their value has been rising for a long time, and the stock price will repeatedly reach new highs, but this process is not a steady increase, and the high-quality companies themselves will change with the changes of the times and their own development, so it is difficult to arbitrarily say that the stock price of a company and an industry track will be long-term upward in the future, and investors can buy more and more.
Therefore, we need to constantly learn to improve our circle of competence in order to make judgments on the long-term value of equity assets. Invest in active management funds, choose excellent asset managers, itself is to use the professional advantages of managers to extend their own circle of ability, if you believe that the professional ability of fund companies, fund managers, investment beliefs are still evolving, long-term investment capabilities are recognized, we can according to their own capital situation, the more they fall, the more they buy, for the future long-term rise to accumulate shares.
Edit: Joey
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