This new fund has only been open for redemption for 5 days, and the scale has fallen from 1.4 billion yuan to less than 50 million yuan, what is the situation?
Reporter: Li Na Editor: Peng Shuiping
Recently, an announcement issued by UBS Shengxuan Fund has attracted widespread attention.
According to the announcement, as of March 20, the net asset value of the fund has been below 50 million yuan for 30 consecutive working days. In other words, since January 31, the size of the fund has fallen below the warning line of 50 million yuan, when the fund was only 37 days old.
According to public information, SDIC UBS Shengxuan Mixed Fund was established on December 26, 2023, with a raised scale of 1.403 billion yuan. Since the fund's open subscription and redemption time is January 25, this also means that the proportion of the fund that has been redeemed in just 5 trading days has exceeded 96%.
Over 5 days of turning: 96%
Recently, SDIC UBS Shengxuan Fund issued a risk warning announcement. According to the announcement, as of March 20, 2024, the net asset value of SDIC UBS Shengxuan Fund has been less than 50 million yuan for 30 consecutive working days.
According to the statistics of the reporter of "Daily Economic News", the above announcement also means that since January 31, the scale of the fund has fallen below the warning line of 50 million yuan. According to public information, the SDIC UBS Shengxuan Mixed Fund was established on December 26, 2023, that is, the fund became a mini fund in only 37 days after its establishment.
According to previous data, the initial offering of SDIC UBS Shengxuan Mixed Fund raised about 1.403 billion yuan, of which the Class A share was 92 million yuan, the Class C share was about 1.31 billion yuan, and the number of effective subscribers was 1,515. As the fund is open for subscription, the redemption time is January 25, 2024. In just 5 trading days of opening for redemption, the fund was redeemed at more than 96%.
The manager of the SDIC UBS Shengxuan Hybrid Fund is Zhou Sijie. Wind data shows that Zhou Sijie has served as an investment manager for nearly 3 years, and is currently managing 5 fund products, including UBS SDIC Beautiful China, UBS SDIC Open Vision Selection, and UBS UBS Ruiying, with a management scale of 6.285 billion yuan.
In addition, although the company itself did not subscribe, fund practitioners still bought 1.436 million shares, accounting for 0.1% of the total share of the fund.
As of March 22, the net value of SDIC UBS Shengxuan Hybrid Fund A and Class C was 1.0357 yuan and 1.029 yuan respectively, with a small surplus.
Insider: Or help the funds to retreat
Less than a week after the development and redemption, the UBS Shengxuan Hybrid Fund of SDIC suffered a huge redemption, what is the situation?
A person from a public fund channel said, "This should be to help the withdrawal of funds." It can also be seen that the issuance of new funds, especially equity funds, is deserted."
According to the provisions of the Fund Contract, if the number of fund unit holders is less than 200 or the net asset value of the fund is less than RMB 50 million for 20 consecutive working days after the Fund Contract comes into effect, the fund manager shall disclose it in the periodic report and there is no need to convene a general meeting of fund unit holders, and the fund manager shall perform the relevant regulatory reporting and information disclosure procedures.
According to the above-mentioned contract, as long as the asset size of the UBS Shengxuan Hybrid Fund exceeds 50 million yuan in the next 20 working days, the fund will not be liquidated.
In addition, the above-mentioned public fund channel sources pointed out that there is a possibility of a shell behind the fund, and whether it can succeed depends on whether the performance can be done later.
Wind data shows that by the end of 2023, a total of 1,346 funds (including the main code only) had assets of less than 50 million yuan.
National Business Daily