The high-performance fund once again "thanked customers" and the two types of products became large purchasers

Securities Times reporter Wang Xiaoqian

The fund issued another "thank you order". In the current volatile equity market environment, there is a growing interest in high-quality bonds and overseas assets, a trend that is directly reflected in the fund's "purchase restrictions". According to the data, among the funds that have completely suspended subscriptions and suspended large-amount subscriptions, bond funds account for 38% and 49% respectively, and QDII (Qualified Domestic Institutional Investor) funds account for 33% and 26% respectively.

The above products are all high-performing funds, and their performance has significantly outperformed the market benchmark and outperformed similar products. This means that although equity assets are relatively volatile, investors still have a high demand for high-quality equity funds.

Well-known fund manager "Xie Ke"

On May 14, Huatai Berry Fund announced that in order to protect the interests of fund share holders, Huatai Berry multi-strategy mixed subscription managed by Dong Chen was suspended.

Huatai Berry Multi Strategic Hybrid was established in 2016 and currently has a scale of about 2.9 billion yuan. According to the data, as of May 14, the fund's annual return was about 17.77%, ranking high among similar products, and the yield was much higher than the performance benchmark of 5.26% and the CSI 300 Index of 6.58% in the same period. In addition, the fund has an annualized return of about 12.5% and a total return of 145.57%, with excellent long-term performance.

From the perspective of holdings, as of the end of the first quarter, Huatai Berry's multi-strategy mixed positions were all concentrated in materials, real estate and other industries. Dong Chen's selection of Yintai Gold, CICC Gold, Zijin Mining, Aluminum Corporation of China, Shandong Gold, Chinatungsten High-tech and other material stocks rose by more than 20% in the first quarter.

Dong Chen continued to be optimistic about resource and industrial products in the first quarterly report. He said that looking forward to the market outlook, the follow-up market of A-shares is still worth looking forward to, although some traditional fields are still facing the pain of economic transformation, but the rapid development of emerging areas on the overall economy can not be ignored, and the economic data at the aggregate level is performing well. Follow-up policies are expected to drive further deepening economic transformation and development, thereby creating more opportunities for the stock market.

In addition, the economic recovery is also expected to drive the recovery of demand for resource and industrial products, and the current commodity supply side is frequently disturbed and inventories are generally not high, which is worthy of continuous attention. Against the backdrop of declining US dollar credit and frequent geopolitical conflicts, the investment value of gold is still expected to continue to increase.

More than 1,000 funds during the year

Suspend large subscriptions

As of May 15, more than 1,000 funds have suspended large-scale subscriptions since the beginning of this year, and some of them have completely "closed their doors" (Class A and C are not combined).

Of the 73 funds that were completely suspended, 38% were bond funds, 33% were QDII funds, 14% were equity funds, and some money market funds and FOF (funds of funds). Among the nearly 1,000 funds that suspended large subscriptions, bond funds accounted for 49%. In addition, 26% are QDII funds, 14% are money market funds, 11% are equity funds, and some FOF and alternative investment funds.

Among the products that are still restricted, there are some well-known fund managers. For example, Invesco Great Wall Shanghai-Hong Kong-Shenzhen Select was announced in May that the daily subscription limit was adjusted to 5,000 yuan. The fund's current management scale is 6.226 billion yuan, with an annual return of 21.44%, far exceeding the performance benchmark of 8.78% and the CSI 300 Index of 6.58%, ranking leading among similar products.

For example, Bank of Communications Qicheng, managed by Yang Jinjin, issued a purchase restriction announcement at the end of April, and the daily subscription limit was adjusted to 5,000 yuan. The fund currently manages RMB2.772 billion and has an annual return of 17.34%, far exceeding the performance benchmark of 5.80% and the CSI 300 Index of 6.58%, ranking high among similar products. In March, Wang Ping's China Merchants Quantitative Selection announced a purchase limit, and the daily subscription limit was adjusted to 200,000 yuan. The fund currently manages 3.686 billion yuan, with an annual return of 7.38%, far exceeding the performance benchmark of 1.63%. The Soochow New Trend Value Line managed by Liu Yuanhai was also limited to purchases in March this year, with a daily subscription limit of 10,000 yuan. The fund currently has a management scale of 434 million yuan, an annual return of 9.28%, and an industry benchmark of 4.97%.

In addition, the phenomenon of "window funds" is still continuing, and the purchase limit of some products is very small. For example, the daily subscription limit for the bond fund Zhongou Xingli and the QDII fund Invesco Great Wall Nasdaq Technology market capitalization weighted connection is 10 yuan, and the daily subscription limit for the QDII fund ChinaAMC Overseas Income and ChinaAMC Greater China Credit Select is 20 yuan. In terms of equity funds, the daily subscription limit of Penghua Hongshang and Chuangjin Hexin Xinli is 1,000 yuan.

The purchase restriction is mainly for high-performing funds

Observing the types of restricted funds, it is not difficult to find that under the volatile market of the equity market, the investment opportunities of bond assets and overseas assets have received widespread 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 adopted purchase restrictions to manage the liquidity of their portfolios. In addition, fund managers may limit purchases to avoid investors buying in large quantities at high levels due to high market points or high valuations, so as to reduce the risks taken by investors.

For QDII funds that invest in international markets, given the high volatility of international markets, fund managers may limit the inflow of new funds to protect the interests of existing investors. In addition, when the foreign exchange quota of the fund is close to the upper limit, the fund company will also avoid exceeding the quota by limiting purchases.

In the view of the above-mentioned people, purchase restrictions usually occur in high-performing funds. High-performing funds are easy to be favored by investors, and the rapid growth of product scale in a relatively short period of time may affect the operational flexibility and performance of fund managers, so such funds often choose to limit purchases.

There are some funds that have been restricted due to poor performance or too small size. Equity funds, for example, suffered an intensive subscription suspension this week. On May 14, in addition to Huatai Berry Multi Strategy, China Commercial Stable Huili One-Year Holding and Changjiang Quantitative Technology Select also suspended subscription; On May 15, Hony Yuanfang high-end manufacturing suspended the subscription. Unlike Huatai Berry's multi-strategy, the above-mentioned funds have a management scale of less than 50 million yuan, and have issued indicative announcements that the net asset value is too low, and such purchase restrictions may be in preparation for possible liquidation.