Yesterday, some netizens left a message, hoping to write something about funds that can participate in the new arbitrage of the science and technology innovation board. The characteristic of this type of fund is that through strategic placement (equivalent to wholesale purchase of new shares), a lot of shares on the Science and Technology Innovation Board have been obtained. If the science and technology innovation board rises sharply in the later stage, the net value of the fund will increase significantly. However, the strategic placement has a lock-up period requirement, and the amortization method is used, and the difference between the market price and the cost will be amortized evenly within the holding, and there is not much room for arbitrage.
For example, if a fund places 10% of the stocks of the Science and Technology Innovation Board at the issue price of 10 yuan per share, if the stock rises by 100% on the first day of listing, it is calculated according to the market price, assuming that other holdings do not rise or fall, the net value of the fund will rise by 100% * 10% = 10%. Since the strategic placement requires the amortization of the proceeds within one year, the change in the net value of the fund on the day of listing is only 10%/365 = 0.027%, which is negligible.
The advantage of this approach is that the net value of the fund fluctuates smoothly and does not change significantly due to the market price. Otherwise, it is easy to cause the participation of huge arbitrage funds, which is not conducive to the management of the fund.
At present, from the perspective of public data, the funds that place individual stocks on the Science and Technology Innovation Board account for the largest amount of the net value of the fund are as follows:
Among them, the gray background color indicates that the purchase is limited, and it cannot be purchased directly now.
As can be seen from the above table, the vast majority of funds with a high proportion of positions are very small pocket funds, and most of the funds have a low increase this year, and the overall management level is worrying. If you insist on holding it for one year, perhaps the sci-tech innovation board can still contribute more than 10% of the net value growth, but the overall return is not expected to be particularly prominent.
Among the above funds, two funds are more distinctive:
One is SDIC Ruixiang (002358), which is a hybrid fund, the corresponding stock position of the performance benchmark is 60%, but in fact, the stock position in the first quarter is only 13.93%, and the main allocation of banking, insurance, consumption and other blue-chip stocks, the trend is relatively stable. The fund even achieved an increase in net worth in 2018, and its net value rose by 3.69% in the second quarter of this year, reflecting the characteristics of resistance to falling and slow rise. The fund can be regarded as the same secondary bond fund, which is suitable for viewing as an enhancement fund of the bond fund, and steady netizens can pay more attention. The fund also has a little worrying point, more than 3 years after its establishment, it has changed 5 waves of fund managers, which is also too fast-paced!
The other is 501082, a hybrid fund focused on strategic placement and investment on the Star Market, with a three-year closed period. Judging from the enthusiasm of this participation, a strong team has been allocated to the science and technology innovation board, and it also focuses on the investment of this sector. If there is a discount in the later listing, and you are optimistic about the growth of the science and technology innovation board, you can pay attention to and actively participate.
The above two funds are the two funds that Ji Shao believes that the chances of participation are greater. For several other funds, it's too reassuring to check it out and not find one. Netizens who hope to participate in it, it is best to carefully study the fund before buying, so as to avoid remorse after starting.