The AB Side Of Fund Under The Record Trading Volume Of One Trillion Yuan

Recently, the "fund slump" has been on the hot search list. If we say that at the beginning of the year, the foundation people worried about not being able to buy Star funds, now the theme of worry is that the funds in hand should not be too much.

At this point, for the purchase restrictions, fund managers choose the opposite: one to the left, one to the right.

On September 23, Xie Zhiyu, the top fund manager of Xingzheng Global Fund, managed two star products - Xingquan Yiyi and Xingquan Herun - removed the "tight hoop" of purchase restriction and released a new signal to the whole market.

However, there are also quite a number of funds in the opposite direction. In the first two weeks of September, 255 funds issued purchase restriction announcements. As of September 23, 3255 funds in the whole market were restricted or closed completely.

Fund managers run counter to the restrictions on purchase. What is the logic behind it? For fundamentalists, what kind of fund should they buy?

At present, there are also a number of star fund managers to manage the fund. Visual China

Behind the lifting of restrictions

Xie Zhiyu's investment performance has always been very stable. Although it is a bit unexpected this year, there are still many people who buy Xie Zhiyu fund.

When the enthusiasm of the market was at a high point, in November last year, Xie Zhiyu's Xingquan Yiyi set a subscription limit of 10000 yuan per day for a single account, which has been 10 months; In January this year, Xingquan Herun, managed by Xie Zhiyu, set a quota of 3000 yuan for purchase, which has been eight months so far.

However, on September 23, Xingquan Yiyi, managed by Xie Zhiyu, resumed accepting applications for purchase (including fixed investment) and transfer in of more than 10000 yuan; Xingquanherun resumed to accept more than 3000 yuan of purchase (including fixed investment) and transfer in application.

It is worth mentioning that this year, a number of top star fund managers, including Zhang Kun, Liu Yanchun, Xiao Nan and Wang Zonghe, have been under great pressure, and the withdrawal rate of funds has generally exceeded 20%.

As a balanced player, Xie Zhiyu's products have performed better than many other top fund managers in this year's volatile market, but they have failed to achieve positive returns.

Xingquan Herun lof has been established for 11.5 years, with an annualized return of 19.08%. The annualized return in the last five years has exceeded 20%, and the latest scale is 32.1 billion yuan.

Xingquan Heyi lof has been established for three and a half years, with an annualized return of 18.22%, an annualized return of 28% in the last three years, and the latest scale of 36 billion yuan.

For a long time, Xingquan Herun lof and Xingquan Heyi lof are top star funds that let investors rest assured and are deeply sought after by investors.

However, since this year, as of September 22, the two funds have failed to achieve positive returns, falling by 3.03% and 5.54% respectively.

Now, what signal has Xie Zhiyu released from the restrictions on the purchase of Xingquan Herun and Xingquan Heyi funds, which amount to 30 billion?

In this regard, the market is interpreted as a signal of "active long", Xie Zhiyu may be optimistic about the future market.

"After the Spring Festival this year, many leading white horse stocks have experienced a sharp drop of 40% - 50%. Star funds have opened the purchase restriction, which means that fund managers think that in the current market position, the prices of these good companies have fallen into the range suitable for building positions." Yao Xusheng, managing partner of wealth management of private placement network, said.

Lin Jiayi, CEO of Xuanjia finance, also believes that the opening of purchase restriction is based on the fact that the short-term risk disturbance has basically subsided, and more high-quality enterprises have fallen sharply. After completing the partial mean regression, the cost performance ratio has been improved, thus obtaining relatively better allocation opportunities.

Yang Delong, chief economist of Qianhai open source fund, said, "First of all, we need to make clear the reasons for the restrictions. The main reason is that the market is quite hot before the Spring Festival. Star funds have received a large number of fund applications, which leads to the continuous expansion of the scale, which is very unfavorable to the operation. In order to control the scale, a large amount of purchase restrictions have been carried out. In the current market, the profit-making effect of some star funds is poor, and many star funds are even in deficit What's more, investors' willingness to apply for purchase has declined. At this time, the purchase restriction has not been of great significance, so the purchase restriction has been lifted. "

Purchase restriction

Contrary to Xie Zhiyu's operation, many funds have recently imposed restrictions on purchase, especially the performance funds this year.

On September 22, Dacheng Fund's Dacheng state-owned enterprise reform, Dacheng new sharp industry, Dacheng Industry Trend and other funds announced the suspension of large amount subscription (including regular quota subscription) and fund transfer in business. Since September 23, the upper limit of single account subscription and transfer in amount of three funds in a single day is 10000 yuan, 500000 yuan and 10000 yuan respectively.

Among them, Dacheng state-owned enterprise reform and Dacheng new and cutting-edge industries have achieved a yield of more than 80% since this year. Dacheng industry trend is the second new fund established on February 9 this year, with a return of more than 40% since its establishment.

In fact, a number of performance funds of this year have recently started to restrict their purchase, including the rotation of great wall industry, which ranks top 1 in performance (this year's revenue is 98.01%), and Qianhai Kaiyuan public utility (with a revenue of 90.42% this year) has recently issued a purchase restriction announcement.

In addition, the performance funds limited to purchase also include BAOYING advantage industry a (income 86.39% this year), Qianhai Kaiyuan new economy a (income 86.26%) and Jinying national emerging (81.21%).

Overall, wind data shows that as of September 23, 7 of the 15 active equity funds with a yield of more than 80% this year are in the state of suspending large amount subscription.

One phenomenon is that the scale of the 25 funds whose returns are more than 80% this year is not large. None of them has reached 5 billion yuan, and some have only a few hundred million yuan. For example, the turnover scale of great wall industry, which ranks top 1 in performance, is only 391 million yuan. Their purchase restriction at this time has its logic.

As a matter of fact, high performance funds are favored by more investors, and it is easy to appear that the scale of new subscription is too large in the short term. If a large number of funds flow into the fund this year, it will bring challenges to the layout and performance of fund managers. At the same time, when the fund managers think that the further rapid expansion of the management scale is beyond their own management ability boundary, they can only choose to restrict the purchase.

In addition, most of the outstanding fund managers this year have invested in Pro cyclical stocks (such as energy, chemical industry, oil, etc.) and new energy stocks. At present, the valuation of these stocks is relatively high. If the fund managers hold a conservative or pessimistic attitude towards the future market, in order to prevent the investors from chasing higher prices, the fund managers will also restrict their purchases to protect the interests of investors.

Of course, at present, there are a number of star fund managers to manage the fund. In fact, the phenomenon of fund purchase restriction was mainly concentrated at the beginning of this year. At that time, the market was hot and the enthusiasm of funders was high. Many star funds had to control the scale by restricting the purchase.

For example, Zhang Kun, whose fund scale is more than 130 billion yuan, has started to restrict the purchase of funds at the end of January. At present, e-fund's high-quality selection under Zhang Kun's management is suspended from subscription, e-fund blue chip is subject to a single-day subscription limit of no more than 2000 yuan, and e-fund's advantageous enterprises are still in the closed period for three years.

This year's adjustment of the large purchase restriction of e-fund Asia, which is managed by Zhang Kun, is as follows: before May 27, the purchase restriction for a single day shall not exceed 30 million yuan; on May 27, it shall be adjusted to no more than 10000 yuan; on June 4, it shall be no more than 1 million yuan. In this regard, the market interpretation is that Zhang Kun is optimistic about Hong Kong stock investment.

Overall, just in the first two weeks of September, 255 funds issued purchase restriction announcements. As of September 23, 3255 funds in the whole market were restricted or closed completely.

Purchase restriction or liberalization?

So, which fund should the fundamentalists buy for the "limited purchase" and "free purchase" funds?

First of all, we should understand why the fund is restricted to purchase?

"Because the funders are also chasing up and down, frequent trading, most funders are unable to make money. Fund purchase restriction has become a means for fund companies to calm down fluctuations. Generally speaking, when opportunities arise, they raise more, and when opportunities are scarce, they restrict purchases." said Lin Jiayi, CEO of Xuanjia finance.

Lin Jiayi believes that basically, if the purchase limit, the target of fund position or market valuation level is high, synchronous reduction is reasonable. Similarly, if the purchase restriction is opened, the fund's position target or market valuation level is low, so it should be appropriately increased.

"At present, it is a very good opportunity to increase holdings of high-quality assets with undervalued medium and high growth," said Lin.

Yang Delong also said, "at present, many high-quality leading stocks in the market have fallen out of value, so it is an opportunity to allocate funds that have significantly adjusted back to some high-quality leading stocks. In the long run, high-quality leading stocks have relatively large investment value, so they have certain allocation opportunities after falling."

Yao Xusheng, a partner in wealth management of private paipaipai.com, pointed out that opening up the purchase restriction is indeed a good time to buy. You can seize the opportunity to buy and remain optimistic about the future development.

"With the recent market fluctuations began to stabilize, there will certainly be more star funds to open restrictions on purchase, buy cheap chips and make a good layout for the next round of market," Yao said.

However, Yao Xusheng reminded that no one can make perfect timing in investment. As a rational investor, he can realize the balance between risk diversification and income improvement by buying different good funds and holding them for a long time when the market valuation is relatively low.