The “long-distance running” red and black list of active equity explosion funds: differentiation is obvious
Original title: At the beginning of the new year of the “long-distance running” red and black list of active equity funds, active equity funds ended their fundraising early, and the actual scale of fundraising exceeded 10 billion.
On January 14th, three active funds that just started raising funds announced that they were “sold out in one day”. Prior to this, the actual fundraising scale of the product exceeded 50 billion U.S. dollars, and the popularity of investors’ equity products was evident.
As a popular explosive product, investors are naturally optimistic about its future long-term income. Then, what was the result of the “active long-distance running” fund of active equity explosion funds?
How many products can make money for investors?
Investors should pay attention to some risk factors in the layout?
The booming market is warming up and the star manager “Halo” is affected by factors such as the obvious fund-making effect of public fundraising in 2019 and the upward trend of the stock market in the new year. Since 2020, many active equity funds have ended the fundraising in advance.
On January 14, Yinhua Technology Innovation Mix, Penghua Technology Innovation Mix, and Hongde Fengrun’s three-year shareholder mix issued announcements that they would advance the termination date of donations to January 13.
It should be noted that the issuance date of these three funds was changed to January 13th, and the phenomenon of “oversold three times a day” is really rare.
According to channel sources, the fundraising scale of the two science and technology theme funds on the day was between 4 billion and 6 billion, far exceeding the scale of 1 billion US dollars. Hongde Fengrun held a mixed fundraising scale of more than 60 in three years.Billion.
At the time when Guangfa’s technology innovation mixed day attracted US $ 30 billion in gold has not subsided, it recently reappeared the explosive fund, and this time it was 54 billion yuan.
On January 9th, the Bank of Communications Schroder Fund issued an announcement saying that its subsidiary Bank of Communications kernel driver hybrid had ended its fundraising on January 8.
At the end of the day, the cumulative effective subscription application amount has exceeded the upper limit of 6 billion US dollars raised in the fund’s issuance announcement.
According to the regulations, the fund manager will use the principle of “apocalyptic ratio confirmation” to partially confirm the effective subscription application on that day, with a ratio of approximately 11.
If calculated according to the above data, on January 8th, the actual fundraising of BOCOM kernel-driven hybrid was about 542.
500 million yuan.
Regarding this situation, a person in the marketing department of a large fund company frankly said, “It’s quite unexpected, Bank of Communications Schroder has always been very low-key, and did not expect to be able to raise so much funds this time.”
Regarding the recent hot outbreak of active equity fund raising, insiders of a certain public offering admitted that it was the result of multiple factors.
First, for the whole of 2019, the A-share Shanghai Composite Index expanded by 22%.
3%, higher than that, active equity public offering funds showed significant excess returns, and the average net value of ordinary equity funds rose by as much as 47.
35%, the average return of partial stock hybrid funds also exceeded 34%, the performance of five products doubled.
Under the structure of the market, the concept of “buying stocks is worse than buying funds” has gained popular support.
In fact, since the beginning of 2020, the trend of A-shares has risen rapidly, and once again stood at 3100 points after 8 months, the confidence of investors has increased significantly, and the professional investment value of the fund has once again appeared.
In fact, the country ‘s recent policy support in new energy and 成都桑拿网 RRR cuts has all benefited the stock market, and equity funds that have invested in the stock market have also been favored.
In addition, for fund companies, the first product of the new year usually chooses fund managers with good long-term performance or outstanding performance in the past year to take the helm. Under the prominent effect of “star fund managers”, plus banks, brokers, and third-party salesThe push of other channels is also prone to explosive products.
Long-term fund senior judge Wang Yan also pointed out that according to overseas experience, changes in investor investment behavior are generally a path from active trading to high-performance funds to entrusted accounts.
At present, it seems that China has reached the stage of high-performing funds. The concept of selecting funds is to choose people. The concept of selecting funds is deeply rooted in people’s hearts and has rich management experience. Both outstanding fund managers and higher investor recognition have also promoted the concentration of investors in the distribution of high-performance funds.The manager’s new product appeared.
Over 70% of the explosive products with obvious differentiation are currently earning. In fact, as a major feature of the public fund issue market, explosive funds are often carried with many investors’ expectations for the long-term performance of fund products.
So far, how many active equity funds have made money for investors?
A reporter from Beijing Commercial Daily on the Oriental Fortune Choice data platform, with a lower limit of 10 billion U.S. dollars and a period of operation of more than three years, chooses products that are mainly subscribed by investors spontaneously, that is, the total fund launch size exceeds 10 billion U.S. dollars.On January 14, every year, five “national team funds” were eliminated, and a total of 29 active equity explosive products were screened.
From the perspective of yield, according to Oriental Fortune Choice data, from the first day of establishment to January 14, 2020, out of 29 former explosive funds, a total of 22 positive returns, accounting for 75 of the total.
Among them, Southern Outstanding Growth Hybrid A to 486.
91% of net worth acidity ranked first, followed by Huaxia Classic Mix and Easy Fonda Value Select Mix, respectively, achieving 413.
45% and 388.
Including the above three funds, more than 12 have yielded more than 100% since its establishment.
Instead, if the investors participating in the subscription of the 12 explosive funds mentioned above have held so far, their principals involved in the floating profit are more than 100%. However, while the yields of some products are eye-catching, 7 explosive funds have been established and are still replacing them.
Specifically, as of January 14, ICBC Internet Plus Stock has been 57 since its establishment.
7%, the unit net value is about 0.
In fact, E Fund’s new normal flexible configuration configuration can also be 52.
8%, the latest net worth is about 0.
In addition, the five powers of rich country reform mixed, China Post core growth mixed, China Post Prosperous mixed, China Post information industry flexible allocation of hybrid and Castrol event-driven stock 5 funds all exceeded 10%.
For a number of underperforming funds, a reporter from the Beijing Commercial Daily tried to interview some of the fund companies mentioned above. A fund practitioner who declined to be named believes that there are two main reasons.
The first is the time when the fund was established. He pointed out that from the time when the replaced fund was established, 5 of the 7 products were established between the end of April 2015 and the beginning of June 2015. At that time, the stock market was at a relatively high level of 4400-5100 points.Within the range, the corresponding individual stock breakthroughs also generally exist at high points. At present, the broad market is near 3100 points, and some stocks invested by funds have evolved to remain relatively low, which has led to the fund’s net value remaining below 1 yuan face value.
Second, the huge scale of the fund has also brought some difficulties to the rapid return of capital in the short term and the realization of profits.
He pointed out that after the establishment, the fund ‘s net asset value of more than 10 billion US dollars will also consider the fund manager ‘s large and comprehensive layout based on the consideration of the stable operation of the product.
The scale and market structure of the market are obvious, and multiple stocks with significant growth rates are mainly concentrated in several themes. Therefore, the growth of one or several stocks has a much smaller impact on the overall return of the fund than the smaller funds.
For these explosive products that are still in the expected state, it may take longer to return to above par value.
In addition, insiders of a large fund company believe that the investment strategies and tenure of fund managers and related investment research teams are also a blocking factor.
He pointed out that the investment styles and investment research strategies of different fund managers and their teams are good. When the market style rotates, fund managers who are good at selecting and arranging stocks in the current cycle are often easier to achieve.Increase in fund net worth.
On the contrary, it may show a long-term net value sudden change, or even longer.
In addition, if the fund manager is constantly changing, causing the fund style to drift, it will also make it difficult for the fund’s net worth to grow steadily.
As the insider said, taking China Post’s core growth mix as an example, according to the data of Tiantian Fund Network, since the fund was established in August 2007, there have been 13 changes in fund managers.Looking at it, the longest is 6 years and 108 days, while the shortest is only 171 days.
The “helmsman” is that core investors should start from their own needs. In fact, the explosive funds established when the market is relatively high are not products that have not obtained excessive returns.
Among the 12 funds mentioned above, which have yielded more than 100% since their establishment, Dongfanghong China, which was also established in April 2015, has a mixed advantage, and the initial fundraising scale is about 138.
5.6 billion yuan.
While the Shanghai Composite Index is still down nearly 20% from that time, the fund’s yield has been as high as 103 since its establishment.
In addition, according to Oriental Fortune Choice data, the Invesco Great Wall Shanghai-Hong Kong-Shenzhen Select Stocks, which was established in April-June 2015, Huitianfu Medical Services Mix and ICBC Abundant Reporting Flexible Configuration Mix, until January 14,It has also risen 22 since its establishment.
3% and 40.
A person from a Shanghai-based medium-sized fund company bluntly stated that after the operation time has been extended, the impact of the overall market trend in the short term has gradually been divided.The proportion of particle size in product performance.
As a professional investor and fund manager, we have the obligation to fulfill our responsibilities of “managed wealth management”.
Investors should also select fund managers and fund managers that meet their personal preferences in order to have better long-term investment and research capabilities in this process.
The insiders of the above-mentioned nominal public offering also believe that investors should pay more attention to the product itself, including the term, scale, strategy, and direction of the investment, in the product layout. On the basis of meeting their own risk appetite, choose a performance-performing fund with stable long-term performance.Managers and fund companies must not blindly follow the trend of “explosive models” and “attractions”.
At the same time, the mentality of “buying up but not buying down” that most investors still need to be changed, because “exploding funds” may also become “magic.”
Regarding the current investment strategy of investing in explosive funds, Wang Yan suggested that the size of the explosive funds with closed periods should be reduced. In some cases, closed funds should be closed for a period of time. For example, Xingquan would be closed for two years. CEIBS would be closed for three years.When you choose to trade on the market, you will generally face discounts ranging from 5% to 10%. If the market conditions are not good, the discount may be higher, and it will be a better time for low-level layout in the future.
At the same time, there is no obstacle to paying attention to the management of old products by star fund managers, because new fund issuance is generally in a period of high market enthusiasm. New products may miss this wave of market conditions during the opening period, while old products are still in effect andThere is a certain position, restarting every growth market.