Does the enlargement of redemption amount indicate the bottom? 10 fund advocates weak market buying.

Recently, it has been circulated in the market that fund companies have suffered a large-scale redemption as a whole. According to media reports, bank counters are queuing up to redeem funds every day, and even the decline of some stocks is considered to be the desperate selling of chips by the fund in response to redemption.

As a party, in fact, the fund company has the most say. In order to know the real redemption situation, the reporter of Financial Weekly contacted the relevant marketing leaders of 10 fund companies. Among these 10 fund companies, there are three giants, China, South China and harvest fund, with assets exceeding 200 billion yuan, as well as smaller Tianzhi and Huafu funds, including Taixin, Shenwan Paris and other fund companies with unsatisfactory fund performance in recent years. Their situation can basically summarize the redemption situation of the whole fund industry in the recent stage.

10 fund management companies, while learning about the recent redemptions of various fund companies, also hope to give investors some investment advice on the recent weak market through the financial weekly:

Huaxia Fund:165438+1net redemption of 200 million on October 27th.

Recently, Huaxia Fund has maintained a net redemption amount of 20 million to 30 million, but on June 27th 165438, the net redemption amount was greatly enlarged, and the net redemption amount was 200 million. "I think this is a signal that the market may have bottomed out. But it is estimated that there will still be a bigger redemption before bottoming out. " The relevant person in charge of Huaxia Fund Management Company Shanghai Branch told Financial Weekly.

The person in charge said that from a regional perspective, the payment situation in coastal areas is better than that in inland areas. This is because people in areas like Shanghai have relatively mature investment concepts. Some time ago, when the market was at 6000 points, Shanghai did not sell well, but some places in the northwest and northeast could not sell. Now that the market is in a downturn, sales in Shanghai have picked up again.

Hold it for a long time to avoid missing the excess stock returns of ten trading days.

Huaxia suggestion: As far as we are concerned, it is not cost-effective to redeem the fund, mainly for three reasons: first, the fund is not a stock, and the subscription and redemption fee is much higher than that of stock trading; Second, funds are long-term investments, and it is difficult for investors to seize the opportunity. Everyone knows that there are highs and lows, but it is difficult to do so. Third, after a long-term investigation of the American market, it shows that the excess returns of general stocks are mainly concentrated in ten trading days. If you miss these ten trading days, even if you hold this stock for one year, the yield will be discounted.

Southern fund: There is no basis for panic redemption.

"southern fund's current subscription and redemption is in a very stable stage, and most investors are still optimistic about the long-term investment ability of the fund." The relevant person in charge of the marketing department of southern fund Management Company told Financial Weekly.

There is little willingness to apply for redemption during the shock adjustment period.

Southern suggestion: there is no basis for the statement that the fund industry is facing panic redemption by investors. At present, the market is in a period of shock adjustment, and the holders are not willing to purchase and redeem.

Harvest: Bond funds have been selling like hot cakes recently.

"harvest fund's subscription and redemption situation is very stable, and some funds have also made net subscriptions, especially Harvest's bond funds have sold very well recently." The relevant person in charge of the marketing department of harvest fund Management Company said.

He said that although the daily subscription and redemption of funds have changed, from a long-term observation, Harvest's stock funds have not been redeemed because of market fluctuations.

Haifutong: There will be fluctuations in the application for redemption.

"Haifutong's fund performance growth has been relatively stable. This feature also makes our subscription and redemption situation very stable, as well as redemption in the current weak adjustment." Yao Lulu, marketing director of Haifutong Fund Management Company, said. She also admitted that some funds will be more volatile because they often go up and down sharply.

"Investors don't have to care about the current market and concentrate on doing something outside the stock market."

Haifutong suggested: We believe that stock market volatility is inevitable, and it is very expensive for investors to easily redeem or sell funds. When the market is stable, investors will still come in, and it is better to keep the base. Of course, it is normal to make some adjustments now. Investors don't have to care about the current market and concentrate on doing something outside the stock market.

Haifutong Fund Management Company will remind investors to pay attention to risks by SMS, email and other means when the market changes. We have always emphasized investor risk education, so Haifutong's investors are very stable and rational.

Shen Wan Paris: There was a small redemption on Monday.

"Our fund had a small redemption on Monday (165438+1October 26th), but it was completely under our control." The relevant person in charge of the marketing headquarters of Shenwan Paris Fund Management Company said.

Now is a good opportunity, and the cost of purchase and communication is increasing.

Shen Wan Paris suggested: Recently, investors began to get impatient, and redemption has an increasing trend. Investors began to "kill the foundation" for loss-making funds. According to our judgment, the market often derives new opportunities from "fear". For the general public, this should be a good opportunity to buy and spread low costs one after another, rather than blindly cutting meat.

HSBC Jintrust: There is no possibility of large redemption.

"HSBC Jintrust has not encountered a very large amount of redemption in this turbulent city." The relevant person in charge of the marketing department of HSBC Jintrust Fund Management Company admitted frankly.

He explained three reasons: "Because our fund is relatively small, there is no possibility of large redemption."

Second, he thinks that investors who buy HSBC Jintrust funds are very rational investors. The company never engages in continuous marketing activities such as large-scale dividends or spin-offs, and investors who often buy 1 yuan funds are not rational.

Thirdly, he pointed out that the performance of HSBC Jintrust's three funds is very stable, and neither positions nor stock selection are radical funds.

Taixin Fund: Not many redemptions.

Advanced policy network subscription

"Because our performance in the second quarter and the beginning of the third quarter is relatively good, our fund has not encountered a very large redemption situation recently. Funds that performed well in the previous stage, such as Taixin's first strategy, even showed a good momentum of net subscription this week. "

Gao Haiou, general manager of the channel business department of Taixin Fund Management Company, told the Financial Weekly reporter.

He said that the current adjustment is the same as the previous adjustment, and the trend of the bull market will not change in the short term. I hope that investors will not affect the judgment of the fund because of its short-term performance.

65438+In mid-February, various funds will start to allocate assets for next year, and the market will be active again.

Taixin suggested: In the current weak market environment, I would like to give three suggestions to fund investors: First, in the current quiet period of fund sales, investors who want to buy funds can wait for the buying opportunity optimistically and patiently, and we are still quite optimistic about the market outlook.

Second, investors should not ignore the investment value of bond funds at this time. At present, it is extremely unreasonable for China fund investors to put all their funds into stock funds. In developed countries such as the United States, bond funds account for 1/4 of the total assets of funds.

Third, the current market valuation level is still relatively safe, so it is not the time to redeem. 65438+In mid-February, fund companies will begin to enter the layout stage of asset allocation next year, and I believe the market will be active again at this time.

Tianzhi Fund: Last week, it was still in a net subscription state.

"Last week, we were still in a net subscription state," said the head of the marketing department of Tianzhi Fund Management Company.

He revealed that the core fund of Tianzhi was split before the market adjustment, so it reduced its position more and avoided the deep adjustment in this big adjustment. He also admitted that after the split, the net value fell below 1 yuan, and the pressure on investors became much greater.

Redemption time has passed, so it is not appropriate to kill the decline.

Tianzhi suggested that the market keeps falling, and investors are worried and want to redeem, but in fact, the time for redemption has passed, and it is very irrational for investors to blindly kill at this time.

We will send risk education messages to investors every month, and the company will communicate with investors through various channels. Although it is not comparable to large fund companies in scale, we hope to be slightly better in service.

Huafu Fund: net redemption of tens of millions every day.

"Indeed, Hua Fu Fund has been redeeming in a net way recently. I can only tell you that there are tens of millions of redemptions every day, which has little impact on us, but the redemption volume is increasing moderately every day. " Lin, general manager of integrated marketing of Hua Fu Fund Management Company, said.

"We believe that investors who frequently redeem funds now are people who are speculating in funds with 100% savings or even loans, and their risk tolerance is relatively low." Lin believes that "mature investors will only allocate 20% of their assets to funds. Such investors are relatively rational and our target group. "

"Buy big, buy small"

Hua Fu suggested: In fact, the market has fallen to this point, and the citizens can boldly buy. Our advice to investors is that the margin of safety is already very large now.

Great Wall Fund: The amount of purchase and redemption is very small.

"At present, the Great Wall Fund has a small daily subscription volume, but the redemption volume is also very small, so the fund as a whole is in a stable stage." The relevant person in charge of the marketing department of Great Wall Fund Management Company told the Financial Weekly reporter. Great Wall Fund hopes that investors can invest in the fund with a peaceful attitude.

The adjustment is coming to an end and the market environment is picking up.

The regulatory authorities suspended the window to guide the fund to bargain-hunting.

A fund manager who started to lighten his position in late September recently bought some stocks between 4800 and 4900, and is also preparing to increase his position when the market fluctuates. "It will increase by about 20% before the end of the year." It is understood that this idea is representative in the fund industry. Relevant statistics also show that after the Shanghai Composite Index fell below 5000 points, the fund positions gradually increased, and the signs of bargain-hunting were obvious.

Anecdotal information shows that in June of 5438+00, the CSRC reminded fund companies to pay attention to position control many times in order to prevent greater liquidity risk in the fund industry. When the market is hot, the regulatory authorities even monitor the trading behavior of funds and provide window guidance. If a fund has a continuous large net subscription, the fund manager of the fund will often receive a verbal "reminder", and individual fund managers will even receive a written "warning" because the net subscription amount is too large. Fund managers are afraid to buy stocks, which has become one of the important reasons for the continuous decline of many blue-chip stocks some time ago.

However, after the market fell to 5500 points, the verbal "reminder" of the regulatory authorities was stopped. After the market fell below 5000 points, several large insurance companies were allowed to expand the investment proportion of equity funds. A few days ago, Wang Xiaozhuo, deputy director of the Employment and Income Distribution Department of the National Development and Reform Commission, also suggested improving the operating mechanism of social security funds, making financial institutions the main operators of social security funds, vigorously developing investment securities funds, and adopting various ways to directly invest in the capital market to increase the proportion of social security funds entering the market. The news on the policy side has obviously warmed up.

"I don't know if the social security fund has increased its position now, but insurance companies have been buying funds recently," said a fund company official. It is understood that many fund managers are considering or have gradually increased their positions recently. "We expect that the current market downside is limited, and the overall market structure will still improve next year, but there will be greater fluctuations. We won't buy a lot at once, mainly to adjust our positions for the market layout next year. "

The stocks increased by fund managers can often become the hot spots in the next stage of the market, so what is the focus of their jiacang? It is understood that RMB appreciation is still the most important main line, and related industries such as finance, real estate and aviation are favored by many fund companies; In addition, it is expected that the export growth rate will decline next year, and investment will continue to be subject to macro-control. Therefore, the concept of domestic demand has also become the focus of jiacang, and related businesses, medicines, food and beverage, and consumer services are the key targets of the fund. In addition, concepts such as the Olympic Games and the integration of central enterprises also have opportunities.

Source: Focus Fund Network

Eight issues that citizens are most concerned about in 2007: purchase or redemption? Bottom hunting or hedging