It is normal for funds issued by star fund managers or fund companies with strong brand influence to be snapped up. On the one hand, it is the fund issuance market with frequent explosions, and on the other hand, it is the intensive purchase restriction of old funds. So how to deal with the phenomenon that new and old funds want to buy without buying? Today, Bian Xiao will share with you how to buy new funds and limit purchases of old funds, for your reference only!

Why are excellent foundations restricted?

The analysis pointed out that in the current market environment, these "top-flow" fund managers are relatively cautious about the new scale, which is also the embodiment of their judgment on market opportunities. Although the market performance of 20021was outstanding in the first two weeks, many Public Offering of Fund institutions and fund managers were still cautiously optimistic about the positioning of 20021.

In fact, in many cases, the fund's purchase restriction is often because the short-term scale growth is too fast, diluting the interests of the original holders, so it is necessary to "close the gate".

Most funds are restricted for the following reasons:

1, protect the interests of investors. When the market is hot, foundations with excellent performance are more favored by investors. If the new subscription scale is too large in a short time, it will pose a certain challenge to the investment layout of fund managers. If the fund manager can't effectively incorporate these large funds into the investment layout, it will dilute the interests of the original holders.

2. Maintain a stable scale to facilitate the operation of fund managers. Under different market styles, the size of the fund will have different effects on the performance of the fund. When the market style is biased towards small and medium-sized, large-scale funds are more likely to have an investment style biased towards the broader market, which may lead to a certain degree of passivation of fund performance and it is difficult to effectively obtain outstanding performance returns.

Because of the "Double Ten Regulations" in Public Offering of Fund, a fund holding the same stock shall not exceed 65,438+00% of the fund assets, and all funds under a fund company holding the same stock shall not exceed 65,438+00% of the market value of the stock. Therefore, the larger the fund scale, the greater the restrictions on fund managers' shareholding, and fund managers may not have so much energy to investigate and track multiple stocks.

3. Ensure the support structure. Some fund holders are mainly institutions, which are funds customized by institutions themselves, not products aimed at retail channels. In order to achieve the established investment income target and risk preference of institutional funds, such funds may also be restricted.

How should investors respond?

1. Do you want to buy a restricted fund?

Because there are many reasons for the fund's purchase restriction, it is necessary to carefully identify different purchase restriction backgrounds, comprehensively analyze the long-term and short-term performance of the fund, the management ability of the fund manager, the market environment and other factors, and then consider whether to start.

Large outstanding fund managers limit the purchase of funds. This is not essentially different from our usual process of screening funds. For this kind of fund, we should pay special attention to two points: one is the strength of purchase restriction, and the other is the fund manager's ability to control large funds. If its management ability has been widely recognized by the market, it can participate through fixed investment.

The purchase of new funds. In addition to restricting purchases, such funds should also pay attention to the appropriate range for observing whether the fund scale is stable. When selecting new funds, we should focus on large companies and small funds, and find new (well-funded) or full-time fund managers with more secure performance. Because playing a new fund is not without risks, such as the fluctuation risk of bottom positions, the fluctuation risk of hedging instruments and the risk of breaking new shares.

The same fund manager gives priority to funds with smaller scale and larger subscription restrictions. The investment value of such funds is obviously higher. Some investors can buy even if the daily subscription limit is 1 1,000 yuan.

In short, there are many reasons for the fund's purchase restriction. Gay friends should make a comprehensive analysis of the long-term and short-term performance of this fund, the management ability of the fund manager, the market environment and other factors, and then consider whether to start. Don't follow the trend easily!

2. Do you want to sell the restricted fund?

In fact, objectively speaking, fund purchase restriction is a short-term protection measure for fund companies and fund managers. At the same time, it can also be regarded as a way to protect fund investors in a certain period of time. Restricting subscription is beneficial to the management of fund managers and the better performance of funds in a certain period of time.

First of all, for the basic people, because of the obvious money-making effect, the market likes to chase excellent star funds, and a large number of funds will join the club in a short time, diluting the income of the original basic people. The fund can appropriately limit the subscription amount to control the scale, which can eliminate the influence of frequent fund redemption on the net value.

Secondly, for fund managers, if the short-term scale soars, the investment strategy will be passive, while the good investment opportunities in A shares are always limited, and the amount of funds that the investment strategy can accommodate is also limited. The final result of blindly expanding the scale is to make the fund's income tend to be mediocre. When the management scale reaches tens of billions of yuan, it will also bring about the problem of "turning around". If the scale is limited, it can reduce the management difficulty of fund managers, which is also a favorable factor for achieving long-term excellent performance.

Therefore, the fund purchase restriction is not necessarily a "timing indicator", it can protect the interests of the original fund holders. If you have a small amount of funds, you can even give priority to funds whose products managed by the same fund manager have subscription restrictions.

At the end of the year, it is understandable for the fund to seek stability. In fact, fund investors also want to be stable. If you have a good fund, hold it. Don't toss about without special circumstances. Selling it may not be able to buy it back.

Do you want to redeem the old one to buy a new one?

Redeem the old and buy the new may be the habitual action of many investors, but it may not be suitable for all investors or all situations. For this problem, everyone still makes a decision according to their own judgment on the market outlook.

If it is judged that the market outlook is still improving, then the performance of the old fund will be better than that of the new fund in the same period. After all, the new fund is still in the opening period, so we can consider continuing to hold the old fund.

If it is judged that there will be a staged callback in the market, and the callback range is relatively large, then you can consider redeeming the old fund to buy a new fund. On the one hand, you can settle down and lock in the income; On the other hand, newly bought funds can also open positions during the market correction.

Of course, this is an ideal state, provided that we can sell accurately at that relatively high point. If there is no callback at the end of the market, or if the callback is not so big, then the cost of opening a new fund may be higher than the subscription cost of the fund we originally held-this is one of the risks we have to face when redeeming the old fund and subscribing for a new fund.

If you don't know the direction, you don't have to make a non-zero choice, that is, 1, and you can compromise relatively. It is customary to wait and see before making a decision when the market is clearer. If you don't want to wait, you can also redeem some old funds on the basis of controlling your position and redeem the old funds for new ones with a small share. In case the market outlook does not callback and continues to rise, the account cost will not be raised too high.

Objectively speaking, the longer you hold a fund, the more likely you are to get positive returns. Therefore, don't redeem the subscription frequently because of following the trend. I hope everyone can hold a fund for as long as possible when the funds are idle. If you are an investor with good investment mentality and strong endurance, you can set yourself a holding period goal of 3 years or more.

In the choice of fund products, it is suggested that ordinary investors need to have a relatively comprehensive understanding of the duration of their investment funds and the losses they can bear, and choose fund types and fund products that match their own risks. If it is a fund with short investment period and low risk tolerance, it needs to match the holding ratio of different types of funds such as bond funds and stock funds.

Fund-related articles:

★202 1 Why did the fund fall?

★ Market analysis

★ What is the principle of fund valuation?

I want a big chance.

★ Experience of stock investment celebrities

★ What are the types of pension trusts?

★202 1 The decline in stock turnover represents the significance.

I want a big chance.

★ stock market terms's dead fork

I want a big chance.