Reasons for fund purchase restriction:
1. Restrict the inflow and outflow of basic people and keep the fund index stable. Some people regard funds as stock speculation, and frequently buy and sell in large quantities, which will not only lead to fluctuations in the net value of fund shares, but also increase the error of tracking index. It is not conducive to the fund manager's control over the operation of the fund, and it is also not conducive to the evaluation of the fund by market big data. Therefore, the Fund adopts the method of purchase restriction to restrain the fund's big inflow and outflow, and maintain the stability of fund operation and the accuracy of market index.
2. Control the scale of the fund to facilitate the fund manager to operate the fund. When a fund becomes hot money, it is easy to attract a large number of people and investment funds. If the subscription is not restricted, the fund scale of the fund will expand rapidly in the short term, which is not conducive to the fund manager's control over the fund, and may lead to the deviation of the fund manager's original investment decision, making the future direction of the fund more difficult to control. Therefore, the fund manager maintains an appropriate fund size through purchase restriction to ensure the smooth operation of the fund.
3. Avoid arbitrage of large capital investment. When the fund pays dividends, if cash dividends are used, the funds can be withdrawn tax-free; If you reinvest in dividends, you can increase the fund share and do not charge fees, which is beneficial to the people as a whole. Therefore, some large funds may choose to enter the fund arbitrage before the fund dividends. In order to avoid and combat this bad investment behavior, many funds may limit their purchases some time before dividends.
4. Rules and restrictions on funds: According to the Measures for the Operation and Management of Public Offering Securities Investment Funds, the market value of a stock held by a fund cannot exceed 65,438+00% of the net asset value of the fund, and all funds managed by the same fund company cannot exceed 65,438+00% of the total market value of the stock. If the stock price of the heavyweights held by the fund soars, it may hit the red line of 10%, so the fund needs to adjust its position and withdraw funds. Therefore, it is necessary to restrict the basic people from buying funds and avoid further expansion of funds.
5. Create a new fund to control the rate of return. The success rate of new shares is relatively low, and the scale of new funds is smaller than other funds. If the fund scale is too large, the fund income will be diluted. In order to control the fund to maintain a certain rate of return, limit the subscription of new funds and stabilize the fund scale.
6.QDII fund itself has a limited amount. QDII fund is the most suitable investment tool for ordinary investors to lay out overseas markets, mainly investing in securities markets such as stocks and bonds. However, the QDII quota opened by the State Administration of Foreign Exchange is very limited. In order to control the market, information about purchase restriction or suspension of subscription is often released. Investors who want to invest in QDII should pay more attention to relevant information.
7. Structure of security holders. Some fund holders are mainly institutions, or "special account" funds, which are equivalent to publicly raised private equity funds, and all have their established investment objectives and risk preferences. In order to ensure the current holder structure and realize the holder's income target, these funds will be restricted from purchasing and other citizens' entry.
Restrictions on fund subscription:
1, the subscription is completely suspended. When there is a major adjustment within the fund, the fund subscription channel will no longer be opened, the current fund disk will be completely maintained or contracted, and 1 fund share will not be sold, but the basic people will be allowed to redeem the fund.
2. Suspend large subscription. This fund stipulates the maximum fund share or subscription amount that investors can purchase, and it is not allowed to buy or sell funds in large amounts.