The difference between fund innovation and bank innovation

1. Funds can participate in offline subscription of new shares. According to the introduction of Huitianfu Fund, generally speaking, the expected annualized income of online subscription is 5%~ 10%, and the expected annualized income of offline subscription is 65438+ 0.5~2 times that of online subscription. However, in June, 2007, the CSRC and the CBRC stopped the issuance of trust products for offline subscription of new shares. Because the bank's "IPO" is actually a plan for banks to purchase new shares from trust companies, the offline subscription of bank's "IPO" products is forced to stop, but they can only participate in online subscription of new shares.

Second, the expected annualized expected income distribution is different. Many existing bank "IPO" products have an expected annualized expected return sharing clause, which will undoubtedly reduce investors' expected annualized expected return. Bond funds that can usually subscribe for new shares do not participate in the distribution of subscription profits.

Third, the liquidity of the fund is better. During the whole investment closure period of the bank's "innovative" wealth management products, investors are fined for redeeming the fund, and investors can only redeem the fund on the specified date every month, even during the whole investment closure period, investors can't redeem it. "New" bond funds can be redeemed at any time after the closure period.

Fourth, fund companies are more familiar with the market.

Fifth, the starting point of fund investment is low, and a few hundred dollars can be "settled" when investing.

Although the fund has advantages in the above five aspects, it should be pointed out that bank wealth management products can subscribe for new shares with almost 100% of funds, which is much higher than the upper limit of 20% for bond funds that enhance expected annualized expected returns. Moreover, the bank's "innovative" wealth management products have diversified characteristics, including traditional 1 annual and semi-annual subscription of new shares, as well as specialized innovative wealth management products and demand deposits.

How to choose a new fund

First, don't just focus on new equity funds.

Because the fund can't buy new funds from all positions, investors should be able to choose some old funds with better performance without subscribing for new funds. Even if the new results are not satisfactory, you can make money in the secondary market by virtue of the management ability of fund managers.

New fund selection

Equity fund: 80% of the stock bottom position is required, plus the necessary 5% margin, which is quite limited for daily subscription and redemption.

Bond fund: 80% of positions are invested in bonds, excluding 5% of bank deposit demand, and the remaining 15% of funds can be used for new shares.

Hybrid fund: the position can be in the range of 0% to 95%, minus 5% of the demand for subscription and redemption funds, and at most 90% of the funds can be used to play new shares. When the market direction changes, you can invest in other fields.

Capital preservation fund: new positions can be up to 40%. Generally speaking, the subscription will not be opened halfway, which can prevent new fund arbitrage.

From the above analysis, hybrid funds and capital preservation funds are better choices.

Second, pay close attention to the announcement. First of all, we must pay close attention to two types of announcements.

One is the "issuance announcement" of each new share on the trading day before online issuance, which will list the number of short-listed shares of institutions and funds that subscribe for the new share. Knowing these data, we can know which funds have successfully subscribed for this new share and how many shares these funds have subscribed for.

Another announcement is the announcement of the results of the offline placement of initial public offerings. In this announcement, listed companies and underwriters will announce which institutions and funds have obtained specific shares, and investors can calculate the lottery amount of the corresponding public offering funds and predict the corresponding net asset value ratio of the funds.

Third, the scale should not be too large.

If the fund is too large, it will dilute the expected annualized expected return. For example, a fund with a scale of only 654.38+0 billion and a fund with a scale of 654.38+0 billion will also increase profits by 30 million. If the fluctuation caused by the expected annualized expected return of other stocks is not considered, the net value of the former will increase by 3%, while the latter will only increase by 0.3%.