In the first half of this year, the scale of new funds soared, even reaching one trillion yuan. However, at the beginning of July, the issuance of new shares was suddenly stopped, and the new fund suffered huge redemption in a short time. Recently, the CSRC announced the resumption of IPO, which should have been a good thing for the new fund. However, industry insiders have analyzed that new rules or changes in new funds may not be able to reproduce the previous scenery.

Among them, two changes have attracted much attention: first, cancel the current prepayment system for new share subscription and make payment after determining the number of placements; Second, it is clearly stipulated that if the number of publicly issued shares is less than 20 million shares and there is no transfer plan for old shares, the issue price will be determined by direct pricing, and all of them will be issued to online investors without offline inquiry and placement.

In fact, the income from playing new funds is mainly related to the winning rate and the yield of new shares during the holding period. Under the new regulations, the utilization efficiency of new funds will be improved, and the winning rate of new funds may be reduced. The policy of canceling the advance payment makes the advantages of the new fund disappear. At the same time, under the new IPO regulations, small-cap stocks are directly priced and issued, which narrows the price difference between the primary and secondary markets, thus affecting the yield of new funds. Under the original rules, a new fund can take advantage of the scale of funds to ensure the offline winning rate. The bigger the new fund, the easier it is to be distributed, but now it has become a burden.

At present, some fund companies intend to control the growth of new funds in order to prevent the original fund holders from being diluted. For example, SDIC UBS Fund recently announced that its four new funds, namely, new opportunities, new value, preferred income and new power, will suspend the large subscription of more than 30,000 yuan from 10/0.

But generally speaking, in the primary market, institutional investors represented by innovative funds still have a certain priority. As an absolute income variety, innovative funds are still worth investing, and their advantages are obvious compared with monetary funds, pure debt funds and other varieties.

According to the statistics of Eastern Fortune choice Financial Terminal, there are currently 527 funds participating in the new fund market. Various fund companies also vigorously promote their new products after the IPO restart, but at the current point, what points should investors pay attention to when choosing new funds?

First of all, the fund size should not be too large.

Under the new rules, if the scale is too large, it will dilute the new rate of return. If it is too small, it will mean that the amount of new funds will be small, and the winning rate will also be affected. According to industry insiders, 65.438+0 billion yuan to 65.438+0.5 billion yuan is the best, and it is best not to consider more than 3 billion yuan.

Secondly, choose a new fund with a high historical hit rate.

According to the statistics of CBN, the level of new funds playing new shares is uneven. Among them, the Southern Hedge Value-added Fund has the largest number of new shares, and the number of new shares played by this fund in the past year is as high as 123. And 28 1 only played new funds, and played less than 10 new shares, accounting for 53%.

For investors, what they are most concerned about is the new rate of return. The rate of return of the above-mentioned southern hedge value-added fund is only 1.37%. E Fund Hui Ke's new flexible allocation fund actually ranks first, with a yield of 9.63%, but only 1 new shares have been issued, which cannot be called a typical new fund.

From this point of view, some new funds have obviously played a number of new shares, but the net growth is very slow; Although the net value of some funds has increased several times, few new shares have been hit. When choosing a new fund, investors should comprehensively consider the number of new shares and the new rate of return. Among them, Haifutong's pension income, ICBC Credit Suisse's absolute income and Penghua Hongtai's flexible allocation all performed well.

It is also worth noting that from the perspective of fund types, hybrid funds are the main types of new funds. Generally speaking, the allocation ratio of hybrid funds to various assets can be flexibly controlled. According to industry insiders, the operation mode of the new fund may change in the future, and it will become a large number of bonds, and the new share allocation will be used as a revenue enhancement strategy to gain profit space. In other words, the difference between new funds and bond funds may gradually narrow.

Finally, it depends on the investment and research level of fund managers. With the change of IPO rules, fund managers have obviously ushered in a new test.