On February 23, Ruiyuan Fund announced that in order to safeguard the interests of fund share holders, Zhao Feng, the company's managing director and fund manager, took the lead in holding Ruiyuan's balanced value for three years from February 27, and the following small series brought about the performance differentiation of holding the fund for three years. Let's take a look at it together, hoping to bring some reference.
Performance differentiation of three-year holding funds
The amount of restricted subscription and regular fixed investment is adjusted from 300,000 yuan to 6,543,800 yuan. According to the previous announcement, the fund opened its daily redemption business on February 2 1 this year, three years after its establishment on February 2 1. In addition, three-year holding funds managed by fund managers such as Li Jing of Dongfanghong Asset Management, Wang Keyu and Cao Zhaoxu of Hongde Fund will also open daily redemption business this year.
Three years is an important test stage of fund performance. Although many fund companies say that holding-period funds are conducive to reducing the loss of transaction friction between fund income and basic income, in the view of third-party institutions, fund companies should avoid laying out holding-period products at high positions in the market and should equip holding-period products with senior fund managers who have experienced the test of bulls and bears.
Adjust subscription limit
Ruiyuan balanced value has been mixed for three years since its establishment, which can be described as "infinite scenery". According to the data, the fundraising period of the fund is only one day on February 18, 2020, and the effective subscription application amount of the fund on that day has exceeded the subscription limit of 6 billion yuan. In the end, the effective subscription confirmation ratio of the Fund was about 4.90%, and the total number of effective subscriptions was 376,800. During the fundraising period, the net subscription amount was 5.965 billion yuan.
Subsequently, on May 20, 2020, the Fund started daily subscription and regular fixed investment business, and the large subscription amount was limited to 65,438+0,000 yuan. After 2022, the subscription amount of the fund began to increase gradually. On June 65,438 438+ 10/October 65,438+07 and March 65,438+08, 2022, the restricted subscription and fixed investment of the Fund were raised to RMB 654,380,000 and RMB 654,380,000 respectively. After opening the daily redemption business, the fund will increase the amount of limited subscription and fixed investment to 300,000 yuan. After the latest adjustment, the subscription limit of the fund will be lowered to 65,438+0,000 yuan again.
According to the subscription results of non-public offering shares of listed companies with Ruiyuan's balanced value for three years, as of February 1, the latest scale of the fund is1627.9 billion yuan. In terms of performance, as of February 22, the total rate of return since the establishment of the A share of the fund was 40.60%; Thanks to the strong rebound of Hong Kong stocks at the end of last year, the Fund's rate of return since June 2022 165438+ 10 was 25. 19%. Zhao Feng said that in the past three years, the fund has made some gains, especially in 2022, the return on investment mainly comes from the value of the investment target itself and the "good price".
The total scale exceeds 2 10 billion yuan.
There will be more than three-year holding funds open for redemption this year. Among them, the larger fund products are Dongfanghong Qidong three-year holding hybrid managed by fund manager Li Jing, Wang Keyu and Hongde Ruixing three-year holding hybrid managed by Cao Zhaoxu, Xingquan and Feng three-year holding hybrid managed by Ji Wenhua, which will be redeemed in March, July and August this year respectively.
The data shows that the above three funds were all sold out in one day, raising 2.958 billion yuan, 5.942 billion yuan and 7.9 79. 1.07 billion yuan respectively, and the effective subscription ratio was about 79.78%, 69.04% and 5 1.07%% respectively. By the end of the fourth quarter of 2022, the scale of funds held by Dongfanghong Qidong in three years has more than tripled, reaching 654.38+02.237 billion yuan; The scale of Hongde Ruixing's three-year hybrid fund increased to 7.56 billion yuan, and the scale of Xingquan Hefeng's three-year hybrid fund decreased to 6.569 billion yuan.
In terms of return performance, Wind data shows that as of February 22, the total return rate of Dongfanghong Qidong managed by Li Jing has reached 57.59% since its establishment three years ago. The total return rate of Xingquan Hefeng managed by Ji Wenhua since its establishment three years ago is -20.74%.
On the whole, as of February 22nd, there were three-year active equity fund products 102 in the public offering market (calculated by different shares), and the total scale has exceeded 21000 billion yuan, including Xie Zhiyu of Global Fund, Liu Hezheng of Guangfa Fund, Zhao Yi of Fund and Feng Mingyuan of Cinda Aussie Fund. However, from the performance point of view, at present, the average total return rate of 102 funds since its establishment is -4.79%, and only about one third of the funds have a positive total return rate since its establishment.
Avoid the high-level layout of holding products.
In April, 2022, China Securities Regulatory Commission issued the Opinions on Accelerating the High-quality Development of Public Offering of Fund Industries, which clearly stated that "industry institutions should be encouraged to develop various fund products with lock-in periods to serve the life cycle of investors", which provided a solid policy basis for the development of held fund products.
Ruiyuan Fund believes that the holding fund can better solve the transaction friction loss between the fund income and the basic income through product design. In addition, for the fund manager, Xinghua Fund believes that the fund can ensure the relative stability of the fund share during the holding period, which is conducive to the fund manager to practice his investment plan, put more funds into the medium and long-term excellent targets, reduce the impact of redemption and other operations, and more likely to bring better investment income to customers.
However, many holding funds are facing the embarrassing situation of poor performance. Analyzing the reasons behind it, Yuji Fund believes that on the one hand, some fund companies concentrate on issuing funds when the market is good, and the starting point is high, which can't stop the downward trend of the broader market; On the other hand, many fund companies have hitched a ride on the issuance of holding funds. However, it is difficult for some companies' smaller investment and research teams to take advantage of long-term investment. If the fund manager has no experience in crossing bulls and bears, it may lead to operational mistakes and poor performance.
In the view of Yuji Fund, optimizing the holding period fund has higher requirements for fund companies to judge the long-term market trend. The long holding period requires the company to equip fund products with fund managers who have experienced the test of bulls and bears. For investors, the long-term holding of funds is based on the low market, and fund companies should avoid laying out holding products at high positions. In addition, fund companies can give funds higher liquidity for investors to redeem in time, improve the holding experience, and also try more rolling holding mechanisms to increase redemption options.
Seize the stocks with continuous daily limit.
In the mid-line stock picking skills, if you want to make a medium-long line layout, you must look at the current market situation. You can refer to the annual line (250 antennas) and semi-annual line (120 antennas) of the market index. If the trend is above the annual line and the semi-annual line, it means that it is not a bear market at present. In the face of national policies, investors should not be lucky enough to grab the rebound or choose to buy people, but should wait and see to clear their positions. If the stock market rises sharply, it is necessary to follow the trend and hold shares in the medium term.
Mid-line stock selection should be comprehensively analyzed from six aspects: K-line shape, technical index, relative price, company fundamentals, market trend and stock theme. We should give up some stocks with high P/E ratio and prices much higher than their intrinsic values.
As for how to seize the stocks with continuous daily limit? The initial share price rose by more than 6%; Must be "heavy"; The greater the increase, the stronger the trend and the more favorable it is. Among the key conditions of daily limit, the opening price is 2-3 points higher and the opening price is not more than 2 points lower. The decline process cannot be heavy, and the heavy volume is suspected of shipping; The closing price is near yesterday's closing price, so it is best not to form a gap.