It may have an impact, but it depends on the degree.

Generally speaking, redemption will not affect the normal operation of the fund. Generally speaking, the fund contract stipulates that 5% of the fund assets shall be kept in cash to cope with the redemption of investors. Therefore, if the amount of funds is small, the cash in the fund assets will be enough to meet the redemption of a single investor.

Of course, it doesn't matter if it is bigger than 5%. The fund has a large number of purchase and redemption transactions every day. Some people purchase and some people redeem, and the cash purchased can also be used for the fund to pay the redemption money.

In extreme cases, the fund has other tools to deal with investors' redemption. In extreme cases, the fund contract stipulates that the fund manager also has many ways to deal with the redemption of investors, such as:

1, huge redemption clause.

For open-end funds, huge redemption generally refers to the redemption share MINUS the subscription share (that is, the net redemption share) accounting for10% of the total fund share; For regular open-end funds in the development period, the above ratio is 20%.

If the redemption amount exceeds this ratio, the fund manager can handle it as appropriate. If the fund manager thinks that accepting full redemption is not conducive to the fund, he can announce a partial postponement of redemption, that is, the part exceeding 10% or 20% will be postponed to the next working day. This will give fund managers more time to deal with the liquidity crisis of investor redemption.

2. Suspension of redemption.

If the huge redemption fails to solve the problem temporarily, the fund manager can also announce the suspension of redemption and reject all investors' redemption applications for up to 20 working days.

3. Deferred payment of redemption money.

The fund manager may also postpone the payment of redemption money as appropriate. Different from the suspension of redemption, investors who suspend redemption still hold fund shares; If the redemption money is delayed, the investor who applies for redemption redeems the fund, but the money will be in arrears for a period of time.

Large-scale redemption by investors will indeed lead to passive jiacang, and fund managers are under pressure to adjust their positions. However, all the tools to deal with investors' redemption can not solve the fundamental problem of investors' redemption, but can only alleviate the liquidity risk.

If investors redeem on a large scale, the cash in the fund property will decrease, which will lead to the passive increase of non-cash securities assets. In order to keep the fund running, fund managers will reduce their positions and adjust their positions.

Only when there is a large-scale redemption of funds in the whole market will there be a risk of aggravating the decline. In fact, if the fund encounters large-scale redemption by investors, there is no need to be particularly worried. This happens frequently, but the fund manager thinks he can handle it, so he doesn't use the above tools and doesn't need to make an announcement.

If a fund is redeemed on a large scale, the fund manager will sell the position as planned and realize it. Compared with the market turnover, the sales volume accounts for a small proportion, and the impact on the market will be limited, and there will not necessarily be a sharp decline.

Generally speaking, only a systematic large-scale redemption in the whole market can trigger the large-scale decline mentioned in the title.

For example, at the beginning of the 20 15 bear market, investors' redemption of funds is an expectation of market decline, and fund managers' reduction is a response to investors' time. A large number of fund managers reduced their holdings, which aggravated the market decline.

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The large-scale redemption of the fund led to the manager's passive lightening, which led to a large decline. This assumption exists and has indeed happened in reality.

In August 2009, A shares plunged continuously. On August 17, the Shanghai Composite Index plunged 5.8%, falling two points in a row, with a loss of 2,900 points. On the last trading day, less than 50 stocks rose and more than 260 stocks fell.

Under the pressure of insufficient market confidence and huge redemption, a large number of funds began to passively reduce their positions, which also triggered a serious mutual trampling between funds. On the superposition of economic environment, global situation, policy influence, economic cycle and many other factors, a long-term bear market of 200-20 13 was opened.

However, we must also clearly see that the probability of such an event is very small, and it will only happen once or twice every 10 year, and many factors must be met at the same time, so there is no need to pay special attention to such events. In the daily investment, the fund can operate normally as long as it does not involve huge redemption, because a part of the fund reserves cash to deal with the daily fund redemption. We should not be timid because of extremely small probability events, which will affect our normal fund investment.

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First of all, it should be clear that even a fund with a scale of10 billion may redeem 30% at one time, and only a few hundred million shares may be allocated to individual stocks.

The top allocation of the fund's heavy stocks is 10%, and 30% of the stocks will be allocated to 300 million. When fund managers choose heavy stocks, they usually choose stocks with large market value, and several tens of billions of stocks sell for 300 million. The market is completely fine, and someone will buy it.

1. An industry is seriously overvalued, and most fund managers are not optimistic. In the case of crazy selling, individual fund managers are still sticking to it, and the foundations they stick to have plummeted.

2. The stampede after the mad cow will also cause the fund to shrink sharply. For details, please refer to 15 Crazy Bear Market.

Although retail investors account for the vast majority of the A-share market, the pricing power is still in the hands of fund managers, so the selling of a single fund will not lead to a sharp decline in the fund.

According to the provisions of the fund contract, part of the expenses arising from the large-scale redemption of the fund will be merged into the fund assets, resulting in a substantial increase in the net value of the fund.

Under normal circumstances, the Foundation reserves a certain amount of reserve funds for payment of redemption applications. But when it comes to large-scale redemption, cash reserves are often not enough to pay for redemption. In this way, the fund manager has to sell the stocks and bonds held by the fund. This low-priced and large-scale selling may lead to a sharp drop in share prices.

Generally, a single fund holder is single, and institutions or individuals hold a high proportion of funds, so it is possible to have a large redemption. We should avoid this kind of fund.

it will be

The fund manager should increase or decrease the position according to the situation, otherwise he will be asked to do something.