How big is the fund?
1. The bigger the money fund, the better.
As a liquidity management tool, money funds are held by ordinary investors for a relatively short time. In the face of hundreds of millions of applications for redemption, if the fund is large, the application for redemption has little impact on performance. So the bigger the money fund, the better.
2. The scale of pure debt fund has little influence.
At present, the scale of pure debt funds has no obvious impact on performance, ranging from1-2 billion funds to tens of billions of pure debt funds. Because it is different from stock funds, the income of bond funds mainly comes from repaying principal and interest after the maturity of bonds, and earning the spread between bonds and funds through leverage. Of course, at present, bond transactions in China are mainly between banks, and traders reach deals through inquiry, so larger funds have greater bargaining power in the transaction process. From this perspective, bond funds have a certain scale effect. At the same time, however, the proportion of high-quality bonds grabbed by over-sized funds is relatively low, and the income contribution is also low, which also increases the difficulty of management. Generally speaking, the size of pure debt funds generally has little effect on performance.
3. The size of the convertible bond fund should be moderate.
More than 80% of the assets of general convertible bond funds are invested in convertible bonds. At present, the convertible bond market in China is limited in scale and liquidity, and the scale is too large. The proportion of self-owned investment in Public Offering of Fund is limited, so it is difficult to buy high-quality convertible bonds. Therefore, the scale of convertible bond funds is still moderately small. 4, partial stock active management fund scale is moderate.
Because Public Offering of Fund investment has "double ten" investment restrictions, that is, "a fund holds securities issued by a company, and its market value shall not exceed10% of the fund's net asset value; All funds managed by the same fund manager hold securities issued by a company, and shall not exceed 10% of the securities. " So if a 2 billion, only need to invest in 50 stocks; But if it is a fund of 65.438+000 billion, you need to choose at least 654.38+000 stocks. To invest at least 100 stocks, more stocks need to be tracked and studied, which is a great challenge to the management and energy of fund managers. Moreover, if the fund is 10 billion, 1% will have 10 billion. This kind of large transaction has a great influence on stocks, especially small and medium-sized stocks, which seriously affects the flexibility of fund managers' operations, so the scale is not easy to be too large.
If the scale is too small, the fixed expenses paid by the fund assets, such as information disclosure fees, audit fees, attorney fees, etc. , will be allocated to the unit share, the higher the cost. At the same time, the small scale will even affect the normal management of fund managers.
Of course, the size of equity funds mainly depends on the investment style of fund managers. If the fund turnover rate is high, the scale will have a great impact; If it is a long-term holding style fund, the scale has little effect. Generally speaking, the scale of general partial stock funds is still relatively moderate, and it is reasonable between 500 million and 5 billion.
5. The bigger the passive index fund, the better.
Passive index funds follow the index and have no active management. Fund managers first consider the liquidity management of subscription and redemption. The larger the scale, the smaller the impact on the net worth. At the same time, the bigger the ETF, the better its liquidity. Of course, passive index funds have special regulations and are not restricted by "double ten", so active management funds have no disadvantages of investment restrictions when the scale is too large.
6. The scale of index-enhanced funds is moderate.
Index-enhanced funds, in fact, are based on tracking the index, through the quantitative model to achieve income improvement. If the scale is too large, some income-increasing factors may be passivated or even ineffective. Therefore, the index enhancement fund should be regarded as an active management fund, so the scale is moderate.
Generally speaking, the bigger the fund, the better. The scale of different types of funds is different. Finally, remind investors that the fund is risky and investment needs to be cautious.