When the fund market is hot, many old funds with excellent historical performance are more capable of attracting funds. At this time, many funds have suspended large-amount subscriptions. In other words, if you want If you buy someone else's fund, the fund company will supply a limited amount, and you won't be able to buy the shares you want even if you have money.

For example, Xingquan Herun Graded Mixed Fund issued an announcement: In order to ensure the smooth operation of the fund and protect the interests of holders, starting from July 8, single-day subscriptions and conversions of individual fund accounts will be transferred to the accumulated In principle, the amount shall not exceed 20,000 yuan. For applications submitted by investors, the fund manager will evaluate them based on the operation of the fund assets and has the right to reject them.

From the perspective of the profit model of fund companies, the fees charged by fund companies mainly come from two aspects. One is transaction fees: including subscription fees, subscription fees, redemption fees, and the fees earned from subscription and redemption fees. It's money from "sales". The more you sell, the more you receive. The second is management fees. Management fees earn "stock" money, and the larger the scale, the more you collect. This scale comes from two parts, one is the principal amount subscribed by investors, and the other part is the part that increases the value of the fund through the investment of the fund manager.

From the perspective of the fund company's profit model, there is indeed no need for the fund company to restrict purchases, but why do the fund companies still impose purchase restrictions?

The main reasons are as follows:

First, maintaining the stability of the fund scale is conducive to the operation of the fund manager.

Generally speaking, fund size has a relatively large impact on fund performance. Some fund managers may perform very well when managing a scale of 1 billion, but if they are given 10 billion of funds at once, their performance may be greatly reduced. The difficulty of managing funds of different sizes varies greatly.

Second, protect the interests of fund investors.

When market conditions are good, foundations with excellent historical performance are more likely to be sought after. However, if the scale of new subscriptions in a short period of time is too large and the fund manager cannot quickly find good targets for these funds to build positions, then the fund performance is likely to lag behind the market and other similar products, and the interests of the original fund investors will be lost. suffered some damage.

Are funds with purchase restrictions worth buying?

Regardless of whether there is a purchase restriction or not, the decisive factor in our decision to buy a certain fund is still the fund itself.

We should use our conventional methods of judging funds to conduct a comprehensive evaluation of the fund. For example, whether the historical performance of the fund is excellent is one of the judgment criteria. Consider short-term performance in conjunction with long-term performance over one, three or even five years.

If it is an active fund, the fund manager is a more important consideration than historical performance. If the fund manager is indeed very good after many rounds of bull and bear tests, he can participate in the fund within the limit even if the purchase is restricted. Or subscribe to other funds managed by the same fund manager that do not have purchase restrictions.

If the conditions for a high-quality fund are not met, then even purchase restrictions are more like hunger marketing, and there is no need to follow the trend. Blindly following the trend is irrational at any time.