There is nothing new under the sun. The insiders believe that the false prosperity of fund products made by "helping funds" will ultimately damage the interests of investors and the credibility of the public offering industry. The following small series brings funds that should reject false prosperity. Let's take a look at it together, hoping to bring some reference.
There are risks hidden behind false prosperity.
"Last Friday, the leader of a futures company came to me and asked me if I needed' help funds'." Li Xing (pseudonym), the head of a small fund company in Shanghai, told shanghai securities news that the "helping fund" delivered to the door was explicitly rejected. "Small fund companies have a strong demand for' helping funds', because small fund companies have not yet formed brand influence, and it is difficult to issue new funds."
The reporter found in many interviews that, as Li Xing said, when it is difficult to raise new funds, "helping funds" often appear in time to help new funds reach the threshold of raising 200 million yuan.
In addition, the "help fund" often appears in the following two situations: First, the mini-fund is on the verge of liquidation, and the "help fund" appears at a critical moment because the fund size is less than 50 million yuan for 60 consecutive working days to avoid fund liquidation; Second, if the Fund wants to modify the fund contract, it needs to convene a holders' meeting, and the prerequisite for convening a holders' meeting is that the fund share holders who directly issue voting opinions or authorize others to issue voting opinions hold more than half of the total fund shares on the equity registration date. In order to successfully hold the holders' meeting, the fund company will choose to temporarily introduce a "helping fund" to meet the relevant requirements.
"Helping money is an open secret in the industry." Li Xing said that many brokers, futures and other institutions have this kind of business, providing "capital assistance" for fund companies, but the cost of "capital assistance" is more complicated and there is no clear standard. "Some institutions may ask for 6.5438 million yuan, and some institutions will replace resources, such as cashing out in the form of sub-positions or tail commissions."
Survival of the fittest is an inevitable trend.
Judging from the funds assisted by the "Helping Fund", the scale of most funds has not improved, and the scale of some funds is "riding a roller coaster". A fund once welcomed1400 million yuan to "help" in a quarter, but the above funds only stayed for three or four months, and finally the fund had to go into liquidation.
A fund researcher in Shanghai bluntly said that with the rapid expansion of the public offering industry, the false prosperity created by "helping the fund" is meaningless. "The' Helping Fund' helps fund products to set up or maintain operations, which is a temporary solution but not a permanent cure. In the end, the fund will not grow. At present, the number of publicly offered products exceeds 1 000, the total scale of the industry exceeds 27 trillion yuan, and the value of fund shell resources has shrunk dramatically. At the same time, as the most open and transparent asset management product, the entry and exit behavior of institutional funds is recorded in regular reports, which ultimately damages the reputation of fund companies and even the public offering industry. "
Industry ecology needs to be optimized.
Who gave the "helping fund" the soil to survive? In the eyes of many people in the industry, many fund companies seeking "helping funds" are also helpless, which points to a stubborn disease in the public offering industry.
"For fund companies, the fastest way to do large-scale is to issue new funds, which has a lot to do with banking channels. Because the new fund can bring more income to the channel, such as fund subscription fee, the channel also has the motivation to issue new funds. In contrast, the continuous marketing of old funds is relatively difficult. Unless the performance of the fund is particularly outstanding, it is difficult for the channel to have the motivation to promote it. " Li Xing said frankly that the phenomenon of "redeeming the old and buying the new" in the public offering industry is still serious. "The end result is that fund companies have been pushing new funds."
"Sometimes, different channels will customize different funds, which also leads fund companies to issue similar funds in different channels in order to meet channel requirements." The marketing director of a fund company in South China admits that once the new fund raising fails, it will have a very bad influence on the reputation of the fund company, and it is difficult for the channel to cooperate with the company again. In addition, if the number of clearing funds under the company is relatively large, the channels will also be "disgusted". "Therefore, in order to protect the establishment and protect the shell, the fund company chose to introduce the' helping fund'."
The Opinions on Accelerating the High-quality Development of Public Offering of Fund Industries issued by the CSRC last year clearly pointed out that fund managers and fund sales organizations should be guided to firmly establish the marketing concept with investors' interests as the core, and the sales organizations should be urged to constantly improve the internal assessment and incentive mechanism, so as to effectively change the phenomenon of "emphasizing the initial offering but neglecting the operation".
Many people in the industry said that, standing at a new starting point of 27 trillion yuan, the "support fund" has various drawbacks. Fund companies, channels and other parties should take the interests of investors as the core and join hands to say no to the "help fund" that does not help.
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.