Many critics say that the emergence of this super-raised fund is a sign that the market has peaked, but it is not.
Because the scale of fund-raising in history is from left to right, there will always be record-breaking situations. The last record was in June last year, and Penghua cleverly selected and subscribed for more than 654.38+03 billion. The bull market continues.
On the contrary, his macro significance is still beautiful-even looking back from the right side of history. There are probably active super-scale funds every time, indicating that the bull market will continue. It will last at least a year.
But from the microscopic point of view, investors who buy this super-large fund have little income.
There was once a Harvest hybrid fund in history, which set a record of 40 billion yuan in Public Offering of Fund on the day of issuance. It was the end of 2006-it would be a pity for an investor who had not experienced the stock market turmoil from 2006 to 2008.
At that time, my wife was a fresh person who had just left the university campus. She used the first 1 10,000 yuan saved to buy the Harvest Strategy Hybrid Fund. Soon, 654.38+00000 yuan became 6000 yuan. Because she really wants to recover the principal, this fund has developed the habit of her long-term investment.
Now this harvest fund has been in operation for 14 years, and the long-term annualized return on investment is about 10% (if all dividends are reinvested). Although this achievement is weaker than the average level of competing products 12%, it is still reasonable.
However, when making this comparison, people often ignore a variable, that is, the scale of Harvest's strategic portfolio has changed from 40 billion to 4 billion now.
The scale of this fund was over 654.38+000 billion, and it only stayed for one and a half years, that is, from the end of 2006 to the middle of 2008. In the large-scale stage, the investment return rate of the fund is not only far weaker than that of similar competing products, but also lost by 50 percentage points based on the Shanghai and Shenzhen 300 Index.
Lose 50% in a year and a half!
The difference in fund return rate is of course related to the investment and operation level of the fund manager team. In addition, large scale is indeed a constraint.
A single active fund is too rich and will face some problems. Fund managers have too much money and are bound by the double ten (that is, they cannot hold more than 10% of the total fund or more than 10% of a single stock), so they need to hold more stocks than ordinary funds.
In fact, very large-scale funds are most suitable for passive index funds, but if they are passive funds, they will reduce the income of fund companies, so they will not do that.
Active super-scale funds are uneconomical in theory and poor in practice, so why did E Fund grab more than 200 billion fund shares like this?
I guess both fund companies and sales channel companies have concealed the fact that the performance of super-scale funds is very poor, and only stated to ordinary investors that fund companies are inclined to the resources of this fund.
On the whole, E Fund's fund allocation is not outstanding, including their fund manager-Feng Bo's annualized rate of return on long-term investment is 15%, which is not top among domestic fund managers. And before he took charge of this super-large fund, the scale of the fund he managed was around several billion.
From the point of view of ordinary fund buyers, they seem to have many misunderstandings about Public Offering of Fund. It is very likely that they have confused the selection factors of buying funds and buying watermelons-the probability of watermelon ripening is high, and the income of a single fund is not necessarily high.
In addition, people may misunderstand the scarcity of new funds-fund sellers may also advocate so. If you don't get on the bus now, you will delay making money this year!
But the fact is, if you want to invest in the stock market through Public Offering of Fund, you will not be restricted by whether the fund company can issue new funds. You can buy any open-end stock fund. Moreover, relatively speaking, funds with long operation time can refer to more indicators, and from the buyer's point of view, their unsystematic risks are smaller.
Super-scale active funds are really a bad thing. The same is true at the system level.
Super-scale funds are more likely to form a "group effect" of funds in the stock market-the reason is simple, because they are richer and easier to manipulate the market.
Generally speaking, the so-called "cluster effect" of funds means that Public Offering of Fund has become a banker, systematically undermining the principle of market fairness. The best way for regulators to avoid this situation is to increase the total amount of funds on the one hand and limit the size of individual funds on the other. In this way, many Public Offering of Fund's interests are divided enough, and the influence of holding a group to sit in the village on the whole market will naturally fade.
From this perspective, super-scale active funds are not good for the market, investors and even listed companies.