Many funds have the investment habit of chasing new funds. Some simply like to buy new funds, thinking that new funds are cheap and have a large room for appreciation. Some follow their trusted fund managers or fund companies and want to buy some new funds as long as they are approved by the fund managers or fund companies. However, sometimes we will find that after the subscription of the new fund, a few days later, the money is actually returned to their account. Why will I get a refund after buying a new fund?

This situation will generally trigger the proportional placement of new funds, especially in the bull market where new funds break out, new funds issued by star fund managers or fund markets are hot. What does proportional placement mean?

Generally speaking, when raising new funds, the upper limit of the amount raised will be set, which may be 5 billion yuan, 8 billion yuan, and so on. When the actual raised amount exceeds this upper limit, proportional placement will be triggered. Proportional placement refers to the allocation of funds to investors according to the proportion of the original raised ceiling to the total raised amount, and the part of investors' subscription exceeding their placement ratio is unconfirmed subscription amount, usually after several trading days.

According to the truth, fund companies earn money from fund management. The bigger the scale, the higher the income. Why set the raising ceiling to control the fund size?

Mainly because the liquidity of the market is limited, when the fund scale is too large, the initial cost of opening positions will also increase, which is not conducive to the management of fund managers. Controlling the scale within a reasonable range is more conducive to the long-term stable operation of the fund.

Don't worry too much about the money returned after the unsuccessful subscription. It can be used to buy old funds managed by the same fund manager, or it can be used to buy products with the same theme as new funds.