Today, Bian Xiao will take you to learn: Do investment funds want face or lining?

Once the word "liquidation" is mentioned, investors will naturally associate it with poor investment management, serious losses, massive redemption and being on the verge of crisis. Fund practitioners are often secretive about the liquidation of funds and are quite sensitive to this topic. In the past, fund companies often did face-saving projects for the sake of corporate image, and no one wanted to be the first person to eat crabs. Once there is a risk of liquidation, fund companies will generally take measures such as injecting funds to save products. For fund companies, liquidation is a choice about face and lining.

The insiders believe that from the current market environment, although the violent shock of A shares is an important reason for the liquidation of private equity funds, not all products are passively liquidated because they touch the stop loss line. In fact, there are many reasons for the liquidation of private placement, including fund managers' pessimism about the market outlook, the expiration of products, the adjustment of the company's business structure, the decline in net worth hitting the liquidation line, and poor performance. Among the products liquidated this year, some products were liquidated in advance because the fund manager was bearish on the market outlook, which can be described as "rushing back". Among these voluntary liquidation products, the yield of some products is considerable.

For example, Founder Fubon Innovation Power (365,438+00328) and West Profit New Trend, two funds established in and rated as five stars by Haitong, both suffered large-scale redemption in the second quarter, especially the West Profit New Trend, with a redemption share of 456 million, accounting for 965,438+0% of the total share change. Since June 30th, the net value of the two funds has dropped by 29.23% and 19.39% respectively, which is quite resilient compared with many funds whose net value has been halved.

However, the liquidation of some funds is indeed a "helpless move." On August 20th, TEDA Manulife Fund Company announced that it intends to terminate the TEDA Manulife Global New Pattern (qdii) Fund Contract, and plans to hold a holders' meeting by means of communication from September 7th to vote on the termination of the fund. The voting time of the meeting starts from September 7th and ends at 7: 00 on September 20th/kloc-0. It is understood that if the fund is liquidated, it is not only the first qdii to be liquidated, but also the first active equity product to be liquidated, and it is also the first fund that is in a state of loss and facing liquidation.

According to public information, TEDA Manulife Global New Pattern Fund was established on July 20th, 2008, and it is the only qdii fund under TEDA Manulife. The quarterly report of the fund shows that the scale of the fund has been shrinking since its establishment, and its investment performance and profits have been in a state of loss for a long time. Since the first quarterly report, the net asset value of the fund has been below 1 100 million yuan for a long time. In the 15 quarterly report, the net asset value of 1 1 quarterly report was less than 50 million yuan. According to the "red line" set by relevant laws and regulations that lasts less than 50 million yuan, the fund has long struggled under the line of life and death. Visible at this time is forced to choose "liquidation".

Relevant persons of TEDA Manulife said that the fixed fees of smaller funds obviously eroded the interests of holders. A fund practitioner said that for fund companies, because of its small scale, mini-fund occupies a large number of talents, channels, markets and other resources, and its profit rate is low, it has become a "burden" that is difficult to unload, and liquidation has become a rational choice; However, for a fund with loss of performance, how to protect the interests of investors and compensate them has become a difficult problem that it has to face directly.

However, people in the industry also pointed out that for Public Offering of Fund, liquidation of losses means lack of capacity, which is also a very shameful thing. Therefore, Public Offering of Fund will not be easily "wound up" unless it is absolutely necessary.

The Good Buy Fund Research Center said that before the current stock market adjustment, the liquidation funds were mainly monetary and short-term financial bond funds, and there were fewer hybrid funds; Public Offering of Fund was able to avoid multiple liquidations, thanks to the key word "continuity" in relevant regulations. Public Offering of Fund can catch his breath as long as he finds an organization that is willing to "help" every 20, but in fact, the reason for doing so is mostly a matter of face. The organization is not a "living Lei Feng". Whenever he wants to help, he will naturally talk about cost and self-help again and again. In order to maintain a mini fund, the cost of not having to liquidate is not low.

For a fund that wants to save face and doesn't want to be "stiff", it's really an account. The person in charge of a fund company said that in fact, fund liquidation is a good thing for fund companies. The fund scale is too small, the maintenance cost of fund companies is high, and some even lose money to earn money. "The management fee that a fund can collect every year is about 1.5%. For example, if the size of the fund is 200 million, then the management fee that the fund company can receive in that year is 3 million yuan. If the fund manager, researcher fees and bank custody fees are deducted, there is basically little left. As for the fund mentioned above, the scale is only 20 million, so the management fee that can be received every year is 300,000, which can be said to make ends meet. "

In this regard, insiders pointed out that it is not a bad thing for "chicken ribs" products to withdraw from the fund team. It can be seen that in the capital market, bank qdii and private equity products have already had liquidation precedents; There are also some stocks delisted from the stock market, and the CSRC is also promoting the improvement of the delisting mechanism. In contrast, the withdrawal and liquidation of the market-oriented public offering of the fund industry can even be said to come a little late; Public Offering of Fund's "dissolution" is not terrible. Fund liquidation will open the exit mechanism of Public Offering of Fund industry, which should be viewed objectively by both fund industry and fund investors.

I believe that through the above study, you must know something about this knowledge point. I hope you know more about this knowledge, so that you can sum it up like a duck to water in the market.

Statement: Futures information comes from cooperative media and institutions, and is the author's personal opinion, which is for investors' reference only and does not constitute investment advice. Investors operate accordingly at their own risk.