The Securities Law stipulates that employees of stock exchanges, securities companies, securities registration and settlement institutions, staff of securities supervision and administration institutions, and other personnel prohibited from participating in stock trading by laws and administrative regulations shall not hold or buy or sell stocks directly or in the name of others, or accept stocks donated by others during their term of office or within the statutory time limit. Therefore, not speculating in stocks is the iron discipline of securities practitioners. How do securities fund practitioners participate in the stock market? That is, indirectly participate in the securities market through investment funds, which means that fund managers can buy and sell funds and use their own money to buy the funds they manage.

In the fund investment market, it is not uncommon for fund managers to buy their own funds. For example, on the day of the first listing of China Europe Hengli Three-year Fund, its fund manager Cao Mingchang himself bought 5 million yuan. His behavior greatly mobilized investors' investment enthusiasm and brought confidence to investors. Driven by this behavior, many retail investors directly subscribed for more than 5 million at that time.

Fund managers can mobilize investors' investment enthusiasm to some extent by purchasing the funds they manage. On the one hand, I have confidence in the funds I manage, on the other hand, I may also have the marketing needs of fund companies. But anyway, the attitude and sincerity are already here.

If the fund manager subscribes for the fund himself, does it mean that the fund must be worth investing?

Risk tolerance matching

First of all, we must judge whether the type of this fund meets our investment needs. If you are a conservative investor and can't bear the risk of market fluctuation, and this fund is a high-risk stock fund, it is difficult to avoid short-term market fluctuation. After all, there are few funds with excellent performance all the year round, so this fund may not be suitable for you. The types of investment products and their own risk tolerance span too much, which is a big taboo in investment.

The pressure on management has increased.

Furthermore, the fund purchased by the fund manager himself can of course be used as a reference, but it cannot be used as the only criterion to judge the potential of a fund. On the other hand, this behavior will also cause some risk factors. If the number of funds purchased by family members increases, it will bring more pressure to fund managers, and it is possible to adopt a more conservative strategy in order to avoid floating profits and losses as much as possible, thus missing some better profit opportunities.

Benefit transmission

If a large number of people in the fund company buy their own funds, the effective implementation of relevant systems such as fair trade and prevention of interest transfer will face frame skipping, and whether the risk tolerance and compliance clauses of individual stocks can be strictly enforced will face challenges.

Generally speaking, it is a good thing for fund managers to buy the funds they manage, but we still need to consider these aspects and then choose the funds that suit us.