The problems in China's stock market construction, economic development and asset management industry need the rationality of the market as a whole. As investors themselves, we must measure our risk tolerance clearly. Today, Bian Xiao will share with you the mystery behind the fund purchase restriction, for your reference only!

Excellent fund purchase restriction

Excellent funds are more likely to limit purchases and ensure performance. Through the purchase restriction, the fund scale is kept moderately stable, the asset allocation target is achieved, and a relatively high performance ranking is achieved. These funds often perform well and the fund managers are famous. Because of the obvious money-making effect and the pursuit of the market, there will be a large amount of capital inflows, which will dilute the income of the original investors in a short time. Appropriately limiting the scale is conducive to investors' pursuit of long-term stable returns.

For fund managers, if the short-term scale surges, it will lead to the passivity of investment strategy. When the management scale reaches tens or even tens of billions of yuan, it will also bring the problem of "it is difficult for the ship to turn around". Restricting the scale is conducive to the management of fund managers' positions.

In the short term, fund purchase restriction will hinder the growth of fund scale, and then affect the management fee income of fund companies. But in the long run, this method actually protects the interests of holders and can bring long-term trust to investors.

Other reasons for purchase restriction

We understand that these "Big Mac" funds guarantee their performance by limiting their size. However, in the process of investment, we found that some funds are very small, some are only a few hundred million, and very strict purchase restriction measures have been taken. There is a lot of knowledge here.

1, before dividends. According to the regulations, fund dividends are temporarily exempt from income tax, so there may be an influx of institutional funds before dividends. Therefore, some funds that intend to pay dividends will also control the scale, mainly to confirm the fund share and avoid tax-free arbitrage of large funds.

2.QDII quota restriction or overseas market closure. According to the national foreign exchange management system, the amount of foreign exchange purchased by individuals each year is only $50,000. There are also quotas for fund companies to invest in overseas markets. Everyone wants to invest through QDII funds when they are optimistic about overseas markets, but the quota has been bought out, so it is natural to restrict the purchase of funds or even suspend the subscription. In addition, when the overseas investment market is closed, QDII funds will also suspend trading, because QDII funds cannot be valued at this time, and the newly added amount on that day cannot be effectively allocated.

3. Maintain the best investment strategy. In addition to the purchase restriction of excellent funds, some "new" funds will also be restricted. Their scale is generally not very large, and most of them are below 200 million. Because if the scale of the new fund is too large, the winning rate is not high, the new income will be diluted, and the thickening effect on the net value will be greatly reduced. Judging from the historical new income, the fund with a scale of over 200 million yuan has the highest rate of return. This kind of fund may be restricted in order to maintain the optimal scale and obtain better investment income.

4. It is easier to make achievements. The same fund manager manages multiple products, and small-scale funds are restricted to purchase, and large-scale funds are not limited to purchase, which is worth studying. Due to the outstanding performance at present, in order to ensure the performance, we temporarily give up the scale expansion. After all, the larger the fund scale, the higher the requirements for fund managers to adjust their positions and hold shares. Small-scale funds have more flexible strategies and diversified investment methods. It is likely that they want to make their own "masterpieces" by restricting the purchase of smaller funds.

5. Ensure the support structure. Some fund holders are mainly institutions or customized funds, not products for retail channels. In order to achieve the established investment income target and risk preference of institutional funds, such funds may also be restricted. To put it bluntly, I just don't want retail investors to get involved.

To sum up, it is basically because of good performance, scarce products, or products that are about to make a difference that large purchases will be chosen. The purchase restriction is also to ensure the interests of the original holder.

Looking for investment opportunities from the restricted purchase fund

So are these restricted funds worth buying?

Because there are many reasons for the fund's purchase restriction, it is necessary to carefully identify different purchase restriction backgrounds, comprehensively analyze the long-term and short-term performance of the fund, the management ability of the fund manager, the market environment and other factors, and then consider whether to start.

1, a restricted fund for large excellent fund managers.

This is not essentially different from our usual process of screening funds. For this kind of fund, we should pay special attention to two points: one is the strength of purchase restriction, and the other is the fund manager's ability to control large funds. If its management ability has been widely recognized by the market, it can participate through fixed investment.

2. Subscription of new funds.

In addition to restricting purchases, such funds should also pay attention to the appropriate range for observing whether the fund scale is stable. When selecting new funds, we should focus on large companies and small funds, and find new (well-funded) or full-time fund managers with more secure performance. Because playing a new fund is not without risks, such as the fluctuation risk of bottom positions, the fluctuation risk of hedging instruments and the risk of breaking new shares.

3. The same fund manager gives priority to the management of smaller and more restrictive funds.

The investment value of such funds is obviously higher. Some investors can buy even if the daily subscription limit is 1 1,000 yuan.

Tip:

First, we should pay attention to arranging the proportion of fund varieties according to our own risk tolerance and investment purpose. Choose the fund that suits you best, and set an investment ceiling when buying partial stock funds.

Second, be careful not to buy the wrong "fund". The popularity of funds has led to some fake and shoddy products "fishing in troubled waters", so we should pay attention to identification.

Third, pay attention to the post-maintenance of your account. Although the fund is worry-free, it should not be left unattended. Always pay attention to the new announcements on the fund website, so as to have a more comprehensive and timely understanding of the funds you hold.

Fourth, pay attention to buying funds, and don't care too much about the net value of funds. In fact, the fund's income is only related to the net growth rate. As long as the fund's net growth rate stays ahead, the income will naturally be high.

Fifth, we should be careful not to "love the new and hate the old" or blindly pursue new funds. Although the new fund has inherent advantages such as preferential prices, the old fund has long-term operating experience and reasonable positions, which is more worthy of attention and investment.

Sixth, we should be careful not to buy dividend funds unilaterally. Fund dividend is the return of investors' previous income, so it is more reasonable to change the dividend method to "dividend reinvestment" as far as possible.

Seventh, we should pay attention not to talk about heroes in the short term. It is obviously unscientific to judge the pros and cons of the fund by short-term ups and downs, and it is necessary to make a comprehensive evaluation of the fund in many aspects and conduct a long-term investigation.

Eighth, we should pay attention to the flexible choice of investment strategies such as steady and worry-free fixed investment and affordable and simple dividend transfer.

Fund-related articles:

★ Buy a fund and choose a fund.

★ Four common ways to buy funds

★ Three misunderstandings of fund investment

★ What are the characteristics of short-term financial management funds?

★ Market analysis

★202 1 Why did the fund fall?

★ What is the principle of fund valuation?

★202 1 What's the difference between Class A and Class C funds?

★ Buffett's stock valuation method encyclopedia