Why can't the innovative future fund with ants be redeemed directly, but it can only be withdrawn after being converted into class B shares?
Investors finally have "exit freedom"
The new solution mainly includes the following points:
1, 5 The Innovation Future Fund will set up a new class B share, and the holder can convert its existing share into a class B share by submitting an application and redeem it automatically.
2. The withdrawal selection period is one month (20201October 23rd to February 22nd, 2020, 165438). After that, Class B shares will be cancelled, and holders who have not opted out will continue to hold the original shares.
3. Exempt the fund management fee, custody fee and sales fee from the establishment of the Fund to February 22, 65438 for the benefit of investors.
This means that investors can deal with it in three ways: continuing to hold, withdrawing after transferring to B share, and trading on the floor after transferring to custody.
Prior to this, due to the innovation of ant strategic placement as a selling point, the closed operating fund in the next 18 months has no placing target, and many citizens have called for "closed and open" to meet the reasonable demand for capital withdrawal.
However, on June 5th, 165438+ five fund companies jointly put forward a plan to apply for listing. Many citizens don't buy it because the listing transaction involves problems such as stock account opening, complicated transfer custody operation and high discount probability.
Now that the above problems have finally been solved, investors finally have the freedom to quit.
Should I go or stay? We can't generalize
After solving the problem of "can you quit", investors still need to calm down and think about "whether to quit".
What needs to be explained in advance is that after losing the profit of the strategic placement of ants, the five innovative future funds are five ordinary hybrid funds, which are closed for 18 months. Therefore, investors also need to return to the essence of fund investment and re-examine the investment ability and level of fund managers and fund companies.
In the final analysis, investors may need to ask themselves: Do you still trust these fund managers without the stable income of ant fund-matching?
Of course, it is undeniable that the popularity of E Fund, Huaxia, Central Europe, Penghua and Huitianfu, as well as five fund managers, Zhou Yingbo, Wang, Lao Jienan and Zhou Keping, in the industry is also the result of careful consideration by ants and fund companies.
However, by careful comparison, there are still considerable differences among the five fund managers in terms of qualifications, investment style, risk control and management ability of large funds.
Therefore, whether to stay or not is not a general question, and different fund managers have different answers.
1, investment style and qualification
The investment style of fund managers affects investment direction, asset allocation, risk preference and so on, which is closely related to fund performance.
E Fund Hao Chen, for example, has a growing investment style and is good at TMT, medical biology, advanced manufacturing and other fields. Its industry allocation is relatively balanced, and the average annualized income of fund managers in the past eight years is around 18%.
Wang of Penghua is a senior consumer. He has managed a consumer fund for nearly 10 years, with an average annualized income of about 16%.
Tian Hui Old Street South is more inclined to value style. In the past, large-cap stocks and medium-cap stocks were the mainstay, and small-cap stocks were rarely allocated. The industry is mainly concentrated in the fields of food and beverage, bank insurance and material chemistry, and the average annualized income in the past five years is about 65,438+06%.
China Europe Fund chose teamwork. The investment philosophy of Zhou Yingbo, the head of the company, is the combination of industry rotation and bottom-up. Among the other two fund managers, Shao Jie is good at TMT and new energy, while Liu Jinhui focuses on technology. Zhou Yingbo's average annualized income in the past five years is about 29%.
Comparatively speaking, Zhou Keping of Huaxia Fund is relatively junior. 20 19- 1 just started as a fund manager, mainly in TMT and advanced manufacturing sectors.
Under different investment styles, investment directions and even the qualifications of fund managers, the operation of the five innovative future funds will be very different and their performance will be enlarged.
2, the ability to manage large sums of money
The scale of the Innovation Future Fund is 654.38+02 billion yuan. For fund managers, how to adapt to such a huge management scale and such a rapid scale growth is a very challenging job.
Latest management level:
Management scale at the end of 20 19:
Wang of Penghua Fund is the biggest of the five fund managers.
But it is worth noting that at the end of 20 19, Wang's management scale was only 4.364 billion yuan. In less than a year, he has issued five new funds (the remaining two), and the management scale has rapidly increased to 55.426 billion yuan, an increase of 1 1 times.
Among the other four fund managers, Zhou Keping's management scale has increased six times this year, Hao Chen and Lao Jienan have increased about two times, and Zhou Yingbo has increased 0.8 times.
Although the expansion of fund scale is not necessarily linear with performance, it will more or less increase the difficulty of management, especially for fund managers with high turnover rate, which means that many micro-operations will be difficult to carry out.
From the perspective of turnover rate, the turnover rate of Laojie South and Hao Chen is relatively low, especially for the investment style of Laojie South, the impact of scale growth may be relatively small.
Zhou Yingbo's growth experience is quite special among the five fund managers.
Different from other fund managers, since the second quarter of 20 17, the management scale of Zhou Yingbo has been growing steadily. At the end of 20 17, 20 18 and 20 19, the scales changed hands respectively.
He also mentioned many times in the quarterly report that he was troubled by the management scale from 20 19. In the latest three quarterly reports, Zhou Yingbo wrote:
We have experienced the continuous challenge of scale expansion for several quarters. Looking back, there are many improper responses. To sum up the experience and lessons that we can't talk about for a long time, we think that the essence of investment should focus on stock selection.
On the one hand, it has paid continuous attention to the main areas and industries of its investment since the second quarter; On the other hand, in terms of equity concentration, we have also improved significantly since the third quarter. To sum up, I hope to do more subtraction and focus on the investment opportunities that I value after research. At the same time, we expanded the management team of the fund to cope with the expansion of the number and scale brought by the new fund.
Wang Zong Hehe and Zhou Keping's investment also have this problem? And how will these two fund managers respond?
3. Ability to control retreat
Controlling retracement is a very important ability of fund managers, because it is more difficult to go up than down, and a 50% decline requires a 100% increase to return blood.
The following are five examples of funds managed by fund managers for the longest time:
Zhou Yingbo, Lao Jienan and Hao Chen are three fund managers with relatively good retracement control. In recent three years, the maximum retracement was controlled below 25%, and the three fund managers had a decline of less than 20% in the middle of the big bear market of 20 18, with high risk control ability.
Judging from the latest situation of the five funds, as of June 6 165438, the five funds have been invested and operated for about one month since their establishment, but their performance is different. Wind data shows that the average rate of return of the five funds since their establishment is about 1.5%, among which the product with the highest rate of return is China Europe Innovation Future, and the income of 10 has exceeded 3% since its establishment on June 9.
Of course, a month is too short, and short-term performance doesn't mean anything. It remains to be seen what kind of transcripts these five funds can hand over at the end of the closure period of1August.
This article is from the Blue Whale Fund.