The acceptance and review of fund raising applications announced by the China Securities Regulatory Commission in official website on June 9/kloc-0 shows that since May this year, in addition to 17 theme funds that have been approved, being issued or about to be issued,1/are only waiting in line for final review, which shows the popularity.
Among the previously issued fixed-income funds, except for the featured theme of Qianhai Open Source Refinancing, the rest are listed fixed-income funds, which can be listed and traded after a certain period of closure. So what about the performance of these funds after listing and trading?
(Data from fund companies official website and Wind)
Looking at the "grand occasion" of 10% discount on the first day of listing, the probability of "breaking" is as high as 87.5%, and the maximum discount rate of Jiutai Ruizhi has reached 10%, which is quite amazing.
I wonder if investors who subscribe when the fund is issued will feel a little cold when they see this scene.
We did a small calculation:
The subscription rate of these fixed-income funds within 654.38+0.2% is 654.38+0.5%. 1 10,000 to 5 million yuan, 0.50% to 0.60%, and 1000 yuan for more than 5 million yuan.
In contrast, the transaction of on-site funds is exempted from this fee and only the brokerage commission is paid. Many brokers have told us that this commission is consistent with stock trading. At present, most of it can be reduced to three ten thousandths of the transaction amount, starting from 5 yuan.
For example, if an investor wants to invest 1 0,000 yuan to subscribe for Bosera Ruili OTC, the corresponding rate is 1.2%. If the interest earned from the subscription of funds during the raising period is 2 yuan, you can get 9883.42 fund shares. The specific calculation method is not detailed here. Interested investors can refer to the formula in the fund prospectus.
If investors buy the fund through the market on the first day of listing, it is assumed that the investment is 1 000 yuan and the transaction price is 0.983 yuan. As the transaction commission is lower than that of 5 yuan, it is calculated according to 5 yuan. Then the available fund share is 10 167.85.
In this way, it is better to subscribe for a fixed-income fund during the issuance period, and then buy it from the secondary market after its listing is "broken". The higher the discount rate, the lower the purchase cost in the secondary market, and of course the more cost-effective.
Even so, some investors still choose to pay the subscription fee, that is, to buy a fixed share of the discount, and the premium after the fund is listed can be sold to earn the difference. Who knows that these bases fell below the net value in a word, which made investors very embarrassed.
Wang Qunhang, deputy general manager of Ji 'an Jinxin and director of the Fund Evaluation Center, said that from the perspective of discount and premium, the discount of fixed-income funds in the initial stage of listing is very common, and investors are advised to wait until after listing.
He added: "It still depends on the quality of the fixed-income projects of this fund to decide whether to buy."
In fact, Niu Mei thinks that it is no accident that these fixed bases are "broken". Last year, the A-share market experienced several rounds of downward adjustment. Many listed companies that issued fixed-income plans in the first half of last year fell below the fixed-income prices, and even if they bought stocks at a discount, they could not escape bad luck.
On the other hand, Wang Qunhang said that many investors still have misunderstandings about the price of fixed-income funds: "Because the price of closed-end funds is closely related to the length of the closed-end period, the discount rate will gradually decrease as the end of the closed-end period approaches."
In other words, even if the fixed-income fund "breaks the net" at first, it may go higher in the future. Jiutai Reiz is a particularly typical example. The discount rate on the first day of listing was as high as 10%, but in the first half of this year, it became the hybrid fund champion with a yield of 27.6 1%, which was impressive. In the final analysis, what determines the future trend of the fund is the quality of the fixed-income projects.
In addition, the timing of opening a position is also the standard for choosing a fixed investment fund.
Compared with the old and new fixed-income funds, the biggest difference is the position. In theory, the old fixed-income fund already has a certain position, and the stocks it holds are relatively clear, while the new fund still needs a certain time to open positions. If the index rises rapidly in the future, the new fund risks missing the market. In addition, the fixed stock has a lock-up period, usually one year. For the fixed-income fund whose closed period is not long enough, it is also very important to quickly open positions and obtain the benefits of fixed-income projects during the closed period.