Editor Guo Luqing

From continuous daily limit to word-sealed daily limit, "Ant Fund" staged a rare "teaching blockbuster".

65438+1October 27th, four innovative future funds opening limit. 10: 30, E Fund Innovation Future Fund immediately suspended trading and closed more than 250,000 lots. In this regard, five innovative future funds collectively fell.

Since last Thursday, five innovative future funds were transferred to on-site trading, they have staged a daily limit drama for three consecutive days, especially on the 25th, when these five innovative future funds staged a rare scene. 65438+1On October 26th, five innovative future funds staged "ups and downs" again. In particular, E Fund will innovate in the future, with a premium rate of over 40%.

After the fund company reminded the risk many times, there finally appeared a collective limit.

65438+1On October 27th, the Shanghai Stock Exchange announced that the E Fund for Innovative Future was suspended from 9: 30 to 10: 30 due to risk warning. After the resumption of trading on the same day 10:30, E Fund Innovation plunged in the future, and nearly 200,000 orders were closed. At the close, the future price of E Fund Innovation is 1.542 yuan, and the relative net value premium rate is still 26.6%.

During the down limit of E Fund's innovation future, China-Europe innovation future, China's innovation future, Tianfu innovation future and Penghua innovation future also fell.

Before the collective daily limit, these five innovative future funds have staged a drama of continuous daily limit. 65438+1October 2 1, five innovative future funds ushered in listing and trading, and all five funds closed at the daily limit.

The following 65438+1October 22nd, 65438+1October 25th all closed at daily limit. Especially on 25 October, 65438/kloc-0, a rare scene of "floor-to-air board" was staged: during the period from 9: 30 to 10: 30, these five funds were suspended due to risk warning, and after the resumption of trading, these five funds hit the daily limit, and then they were quickly suspended.

65438+1On October 26th, these five innovative future funds continued to stage ups and downs, with E Fund's innovative future rising by 7.33% and Tianfu Innovation falling by 7.56%.

Why has the trend changed so much in just a few days? In this regard, Yang Jiaxing, a senior fund researcher of Tianxiang Investment Consulting Co., Ltd., explained to AI Finance & Economics that thanks to the small market share and Tencent's good shareholding, the gains of the five funds have remained at a high level, even exceeding the net gains of the funds themselves. However, due to a large number of off-exchange shares transferred to the market, it is difficult to maintain the previous premium level of on-exchange shares, and the process of value return will naturally occur. In the past two days, Tencent's share price has been adjusted back, making the funds holding the stock retreat accordingly.

A senior Public Offering of Fund person also told Ai Finance: "Before, many investors saw that these funds had high premium and arbitrage space, so they switched from OTC to OTC. According to the rules, T+2 can be sold, which means that the share applied for two days ago can now be sold, which naturally lowers the price. "

The source said that the tradable shares are rarely transferred to the market, so it has been trading on a daily basis. After the continuous daily limit, the OTC market share has been transferred to the market one after another, and the sellable share has gradually increased. After rising to a certain extent, there was a daily limit today.

Insiders also reminded that if the share is listed on the board, investors may face the risk of not being able to arbitrage and even suffering a discount.

"All fund companies have suggested risks from the first day, and investors are advised not to chase after them." A person from a fund company told Ai Finance.

Previously, five fund companies have repeatedly announced that there is a large premium in the transaction price of the secondary market of funds, which is significantly higher than the net value of fund shares. If investors blindly invest in fund shares with high premium rate, they may suffer heavy losses.

The reason why these five innovative future funds are highly concerned by the market is that they are strategic allotment funds customized for the listing of Ant Group, commonly known as "Ant Fund".

On September 25th, 2020, E Fund, CEIBS, Huitianfu, Penghua and Huaxia launched the Innovative Future Fund. The upper limit of these five funds is 654.38+02 billion, and the shares of Ant Group are placed at the top of the issue price.

Once the concept of "1 yuan can fight new ants" was introduced, it attracted enthusiastic pursuit in the market.

Among them, E Fund Innovation ended the fundraising ahead of schedule and started the future proportional placement, which started the "first shot" of the fund "rushing to the beach" for the IPO investment of Ant Group. It should be sold from the early morning of September 25th, and sold for 654.38+0 billion in two minutes. Only 1 hour sold10.2 billion. At 2 o'clock in the afternoon, E Fund Innovation took the lead in reaching the future sales quota of 654.38+02 billion, realizing "one-day sale".

Subsequently, Huaxia Innovation Future Fund set a new historical record: 365,438+042,500 households became the highest number of effective subscribers to the new fund. The number of subscribers of these five "Ant Funds" finally reached about13.6 million, which staged a grand occasion for tens of millions of people to buy new funds.

Due to the suspension of listing of Ant Group, the investment targets of these five ant funds turned to Tencent. Judging from the top ten awkward stocks, among the five innovative future funds, the first awkward stock of four funds is Tencent Holdings. Although the first embarrassing position of Penghua's innovation in the future is Midea Group, the second embarrassing position is Tencent Holdings.

Huaxia Innovation Future said in the fourth quarterly report last year that the fund adopted a step-by-step strategy of opening positions. Maintain a low level before the US election, and gradually increase the position after the risk of the US election falls. Then there was an accident that Ant Financial suspended its listing, and the fund suspended the pace of adding positions to maintain liquidity as the first consideration.

Similarly, E Fund's innovative future has also significantly increased its position since the fourth quarter of last year. In the fourth quarter of 2020, the proportion of stock positions in the total assets of the fund was 67.77%, but according to the listing announcement, as of 2002114, the proportion of stock positions in the total assets of the fund reached 87.3 1%.

This year, Hong Kong stocks staged a strong short-selling market. Tencent Holdings rose by 35.9% in just 16 trading days from October 4 to October 25, and its share price reached a record high. Driven by Tencent's share price, "Ant Fund" staged a continuous daily limit.

Regarding the trend of these five innovative future funds, Yang Jiaxing said that the short-term performance of these funds is unpredictable. With the increase of market share, the premium space on and off the market will also decrease accordingly.

"In the long run, most of these funds are operated by ace fund managers, and their overall performance will be relatively higher than the market average. The overall situation is more optimistic. " Yang Jiaxing also pointed out that the recent bungee jumping trend of five funds is abnormal. Fund investors should have the concept of long-term investment, and short-term speculation is not sustainable.