China, a reporter from Securities Times and Brokers, found that many newly established funds still announced the early termination of fund raising even though they were only two or three days away from the original end time. This reluctance to wait for two or three trading days is mostly related to fund managers grabbing positions. Some newly established funds, which were originally scheduled to end raising at the end of August, announced the early termination of sales within one week, although the raising was not hot.
It is worth noting that some new funds made an 8% profit within one month after the early issuance was announced, but only attracted two investors. Some new funds announced the early sale because they missed 15%, and some new funds announced the early sale on the day when the index fell. Because the market rebounded more than expected, they "repented" and announced the early sale. Previously, the public offering industry appeared, and the new products originally planned to invest in banking stocks were sold for too long. After the establishment of the new fund, the industry where the target warehouse is located almost doubled, which made it impossible for the new fund to adhere to the original investment strategy.
A new foundation that only attracts two people will be raised in advance.
Since May, the phenomenon of raising funds in advance by new development funds has obviously increased. Wind data shows that as many as 20 active equity funds have announced the early termination of fundraising since May. Is the newly developed fund beginning to be sought after by investors?
"New funds are still difficult to sell, and channels are even harder to sell. Some main channels have no quantity. " A person from the marketing department of a fund company in South China told the Securities Times China that although the current market situation has been greatly improved compared with the previous period, it is still difficult to raise funds through channel sales of new development funds, and the rapid withdrawal of the net value of the previous fund still has a certain impact on investors.
Most of these new fund-raising funds, which ended early, are small in scale. China, a reporter from Securities Times and Broker, noticed that the actual fundraising time of the CICC Boom-driven Fund, which ended in early May, was only 1 day, and the initial fundraising was only 6,543,800 yuan. So, how many investors participated in the initial sale of CICC prosperity-driven fund? China, a reporter from Securities Times, a brokerage firm, found that according to the information in the fundraising report disclosed by the fund, this new fund attracted two investors during the initial fundraising period, and the total number of effective subscriptions was two. This amazing number of subscribers shows the sales dilemma of the newly developed underlying funds.
The same is true of Jinyuan Shun 'an Industry Select Fund. The initial deadline for raising the fund was May 24th, but it ended early on May 6th. This new fund, which was announced two weeks in advance, raised only 224 million yuan, and only welcomed less than 300 investors in the initial stage, with 277 effective subscribers.
A partial stock fund under a super-large cemetery fund in South China also announced the early termination of the fundraising at the end of May. According to the information disclosed by the new fund, the total raised scale is less than 300 million, and the number of effective subscribers is only 125 1. It is worth mentioning that the fund manager of this newly established fund manages two funds. In addition to this product raised in advance at the end of May this year, another fund managed by the fund manager was established in July 20 17. At that time, the effective number of subscribers of this fund was 4 187, which was three times that of the second fund raised by the fund manager. It also shows that investor sentiment is even lower now than it was five years ago.
I can't sell it, but I don't want to wait two or three days.
In the case that the number of investors participating in fund raising is extremely scarce and the scale of fund raising is small, the insiders believe that the contrast phenomenon of the early raising of new development funds points to the irrepressibility of the bottom of the stock market!
Some new funds raised in advance are unwilling to wait for three days! According to the announcement that Xinfa Fund ended the fundraising in advance, Huaan New Energy Theme Fund was originally scheduled to end the fundraising date on May 13 this year. However, the fund still issued an announcement, announcing May 10 as the early deadline. Although the fundraising scale was small, it took only three days to reach the original deadline. The advance subscription of Admiralty Prosperity Drive Fund is similar. The fund originally had two trading days to reach the original subscription date, but the new fund still announced the early subscription and even refused to wait for two days.
"The high probability is that the target position that the new fund intends to buy is very attractive. Adding positions in advance will help to grab positions with good prices at low positions." A person from a fund company in Shenzhen believes that since May, the overall market situation has gradually picked up, and the high-quality stocks that fell too much in the previous period actually rose greatly. If the new fund can't be sold, the best way is to buy good stocks at a low level and attract funds to participate in subsequent scale marketing after doing a good job.
The method of asking for performance first and then asking for money has obviously become the main driving force for fund companies to raise funds in advance to grab positions. So, what is the effect of raising funds in advance to grab the warehouse?
China, a broker of Securities Times, noticed that although the raised scale of Admiralty Boom Drive Fund in advance was only about 6,543,800 yuan, since the new fund was raised, established and entered the market in May, although the Shanghai and Shenzhen 300 Index only rebounded by about 2% in the same period, the net value of this new fund has increased by nearly 8%.
The Hua 'an Preferred Fund, which was announced to be raised in advance, is managed by Shu Hao. This new fund has been announced to be raised in advance, or it is also facing the purpose that the fund manager hopes to grab a position. It is generally believed in the industry that the positions of newly developed funds are often the core positions of other fund products managed by fund managers, especially the heavy positions of fund managers' old products, which have been obviously adjusted.
Among the old products managed by Shu Hao, the most well-known one is the Huaan Great Security Theme Fund, whose main position is military stocks. This fund is the core masterpiece of Shu Hao, which actually means that once Shu Hao's new fund is announced to be raised and started to operate, its position will point to the heavy stocks of Hua' an Great Security Theme Fund with a high probability.
Then, when Shu Hao's new product Hua 'an Preferred Fund was still struggling to raise funds in May, how much did the core work Hua 'an Security Theme Fund he managed increase in the same period? According to the data of the fund's net value, the net value of Huaan Great Security Theme Fund increased by 16% in the last month. That is to say, if it was announced as early as May 1 that the new product Huaan Preferred Fund would be raised in advance, the theoretical net income of the new fund may have reached an astonishing 15%.
What can I do three days in advance? Jingshun Great Wall may be impressive.
Jing Shun Great Wall Fund is unwilling to wait for the three-day closing of the newly issued fund, or is even more impressed.
On June 8th,/kloc-0, Jing Shun Great Wall Fund announced that the deadline for raising its Jing Shun Great Wall ESG Quantitative Fund was originally June 8th, and now it is decided to advance the deadline for raising new funds to May 30th, 2022. Similar to other fund companies, the company's new fund is not willing to wait until the scheduled time of the last three trading days.
How important is the time of three trading days? China, a securities times broker, noticed that Jing Shun Great Wall Fund laid out a unique stock (0.00+0.00%, diagnostic stock) during the first quarter of this year. According to the information disclosed by Wright Optoelectronics, among the top ten tradable shareholders, there are seven Public Offering of Fund products, four of which are from Jing Shun Great Wall, and Jing Shun Great Wall Fund has taken the first and second institutional seats in the stock. The layout of so many Jing Shun Great Wall funds means that the stock is likely to be included in the core stock pool of Jing Shun Great Wall, and the new funds of fund companies will basically choose stocks in the core stock pool of the company.
In just four trading days, the share price of Wright Optoelectronics soared from 15.50 yuan on May 30th to 3 1.66 yuan on June 2nd, which doubled the share price of Jingshun Great Wall in just four days. Although the A-share market, which has doubled in four days, is extremely scarce after all, under the circumstances that the market situation has obviously picked up and favorable policies have been continuously implemented, the high-tech varieties that fell sharply in the previous period have generally seen share price increases of more than 20% and 30% in recent months, which also makes fund companies cherish the golden time of grasping the rebound.
Li, manager of Jing Shun Great Wall ESG Quantitative Fund, accepted an exclusive interview with China, a securities times broker, and analyzed that the market gradually rebounded after the Shanghai epidemic gradually eased. For the market, confidence has gradually stabilized. If we want to by going up one flight of stairs in the future, we will rely more on the implementation of policies such as wide credit.
The star fund manager is the deputy general manager of Jing Shun Great Wall, and he is full of optimism about the future market. Li believes that the A-share market, which has fallen sharply, shows obvious investment opportunities because of the continuous implementation of policies. "At present, our judgment on A shares will be more optimistic and positive than in March and April." Li told reporters that he believed that the epidemic would gradually improve and the stock market would give positive feedback to investors. I also believe that the government will continue to implement the policy.
Just announced the postponement of fundraising and "repented"
It is worth mentioning that some newly established funds also have "repentance" on the "base closure" day, which shows that the changes in the market recovery have exceeded the expectations of the fund.
On May 24th, the Shanghai Composite Index plunged 2.4% to close at 3070.93. The announcement of a large-scale public offering new fund in South China that is being put on sale shows that the original subscription deadline of the fund was May 25, 2022, and it is now decided to extend the fund raising period to June 8, 2022.
Subsequently, on 25th, 26th, 27th, 30th and 3rd1day, the Shanghai Composite Index showed an astonishing upward trend for five consecutive days. On 3rd1day of May, the Shanghai Composite Index not only recovered the lost ground on 24th May, but also closed at 3rd186, which was higher than the intraday peak on 24th May.
In the case of a sharp rebound in the index, this newly established fund, which just announced the postponement of fundraising a few days ago, issued a new announcement-decided to end the fundraising ahead of schedule on May 3 1.
The insiders believe that the sharp drop of the index on May 24 may make fund companies doubt the follow-up space of the market rebound, and thus may adopt the strategy of extending the raising period. In fact, many fund companies were "scared" by the index plunge on the 24th. China, a broker of Securities Times, noticed that another fund company in Shenzhen also released a strategy report on May 25th, stressing that the market crash on May 24th may mean the end of the short-term rebound, which greatly impacted the belief of many institutions in the rebound.
"Overall, we feel that the short-term rebound may come to an end." A medium-sized Public Offering of Fund in Shenzhen said in its strategy report released on May 25th that in the medium term, most risks of A shares are basically released, and there is little room for further decline. Considering the profit-taking pressure of short-term rebound, there is still great uncertainty about the impact of the future epidemic on the economy. This year, the political ecology is relatively complicated, the short-term economic recovery is difficult, and the external environment is becoming increasingly severe. In the next one to two months, A shares will still be dominated by shocks, so it is not appropriate to expect too much from the rebound height in the short term.
The strategic report of the above-mentioned medium-sized fund companies on the end of the rebound also means that after the index fell sharply on the 24th, the fund companies' judgment on the end of the rebound reflected the general cognition of the fund industry at that time. However, the continuous rise of the index in the following days greatly exceeded the fund company's expectation of the market rebound, which made the fund company have to revise the fundraising strategy again, from announcing the extension of the fundraising to ending the fundraising ahead of schedule.
Wait until the end of August to open a position? Fund manager: Enter the market immediately.
Obviously, the target position of rapid rebound makes the new funds have great demand for rapid settlement and raising. Fund companies are reluctant to waste too much precious time to raise funds in the stock rebound, and some new funds even don't want to sell after selling for seven days.
China, a reporter from Securities Times and Securities Broker, noticed that the early end date of the newly issued fund at the end of August was two months away from the original end date, but the actual end date was only one week, that is, the early end was announced. On June 1 day, Huatai Bairui Fund announced that the original fundraising period of Huatai Bairui Hengze Hybrid Securities Investment Fund was from May 23, 2022 to August 22, 2022. Now the company has decided to end the fundraising in advance, and the deadline for fundraising is advanced to May 3, 20221day. From June 1 day, 2022, the Fund will no longer accept investment.
The above information means that Huatai Bairui Hengze, a new fund, actually raised only one week, that is, it hastily announced the end of fund raising, and the original end of fund raising time was the end of August this year. So, what makes this new fund want to enter the market one week after it is sold, instead of waiting until the end of August?
Obviously, this also involves the rapid rebound of the target positions of the above-mentioned new funds, so that if the new funds really wait until the end of August to announce the establishment of the market, they will miss the precious rebound time. According to the information disclosed, the fund manager of the newly established fund Huatai Bairui Hengze is Dong Chen, whose representative is Huatai Bairui Fuli Fund, which is also the largest fund he manages.
On the second day after Dong Chen's new product Huatai Bairui Hengze Fund began to raise funds through channels, the net value of his old product Huatai Bairui Fuli Fund rose from 1.6055 yuan on May 24th to 1.7 1.003 yuan on June 2nd, which means an increase of nearly 7% in eight days.
This means that Dong Chen's new product, Huatai Bairui Hengze Fund, is likely to waste the room for net value increase almost every day, and the fund raising period originally scheduled for the end of August, if really implemented in the current market situation, will also pose a great challenge to the fund manager's investment. Previously, fund companies have also appeared. Due to the long reporting and raising period, the cumulative increase of A-share major bank stocks after the announcement of the financing theme fund is more than 65,438+000%, which makes it difficult to invest in the fund.
Obviously, when the market began to pick up gradually, although the citizens and investors were still hesitant, the surprisingly low price of high-quality stocks in the A-share market has greatly attracted professional institutional investors. Xie Yi, manager of Nord Fund, believes that the policy package covers fiscal policy, monetary policy, consumption promotion, food and energy security, industrial chain protection and basic livelihood security. The scope and intensity mostly exceed market expectations. At the same time, the epidemic situation in Shanghai, Beijing and other places has been controlled, the number of new cases has dropped significantly, and the city's production and living functions have gradually recovered.
"We are very optimistic about the market in the second half of the year, and the factors that suppressed A shares in the early stage have been reversed." Xie Yi bluntly said that the consumption covered by the policy, especially the optional consumption (automobiles, electronics, etc. ) may benefit first, and the demand will be released with the gradual landing of the subsidy policy. At the same time, with the recovery of China's external supply chain, the freight rate gradually tends to be reasonable, and companies in manufacturing fields such as industry, science and technology, medicine, etc. (such as apple industry chain, CXO, textiles and clothing, tires, etc.). ) is also expected to recover quickly.
In addition, Xue, the proposed fund manager of Ping An Fund, also believes that the A-share market has gradually entered the rebound range, and the decline of the market has fully reflected pessimistic expectations, and the negative factors have improved marginally. Although the epidemic may continue, with the improvement of coping experience, the future impact is expected to gradually decrease. In addition, under the complex macro background, the relevant policies of steady growth are worth looking forward to. In this context, the market has gradually stabilized and rebounded, and the stock prices of many high-quality companies have been in a very high position.
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