Zhang Mengyi, editor of Wen AI Finance & Economics

Guo Luqing

From the continuous daily limit to the closed daily limit, the "Ant Fund" staged a rare "teaching blockbuster".

on January 27th, four innovative future funds opened at a daily limit. At 1: 3, E Fund Innovation Future Fund immediately stopped trading, and the closing order exceeded 25, lots. In this regard, five innovative future funds collectively fell.

Since last Thursday, five innovative future funds switched to on-site trading, they have staged a drama of daily limit for three consecutive days, especially on the 25th, when the five innovative future funds performed a rare scene. On January 26th, five innovative future funds staged "big ups and downs" again. In particular, E Fund will innovate in the future, with a premium rate of over 4%.

after the fund company reminded the risks many times, the collective limit finally appeared.

On January 27th, the Shanghai Stock Exchange announced that E Fund Innovation Future Fund would be suspended from 9: 3 to 1: 3 due to a risk warning. After the resumption of trading at 1:3 on the same day, E Fund's innovation went down in a straight line in the future, closing nearly 2, lots. As of the close, the future price of E Fund Innovation is 1.542 yuan, and the premium rate of relative net value is still 26.6%.

during the down limit of e fund's innovation future, China-Europe innovation future, Huaxia innovation future, Tianfu innovation future and Penghua innovation future also fell.

Before the collective daily limit, these five innovative future funds had staged a drama of continuous daily limit. On January 21, five innovative future funds ushered in listing transactions, and the five funds closed at the daily limit.

the following January 22nd and January 25th all closed at daily limit. Especially on January 25th, a rare scene of "Earth-Sky Board" was staged: during the period from 9: 3 to 1: 3, these five funds suspended trading due to risk warning, and after the resumption of trading, these five funds hit the daily limit, and then they quickly stopped trading.

on January 26th, these five innovative future funds continued to go up and down, with E Fund's innovative future rising by 7.33% and Tianfu's innovative future 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 and Economics that thanks to the small market share and Tencent's good shareholding, the gains in the five funds have remained at a high level, even exceeding the net increase of the funds themselves. However, due to a large number of off-site shares transferred to the market, it is difficult to maintain the previous premium level of the on-site share, and the process of value return will naturally occur, and Tencent's share price has retreated in the past two days, making the funds holding the stock retreat accordingly.

A veteran Public Offering of Fund in Beijing also told AI Finance & Economics: "Before, many investors saw that these funds had a high premium and there was room for arbitrage, so they switched from off-exchange to on-exchange. According to the rules, T+2 can be sold, which means that the share applied for two days ago can be sold now, which naturally depresses the price. "

The person said that the pre-tradable share was transferred to the market very little, so it has been trading daily. After the continuous daily limit, the share of the off-site market has been transferred to the market one after another, and the share that can be sold has gradually increased. After increasing to a certain extent, the daily limit has appeared today.

people in the industry have also warned that if shares are transferred to the market, investors may face the risk of not being able to sell by arbitrage or even suffering a discount.

"All fund companies have warned about risks from the first day, and advised investors not to chase after high." A person from the fund company told AI Finance and Economics.

Previously, five fund companies have repeatedly announced that the transaction price in the secondary market of the fund has a large premium, which is obviously higher than the net value of the fund shares. If investors blindly invest in the 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, 22, five fund companies, E Fund, CEIBS, Huitianfu, Penghua and Huaxia, launched the Innovative Future Fund. The raising limit of these five funds is 12 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 was enthusiastically sought after by the market.

Among them, E Fund Innovation ended the fundraising ahead of schedule and started the proportional placement in the future, which started the "first shot" of Public Offering of Fund Ant Group's IPO investment. It should be sold from the early morning of September 25th, and sold 1 billion in two minutes. It sold 1.2 billion in just one hour. At 2 o'clock in the afternoon, E Fund Innovation took the lead in reaching the sales quota of 12 billion in the future, realizing "one-day sale".

Subsequently, Huaxia Innovation Future Fund set a new historical record: 3,142,5 households became the highest number of effective subscribers of the new fund. The final number of subscribers of these five "ant funds" reached about 13.6 million, and a grand event of 1 million people buying new funds was staged.

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 positions, among the five innovative future funds, the first awkward position of four funds is Tencent Holdings. Although the first awkward position of Penghua Innovative Future is Midea Group, the second awkward position is also Tencent Holdings.

Huaxia Innovation Future stated in the fourth quarterly report last year that the fund adopted the strategy of opening positions step by step, and kept its position low before the US election, and gradually increased its position after the risk of the US election landed. Subsequently, 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 Innovation Future has obviously increased its positions since the fourth quarter of last year. The fourth quarterly report of 22 shows that the proportion of stock positions in the total assets of the fund is 67.77%, but according to the listing announcement, as of January 14, 221, the proportion of stock positions in the total assets of the fund reached 87.31%.

This year, Hong Kong stocks staged a strong short-selling market. Tencent Holdings rose 35.9% in just 16 trading days from January 4 to 25, and its share price hit a record high. Driven by Tencent's share price, the "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 the funds is unpredictable, and with the increasing market share, the premium space on and off the market will 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, and the overall situation is optimistic." Yang Jiaxing also pointed out that the recent bungee jumping trend of five funds is not a normal phenomenon. Fund investors should have the concept of long-term investment, and short-term speculation is not sustainable.