Recently, fund Jinghong, fund Hansheng and fund Anshun have expired one after another, setting off a traditional base-sealing feast. At present, the base cover is generally in a state of discount. With the arrival of "sealing and opening", the reduction of discount will bring certain arbitrage opportunities to investors.
The data shows that the discount rates of Jin Xin, Tongsheng, Hanxing and Jingfu due this year are all above 6%, while the discount rates of the six funds due at 20 16 and 20 17 are all between 12%- 18%.
Recently, fund Jinghong, fund Hansheng and fund Anshun have expired one after another, setting off a traditional base-sealing feast. At present, the base cover is generally in a state of discount. With the arrival of "sealing and opening", the reduction of discount will bring certain arbitrage opportunities to investors.
However, analysts also pointed out that the "safety mat" of the discount rate is only relative, and it will also be affected by factors such as the market and the investment strength of fund managers, so arbitrage needs to be cautious.
There are still 8 closed this year.
This year is a great year for the centralized expiration and transformation of the closure base, second only to 2007. Recently, the fund Anshun of Huaan is about to expire, which is another old base that has expired after Pratt & Whitney, Taihe, Yi Tong, Jinghong and Hansheng this year.
According to the transformation plan, the fund Anshun will soon be transformed into Hua 'an Anshun Flexible Allocation Fund. Prior to this, the above five funds have been transformed into Penghua consumption-leading flexible allocation hybrid securities investment fund, Jiashi Taihe hybrid securities investment fund, Changsheng Yi Tong flexible allocation hybrid securities investment fund, Dacheng small and medium-sized stock securities investment fund and Guofu Tiansheng flexible allocation hybrid (Aiji, net worth, information) fund.
Excluding the fund Anshun, there are only 14 traditional base closures, of which 8 will expire soon this year. Funds Yulong, Xinghe, Tianyuan and Pufeng have also started the process of "closing". Because traditional funds cannot be redeemed directly before maturity conversion, they can only be traded in the secondary market, and cannot be redeemed at net value until they are converted into open-end funds. Therefore, the price of the traditional closed secondary market has different degrees of discount compared with the net value. If you redeem it in advance or hold it at net value until maturity, you can get a part of the price difference, which makes investors in closed years pay close attention to it.
At present, there are still some arbitrage opportunities.
According to past experience, with the approaching of the maturity date, the discount rate of the base seal will gradually decrease. Judging from the existing base seals, the longer the maturity date, the higher the depreciation rate.
The data shows that the discount rate of the fund due in June 65438+ 10 is 6.54%, that of the fund due in June 165438+ 10/0 is 6.89%, and that of the fund due in February 65438+ Hanxing and Jingfu is 6.89%.
Among them, the fund due in 20 17 years has the highest depreciation rate, which is 17.07%. In the traditional base cover, institutional investors account for a very large proportion. The annual report of 20 13 shows that 14 accounts for more than 50%, of which the fund Hansheng reaches 77.6%. However, the discount rates of Anshun Fund and Yulong Fund with close maturities are relatively small.
Analysts pointed out that investors can choose closed-end investments with large discounts. They either hold it until maturity, redeem it at net value and earn discount income, or sell it before maturity and earn the difference in the process of narrowing the discount. In the current market environment, the stock position of the company is not too heavy, and the discount can also resist the risk of some market declines, which has certain security. "Closed-end funds will announce their transformation one or two months before expiration. Investors can buy before the suspension, and the discount will narrow quickly after the resumption of trading. At that time, there may not be much room for intervention and profit. If investors have little demand for liquidity, they can pay attention to the closure of 20 16 and beyond. The current discount rate is still considerable and the margin of safety is high. " An analyst told reporters.
The intensity of investment and research is worthy of attention.
In the process of paying attention to closed arbitrage, analysts pointed out that in addition to the discount rate, the investment and research level of fund managers is also an important factor to be considered. "This discount rate is equivalent to a safety mat, but if the base is closed due and the safety mat is lost, investors may also lose money; In addition, even if the net value of the fund is normal, including transaction costs and other expenses, the arbitrage space is likely to be affected. " Therefore, the above analysts believe that blocking arbitrage needs to be cautious.
In addition, many investors in investment funds are long-term holders. Whether the fund will continue to be held after the expiration of the closed period depends on the change of fund type and investment direction, and whether the investment style of the new fund conforms to personal risk preference. From the basis of transformation, it can be transformed into stock funds, hybrid funds and index funds, of which stock funds and hybrid funds account for the majority. Second, it depends on the fund manager's past performance and investment style to judge his investment strength and decide whether to hold it for a long time.