When selling old stocks, fund managers generally do not sell them all at once, but gradually, so selling stocks will lead to a decline in stock prices, which will lead to a decline in the net value of funds. When the fund manager sells the fund's money to buy new shares, if the new shares are in a callback or falling state, the net value will fall at this time. For the net value of the fund, there are ups and downs. The reason is:
1. If the fund invests in multiple stocks, if it is only a small-scale exchange, it will not necessarily cause the net value of the fund to rise or fall;
2. If the stock moves well after the position adjustment, the net value of the fund will rise. If the underlying stock falls after the position adjustment, the net value of the fund will also fall; For the stock after the position adjustment: if the original stock does not have incremental funds to enter the market after the position adjustment, it means that the stock is reduced by the fund and the stock price will fall. For the stocks after the position adjustment, the entry of incremental funds will drive the stock price to rise, but it also depends on the game between long and short sides.