It is nothing new for fund companies to announce a large number of purchases of their products. However, after the purchase, can the institution hold its own funds for a long time? In the second quarter, some institutions sold relevant positions. So today, Bian Xiao is here to sort out the relevant knowledge of the fund for everyone. Let's have a look!

Sell at the end of the lock-up period

China, a brokerage, noticed that a small and medium-sized Public Offering of Fund in South China was sold by his company as soon as the restricted sales period ended. This fund was newly established at the end of 65438+February last year. During the second quarter of this year, the share of managers of the fund was 40,439,900, which was almost halved compared with 79,999,900 at the end of the first quarter. This means that the manager only complied with the requirement that the products purchased by the fund company must be held for six months, and chose to sell them as soon as the restricted sales time arrived. It is worth noting that at the end of the first quarter of this year, the fund manager's shareholding ratio of this product was as high as 87.77%. After this substantial reduction, the manager's shareholding ratio is still as high as 78.63%. It can be seen that the manager's self-purchase has always been the most important source of financing for this fund.

However, it is worth noting that this product is actually one of the few active equity funds that achieved positive returns in the first half of the year. At the end of the first quarter of this year, the fund was still in a state of floating losses. By the end of the second quarter, the fund's net value had successfully turned red and achieved positive returns. From the performance point of view, the income of this product since its issuance far exceeds the average level of partial stock hybrid funds.

Nevertheless, in the second quarter, the size of the fund decreased by 46%. Judging from the changes in the proportion of fund managers' positions, in addition to the holders, there are some other investors who sold off sharply this quarter. There may be two reasons. One is that in this wave of retracement at the end of April, some investors chose to stop and leave. Of course, the more likely reason is that because the fund is one of the few funds that achieved floating profits in the first half of the year, investors have greater motivation to take profits.

Coincidentally, a fund with the theme of "quality life" raised by someone in Shanghai was abandoned by the manager in advance. The Fund was established in August, 20021year. According to the second quarterly report of this year, the fund manager has sold 27.65 million shares, leaving only/kloc-0.566 million positions. It is worth noting that the fund manager promised to hold the initial share for three years, and now less than one year, the share has been sold for more than half.

From the performance point of view, the fund was established less than a year ago, and its accumulated losses exceeded 40%, which was much higher than the average level of partial stock hybrid funds. At the end of April this year, the fund lost more than 50%. Judging from similar rankings, the performance of this fund is also at the end of the market. From this point of view, it is reasonable for fund companies to stop and sell their positions in time within a few months after the end of the restricted sales period. After the sell-off, the proportion of self-purchased positions of the fund decreased from 13.0 1% to 5.36%, which had a certain impact on the product scale.

Coincidentally, a digital economy theme fund raised in South China has a similar experience. The Fund was established in July, 20021year. In the first quarter, the self-purchased positions were lifted, and the managers reduced their positions by 600,000. During the second quarter, the fund manager reduced his position by 6.5438+0.7 million. Since its establishment more than a year ago, this fund has accumulated losses of 2 1.68%, underperforming similar products and ranking relatively low.

This fund also suffered a serious loss at the end of April this year, with a maximum loss of nearly 45%. However, the fund's position adjustment is timely. The heavy position in the first quarter is still semiconductor stocks. In the second quarter, the fund turned to Qiaotou and increased its holdings of some stocks in the automobile industry chain and the new energy industry chain. Therefore, although the manager continued to reduce his holdings this quarter, the performance of the fund in the second quarter was relatively excellent, and the scale increased slightly compared with the previous period.

"One-click clearance" for large self-purchased positions

Although some funds were sold soon after the lifting of the ban, others were directly "liquidated" by their own companies. At the end of the second quarter, some fund managers' self-purchased positions changed greatly compared with the previous period, and some fund managers' large positions on their own products were emptied.

Take a large public offering flexible allocation fund in Shanghai as an example. At the end of the first quarter, the company's self-purchased positions accounted for about 65,438+0/4 of the products. In the second quarter, the manager sold all his 95.46 million positions.

At the end of the second quarter, the overall share of the fund decreased by nearly half compared with the previous quarter, and it was "hollowed out" by its own company, which also had a certain impact on the product scale. Judging from the total revenue, this product has been established for more than 6 years, with a revenue of 22.84%, which is still profitable for investors. However, compared with similar products, its performance is not ideal.

A similar situation also includes the Hong Kong Stock Connect Fund publicly offered by a bank in Shanghai. At the end of the first quarter, the fund manager's fund share still exceeded 30 million. By the end of the second quarter, all the shares of the manager were sold off. This fund has been established for nearly two years, with accumulated losses exceeding 30%. Compared with the average return of partial stock hybrid fund 10%, the performance of the fund is poor.

It is worth noting that this bank also sold a self-purchased position of a consumer theme fund during the same period of public offering. This consumer theme fund was also self-sustaining by more than 20 million at the end of the first quarter. By the end of the second quarter, the manager had cleared all the positions of the fund.

However, unlike most previous products, this consumer theme fund performed very well. It has been issued for nearly four years, and the cumulative total return is as high as 2 14%, far exceeding the average level of similar products. For managers who have made follow-up investments at the initial stage of issuance, no matter when they are thrown out in the second quarter, the benefits brought by this fund to managers are very considerable.

What does it mean for fund companies to sell their own products?

Observing the above-mentioned funds sold by their own companies, most of them are small in scale and their performance is not high. In this regard, a Shanghai-based fund investment researcher told China, a brokerage firm, that the products that fund companies significantly reduced their holdings, or those that were reduced after the restricted sales period, were all due to performance reasons. Lack of competitiveness in the powerful public offering circle and the development of the market outlook are the key factors for the products to be lightened by "family members".

However, the investment researcher also said that market conditions also have a certain impact on the decision-making of fund companies. Due to the market fluctuation in the first half of the year, during the second quarter, the stock market showed a "V"-shaped reversal. When the valuation is lowered, the market confidence is weak, some investors will choose to stop loss in time, and fund companies may also make a decision to reduce their products. In addition, because many fund products are still in a state of floating losses, and there are more new products in the public offering circle in the second half of the year. For a small number of floating products, the manager may also choose to take profits in time.

At the same time, for the fund companies with self-purchase as the routine operation, the capital turnover between different products will also become a consideration in their investment decisions. He said that many fund companies will buy other products themselves when they substantially reduce their positions. "For fund companies, how to realize the rational use of their own funds is very important." China, a brokerage, noticed that the aforementioned bank public offering subscribed for 30 million copies of its new products during the second quarter, which may be an important reason for its profit-taking on outstanding consumer theme funds.

In addition, the investor told the China that the fund company also needs to consider the size of the fund itself and the proportion of its positions. "For some products, the company has not cleared its own positions, perhaps considering that the products themselves are not large in scale, and the self-purchased positions account for a relatively high proportion. The manager's empty warehouse has a great influence on the scale of the product. On the contrary, if the manager position is relatively low, the selling operation can be done more thoroughly. "

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