The transparency of old funds is mainly about fund managers. Compared with the old fund, the most obvious disadvantage of the new fund is that there is less public information. All we can see are fund companies, fund managers, fund categories and prospectus. Investors cannot refer to historical performance. In addition, after the new fund is raised, there will generally be a closed period of no more than 3 months. During this period, the position of the fund is invisible, and it is difficult for investors to judge the investment style of the fund by holding positions. Therefore, the expectation of a new fund is mainly pinned on the fund manager.
The advantage of the old fund is high transparency, and its past performance, ranking and investment style can be seen at a glance.
Second, from the stock market ups and downs:
Old funds in bull market rose rapidly, while new funds in bear market fell slowly. If the market trend is unclear, the new fund is more flexible because it is still in the opening period. Because the old fund already holds a certain stock position, its flexibility is definitely not as good as that of the new fund.
But in the bull market, the old fund has an advantage over the new fund, because the position is heavy, and it will rise quickly in the bull market. On the contrary, in a bear market, old funds also fell fast, while new funds fell slowly.
From the liquidity point of view: the new fund has a closed period and cannot be redeemed, and the old fund has higher liquidity.
After the end of the new fund raising period, there will be a closed period of 1-3 months, which cannot be redeemed. Old funds generally do not have this problem, and they are basically free to subscribe.
From the subscription rate: the subscription fee of the new fund is low, but there is no discount. It is more affordable for old funds to enjoy discounts.
New funds usually charge a subscription rate of 1%. Generally speaking, the subscription fee for new funds is not allowed to be discounted. The subscription rate of the old fund is generally 1.5%, but in recent years, the fund company official website and the third-party fund sales websites have certain discounts, the lowest discount is 40%, only 0.6%, and the subscription rate is lower than that of the new fund. However, it should be noted that the subscription fees for funds purchased through different channels are different.
From the perspective of investment opportunities: new funds follow policy hotspots, and old funds flood into diluted income.