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发表于 2018-8-16 15:24:11 | 显示全部楼层 |阅读模式

Over the past few months, A stock market continued to adjust, lack of profitability, some funds choose to withdraw.Nearly half a month, more than a dozen public funds encountered large redemptions.Industry insiders say that most of the funds that have suffered large redemptions belong to bespoke funds.

The stock position is very low but rises against the trend

Recently half a month, the net value of many funds jumped sharply, become a weak city in a different landscape.Choice statistics showed that on July 26, the net value of China everbright's mixed C fund surged by 208.66%.On August 2, the net value of haitong xinyi hybrid C soared by 19.34%.On July 30, the net value of hua 'an new anping mixed A fund rose 11.38%, and the net value of qianhai open source mixed C rose 15.58%.

From the stock situation, according to the second quarter of the fund showed that the stock position of the fund is very low.Take everbright baode yongxin hybrid C fund as an example, the top 10 heavy stocks are all blue chips and white horse stocks, and the stock position accounts for only 7.55% of the net value of the fund.Haitong xinyi mixed C fund holds wanhua chemical (600309, stock bar), kweichow moutai (600519, stock bar), hai kangwei (002415, stock bar) and other "big white horse", the stock position accounts for only 15.15% of the net value of the fund;At the end of the second quarter, hua 'an new anping mixed fund only held one stock of bohai gold holdings, with a market value of 1.77 million yuan, accounting for only 3.42% of the net value of the fund.

Stock position is very low still can rise against the trend, show fund encountered large redemptions.Usually, the redemption fee charged by the redemption fund is accounted for into the fund's assets.When funds encounter large redemptions, redemption fees are booked into fund assets, which can significantly boost the net value of funds.

Outsourced funds continue to leave the scene

Judging from the large redemptions of the above funds, the funds are still being withdrawn from the market.

Through analysis, it can be found that most of the above-mentioned funds with large redemptions belong to bespoke funds, and a few belong to new funds.In the past few years, many fund companies have set up many customized funds in the wave of entrusted financing for bank financial management.However, with the continuous efforts of financial deleveraging, the aforementioned entrusted wealth management business is subject to strict supervision. After the maturity of the fund, it wants to withdraw from the market, choosing large redemption, and some funds simply choose to directly liquidate, which is also one of the reasons for the intensive appearance of liquidating funds recently.

In addition, some of the large redemptions may be new funds.In 2017, some funds took the blue - chip leading stocks as the bottom position, and adopted the new profit model operation.But going into 2018, the blue chips have adjusted significantly and the number of new issues has decreased significantly.Under the double attack, hit the new fund lost the source of fresh water, by the holders of large redemption.

The investment director of a mid-size public offering fund in Shanghai believes that in the market dominated by the stock funds, the impact of capital inflow and outflow on the market is magnified.However, most of these funds fall into the category of prudent returns, which is usually small in size and low in stock positions, with little impact on the market even if large redemptions occur.


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