Since the beginning of the year, with the new round of cliff-like decline in the A-share market, graded B funds with leverage have become concentration camps, and some leading varieties have even triggered the threshold of discount, which has brought huge losses to investors and also suffered huge redemption. The following small series will analyze it with you.
However, up to now, there has been no huge redemption in the overall public offering of the fund industry, and even there has been no redemption in the overall grading fund, and only about 2.89% of the on-site transactions have been redeemed. The good news is that public data shows that bargain-hunting funds are quietly entering the market to buy a large number of ETFs, which has greatly expanded the share of SSE 50ETF, CSI 300ETF and H-share ETF in recent days.
A large Public Offering of Fund person in South China told China Business News that after three cliff-like declines, Shenzhen investors' redemptions were not strong, and individual varieties showed net purchases. "Some professional investors are rapidly intervening through on-site funds, and the market should not be far from bottoming out."
The fund as a whole has not been redeemed.
Compared with the redemption of graded funds, open-end funds have some symptoms of large redemption sporadically, but the overall situation has changed obviously.
165438 on October 8, the A-share market rebounded sharply. The Shanghai Composite Index rose 1.97% to close at 3 186.4 1. In sharp contrast, the net value of some funds fell instead of rising, and the decline even exceeded 10%.
Wind statistics show that the net value of Yin Hua Internet Theme, Yin Hua Return, Chinese Businessmen Enjoying Internet and Penghua Reverse Investment Fund decreased by 14.37%, 13.35%, 12.7% and1.39% respectively.
A large Public Offering of Fund industry insider told the reporter of China Business News that, according to common sense, most of these funds are partial stock funds, and the market rebounded sharply, but the net value plummeted. It is very likely that there was a huge redemption on the previous trading day, and some redeemed assets were redeemed on the 8 th.
Despite this, there has not been a large-scale redemption of public offering funds as a whole. The above-mentioned large-scale Public Offering of Fund people in South China believe that the market has reached the third cliff-like decline, and a large number of investors have been locked in, or even locked in. From the historical experience, the deeper it is, the less it will be redeemed, but it will only be redeemed if the net value rises above the cost line.
"The fund assets of our company began to decline from June 5438+ 10, but the share should be slightly increased." The person in charge of a foreign public offering in Shanghai told this newspaper that after the plunge, rational investors chose to purchase rather than redeem in order to dilute the cost.
Judging from the public data, there is a certain phenomenon of net subscription in Public Offering of Fund. Take graded funds as an example. Since the beginning of this year, there have been 136 graded funds with net subscription. The shares of A and B of Penghua New Silk Road with the most outstanding performance both rose from 474,500 to 654,388 +0.5858, an increase of 234%. The share of A and B in the military industry of Big Mac and rich countries both increased from 8.22 billion to 8.98 billion.
From the perspective of ETF market, they have achieved net subscription as a whole. According to the statistics of Oriental Fortune Choice, as of the close of 65438+ 10/8 in June, the share of 1 1 stock ETF with statistics was 68.2.145 million, an increase of 5.86% compared with 64.438 billion at the end of last year.
The most representative E Fund's H-share ETF, Huatai Bairui CSI 300ETF and Huaxia SSE 50(5 10050, Fund Bar) ETF have all seen a substantial increase in their shares. The share of E Fund's H-share ETF increased rapidly from 51470,000 to 6.329 billion, and the share of Huatai Bairui CSI 3000 ETF increased from 5.775 billion to 6.875 billion.
"Today, the market fell to 2844.70, which should be at or near the bottom." The investment director of a medium-sized fund in Beijing told China Business News that the fund issuance has fallen to the bottom. The natural sales of partial stock funds issued by large fund companies in China are only a few hundred thousand a day, and many fund issuance has been postponed. This should be a reverse indicator. The obvious expansion of ETF share shows that bargain-hunting funds are entering the market, which is also a signal that the market has bottomed out.
The discount rating was redeemed by a huge amount.
Every round of cliff-like decline will lead to the downward discount of graded funds and expand losses, and this time is no exception.
According to the statistics of Oriental Fortune (300059, stock bar), there are Hua 'an Growth Enterprise Market (160420), Penghua Securities (160633) and Shenwan Lingxin Electronics (163 165438) this year.
In case of a weak market discount, B-level holders will bear dozens of losses. Seeing that such a tragedy is about to happen, most people choose to leave, which also leads to a sharp decline in the scale of the graded fund. Wind statistics show that the market shares of Huaan Growth Enterprise Market, Penghua Securities, Shenwan Lingxin Electronics, Soochow Convertible Bonds and Penghua Growth Enterprise Market have reached 73.85%, 79%, 66.3%, 65.6% and 64% respectively since.
A person in charge of the Public Offering of Fund Index Department of a large Shanghai company told China Business News that when the market plummeted, Fund B could easily run to the limit, so it was unrealistic for investors to cut their meat and flee in the secondary market when it was near or triggered. They bought Grade A with the same share in the secondary market, redeemed the parent fund after the merger, and then quit, which made the market size of graded funds drop sharply.
In addition to the above five discount graded funds, there are 12 graded funds whose redemption share has reached 10% this year.
However, the overall redemption scale of graded funds is limited. According to Wind's statistics, as of June 65438+1October 15, 3 1438+0 1997973 million market shares were redeemed, compared with the end of the year 12354823 million shares. If the part of the fund that has reached the discount threshold is excluded, the redemption and subscription scale of the graded fund as a whole is very close.
The person in charge of the above-mentioned Public Offering of Fund Index Department said that the redemption of graded funds is still in a controllable stage, but the risk that cannot be ignored is that the weak market continues, graded funds will be discounted in a large area, and investors will still redeem them substantially.
"Compared with the above-mentioned funds, once another graded fund, Guo Fu Military Industry Grading, is discounted, its lethality will be amazing. On June 5438+ 10/5, the net value of military B was reported at 0.3740 yuan, not far from the discount threshold of 0.25 yuan. " The head of the above-mentioned large-scale Public Offering of Fund Index Department further stated.
According to the third quarterly report of the Fund, Guo Fu Military Industry Classification is the largest classified fund at present, with the shares of parent fund, Military Industry A and Military Industry B being 20,295,438+billion, 7.5/kloc-0.30 billion and 7.5/kloc-0.30 billion respectively. By the end of September last year, the total assets of the fund had reached 26.5438+0.4 billion yuan.