At the time of market shock, a number of head fund companies expressed their positive attitude towards A-Shares in the medium and long term with real gold and silver. Recently, more than 10 fund companies such as huitianfu, yifangda and Guangfa have bought their own funds. At the same time, funds under 10 billion fund managers such as Zhang Kun and Zhu Shaoxing rarely relax restrictions on large subscription.
In the view of many insiders, when the market shock intensifies, investment should focus on the future. This year, A-Shares have a high probability to deduce the structural market of shock.
a number of fund companies bought
On January 27, as of 20:00, 14 fund companies including huitianfu, gf and e fund announced that they would purchase their own equity funds, and most fund companies promised to hold them for at least one year.
Specifically, a number of fund companies have purchased more than 100 million yuan. Huitianfu Fund announced that it would invest 200 million yuan to purchase huitianfu MSCI China A50 interconnection ETF, and promised to hold it for no less than one year; E fund announced that on January 27, it invested 100 million yuan to purchase its active partial share fund and promised to hold it for no less than one year; Ruiyuan Fund said that Ruiyuan fund and fund manager shall purchase its public funds within 30 trading days from the date of announcement. The total amount to be purchased shall not be less than 130 million yuan, and the holding time shall not be less than 3 years, of which the holding time of the subscription part of inherent funds shall not be less than 5 years.
Some fund companies have previously used their own funds to purchase their own funds, and will continue to purchase their own funds in the future. Xingquan Fund announced that it had used its inherent funds to purchase 80 million yuan of its partial stock public offering fund in January 2022 and would continue to purchase 20 million yuan of its partial stock public offering fund. After the completion of the above investment, the total amount of self purchased partial share public offering funds reached 100 million yuan, with a holding period of no less than 1 year.
Similar to Huaxia Fund. On January 27, Huaxia Fund announced that it had invested 120 million yuan in its partial equity public offering funds since December 2021. The company will continue to invest 50 million yuan in its equity public offering fund within 30 trading days from the date of announcement, and promise to hold it for no less than 1 year.
It is worth noting that previously, Bodao fund, China Europe Fund, Hua’an fund and other fund companies have also announced self purchase of their funds. On January 26, China Europe Fund announced that it would purchase a total of 50 million yuan of China Europe medical health and China Europe medical innovation with its own funds within 30 trading days from the date of the announcement, and hold it for more than three years. At the same time, fund manager Glenn will purchase a total of 2 million yuan from China Europe medical health and China Europe medical innovation with his own funds within 30 trading days from the date of announcement, and hold it for more than 3 years.
This means that since this week, more than 15 fund companies have issued self purchase announcements, with a total self purchase amount of more than 1.3 billion yuan.
In addition, some private institutions also contributed to the subscription of their funds. For example, Hanhe Hanhua capital, a 10 billion private placement, invested 100 million yuan to purchase all the fund products under its management on average.
For the reasons for this self purchase, the answers given by the fund company are quite consistent: first, based on confidence in the long-term healthy and stable development of China’s capital market, and second, advance and retreat with investors.
The last large-scale self purchase of public funds occurred in February 2020. Dozens of institutions announced self purchase of their funds, with a total investment of more than 2 billion yuan. Afterwards, the time point of large-scale self purchase of institutions at that time was the low level of the market. Since then, A-Shares have walked out of a strong structural market. In the view of insiders, large-scale self purchase by institutions will play a more positive role in restoring market confidence.
star funds have “opened the door to welcome guests”
Another positive signal has also emerged. On January 27, Zhang Kun, Zhu Shaoxing and other star fund managers issued announcements one after another to relax or even cancel the restrictions on large subscription.
Taking the selection of e fund blue chip managed by Zhang Kun, the 100 billion “top flow” fund manager, as an example, the fund will relax the threshold for large amount subscription from February 7, and adjust the cumulative subscription amount (including fixed-term fixed investment and conversion transfer in) of a single fund account from no more than 2000 yuan to no more than 10000 yuan.
Coincidentally, since January 28, the purchase ceiling of Fuguo Tianhui selected growth managed by Zhu Shaoxing has been adjusted to no more than 20000 yuan, compared with 10000 yuan previously.
In addition, since January 28, Guangfa Xinxiang managed by Zheng chengran and Guangfa Ruiyi managed by Lin Yingrui have lifted the subscription restrictions of the two leading funds.
A fund researcher in Shanghai said that the liberalization of fund subscription often implies the view of fund companies on the market. When they expect the market to improve, they will liberalize the purchase restrictions, which is conducive to guiding investors to look at the market decline more rationally.
While the self purchase of funds and the opening of subscription, fund managers have voiced their voices to boost market confidence. Gao Nan, star fund manager of Hengyue fund, said that since the beginning of the year, the A-share shock has intensified, and the partial share funds have been greatly adjusted. When the market shock intensifies, investment should focus on the future and look for high-quality stocks with large growth space, rapid performance growth and high certainty in domestic demand related industries represented by scientific and technological innovation and consumption upgrading. From the medium-term perspective, scientific and technological innovation and consumption upgrading are still relatively certain trends.
Zhuang Tao, chairman of Panjing investment, believes that there is little possibility of a bear market in A-Shares this year. The current market is similar to that in 2016. The decline at the beginning of the year does not mean that the performance of the whole year is not good. “After the Spring Festival holiday, the market should be able to see the bottom and gradually stabilize. If there is no black swan incident, the panic atmosphere should basically dissipate.”
